Azerbaijani banks increase lending to economy more than a quarter
Baku, Azerbaijan, May 5
By Ilaha Khalilova - Trend:
Azerbaijani banks increased lending to the economy by 28.03 percent in the first quarter of 2014 compared to the same period last year, according to the statistical report of the Azerbaijani Central Bank.
The loans in the amount of more than 15.941 billion manats, including more than 11.503 billion (72.16 percent) in national currency and 4.438 billion (27.84 percent) - in freely convertible currency have been allocated by the banks during the reported period, the CBA reported.
For comparison, in January-March 2013, this figure was more than 12.451 billion manats (about 8.593 billion manats in national currency and more than 3.858 billion manats - in free convertible currency).
Some 853.7 million manats (5.35 percent) out of the total portfolio of the banks were overdue loans and advance compared to 760.8 million (6.11 percent) in the first quarter of last year. Statistics of overdue lending does not include similar loans to non-bank "Aqrarkredit" credit organization. Overdue loans increased by 12.21 percent in a year.
The volume of short-term loans amounted to more than 3.544 billion manats (including 388.8 million overdue loans) during the reported period compared to more than 3.097 billion manats (including 376.8 million overdue loans) as of the first quarter of 2013. Short-term loans in the economy grew by 14.45 percent in a year.
The volume of long-term loans in January-March 2014 amounted to 12.397 billion manats (including 464.9 million overdue loans) compared to more than 9.354 billion manats (including 383.9 million overdue loans) as of March 2013. The volume of long-term loans increased by 32.52 percent in a year.
The loan portfolio of the only state bank in the country (International Bank of Azerbaijan) totaled more than 5.416 billion manats with a specific weight of 34 percent. The private banks issued loans in the amount about 10.011 billion manats with a specific weight of 62.8 percent. The remaining 3.2 percent accounts for the share of non-bank credit organizations, which have issued 514.2 million manats.
There are 44 banks operate in Azerbaijan.
The official exchange rate on May 5 is 0.7843 AZN / USD.
Translated by S.I.
Edited by C.N.