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Azerbaijan-based banks see profit spiked

Azerbaijan-based banks see profit spiked

09 December 2009 09:55 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks posted the total pretax profit at AZN 262.94 million for January-October 2009, up 10.4% or AZN 24.72 million from the same period last year, said Central Bank of Azerbaijan.

With AZN 98.99 million worth of deductions for reserves included, the banksâ€™ total profit made AZN 361.93 million, down 10.2% or AZN 40.96 million from the same period last year because deductions for reserves declined by 1.7 times year-on-year.

For this period, interest incomes reached AZN 862.25 million and interest expenses AZN 378.37 million while non-interest incomes stood at AZN 205.03 million and non-interest expenses AZN 326.48 million.

As a result, non-interest loss was AZN 121.45 million.

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