Finance

Finance

Azerbaijan-based banks get non-interest profit for the first time in 4 years

11 March 2009 13:43 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based commercial banks post a pretax net profit of AZN 55.31 million for January 2009, up 4 times on a year ago, said the National Bank of Azerbaijan.
With special contributions on assets, the banksâ€™ total profit was AZN 69.37 million, up 2.6 times on a year ago.
The year-on-year surge in profit is above all attributed to the non-interest profit, compared to non-interest loss over the past 4 years.
In January, the banksâ€™ interest income reached AZN 89.41 million, interest expenses AZN 40.44 million and net interest income AZN 48.97 million.
Besides, non-interest income was AZN 48 million, non-interest expenses AZN 27.6 million and net non-interest profit AZN 20.4 million.
In January 2008, net interest profit was AZN 34.73 million and non-interest loss AZN 8.15 million.
Interest income is derived from the distribution of loans.
Non-interest income is derived from the execution/processing business, money transfer, commission charges, the advisory business and any principal business that does not appear on the balance sheet.