BAKU, Azerbaijan, January 9. The net profit of Azerbaijan's banking sector in 2023, according to primary data, grew by 17 percent compared to the end of 2022, reaching 1.1 billion manat ($650 million), President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said during the Azerbaijan Financial Forum themed “Achievements and Challenges”, Trend reports.
"The capitalization of Azerbaijan's banking sector in 2023 grew by 8.4 percent, reaching 6.1 billion manat ($3.58 billion)," he emphasized.
Nuriyev also disclosed the volume of assets in Azerbaijan's banking sector.
According to preliminary estimates, the country's banking assets in 2023 increased by 4.5 percent, reaching 49.2 billion manat ($28.9 billion), and the volume of the credit portfolio for the previous year increased by 18.3 percent, reaching 23.2 billion manat ($13.6 billion).
ABA was founded by commercial banks in 1990. The ABA's major goal is to represent member organizations, meet their needs for various sorts of business services, and coordinate their activities.
The ABA is now made up of 23 banks and six non-banking organizations.
Stay up to date with more news on Trend News Agency's WhatsApp channel