The total revenue banks operating in Azerbaijan in January-September this year amounted to 1,173.31 million manat, or 132.53 million or 12.7% more than in the same period of the previous year. Non-interest income increased 18.2% to 267.94 million manat.
Bank expenses for the period increased 106.46 million or 6.1% to 912.66 million manat. Accruals on assets increased compared with January-September last year by 42.52 million or 36.8% to 158.21 million manat (with an annual growth of 18% of assets).
Turan was told in the Central Bank of Azerbaijan, in the structure of banking income for the reporting period the main part fell on interest income - 77.2% of the costs - the share of interest payments (52.5%).
Annual profit before tax amounted to 103.36 million manat, which is 13% less than in January-September 2011. The total profit of the banking system declined for the year by 17.3% to 90.18 million manat.
In the first nine months of this year there were 33 profitable banks, whose total net income amounted to 183.40 million AZN. Loss of 10 loss-making banks totaled 93.57 million manat. Compared to the same period in 2011, the number of profitable banks increased one unit. The number of unprofitable banks decreased by two units, and the total amount of their losses increased 4.8 times. - 15B -
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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