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Azerbaijan-based banks see profit spiked by 10%

Azerbaijan-based banks see profit spiked by 10%

08 January 2010 12:43 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks posted the total pretax profit at AZN 264.23 million for January-November 2009, up 9.5% or AZN 22.84 million from the same period last year, said Central Bank of Azerbaijan.

With AZN 121.57 million worth of deductions for reserves included, the banksâ€™ total profit made AZN 385.8 million, down 11.9% or AZN 52.1 million from the same period last year because deductions for reserves declined by 1.6 times year-on-year.

For this period, interest incomes reached AZN 950.34 million and interest expenses AZN 421 million while non-interest incomes stood at AZN 216.87 million and non-interest expenses AZN 359.87 million.

As a result, net interest profit was AZN 529.34 million and non-interest loss was AZN 143 million.

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