From January to May 2012 total incomes of the banks operating in Azerbaijan reached 659.73 million AZN, up 105.94 million AZN or 19.2% against the same period last year. The non-percentage incomes increased by 18.1% up to 133.8 million AZN.
During this period banks’ costs increased by 58.32 million AZN or 13.3% up to 498.25 million AZN. The reserve allocations to assets increased by 55.39 million AZN or 2.1 times against the same period last year and totaled 103.95 million AZN (with annual growth of assets by 14.2%).
A source from the Central Bank of Azerbaijan (CBA) told Turan that during this period the main part of bank incomes fell to the percentage payments – 79.7% and in the expenses 53.9% fell to payment of percentage.
Annual profit of banks less taxes totaled 58.22 million AZN, down 10.9% against January-May 2011. During a year total profit of the banks dropped by 15.2% and totaled 53.16 million AZN.
36 banks worked with profit and their total net profit reached 118.95 million AZN. Losses of 8 unprofitable banks totaled 65.79 million AZN. Number of profitable banks increased by 2 against the same period in 2011. Number of unprofitable banks dropped by 2 and total sum of their losses increased by 4.4 times.—0—
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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