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Azerbaijan-based banks see operating margin spiked

01 July 2009 15:20 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks posted the total pretax profit at AZN 139.45 million for January-May 2009, up 11.7% or AZN 14.61 million on the same period last year, said Central Bank of Azerbaijan.

Of this, the banks earned AZN 55.31 million in January, AZN 24.7 million in February, AZN 870 million in March, AZN 34.47 million in April and AZN 24.1 million in May.

With AZN 42.27 million worth of deductions for reserves included, the banksâ€™ total profit made AZN 181.72 million, down 19.8% or AZN 44.81 million on the same period last year.

Deductions for reserves declined by 2.4 times or AZN 59.42 million year-on-year.

For this period, interest incomes reached AZN 430.65 million and interest expenses AZN 188.40 million while non-interest incomes stood at AZN 103.30million and non-interest expenses AZN 163.64 million.

Net interest profit was AZN 242.25 million whereas non-interest loss was AZN 60.34 million.