BAKU, Azerbaijan, May 28. The total net profit of Azerbaijani banks amounted to 407.5 million manat ($240 million) from January through April 2024, up 18 percent 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 almost 1.3 billion manat, or $760 million (also 18 percent growth), and non-interest revenues - 521.6 million manat, or $306.8 million (a 39.1 percent increase) in the reporting period.
Meanwhile, interest expenses of the banks equaled 352.4 million manat, or $207 million (up 31.3 percent), and non-interest expenses - 857.3 million manat, or $504 million (a 28.3 percent rise).
The Azerbaijani banking sector's operational profit was 585 million manat, or $344 million (a 14.1 percent increase), and the tax profit payments - 89.9 million manat, or $53 million (up 1.1 percent).
To note, 23 banks (nine with foreign capital) had a license to operate in Azerbaijan as of April 30, 2024.
