330x110
 

Growth observed on banking sector operating income

31.03.2020,16:49


March 31, Fineko/abc.az. Total operating income of the Azerbaijani banking sector for Jan-Feb 2020 amounted to AZN 443.9 million and total operating expenses AZN 297.7 million.

ABC.AZ reports with reference to the report of the Central Bank that due to the excess of income over expenses for the first 2 months of 2020, operating profit amounted to AZN 146.2 million. AZN 30.4 million of operating profit was allocated for creation of a special reserve to compensate for possible losses on assets and AZN 17.9 million of income tax were paid. As a result, the banking sector completed the first 2 months with net profit of AZN 97.9 million.

The operating income of the banking sector for the same period of 2019 amounted to AZN 418.5 million, total operating expenses AZN 304.8 million, operating profit AZN 113.7 million. During this period AZN 55.4 million of operating profit was allocated to create a special reserve to cover possible losses on assets, and AZN 11.2 million of income tax was paid, including other income in the amount of AZN 2.1 million. As a result, the banking sector completed the first 2 months of last year with net profit of AZN 49.2 million.

By Elmir Murad