Azerbaijani banks starting to operate with profit

Azerbaijani banks starting to operate with profit Banking sector gained AZN 50 million net profit in last two months
April 5, 2017 12:38
Azerbaijani banks starting to operate with profit

Baku. 5 April. REPORT.AZ/ Total assets of 32 commercial banks operating in Azerbaijan amounted AZN 30 419.2 million by March 1, 2017, which is 3.25% lower comparing to figure at the beginning of the year.

Report informs referring to Financial Market Supervisory Authority (FIMSA).

According to information, loans to customers constitute 50.6% or AZN 15 395.9 million of overall assets. Credit portfolio decreased by 3.4% comparing to earlier figure.

In the reporting period, banks’ total obligations dropped by 6% to AZN 27 772.7 million, including 1.2% drop in deposit portfolio (AZN 16,212 billion). Deposits of individuals dropped by 5.2% to amount AZN 7 048.3 million, while that of legal entities rose by 1.7% to amount AZN 9 127.7 million.

Obligations of commercial banks to Central Bank of Azerbaijan fell to AZN 869.5 million, featuring 49% decrease.

Total capital of banks in January-February rose by 38.65% to amount 2 646.6 million.

During studied period banks’ interest revenues of banks amounted AZN 348.8 million, interest expenses - AZN 170.6 million, non-interest revenues - AZN 163.8 million, non-interest expenses - AZN 144.7 million. Eventually, net operating profit of banks amounted AZN 197.3 million.

Banks allocated AZN 143.6 million for establishment of special reserve for compensation of possible loss of assets, gained AZN 1.9 million from other sources, paid taxes worth AZN 5.5 million. Thus, the banking sector closed first two months with AZN 50 million net profit.

Notably, banks suffered AZN 496 million net loss in January. 

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