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Azerbaijan-based banks see profit rise

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

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks posted the total pretax profit at AZN 156.68 million for January-June 2009, up 25.5% or AZN 31.84 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, AZN 24.1 million in May and AZN 17.23 million in June.

With AZN 46.16 million worth of deductions for reserves included, the banksâ€™ total profit made AZN 202.84 million, down 10.5% or AZN 23.69 million on the same period last year.

Deductions for reserves declined by 2.2 times or AZN 55.53 million year-on-year.

For this period, interest incomes reached AZN 512.91 million and interest expenses AZN 225.71 million while non-interest incomes stood at AZN 127.89 million and non-interest expenses AZN 211.97 million.

Net interest profit was AZN 287.2million whereas non-interest loss was AZN 84.08 million.