BAKU, Azerbaijan, Feb.27
By Zeyni Jafarov - Trend:
The total profit of Azerbaijan’s banking sector amounted to 25.4 million manat ($14.9 million) in January 2021, which almost halved compared to January 2020, Trend reports citing the financial report of the Central Bank of Azerbaijan (CBA).
According to the CBA report, banks' net interest income amounted to 113.1 million manat ($66.5 million) - a decline of 1.7 percent on an annualized basis - and was formed at the expense of interest income of 163.1 million manat ($95.9 million), of which 129.7 million manat ($76.3 million) accounted for interest on loans, the volume of which is 1.1 percent less than in the same period of 2020, and interest expenses and expenses related to them, in the amount of 43.4 million manat ($25.5 million), a decrease of 8.8 percent. At the same time, expenses on interest on deposits amounted to 27.6 million manat ($16.2 million).
Non-interest income of the banking sector in January 2021 amounted to 49.6 million manat ($29.1 million), decreasing by 1 percent compared to January 2020. Meanwhile, non-interest expenses amounted to 91.5 million manat ($53.8 million), decreasing by 2.6 percent over the year.
The sector’s operating profit reached 71.2 million manat ($41.8 million), of which 36.8 million manat ($21.6 million) went to reserves. Accordingly, profit after taxes and unforeseen expenses related to banking activities amounted to 25.4 million manat ($14.9 million).
(1 USD = 1.7 AZN on Feb. 26)
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