Bank Of Baku

Number of banks operating losses rises sharply

Number of banks operating losses rises sharply
# 15 October 2010 09:36 (UTC +04:00)
CBA says the number of banks operating losses rose by 2.3 times compared with a year ago.

Total profit on the banks operating profit made AZN 114.96 mln during the same period, down AZN 80.71 mln or 41% compared with a year ago. At the same time the loss increased by AZN 24.81 mln or 3.8 times to AZN 33.79 mln.

These negative results of banking system are forthcoming. Thus, the banks started to approach to the active operations more carefully to decrease the influence of global financial crisis on Azerbaijan’s financial-banking system. As the result, the interest rate of banks declined. At the same time the increasing of deposit base of banks is continued, the expenditures for improvement of banks’ material and technical basis remained unchanged and all of these increase the banks spending.
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THE OPERATION IS BEING PERFORMED