Azerbaijani banks' assets grow by almost a quarter in a year

Photo: Azerbaijani banks' assets grow by almost a quarter in a year / Business News

Baku, Azerbaijan, May 5
By Emin Aliyev - Trend:

As of April 1, 2014, the assets of the banking sector in Azerbaijan amounted to 21.42 billion manats compared to 17.31 billion manats in the first quarter of 2013.

The bank assets increased by 23.74 percent in a year, according to the statistical report of the Azerbaijani Central Bank.

During the reported period, the basis (68 percent) of assets of the banking sector consisted of loans to customers in the amount of 14.57 billion manat (annual growth of 28.94 per cent), investments (1.86 billion manat with specific weight of 8.68 per cent and increase by 19.23 percent) and funds on correspondent accounts (1.22 billion manat).

Loans and deposits issued by banks to the financial sector amounted to 1.11 billion manat in the first quarter of the year.

In the structure of liabilities, major share (43.86 per cent) consisted of deposits (9.39 billion manats as of April 1, 2014), which increased 13.96 percent compared to the first quarter of 2013. Loans and deposits received from the financial sector amounted to 7.17 billion manat, increasing by 34.77 percent.

There are 44 banks operating in Azerbaijan.

The official exchange rate is May 5 is 0.7843 AZN / USD.

Translated by S.I.
Edited by S.I.

Follow us on Twitter @TRENDNewsAgency