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Azerbaijan-based banks see profit spiked by 17%

Azerbaijan-based banks see profit spiked by 17%

06 November 2009 17:11 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks posted the total pretax profit at AZN 239.26 million for January-September 2009, up 16.5% or AZN 33.93 million from the same period last year, said Central Bank of Azerbaijan.

With AZN 82.06 million worth of deductions for reserves included, the banksâ€™ total profit made AZN 321.32 million, down 8.6% or AZN 30.07 million from the same period last year.

Deductions for reserves declined by 1.8 times year-on-year.

For this period, interest incomes reached AZN 772.68 million and interest expenses AZN 339.38 million while non-interest incomes stood at AZN 191.02 million and non-interest expenses AZN 302.58 million.

Net interest profit was AZN 433.3 million whereas non-interest loss was AZN 111.56 million.

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