Rates of consumer lending increase in Azerbaijan nearly 28%
Baku, Azerbaijan, Oct. 3
By Azad Hasanli - Trend:
Azerbaijani banks increased the volume of consumer lending by 27.46 percent in January-August, 2014 compared to the same period last year.
The share of consumer loans in total share of the loan investments by the banks amounted to 41 percent or 7.102.9 billion AZN, according to the report of the Central Bank of Azerbaijan (CBA) on the results of the first half of 2014. For comparison: their share accounted for 38.55 percent and the amount of loans - 5.572.6 billion AZN with an annual growth of 41.4 percent in January-August last year.
The second highest proportion in the total loan portfolio of banks is the trade and services sphere (14.4 percent, or 2.488.9 billion AZN). The third place is taken by the construction and real estate sector (13.7 percent or 2.364.4 billion AZN).
The industry and production sector received 11.6 percent from the total volume of lending to the real sector of Azerbaijan, which in nominal terms amounts to 2.008.5 billion AZN.
In connection with the announcement of 2014 the Year of the industry, the banks also increased lending to this sector. For comparison: in January-August 2013 the share of lending to the industrial sector accounted for 9.8 percent out of total bank deposits in the country's economy.
The share of transport and communication accounts for 3.4 percent (586.5 million AZN), agriculture and processing - 4.5 percent (786.4 million AZN), energy, chemistry, and natural resources - 1.3 percent (225.1 million AZN).
There are 44 banks operate in Azerbaijan. As of September 1, banks issued loans in the amount of about 17.308.9 million AZN, which is 19.74 percent more than the same period last year.
The official exchange rate for Oct. 3 is 0.7844 AZN / USD.