BAKU, Azerbaijan, October 31. The net profit of the banking sector in Azerbaijan grew from January through September 2022, Trend reports via the Central Bank of Azerbaijan (CBA).
According to CBA, this figure amounted to 683.2 million manat ($401.8 million), up by 177.6 million manat ($104.4 million), or 35.13 percent compared to the first nine months of 2021 (505.6 million manat or $297.4 million).
The net interest income of banks grew by 332.6 million manat ($195.6 million) or 29.71 percent over the year to 1.45 billion manat or $852 million (1.11 billion manat or $652 million a year earlier).
Meanwhile, the non-interest income of the banking sector increased by 244.8 million manat ($144 million) or 39.16 percent compared to January through September 2021 period - up to 869.9 million manat or $511.7 million. The non-interest expenses increased by 324.3 million ($190.7 million or 31.77 percent ) up to 1.34 billion manat or $788.2 million.
At the same time, the operating profit of Azerbaijani banks reached 976.9 million manat ($574.6 million, an increase of 34.97 percent over the year).
Azerbaijani banking sector's profit before taxes amounted to 840.1 million manat ($494.1 million), and income tax payments – 157 million manat ($92.3 million), added to the CBA.