Azerbaijani banks increase issuance of long-term loans by almost 22%
Baku, Azerbaijan, Nov. 28
By Azad Hasanli - Trend:
Azerbaijani banks increased lending to the economy by 19.02 percent in January-October 2014, compared to the same period of 2013, the Azerbaijani Central Bank (CBA) said in its report.
The banks issued loans totaling 17.841 billion AZN, including 13.160 billion AZN (73.77 percent) in national currency and 4.680 billion AZN (26.24 percent) in freely convertible currency as of Nov.1, according to the CBA report.
By comparison, the figure amounted to 14.991 billion AZN (around 10.707 billion AZN in national currency and 4.283 billion AZN in freely convertible currency) in January-October 2013.
Of the total portfolio, loans worth 943.4 million AZN (5.3 percent) were overdue compared to 783.2 million AZN (5.23 percent) as of January-October 2013.
The statistics of overdue loans does not include similar loans of Aqrarkredit non-banking credit institution. Overdue loans increased by 20.5 percent during a year.
Short term loans amounted to about 3.711 billion AZN (including overdue loans worth 379.3 million AZN) compared to around 3.375 billion AZN (including overdue loans worth 364.5 million AZN) as of January-October 2013. The volume of short-term loans in the economy increased by 9.96 percent during a year.
The volume of long term loans hit 14.129 billion AZN, including 564.1 million AZN in overdue loans compared to about 11.615 billion AZN, including 418.6 million AZN of overdue loans as of January-October 2013. The long-term loans increased by 21.65 percent during a year.
The credit portfolio of the only state bank in the country, the International Bank of Azerbaijan, hit 6.065 billion AZN with the specific weight of 34 percent, while private banks issued loans worth around 11.251 billion AZN with a specific weight of 63.1 percent.
The remaining 2.9 percent fell to the share of non-bank credit organizations. They issued 525.2 million AZN, according to the CBA.
There are 44 banks in Azerbaijan.
The official exchange rate is 0.7844 AZN/USD Nov. 28.
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edited by CN