The total revenue banks operating in Azerbaijan in January-June this year amounted to 756.69 million manat, 86.47 million or 12.9% more than in the same period of the previous year. Non-interest income increased 15.5% to 163 million manat.
Bank expenses for the period increased 77.85 million or 14.7% to 606.41 million manat. Accruals on assets increased compared to January-June last year 65.31 million or 2 times, reaching 132.01 million manat (with an annual growth of 12.5% in the assets).
The Central Bank of Azerbaijan told Turan that in the structure of banking income for the reported period the main part fell on interest income - 78.5%, and in the costs - the share of interest payments (53%).
Annual profit before tax amounted to 19.11 million manat, which is 4 times less than in January-June 2011. The total profit of the banking system declined during the year by 6.8 times, reaching 10.25 million manat.
In the first half of this year, 35 banks operated profitably, and their total net income amounted to 109.1 million manat. Losses of 9 unprofitable banks amounted to 98.8 million manat. Compared to the same period in 2011 the number of profitable banks grew by two. The number of unprofitable banks decreased by the same amount and the total amount of their losses increased 9.4 times. - 15V -
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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