Unprofitable Azeri banks hit 17
Four banks in Azerbaijan posted losses in May, bringing the number
of unprofitable banks in the country to a record 17, according to
the Central Bank.
The losses of local banks increased 2.8 million manats compared to April to reach 24.55 million manats ($30.68 million).
Overall, the banks’ profits made up 85.03m manats ($106.2m) in May, or 10.7% over the previous month. However, the number of profitable banks decreased to 30.
47 banks are currently operating in Azerbaijan, with all but one being privately-owned financial institutions. 23 of the private banks operate with foreign capital.*
The losses of local banks increased 2.8 million manats compared to April to reach 24.55 million manats ($30.68 million).
Overall, the banks’ profits made up 85.03m manats ($106.2m) in May, or 10.7% over the previous month. However, the number of profitable banks decreased to 30.
47 banks are currently operating in Azerbaijan, with all but one being privately-owned financial institutions. 23 of the private banks operate with foreign capital.*
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