Net profit of Azerbaijan's banking sector grows 21%

The banking sector of Azerbaijan made a net profit of 492.6 million manats ($289.76 million) in the first half of 2022, 20.5% more than a year ago, Report informs, citing the Central Bank of Azerbaijan.

Within the first seven months of 2022, banks' operating income was 2.131 billion manats ($1.25 billion), or 27.45% more than a year ago, operating expenses were 1.362 billion manats ($800 million), or 26.3% more than a year ago, allocations to special reserves were 162 million manats ($95.2 million), or 42.4 % more year-on-year, unexpected expenses amounted to 0.4 million manats, and income tax payments made up 114.1 million manats ($67.12 million), or 58.7% more year-on-year.