BAKU, Azerbaijan, April 3. The posts spread on social networks in recent days in Azerbaijan about the "collapse of the banking system", "freezing of bank deposits", as well as "recommendations to cash out funds from cards and bank accounts" are completely unfounded and do not reflect reality, Trend reports via the press service of the Azerbaijan Banks Association (ABA).
As of early March 2023, the assets of the Azerbaijani banking sector amounted to 45.7 billion manat ($26.8 billion), which is 18.8 percent more than the same period last year. In addition, during the reporting period, the loan portfolio of banks increased by 15.4 percent, or by 163 million manat ($95.8 million) compared to the beginning of the year, reaching 19.8 billion manat ($11.6 billion).
"The volume of the population's deposits in banks, which is an indicator of confidence in banks, equals 11.7 billion manat or $6.8 billion (an increase of 18.7 percent year-on-year and 1.5 percent since the beginning of the year). The total capital of the country's banks also grew, reaching 5.7 billion manat or $3.3 billion (an increase of 13.3 percent year-on-year and 2 percent since the beginning of the year). The sector's profitability remains at a high level, exceeding last year's figures even more," the ABA said.
The ABA also noted that the interest income of the banking sector increased by 39.2 percent from January through February 2023, and non-interest payments - by 23.6 percent. The net profit of the banking sector increased by 44.6 percent in comparison with the same rate from January through February 2022, reaching 155.7 million manat ($91.5 million).
Furthermore, it was also noted that in February 2023, the number of payment cards in circulation increased by 18.4 percent compared to the same period last year and reached 13.6 million. The volume of non-cash payments within the country increased 2.1 times, to 2.87 billion manat ($1.69 billion).
Considering the above, the Azerbaijan Banks Association calls on the public not to believe the groundless, provocative information on social networks.