Net profit of Azerbaijan’s banking sector amounted to AZN 550 million


December 11, Fineko/ The Financial Markets Supervision Chamber of Azerbaijan (FIMSA) reports that the net profit of the domestic banking sector amounted to AZN 549.6 million for the first 10 months of 2017.

According to FIMSA, banks’ interest income reached AZN 1.58 bn and interest expense AZN 740.8 million that ensured AZN 841.5 million of net interest income.

Banks’ non-interest income amounted to AZN 828.9 million with non-interest expense of AZN 789.5 million that provided AZN 39.4 million of net non-interest profit.

Eventually, the net operating profit of the banking sector amounted to AZN 880.9 million.

Banks directed AZN 309.6 million for creation of special reserves to cover losses on assets. The sector's revenues from other sources reached AZN 3.4 million and income tax AZN 25.1 million. Thus, the banking sector of Azerbaijan completed the first 10 months with net profit of AZN 549.6 million.



Keywords: FIMSA net profit