BAKU, Azerbaijan, January 9. The assets of Azerbaijan's banking sector, according to primary data, increased by 4.5 percent in 2023 compared to the end of 2022, reaching 49.2 billion manat ($28.9 billion), President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said during the Azerbaijan Financial Forum themed “Achievements and Challenges," Trend reports.
Nuriyev noted that the capitalization of the banking sector of Azerbaijan in 2023 increased by 8.4 percent to 6.1 billion manat ($3.59 billion).
“The loan portfolio of banks compared to the end of 2022 increased by 18.3 percent and reached 23.2 billion manat ($13.6 billion), and the level of dollarization of loans decreased to 18.8 percent. At the end of 2023, the volume of deposits in banks increased by 2.3 percent, to 34.6 billion manat ($20.3 billion). The volume of deposits by individuals is equal to 12.5 billion manat ($7.3 billion), which is 9.2 percent more than the figure at the end of 2022,” he emphasized.
ABA was founded by commercial banks in 1990. The main purpose of the ABA is to represent member organizations, support their needs for various types of business services, and coordinate their activities.
Currently, 23 banks and six non-banking organizations are members of the ABA.
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