22.Aug .2022 14:30

Net profit of Azerbaijan's banking sector grows 21%

Net profit of Azerbaijan's banking sector grows 21%
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The banking sector of Azerbaijan made a net profit of 492.6 million manats ($289.76 million) in the first half of 2022, 20.5% more than a year ago, Report informs, citing the Central Bank of Azerbaijan.

Within the first seven months of 2022, banks' operating income was 2.131 billion manats ($1.25 billion), or 27.45% more than a year ago, operating expenses were 1.362 billion manats ($800 million), or 26.3% more than a year ago, allocations to special reserves were 162 million manats ($95.2 million), or 42.4 % more year-on-year, unexpected expenses amounted to 0.4 million manats, and income tax payments made up 114.1 million manats ($67.12 million), or 58.7% more year-on-year.

As of August 1, 2022, the assets of the banking sector of Azerbaijan amounted to 41.589 billion manats ($24.46 billion), 23.5% more than a year ago.

The loans issued to customers amounted to 17.275 billion manats ($10.16 billion). Year-on-year, the loan portfolio grew 25.6%, and the share of loans in assets rose from 40.9% to 41.5%.

In the reporting period, the liabilities grew by 25.7% to 36.450 billion manats ($21.44 billion), with the deposit portfolio rising by 29.55% to 29.600 billion manats ($17.41 billion). Individuals accounted for 10.605 billion manats ($6.24 billion), while legal entities made up 18.995 billion manats ($$11.17 billion).

The liabilities of the banks to the Central Bank of Azerbaijan (CBA) dropped by 25.8% to 275.4 million manats ($162 million), and net worth surged by 7.8% to 5.139 billion manats ($3.02 billion), Report informs.