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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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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