BAKU, Azerbaijan, July 26
By Fidan Babayeva - Trend:
The total profit in the Azerbaijani banking sector amounted to 371.7 million manat ($218.6 million) from January through June 2020, which is 16 percent less than in the first half of 2019, Trend reports citing the financial report of the Central Bank of Azerbaijan (CBA).
In accordance with the CBA’s report, net interest income amounted to 680.2 million manat that’s $400.1 million (an increase of 11.5 percent). It was formed through interest income worth 954.7 million manat that’s $561.6 million (a decrease of 0.7 percent for the year).
Some 758.5 million manat ($446.2 million) of that volume accounted for the interest on loans from January through June 2020, the volume of which is 9 percent more than in the same period of last year, as well as through the interest expenses worth 241.2 million manat that’s $141.9 million (a decrease of 16.5 percent).
At the same time, the expenses on interest on deposits amounted to 154.4 million manat ($90.8 million).
The non-interest income in the banking sector amounted to 319.5 million manat ($90.8 million) from January through June 2020 decreasing by 14 percent compared to the first half of 2019.
The non-interest expenses in late March 2020 amounted to 569.3 million manat that’s $334.9 million (a decrease of 9.6 million manat that’s $5.6 million).
The operating profit amounted to 430.4 million manat ($253.2 million), of which 22.1 million manat ($13 million) accounted for the reserves.
Accordingly, the profit after paying the taxes and unforeseen expenses related to the banking activity amounted to 371.7 million manat ($218.6 million).
(1 USD = 1.7 AZN on July 26)
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