Net profit of Azerbaijani banking sector unveiled

Baku. 27 April. REPORT.AZ/ In first quarter of 2017, net income of Azerbaijan banking sector made AZN 124 310.74 thousand. Net profit of profitable banks made AZN 171 854.21 thousand, while net loss of unprofitable banks was equal to AZN 47 543.47 thousand. Notably, among 32 banks operating in the country 20 completed the first quarter with profit, 12 with loss.

Experts group of Report informs referring to banks’ quarterly financial statements.

Net profit of International Bank of Azerbaijan (IBA) makes 52% or AZN 90 mln of overall profit of profitable banks. Notably, IBA hasn't yet declared financial statement to the public, just provided information about its profit.

Losses of some banks in the first quarter was caused by increased allocations to special reserve aimed at compensation of possible losses from their assets.

Notably, according to the Financial Market Supervision Authority (FIMSA), net profit of banking sector was AZN 50 mln in January-February, 2017.