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Azerbaijani banking sector assets increase by almost a quarter during a year

Business Materials 4 September 2014 17:22 (UTC +04:00)

Baku, Azerbaijan, Sept. 4

By Zulfiyya Gurbanova - Trend:

As of Aug. 1, 2014, the assets of the Azerbaijani banking sector amounted to 23.29 billion manat compared to 18.69 billion manat in July 2013, according to the Central Bank of Azerbaijan's report for the first seven months of 2014.

The bank assets increased by 24.6 percent per year, according to the Central Bank of Azerbaijan's report.

The basis of the assets of the banking sector (67.5 percent) accounted for loans delivered to the clients to the sum of 15.72 billion manat (21.4 percent growth per year), investments (1.98 billion manat with 8.52 percent weight and 23 percent growth per year) and funds on correspondent accounts (1.74 billion manat).

Loans and deposits to the financial sector amounted to 1.11 billion manat as of July 2014.

The lion share in the structure of liabilities accounts for deposits standing at 10.04 billion manat (43.1 percent) as of August 1, 2014, showing an increase of 18.3 percent compared to the same period of 2013. Loans and deposits from the financial sector amounted to 7.96 billion manat, increasing by 30.7 percent.

There were 44 banks in Azerbaijan as of the second quarter of 2014: 42 commercial banks and one state-owned bank. There are 22 banks with foreign capital. The share of foreign capital ranges from 50 to 100 percent in seven of them, while up to 50 percent in 13 banks. There are also two local branches of foreign banks.

The official exchange rate is 0.7843 AZN/USD on Sept. 4.

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