...

Azerbaijani banks up lending to economy by 8.2 percent

Business Materials 11 November 2011 12:04 (UTC +04:00)

Azerbaijan, Baku, Nov. 11 / Trend , N.Ismayilova /

Azerbaijani banks increased lending to the Azerbaijani economy by 1.5 percent in September and by 8.2 percent compare to September 2010, the Central Bank of Azerbaijan (CBA) reported.

As of early October, the banks provided loans totaling 9.667.7 billion manat (including 6.019.7 billion manat in national currency and 3.648.0 billion manat in hard currency) compared to 9.528.4 billion manat (5.864.6 billion manat in national currency and .663.8 billion manat in hard currency) as of early September and 8.936.6 billion manat (5.562.1 billion manat and 3.374.6 billion manat) as of Oct.1, 2010.

Of the total portfolio, loans worth 620.2 million manat (6.4 percent) were overdue compared to 592.5 million manat as of Sept.1, about 448.5 million manat as of Oct.1, 2010. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.

Short-term loans as of early October amounted to 3.144.6 billion manat (including overdue loans worth 322.1 million manat) compared to 3.071.3 billion manat (including overdue loans worth 305.1 million manat) as of Sept. 1, about 2.486.5 billion manat (203.8 million) as of Oct.1, 2010.

In September, the amount of short-term credit in the economy increased by 2.4 percent, but increased by 26.5 percent compared to September 2010. Some 38.7 percent short-term credit and 30.1 percent of overdue loans were in hard currency as of late September.

Long-term loans amounted to 6.523 billion manat (including overdue loans worth 298.2 million manat) compared to 6.457.1 billion manat (287.4 million) as of Sept.1, about 6.440.4 billion manat (244.7 million) as of Oct. 1, 2010. In September, the amount of long-term loans increased by 1.02 percent, compared to September 2010 - by 1.28 percent. As of late September, some 37.2 percent of long-term loans and 30.1 percent of overdue loans were in hard currency.

As of early October, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 3.215.6 billion manat with a specific weight of 33.3 percent (decreased by 0.09 percent in September), and private banks - 6.211 billion manat with a specific weight of 64.2 percent (2.3 percent in September). The remaining 2.5 percent fall on the share of non-bank credit organizations, which received loans worth 241 million manat.

Of the total credit investments in the Azerbaijani economy's sectors 29.8 percent, or 879.1 million manat were granted in trade and services, 3.1 percent, or 300.5 million manat - the development of energy industries, chemicals and natural resources .

Some 4.8 percent, or 466.1 million manat fell to the share of agriculture and processing, 7.6 percent, or 738.0 million manat - construction and real estate, 5.8 percent, or 563.5 million manat - industry and manufacturing , 4.4 percent, or 385.2 million manat - transport and communications, and 32.5 percent, or 3.146.2 billion manat - households.
As of Oct.1, the average rate on bank lending to the Azerbaijani economy in national currency amounted to 16.07 percent compared to 16.19 percent as of Sept.1, 2011, 16.37 percent - Jan.1 2011.

The average rate on bank lending in foreign currency was 16.34 percent compared to 16.42 percent and 17.31 percent respectively.

In early October, the average rate on bank lending to legal entity in national currency amounted to 14.42 percent compared to 14.30 percent as of Sept. 1, 2011 and 14.4 percent as of Jan. 1, 2011. The average rate on bank loans to corporate customers in foreign currency was 13.91 percent compared to 13.87 percent and 14.2 percent respectively.

As of Oct. 1, the average rate on bank lending to individuals in national currency amounted to 18.77 percent compared to 19.30 percent as of Seot. 1, 2011 and 19.84 percent as of Jan.1, 2011. The average rate on bank credit for an individual client in foreign currency amounted to 22.62 percent compared to 23.01 percent and 23.73 percent respectively.

The official exchange rate is 0.7866 manat to $11 on Nov. 11.

Tags:
Latest

Latest