Azerbaijan's banking sector posts over 50% growth in net profit

The banking sector of Azerbaijan made a net profit of 914.5 million manats ($537.94 million) in 2022, 50.2% more than a year ago, Report informs, citing the Central Bank of Azerbaijan.

In the reporting period, banks' operating income was 3.955 billion manats ($2.33 billion), or 32.6% more than a year ago, operating expenses were 2.543 billion manats ($1.5 billion), or 26.6% more than a year ago, allocations to special reserves were 235.9 billion manats ($138.76 million), or 17.95 % more year-on-year, other expenses amounted to 0.1 million manats (nearly $0.059 million), and income tax payments amounted to 261.5 million manats ($153.82 million), or 57.9% more year-on-year.