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Azerbaijan-based banks see profit drop in March

Azerbaijan-based banks see profit drop in March

30 April 2009 16:50 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks posted the total pretax profit at AZN 80.88 million for January-March 2009, up 42ÅŸ9% on the same period last year, said Central Bank of Azerbaijan.

With the total pretax profit of AZN 80.01 million in January-February (98.9%), banks earned only AZN 0.87 million in March

With AZN 24.12 million worth of deductions for reserves included, the banksâ€™ total profit made AZN 105 million, up 5.8% on the same period last year.

For this period, interest incomes reached AZN 259.43 million and interest expenses AZN 116.54 million while non-interest incomes stood at AZN 69.45 million and non-interest expenses AZN 107.17 million.

Net interest profit was AZN 142.89 million whereas non-interest loss was AZN 37.72 million.

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