BAKU, Azerbaijan, August 28. The total net profit of Azerbaijan's banks from January through July 2024 amounted to 682.7 million manat ($401.6 million), which is 4.2 percent more than the figure for the same period of 2023, Trend reports.
According to the Central Bank of Azerbaijan (CBA), the interest income of banks for the reporting period amounted to 2.3 billion manat ($1.3 billion) (16.5 percent growth), and non-interest income amounted to 939 million manat ($552.3 million) (27.2 percent growth).
The interest expenses amounted to 660.5 million manat ($388.5 million) (38.1 percent growth), and non-interest expenses - 1.5 billion manat ($882 million) (21.2 percent growth).
The operating profit of banks amounted to 1.01 billion manat ($594 million) at the end of seven months (growth of 9.1 percent). During this period, banks paid income tax of 153.4 million manat ($90.2 million) (a decline of 6.1 percent).
Note that a total of 22 banks were licensed to operate in Azerbaijan as of July 31, 2024, including nine banks with foreign capital.
The number of bank employees stood at 24,322 (an increase of 3.2 percent compared to the figure at the end of 2023).
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