Azerbaijan's banking sector made a net profit of 155.7 million manats ($91.59 million) in January-February of this year (+44.6%), Report informs, citing the Central Bank of Azerbaijan.
During the two months, banks' operating income amounted to 727.5 million manats ($428 million) (+35%), operating expenses to 464.4 million ($273.2 million) manats (+26.1%), allocations to special reserves made up 63.1 million ($37.2 million) manats (+89.5%), and profit tax payments stood at 44.2 million ($26 million) manats (+49.8%).
As of March 1, 2023, the assets of Azerbaijan-based banks amounted to over 45,708.6 million manats (over $26.9 billion), up 18.8% from a year earlier.
The loans issued to customers amounted to 18,562.6 million manats (more than $10.9 billion). Year-on-year, the loan portfolio grew 16.2%, and the share of loans in assets dropped from 41.5% to 40.6%.
In the reporting period, the liabilities grew by 19.6% to 39,972.5 million manats ($23.5 billion), with the deposit portfolio rising by 20.35% to 32,560.8 million manats ($19.2 billion). Individuals accounted for about 11,653.9 million manats ($6.9 billion), while legal entities made up 20,906.9 million manats ($12.3 billion). During the year, the funds of the population in banks increased by 18.1%, and the funds of companies in banks increased by 21.65%.
The liabilities of the banks to the Central Bank of Azerbaijan (CBA) dropped by 32.3% to 214.7 million manats ($126.3 million), and net worth surged by 13.3% to roughly 5,736.1 million manats ($3.4 billion).
As of March 1, 2023, the overdue loans in Azerbaijan stood at 606.1 million manats ($356.5 million), up 3.8% from the previous month.
This figure is 2.1% more than early 2023, and 12.2% less than a year earlier.
In the reporting period, the share of troubled loans in the total loan portfolio was 3%, while this figure was 2.9% in January and late 2022, and 3.9% as of March 1, 2022.
