Net profit of Azerbaijan’s banking sector up by 9%

Azerbaijan's banking sector made a net profit of 614 million manats ($361.18 million) in the first half of 2024, 9% more year-on-year (YoY), Report informs, citing the Central Bank of Azerbaijan.

In six months, the country's banks' operating income was 2.76 billion manats ($1.62 billion - 21.9% more YoY), operating expenses were 1.86 billion manats ($1.09 billion - 26.6% more YoY), allocations to special reserves were 171.3 million manats ($100.76 million - 59.2% more YoY), windfall profits were 2.4 million manats ($1.41 million) (2.2 times more YoY), and income tax payments were 124.1 million manats ($73 million - 5.5% less YoY).