BAKU, Azerbaijan, June 25. The net profit of the banking sector as of May 31, 2023, increased by 105.6 million manat or $62.1 million (31.86 percent) compared to the same period in 2022 - from 331.5 million ($194.9 million) to 437.1 million manat ($257.1 million) in Azerbaijan, Trend reports.
According to the Central Bank of Azerbaijan, the net interest income of banks increased by 254.6 million manat ($149.7 million) or 33.08 percent to 1 billion manat ($588.2 million) over the year (769.6 million manat or $452.7 million a year earlier).
Non-interest income of the banking sector increased by 54.4 million manat or $31.9 million (12.77 percent) compared to the same period in 2022 - up to 480.4 million manat ($282.5 million). While non-interest expenses of banks increased by 168.4 million manat or $99 million (24.34 percent) to 860.4 million manat ($506.1 million).
The operating profit of Azerbaijani banks reached 644.1 million manat or $378.8 million (an increase of 27.87 percent over the year).
The profit of the banking sector before taxes reached 543.2 million manat ($319.5 million), income tax payments amounted to 106.1 million manat ($62.4 million).