Azerbaijan's banking sector posts 40% growth in net profit

The banking sector of Azerbaijan made a net profit of 859.4 million manats ($505.5 million) in January-November 2022, 40% more than a year ago, Report informs, citing the Central Bank of Azerbaijan.

Within the first eleven months of 2022, banks' operating income was 3,548.1 million manats ($2.09 billion), or 31.7% more than a year ago, operating expenses were 2,265.2 million manats ($1.33 billion), or 27.4% more than a year ago, allocations to special reserves were 226.5 million manats ($133.24 million), or 25.3 % more year-on-year, other expenses amounted to 0.3 million manats (nearly $0.18 million), and income tax payments amounted to 196.6 million manats ($115.65 million), or 61.7% more year-on-year.