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Azerbaijan-based banks increase quarterly profit by 1.9 times

15 May 2013 09:19 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Azerbaijan-based commercial banks’ pre-tax profit made AZN 74.77 mln during the first quarter of 2013, up 1.9 times from a year earlier, said the Central Bank of Azerbaijan.

Interest incomes were AZN 366.59 mln, interest expenditures – AZN 192.08 mln and consequently, the interest profit was equal to AZN 174.51 mln. At the same time, non-interest incomes stood at AZN 92.19 mln, non-interest expenditures – at AZN 167.52 mln, the loss on non-interest operations – at AZN 75.33 mln.

Approximately doubling of profit was related to increase of interest incomes and decrease of special allowances on assets. So, AZN 36.2 mln-increase of profit was related to decrease of AZN 16.4 mln-special allowances on assets.

Note that in the first quarter of 2013, 39 commercial banks in Azerbaijan operated in profit, 4 – in loss. Total profit made AZN 78.08 mln, loss - AZN 6.92 mln.