Consumer loans make up over 40% of credit investments in Azerbaijan
Baku, Azerbaijan, Nov. 4
By Azad Hasanli - Trend:
The Azerbaijani banks increased the consumer lending volume by 27.5 percent in January-September 2014 compared to the same period of last year, a report posted on the website of the Central Bank of Azerbaijan says.
The share of consumer loans in a total volume of the banks' credit investments amounted to 41.1 percent or 7.253 billion AZN. For comparison, their share was 38.5 percent in January-September last year. The amount of issued loans hit 5.689 billion AZN with an annual growth of 40.73 percent, the report says.
The trade and services rank second (14.4 percent or 2.536 billion AZN) in the total loan portfolio of banks. The construction and real estate rank third (13.8 percent or 2.434 billion AZN).
Around 11.5 percent of a total lending volume to the real sector of the Azerbaijani economy was transferred to the industry and production. It is 2.021 million AZN in nominal terms.
The banks also increased their lending to the industry in connection with the announcement of 2014 as the Year of Industry in Azerbaijan. For comparison, the share of lending to the industrial sector accounted for 9.9 percent of total bank deposits in the country's economy in January-September 2013.
Around 3.3 percent (582.6 million AZN) accounted for transport and communication, 4.6 percent (807.6 million AZN) - agriculture and processing, 1.3 percent (221 million AZN) - energy, chemistry and natural resources over this period.
There are 44 banks in Azerbaijan. As of October 1, the banks issued loans worth 17.632 billion AZN, which is 19.2 percent more than in the same period of last year.
The official exchange rate is 0.7844 AZN/USD Nov. 3.
edited by CN