BAKU, Azerbaijan, November 24. The assets of Azerbaijani banks have increased by 26 percent to 43.6 billion manat ($25.6 billion) since the beginning of the year, Trend reports referring to President of the Azerbaijan Banks Association, Zakir Nuriyev.
According to him, the loan portfolio of the state's banks totals 8.8 billion manat ($5.1 billion).
"Both profit and net profit of the banks increase. The profit of the banks for the 10 months of 2022 totaled almost a billion manat ($588 million), while the net profile - was 673 million manat ($395 million)," he said.
Nuriyev noted that the banks' deposits increased by 25 percent to 15.8 billion manat ($9.2 billion).
"Digital payments are also growing. This is made possible by reforms to the tax structure as well as the regulator. I would like to mention that international payment systems also play a huge role in the development of banking services and the volume of payments," said the president of the ABA.
Nuriyev said currently that the banking sector of Azerbaijan should reconsider the development strategy considering the present sanctions that various banks in the world face.
"Azerbaijani banks did not face any problems related to the sanctions that are imposed by the USA and western countries," he added.