24.May .2022 14:30

Azerbaijan-based banks see 27% growth in net profit

Azerbaijan-based banks see 27% growth in net profit
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The net profit of the banking sector of Azerbaijan made up 248.1 million manats ($145.94 million) in January-April 2022, 27.4% more than the same period of 2021,says the Central Bank of Azerbaijan.

Operating income of banks in the four months of 2022 amounted to 1.142 billion manats ($$0.67 billion), up 27.1% from the same period in 2021), operating expenses - to 739.8 million manats ($435.18 million) (+ 26.5%), allocations for special reserves - to 97.6 million manats ($$57.41 million) (+28.1%), profit tax - to 57.1 million manats ($33.6 million) (+31.6%), Report informs.

As of May 1, 2022, the assets of Azerbaijan-based banks amounted to 40.149 billion manats ($23.62 billion), up 22.4% from a year earlier.

The loans issued to customers amounted to 16.645 billion manats ($9.79 billion). Year-on-year, the loan portfolio grew 23.9%, and the share of loans in assets rose from 41% to 41.5%.

In the reporting period, the liabilities grew by 25.3% to 35.159 billion manats ($20.68 billion), with the deposit portfolio rising by 33.9% to 28.613 billion manats ($16.83 billion). Individuals accounted for 10.340 billion manats ($6.08 billion), while legal entities made up 18.273 billion manats ($$10.75 billion).

The liabilities of the banks to the Central Bank of Azerbaijan (CBA) dropped by 12.2% to 326 million manats ($191.76 million), and net worth surged by 5.5% to 4.990 billion manats ($2.94 billion), Report informs.