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 analysis shows that the economic growth in Azerbaijan in 2026-2028 will be fully ensured at the expense of the non-oil and gas sector.This is stated in the conclusion of the Accounting Chamber on the Draft Law ‘On State Budget for 2025’.
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In January-August 2024, two state financial institutions of Azerbaijan jointly paid dividends in the amount of AZN 169.9 million, or about $100 million. This is stated in the conclusion of the Accounting Chamber over the Draft Law ‘’On State Budget for 2024‘’.
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President Ilham Aliyev's decree of 28 March 2022 ‘On Approval of the Upper Limit of Ratio of Non-oil Base Budget Deficit to Non-oil Gross Domestic Product (GDP)’ is not honoured.This is stated in the conclusion of the Accounting Chamber on the Draft Law ‘On State Budget for 2025’.
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In 2025, the subsistence minimum in Azerbaijan will amount to AZN 305 for able-bodied population, AZN 232 for pensioners and AZN 246 for children. This is stated in the Draft Law ‘On Subsistence Minimum for 2025’.
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