Azerbaijan's banking sector's net profit up by 12%

Azerbaijan's banking sector earned a net profit of 614.1 million manats in January-November 2021, Report informs, citing the Central Bank of Azerbaijan.

According to the bank, this figure is 12% higher than in the same period last year.

During the first 11 months of 2021, banks' operating income amounted to just over 2.69 billion manats (14.6% more than in the same period last year), operating expenses stood at over 1.77 billion manats (15.1% more), allocations to special reserves reached 180.8 million manats ( 61.4% more), other income made up 0.9 million manats (2.3 times more), and income tax payments were 121.6 million manats (16.8% less).

($1 = 1.7 Azerbaijani manat on December 21)