BAKU, Azerbaijan, September 27. The total assets of banks in Azerbaijan exceeded 45.3 billion manat ($26.6 billion), total liabilities were 39.47 billion manat ($23.2 billion), and total capital was 5.8 billion manat ($3.4 billion) as of August 31, 2023, Trend reports.
According to the Central Bank of Azerbaijan, the assets, liabilities, and capital of the banking sector increased by 7.39 percent, 6.24 percent, and 14.5 percent compared to the same period in 2022.
In general, the loan portfolio of Azerbaijani banks increased by 17.04 percent, or 3.17 billion manat ($1.8 billion), and reached 21.8 billion manat ($12.8 billion) compared to the indicator as of August 31, 2022.
The net profit of Azerbaijani banks for the first eight months of 2023 amounted to 724.2 million manat, or $426 million (a year-on-year increase of 22.9 percent), and the operating profit was 1.06 billion manat, or $620 million (an increase of 25.2 percent).
During the reporting period, interest income of the banks stood at 2.27 billion manat or $1.3 billion (an increase of 32.8 percent), including 1.68 billion manat or $990 million on issued loans (an increase of 19.3 percent), and non-interest income of the banks equaled 860.9 million manat or $506.4 million (an increase of 12.9 percent).
Meanwhile, interest expenses of the banks amounted to 553.7 million manat, or $325.7 million (an increase of 35.1 percent), of which 395.2 million manat ($232.47 million) fell on deposits (an increase of 38.9 percent) and 1.48 billion manat ($870 million) were non-interest expenses (an increase of 25.4 percent).
