BAKU, Azerbaijan, April 22
By Zeyni Jafarov - Trend:
The total profit in the Azerbaijani banking sector amounted to 148.8 million manat ($87.5 million) as of late March 2021, which is by 8.7 percent less than in the same period of 2020, Trend reports citing the financial report of the Central Bank of Azerbaijan (CBA).
In accordance with the CBA’s report, the banks' net interest income amounted to 351.7 million manat ($206.9 million, an increase of one percent on an annualized basis) and was formed through the interest income worth 495.3 million manat ($291.3 million).
Some 394.2 million manat ($231.9 million) of that volume accounted for interest on loans (a decrease of 1.3 percent compared to the same period of 2020) and interest and related expenses in the amount of 129 million manat ($75.9 million, a decrease of 4.4 percent).
At the same time, expenses on interest on deposits amounted to 82.6 million manat ($48.6 million).
The non-interest income of the banking sector by late March 2021 amounted to 170.8 million manat ($100.5 million), decreasing by 1.8 percent compared to late March 2020.
The non-interest expenses amounted to 301.7 million manat ($177.5 million), decreasing by 0.95 percent for the year.
The operating profit reached 220.8 million manat ($129.9 million), of which 39 million manat ($22.9 million) accounted for the reserves.
Accordingly, the profit after taxes and unforeseen expenses related to the banking activity amounted to 148.8 million manat ($87.5 million).
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