Azerbaijani banks increase consumer lending by quarter during a year
Baku, Azerbaijan, Jan. 5
By Azad Hasanli - Trend:
Azerbaijani banks increased the consumer lending volume by 24.7 percent in January-November 2014 compared to the same period of 2013, the Central Bank of Azerbaijan's report as of 11 months, 2014 says.
The share of consumer loans in a total volume of the banks' loan investments amounted to 41.5 percent, or 7.528 billion AZN. For comparison: their share accounted for 39.6 percent, and the amount of issued loans - 6.035 billion AZN in January-November 2013 (with 42.17 percent annual growth).
The trade and services (14.3 percent or 2.592 billion AZN) ranked second on the share in the total loan portfolio of banks. The construction and real estate sector (13.8 percent or 2.513 billion AZN) ranked third.
Around 11.4 percent of the total volume of lending to the real sector of Azerbaijan was directed to the industry and production. In nominal terms it amounts to 2.066 billion AZN.
The banks also increased lending to this sector in connection with the announcement of 2014 as the Year of Industry. For comparison: in January-November 2013 the share of lending to the industrial sector accounted for 9.6 percent of a total volume of funds transferred by the banks into the country's economy.
The share of transport and communication hit 3.1 percent (562.8 million AZN), agriculture and processing reached 4.6 percent (837.1 million AZN), energy, chemistry, and natural resources - 1.2 percent (216.4 million AZN).
There are 44 banks in Azerbaijan. As of December 1, banks issued loans in the amount of about 18.151 billion AZN, which is 19.06 percent more than in the same period of 2013.
The official exchange rate is 0.7844 AZN/USD Jan. 5.
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Edited by CN