5 causes of Azerbaijani banking sector stabilization (Exclusive)
Baku, Azerbaijan, Feb. 1
By Anvar Mammadov - Trend:
2017 became a year of active stabilization for Azerbaijan’s banking sector, Taleh Kazimov, CEO and chairman of the board at PASHA Bank OJSC, said in an interview with Trend.
He said that activity of market regulators played a big role in this.
“In 2017, we witnessed active stabilization of situation in the banking market and a subsequent growth of client operations,” Kazimov said. “In this regard, I would like to note the activity of the market regulators - the Central Bank of Azerbaijan and the Financial Market Supervisory Authority. A balanced monetary policy, the work to increase public confidence in the national currency, strengthened control over the risk management system, as well as actions aimed at increasing the capitalization in the country’s banking sector and improving prudential norms influenced the recovery of the market.”
Touching upon the activity of PASHA Bank in 2017, Kazimov noted that despite some difficulties, last year can be considered successful for the bank.
“As for PASHA Bank, despite certain difficulties associated with transition to a new banking system, we completed last year very successfully. The bank’s assets exceeded 3.6 billion manats, and the loan portfolio grew to one billion manats, as we predicted at the very beginning of the strategy’s implementation. The balance on client accounts reached 2.8 billion manats, and the return on equity exceeded 25 percent, which is a good indicator.”
PASHA Bank, founded in 2007, renders a range of corporate banking services, including issuance of loans, operations in the securities market, assets management, and treasury services.
(1.7001 manats = $1 on Feb. 1)