BAKU, Azerbaijan, September 27. The net profit of Azerbaijani banks for the first eight months of 2023 amounted to 724.2 million manat, or $426 million (an increase of 22.9 percent compared to the same period last year), Trend reports.
According to the Central Bank of Azerbaijan (CBA), operating profit amounted to 1.1 billion manat, or $647.1 million (an increase of 25.2 percent).
In addition, interest income of banks amounted to 2.3 billion manat, or $1.4 billion (an increase of 32.8 percent), including 1.7 billion manat ($1 billion) on loans issued (an increase of 19.3 percent). Non-interest income of banks amounted to 860.9 million manat, or $506.4 million (an increase of 12.9 percent) during the reporting period.
Interest expenses of banks amounted to 553.7 million manat, or $325.7 million (an increase of 35.1 percent), including deposits of 395.2 million manat, or $232.5 million (an increase of 38.9 percent).
Non-interest expenses of banks amounted to 1.5 billion manat, or $882.4 million (an increase of 25.4 percent).
Moreover, the profit of the banking sector before taxes reached 911.6 million manat ($536.2 million), and income tax payments amounted to 187.4 million manat ($110.2 million).
In general, the total assets of banks exceeded 45.4 billion manat ($26.7 billion) in Azerbaijan as of August 31, 2023.