BAKU, Azerbaijan, April 28. Kapital Bank had the highest net profit among Azerbaijani banks, following the results of 2023's first quarter, Trend reports.
According to the bank's financial report, its net profit amounted to 83.5 million manat ($49.1 million).
The second most profitable bank was the International Bank of Azerbaijan with a total net profit of 80.4 million manat ($47.29 million).
Thus, PASHA Bank ranked third with a net profit of 42.2 million manat ($24.8 million).
The overall net profit of the first three banks made up 206.15 million manat ($121.2 million), accounting for 80.36 percent of the total net profit of the top 10 banks in Azerbaijan (256.5 million manat or $150.8 million).
Ranking of 10 most profitable banks for the first quarter of 2023:
|
Banks |
Net profit of banks |
||
|
1 |
Kapital Bank |
83.15 million manat ($49.1 million) |
|
|
2 |
International Bank of Azerbaijan |
80.4 million manat ($47.29 million) |
|
|
3 |
PASHA Bank |
42.2 million manat ($24.8 million) |
|
|
4 |
Xalq Bank |
11.2 million manat ($6.59 million) |
|
|
5 |
Bank Respublika |
9.7 million manat ($5.7 million) |
|
|
6 |
Bank of Baku |
9.5 million manat ($5.59 million) |
|
|
7 |
Access Bank |
5.46 million manat ($3.2 million) |
|
|
8 |
Rabitabank |
5.07 million manat ($2.98 million) |
|
|
9 |
Nakhchivanbank |
5.05 million manat ($2.9 million) |
|
|
10 |
Unibank |
4.29 million manat ($2.5 million) |
|
According to the Central Bank of Azerbaijan, the net profit of the banking sector as of March 31, 2023 in Azerbaijan increased by 94 million manat ($55.2 million), or 54.05 percent compared to the same period in 2022 growing from 173.9 million manat ($102.2 million) to 267.9 million manat ($157.5 million).