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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The Central Bank of Azerbaijan (CBA) has approved the ‘Concept of Policy on Risk-Based Control’. This is reported on the website of the structure.
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If 2 years ago a share of local revenues in the budget of the Nakhchivan Autonomous Republic was 20-25%, by this year's end a share of local revenues will exceed 50%.
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The Central Bank of Azerbaijan (CBA) has given binding instructions to 'Azsığorta', 'Atəşgah Insurance', 'İpək Yolu Insurance', 'Xalq Həyat Insurance', 'Aqrar Insurance' and 'AzRe Təkrarsığorta'. This is reported on the CBA website.
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The NBCO 'Para will hold a regular general meeting of shareholders on 4 February at 11:00.
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