Azerbaijani NBCOs turn net net profit of AZN 77 million in first half of year
The Central Bank of Azerbaijan has published a review of NBCOs on the results of the first half of 2024.
According to the document, local NBCOs turned a net profit of AZN 76.6 million in January-June. This is up by 2.9 times from the same period of the last year.
Over 6 months NBCOs earned AZN 129 million of interest income, AZN 43.9 million of non-interest income, AZN 0.2 million of unexpected income; incurred AZN 16.9 million of interest expenses, AZN 60.3 million of non-interest expenses; created a special reserve for overdue loans in the amount of AZN 2.9 million; paid AZN 16.4 million of income tax.
Finance
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Rising prices for electricity, natural gas and heat in Azerbaijan since the beginning of this year may have a significant impact on annual inflation at the level of 0.51 %.
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The Central Bank of Azerbaijan (CBA) forecasts that an average price of a barrel of oil in the world market in 2025 will be $77.3, and the price of 1000 cubic metres of natural gas - $349.
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The Central Bank of Azerbaijan (CBA) forecasts that by the end of 2025 the country's economic growth will be 3.3 %, including the production of gross domestic product (GDP) in the non-oil and gas sector to grow by 5.2 %.
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According to updated forecasts of the Central Bank of Azerbaijan (CBA), annual inflation is expected to be about 5.5 % in 2025 and about 3.8 % in 2026.This is reported on the CBA's website.
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