25% of Azerbaijani banks’ loan portfolio accounts for IBA – Fitch (UPDATE)

Business Materials 1 March 2018 20:23 (UTC +04:00)

Details added (first version posted on 14:14)

Baku, Azerbaijan, March 1

By Anvar Mammadov - Trend:

About 25 percent of Azerbaijani banks’ aggregate loan portfolio accounts for the restructured loan portfolio of the International Bank of Azerbaijan (IBA), Ruslan Bulatov, Fitch Ratings banking sector expert, said at the international rating agency’s annual meeting in Baku March 1.

He added that IBA’s non-performing loans account for 18 percent of Azerbaijani banks’ aggregate loan portfolio.

According to Azerbaijan’s Financial Market Supervisory Authority (FIMSA), the aggregate loan portfolio of Azerbaijan’s banks amounted to 11.34 billion manats, having decreased by 28.5 percent compared to 2016.

The share of overdue loans in the loan portfolio of banks and non-banking credit organizations was 13.8 percent.

Thirty banks operate in Azerbaijan.

(1.7001 manats = $1 on March 1)