Azerbaijan-based banks see 17% growth in net profit

The net profit of the banking sector of Azerbaijan made up 173.9 million manats in January-March 2022, 16.9% more than in January 2021, Report informs, citing the Central Bank of Azerbaijan.

Operating income of banks in the first quarter of 2022 amounted to 830.1 million manats (+ 24.6% compared to the same period in 2021), operating expenses - to 541.2 million manats (+ 25.7%), allocations for special reserves - to 73.4 million manats (+36.9%), profit tax - to 41.6 million manats (+29.6% more).