27.Sep .2022 13:30

Net profit of Azerbaijan's banking sector grows 30%

Net profit of Azerbaijan's banking sector grows 30%
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The banking sector of Azerbaijan made a net profit of 589.4 million manats ($346.71 million) in January-August 2022, 29.5% more than a year ago, Report informs, citing the Central Bank of Azerbaijan.

Within the first eight months of 2022, banks' operating income was 2.478 billion manats ($1.46 billion), or 27.9% more than a year ago, operating expenses were 1.593 billion manats ($940 million), or 25.5% more than a year ago, allocations to special reserves increased by 20.65% to 159.5 million manats ($93.82 million), unexpected expenses stood at 0.4 million manats, and income tax payments went up 65.8% to 135.8 million manats ($79.9 million), Report informs.

As of August 1, 2022, the assets of Azerbaijan-based banks amounted to 42.404 billion manats ($24.94 billion), up 26.9% from a year earlier.

The loans issued to customers amounted to 17.473 billion manats ($10.28 billion). Year-on-year, the loan portfolio grew 25%, and the share of loans in assets dropped from 41.8% to 41.2%.

In the reporting period, the liabilities grew by 29.8% to 37.138 billion manats ($21.85 billion), with the deposit portfolio rising by 33.8% to 30.437 billion manats ($17.9 billion). Individuals accounted for 10.632 billion manats ($6.25 billion), while legal entities made up 19.805 billion manats ($11.65 billion).

The liabilities of the banks to the Central Bank of Azerbaijan (CBA) dropped by 25.9% to 274.7 million manats ($161.59 million), and net worth surged by 9.4% to 5.266 billion manats ($3.1 billion), Report informs.