The total profit of Azerbaijani banks increased by 2.6 times

The total income of banks operating in Azerbaijan in January-May of this year amounted to 806.99 million manat, or 147.26 million or 22.3% more than in the comparable period of the previous year. Non-interest income increased 27.1% to 170.28 million manat.

Banks' expenses during the reported period increased 114.77 million or 23% to 613.02 million manat. Accruals for assets decreased as compared with January-May 2012 by 54.01 million or 52% to 49.94 million manat (with an annual growth of 29.5% of assets).

According to Turan in the Central Bank of Azerbaijan, in the structure of bank income for the reported period mainly fell on interest income - 78.8%, and the costs were mainly interest payments (53%).

Annual profit before tax amounted to 143.94 million manat, which is 2.5 times more than in January-May 2012. The total profit of the banking system increased over the year by 2.6 times, amounting to 137.20 million manat.

Within five months of 2013 profitably worked 39 banks, whose total net income amounted to 145.31 million manat. Loss of 4 loss-making banks amounted to 8.12 million manat. Compared with the corresponding period of 2012, the number of profitable banks increased by three units. The number of unprofitable banks decreased by four, and the total amount of their losses decreased by 8.1 times. - 15B -