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Azerbaijan-based banks see a 43% rise in total profit

Azerbaijan-based banks see a 43% rise in total profit

29 January 2009 14:05 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based banks made AZN 246.03 million in total profit for 2008, up 42.9% on a year ago.
The National Bank of Azerbaijan told APA-Economics that interest income accounted for AZN 975.2 million (annual growth was 78.2%), interest expenses AZN 442.5 million (86.3%), non-interest income AZN 283.9 million (35.8%) and non-interest expenses AZN 357.8 million (50.4%) of the profit made by banks.
The results show that the loss in non-interest operations is caused by both facts that the non-interest income was low and non-interest expense was too high.

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