Azerbaijani banking sector assets increase by almost quarter during year

Economy Materials 3 October 2014 16:56 (UTC +04:00)

Baku, Azerbaijan, Oct. 3

By Azad Hasanli - Trend:

As of Sept. 1, 2014, the assets of the Azerbaijani banking sector amounted to 23.55 billion AZN compared to 18.92 billion AZN in August 2013, according to the Central Bank of Azerbaijan's report for the eight months of 2014.

The bank assets increased by 24.5 percent per year, according to the Central Bank of Azerbaijan.

The basis of the assets of the banking sector (67.9 percent) accounted for loans delivered to the clients in the amount of 15.99 billion AZN (21.22 percent growth per year), investments (2.02 billion AZN with 8.57 percent weight and 32.9 percent growth per year) and funds on correspondent accounts (1.58 billion AZN with 6.7 percent weight).

Loans and deposits delivered by the banks to the financial sector amounted to 1.11 billion AZN as of August 2014 (4.7 percent).

The lion share in the structure of liabilities accounts for deposits standing at 10.17 billion AZN (43.2 percent) as of September 1, 2014, showing an increase of 20.5 percent compared to the same period of 2013. Loans and deposits from the financial sector amounted to 7.98 billion AZN, increasing by 28.7 percent.

There were 44 banks in Azerbaijan: 43 commercial banks and one state-owned bank. There are 22 banks with foreign capital. The share of foreign capital ranges from 50 to 100 percent in seven of them, while up to 50 percent in 13 banks. There are also two local branches of foreign banks.

The official exchange rate is 0,7844 AZN/USD on Oct. 3.