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Azerbaijan's banking sector increments its net profit

Finance Materials 28 May 2024 10:48 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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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.

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