Azerbaijan’s Central Bank increases profit in 2017

By Trend

The Central Bank of Azerbaijan (CBA) increased profit 8.7 times to 3.5 billion manats in 2017 compared to 2016, according to the bank’s financial report audited by PwC multinational accounting firm.

The profit of the CBA was formed via the transfers worth 3.95 billion manats from the State Oil Fund of Azerbaijan (SOFAZ), revaluation of securities worth 28.86 million manats, and operations with foreign currency worth nearly 4 million manats.

The bank’s main expenses last year accounted for revaluation of the currency position (204 million manats), administrative and other operations (64.56 million manats), interest expenses (282.13 million manats) and depreciation expenses (42 million manats).

The assets of the CBA in the period amounted to 22.6 billion manats (an 11 percent decrease for the year), liabilities amounted to 18.12 billion manats (a 7 percent reduction for the year).

The total capital of the CBA amounted to 4.5 billion manats in 2017 (a 23 percent decrease for the year).

(1.7 manats = $1 on April 30)