Total Profit of Banking Sector in First Seven Months Reached 204.7 Million Manats

The total income of banks operating in Azerbaijan in January- July this year amounted to 1158.24 million manat, or 273.24 million or 30.9% for the comparable period of the previous year. Non-interest income increased 18.8 % to 234.03 million manat.

Banks' expenses during the reported period increased 173.1 million or 24.7 % to 872.95 million manat. Accruals for assets decreased as compared with January-July 2012 to 60.61 million or 52.5%, to 66.9 million manat ( with an annual growth of 26.2 % of assets ) .

According to the Central Bank of Azerbaijan, in the structure of bank income for the reporting period the main part fell on interest income - 79.8 % , in the cost - the share of interest payments (52.8 %).

Annual profit before tax amounted to 218.31 million manat, which is 3.7 times more than in January - July 2012 . The total profit of the banking system increased over the year by 4.2 times and amounted to 204.66 million manat. Recall that the largest profit sector in the amount of 252.98 million manat was fixed at the end of 2009 .

Within seven months of 2013 profitably worked 39 banks , whose total net income amounted to 213.74 million manat. 4 losses of loss-making banks amounted to 9.09 million manat. Compared with the corresponding period of 2012, the number of profitable banks increased six units. The number of unprofitable banks decreased the same amount and the total amount of their losses decreased 10.7 times. - 15B -