Net profit of Azerbaijan's banking sector grows 30%

The banking sector of Azerbaijan made a net profit of 589.4 million manats ($346.71 million) in January-August 2022, 29.5% more than a year ago, Report informs, citing the Central Bank of Azerbaijan.

Within the first eight months of 2022, banks' operating income was 2.478 billion manats ($1.46 billion), or 27.9% more than a year ago, operating expenses were 1.593 billion manats ($940 million), or 25.5% more than a year ago, allocations to special reserves increased by 20.65% to 159.5 million manats ($93.82 million), unexpected expenses stood at 0.4 million manats, and income tax payments went up 65.8% to 135.8 million manats ($79.9 million).