Azerbaijan's banks post 80M manats in January profit

Azerbaijan's banking sector generated a net profit of 80.1 million manats ($47.1 million) in January this year, 12.8% more compared to the same period last year, according to the Central Bank of Azerbaijan, Report informs.

In January, banks' operating income amounted to 587.2 million manats ($345.4 million), up 8% year-on-year, while operating expenses totaled 423.3 million manats ($249 million), marking a 7% increase.

Allocations to special reserves stood at 51.3 million manats ($30.2 million), down 4.5% compared to the previous year. Other income reached 0.1 million manats ($58,823), whereas no such income was recorded a year earlier.

Banks' profit tax payments totaled 32.5 million manats ($19.1 million), reflecting a 37.1% rise compared to the same period last year.