Net profit of Azerbaijan’s banking sector grows by 18%

The banking sector of Azerbaijan made a net profit of 407.5 million manats (about $239.7 million) in January-April of this year, up 18.05% from the corresponding period of 2023, Report informs with reference to Central Bank of Azerbaijan (CBA).

Over the course of four months, banks' operating income amounted to 1,816.5 million manats (about $1.06 billion), representing an increase of 23.4% compared to the same period of last year.

Also, operating expenses of CBA stood at 1,209.7 million manats (about $711.6 million), while allocation to special reserves made 111.5 million manats (about $65.5 million) during the mentioned period, shows an increase of 29.2% and 9.6%, respectively from a year ago.

Moreover, CBA’s unexpected incomes for the reporting period amounted to 2.1 million manats (about $1.23 million), and income tax payments made 89.9 million manats (about $52.9 million), rising 7 times and 1.1% compared to the corresponding period of 2023.