BAKU, Azerbaijan, June 1
By Zeyni Jafarov - Trend:
The total profit in the Azerbaijani banking sector as of early May 2021 has grown, Trend reports referring to the financial report of the Central Bank of Azerbaijan (CBA).
According to the report, in the specified period this indicator amounted to 194.7 million manat ($114.5 million), which is by 24.7 percent more than as of early May 2020.
Meanwhile, the banks' net interest income reached 476.2 million manat ($280.1 million, increase of 3.5 percent on annual basis) and was formed through the interest income.
Some 527.7 million manat ($310.4 million) of the interest income accounted for interest on loans (growth of 1.5 percent compared to the same period of 2020) and interest and related expenses in the amount of 173.8 million manat ($102.2 million, rise of 2.1 percent year on year).
At the same time, expenses on interest on deposits amounted to 111.4 million manat ($65.5 million).
The non-interest income of the banking sector by early May 2021 amounted to 236.3 million manat ($139 million, increase of 6.4 percent compared to early May 2020.
The non-interest expenses made up 410.9 million manat ($241.7 million), increasing by 2.6 percent for the year.
The operating profit reached 301.6 million manat ($177.4 million), of which 63.6 million manat ($37.4 million) accounted for the reserves.
Accordingly, the profit after taxes and unforeseen expenses related to the banking activity amounted to 194.7 million manat ($114.5 million).
(1 USD = 1.7 AZN on June 1)
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