BAKU, Azerbaijan, Oct.23
By Sadraddin Aghjayev - Trend:
The total profit of the banking sector of Azerbaijan from January through September 2021 decreased by 7.2 million manats ($4.2 million), or 1.4 percent compared to the same period last year, from 512.8 to 505.6 million manats ($301.7 - 297.5 million), Trend reports with reference to the financial report of the Central Bank of Azerbaijan (CBA).
According to the CBA, net interest income of banks increased over the year by 101 million manats ($59.4 million), or two percent - up to 1.119 billion manats / $658 million (1.018 billion manats / $599 million a year earlier) and was formed at the expense of interest income, of which 1.242 billion manats ($730.8 million) accounted for interest on loans (an increase of 8.9 percent compared to the same period in 2020) and related expenses in the amount of 397.1 million manats / $233.6 million (an increase of 8.7 percent).
It is reported that non-interest income of the banking sector, increasing by 140.8 million manats ($82.8 million), or 29.1 percent compared to the same period in 2020, reached 625.1 million manats ($367.8 milliom) against 484.3 million manats ($285 million). Non-interest expenses of banks increased by 176.9 million manats / $104 million (17.3 percent) - up to 1.02 billion manats / $600.2 million (843.9 million manats / $496.5 million a year earlier).
The operating profit of Azerbaijani banks reached 723.8 million manats / $428.9 million (an increase of 8.9 percent over the year), and after paying taxes and unforeseen expenses related to banking activities, net profit amounted to 505.6 million manats ($297.5 million).
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