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Azerbaijan-based banks see profit spiked by 14.3%

Azerbaijan-based banks see profit spiked by 14.3%

29 January 2010 17:03 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks posted the total pretax profit at AZN 281.09 million for 2009, up 14.3% or AZN 35.06 million from a year ago, said Central Bank of Azerbaijan.

With AZN 132.86 million worth of deductions for reserves included, the banksâ€™ total profit made AZN 413.95 million, down 9.7% or AZN 44.24 million from year ago because deductions for reserves declined by 1.6 times year-on-year.

For this period, interest incomes reached AZN 1 034.62 million and interest expenses AZN 465.74 million while non-interest incomes stood at AZN 568.88 million and non-interest expenses AZN 413.18 million.

As a result, net interest profit was AZN 568.88 million and non-interest loss was AZN 154.44 million.

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