BAKU, Azerbaijan, Feb. 15
By Eldar Janashvili - Trend:
Azerbaijan’s banks completed last year with a net total profit of 537 million manat ($315.8 million), while at the end of 2018, the profit amounted to 279 million manat ($164.1 million), Trend reports referring to the Central Bank of Azerbaijan (CBA).
On an annualized basis, the banks’ profit almost doubled, increasing by 92.5 percent, according to the report.
The net interest profit of Azerbaijan’s banks amounted to 1.3 billion manat ($782.3 million), which is an increase of 13.6 percent, and was generated through interest profit in the amount of 1.9 billion manat ($1.1 billion), which is a 9.7 percent increase for the year, and interest expenses in the amount of 548 million manat ($322.3 million), which is a decrease of 5.8 percent.
Non-interest revenues of Azerbaijan’s banks amounted to 723.7 million manat ($425.7 million), which is an increase of almost 32 percent over the year. Non-interest expenses at the end of December 2019 amounted to 1.2 billion manat ($705.8 million), or an increase of 17.7 percent. As a result, operating profit in the amount of 849 million manat ($499.4 million) was generated in the sector, and this profit has increased by 22.2 percent since the beginning of the year.
Also, last year, Azerbaijan’s banks allocated costs for the creation of special reserves for compensation of possible losses on assets in the amount of 177.3 million manat ($104.2 million), having decreased them by almost twice compared to 2018.
($1= 1.7 manat on Feb. 15)