BAKU, Azerbaijan, July 23. Azerbaijani banking sector assets will annually grow in 2022-2026, Trend reports via the "Socio-economic development strategy of the Republic of Azerbaijan for 2022-2026" .
According to the strategy, the average growth of the assets will make up eight percent, loan portfolio - 10 percent, including business loans - six percent.
By the end of 2026, the loan portfolio of banks in relation to GDP is expected to grow in Azerbaijan, and the private sector's access to finance will expand, the strategy said.
According to the Central Bank of Azerbaijan (CBA), the total assets of banks in Azerbaijan amounted to 41.3 billion manat ($24.2 billion), total liabilities - 36.3 billion manat ($21.3 billion), and capital on balance sheet - 5.07 billion manat ($2.9 billion) as of June 1, 2022.
The assets, liabilities and balance capital of the banking sector increased by 22.3 percent, 24.9 percent and 6.8 percent respectively, as compared to the same period last year.
The loan portfolio of Azerbaijani banks increased by 23.1 percent (3.4 billion manat or $2 billion) in May 2022 in annual terms - up to 18.09 billion manat ($10.6 billion).