Net Profit of Azerbaijan’s Banking Sector Rises Nearly 26%
Net profit in Azerbaijan's banking sector grew by more than 26% year-on-year to reach 858.7 million manats over the first seven months of the year.
Yulduz Salimov1 min read
As of July 30 of this year, the net profit of Azerbaijan's banking sector reached 858.7 million manats. According to the Central Bank of Azerbaijan (CBA), this figure increased by 175.9 million manats, or nearly 26%, compared to the same period last year.
In addition, over the reported seven months, the country's banks paid a total of 213.4 million manats in profit tax.
The Central Bank noted that as part of the implementation of the "Financial Sector Development Strategy for 2024–2026," work is underway to deepen market capital through the introduction of new financial instruments and digital solutions. In particular, projects involving alternative instruments such as securitisation, financial derivatives, REPO transactions, sukuk, venture capital, and crowdfunding continue to be implemented.
According to the regulator, key priorities in the near term remain expanding the participation of institutional and retail investors, raising financial literacy, and developing digital solutions and e-commerce. Process automation and the reduction of operational costs are intended to increase market accessibility for investors and contribute to its long-term sustainability.
Source: az.trend.az
