Bank sector net profit in Azerbaijan rises by 29%

The banking sector in Azerbaijan recorded a net profit of 438.5 million manats in the January–April period of this year.

According to Report, citing the Central Bank of Azerbaijan, this represents a 29.05% increase compared to the same period last year.

During the four-month period, banks" operating income amounted to 2.4374 billion manats (up 14.7%), while operating expenses reached 1.7534 billion manats (up 13.9%). Allocations to special reserves totaled 141.1 million manats (down 9.8%), other expenses amounted to 0.2 million manats (compared to income in the previous year), and profit tax payments stood at 104.2 million manats (up 15.65%).