Baku, Azerbaijan, April 5
By Azad Hasanli - Trend:
As of late February 2018, assets of Azerbaijan’s banking sector increased by two percent to 28,498.8 million manats since early 2018, according to the report of the country’s Financial Market Supervisory Authority (FIMSA).
The volume of the main asset of banks - loans issued - decreased by almost 1.7 percent, to 11,147.2 million manats. In order to cover possible losses on loans, banks created reserves worth 1,469.9 million manats.
During the reporting period, banks’ investments in securities amounted to 2,471.6 million manats, which is 1.1 percent less than in early 2018.
The remaining major assets of banks were distributed among deposits placed in other financial institutions - 7,814.4 million manats (an 8 percent growth), nostro accounts (correspondent accounts in other banks) - 1,781.5 million manats (a 32.2 percent decrease), correspondent accounts in Azerbaijan’s Central Bank – 2,739.9 million manats (a 34.8 percent growth).
Banks’ liabilities as of late February 2018 grew almost 1.7 percent, to 24,613.6 million manats.
The increase in liabilities was mainly due to the increase in the volume of deposits - by 1.45 percent, to 17,140.3 million manats. At the same time, growth was recorded both in deposits of legal entities (by 0.5 percent, to 9,403.1 million manats) and in deposits of individuals (by 2.58 percent, to 7,737.2 million manats).
At the same time, banks reduced their liabilities to the Central Bank by almost two percent, to 497.5 million manats.
(1.7 manats = 1 USD on April 5)