Azerbaijan’s banking sector sees decline in profit

The profit of Azerbaijan-based banks in January-May 2019 amounted to AZN 325.8 million, down AZN 22.1 million from January-April, Report informs citing Financial Markets Supervisory Authority (FIMSA).

The banks ended five months of 2018 on AZN 5.5 million in loss.

Interest incomes rose by 14.6% to AZN 803.4 million, interest expenditures dropped by 6.4% to AZN 234.1 million, non-interest incomes grew by 48.2% to AZN 306.4 million, non-interest expenditures went up 8.1% to AZN 437.6 million, allocations for special reserves for payment of possible loss on assets slid 58.4% to AZN 102.8 million, other incomes rose 15.3-fold to AZN 21.4 million and profit tax ascended 2.5-fold to AZN 30.9 million.