A third of Azeri banks unprofitable: central bank
A third of banks in Azerbaijan are operating with losses, according
to the Central Bank.
The number of unprofitable banks nearly doubled in January, increasing to thirteen from the previous seven. The profits of local banks more than halved in comparison with January 2009, while their losses increased 55%.
Gross profits of Azerbaijani banks made up 28.08 million manats ($35.1 million) in January 2010, compared to 62.56m manats ($78.2m) reported in the first month of last year.
The total loss of banks constituted about $15.5m this January, compared to about $10m a year ago.
A total of 46 banks are operating in Azerbaijan, of which 45 are private banks, and only one is a state-run financial institution. 23 of the private banks hold foreign capital.*
The number of unprofitable banks nearly doubled in January, increasing to thirteen from the previous seven. The profits of local banks more than halved in comparison with January 2009, while their losses increased 55%.
Gross profits of Azerbaijani banks made up 28.08 million manats ($35.1 million) in January 2010, compared to 62.56m manats ($78.2m) reported in the first month of last year.
The total loss of banks constituted about $15.5m this January, compared to about $10m a year ago.
A total of 46 banks are operating in Azerbaijan, of which 45 are private banks, and only one is a state-run financial institution. 23 of the private banks hold foreign capital.*
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!