BAKU, Azerbaijan, March 31. The net profit of Azerbaijan’s banking sector increased as of February 28, 2023, Trend reports citing the Central Bank of the country (CBA).
According to the СBA, this figure totaled 155.7 million manat ($91.59 million), which is 48 million manat ($28.2 million) or 44.57 percent less than as of February 28, 2022 (107.7 million manat or $63.3 million).
The banks’ net interest profit amounted to 403.1 million manat ($237.1 million) as of February 28 this year, growing by 112.9 million manat ($66.4 million) or 38.9 percent against the same period of 2022 (290.2 million manat or $170.7 million).
The non-interest income of the banking sector reached 177.9 million manat or $104.6 million, rising by 33.9 million manat or $19.9 million (23.54 percent), while non-interest expenses stood at 330.4 million manat or $194.3 million, growing by 58 million manat ($34.1 million) or 21.29 percent.
In addition, the operating profit of Azerbaijani banks reached 250.6 million manat or $147.4 million (an increase of 21.29 percent year over year).
The Azerbaijani banking sector’s profit before taxes made up 200 million manat ($117.6 million), whereas income tax payments amounted to 44.2 million manat ($26 million).
The net profit of the banking sector in Azerbaijan in 2022 amounted to 914.5 million manat ($537.9 million), up by 305.5 million manat ($179.7 million) or 50.16 percent on annual basis.