Azerbaijan-based banks more than double net profit

The net profit of the banking sector of Azerbaijan made up 58.6 million manats in January 2022, 2.3 times more than in January 2021, Report informs, citing the Central Bank of Azerbaijan.

Operating income of banks in January amounted to 260.6 million manats (22.5% more than in January 2021), operating expenses - to 166.7 million manats (23.5% more), allocations for special reserves - to 21.3 million manats (2 times less), income tax payments - to 14 million manats (55.6% more).

Currently, 26 banks operate in Azerbaijan.