BAKU, Azerbaijan, March 29. The total net profit of Azerbaijan's banks amounted to 209.8 million manat ($123.4 million) from January through February (34.7 percent up year-on-year), Trend reports.
The data from the Central Bank of Azerbaijan's (CBA) statistical bulletin showed that interest revenues of the banks amounted to 641.7 million manat, or $377.47 million (16.8 percent growth), and non-interest revenues were 269.55 million manat, or $158.56 million (29.5 percent increase) in the reporting period.
Meanwhile, interest expenses of the banks equaled 172.47 million manat, or $101.45 million (up 28.7 percent), and non-interest expenses were 427.8 million manat, or $251.6 million (29.5 percent rise).
The Azerbaijani banking sector's operational profit was 298.27 million manat, or $175.45 million (a 19 percent increase).
Overall, the banking sector's pre-tax profit reached 257.9 million manat ($151.7 million), and income tax payments were 308.2 million manat, or $181.3 million, from January through February this year.
To note, 23 banks had a license to operate in Azerbaijan as of February 29, 2024. In total, the banks have a network of 475 branches.
