Azerbaijani bank increases lending to individuals by over 35%

Baku, Azerbaijan, July 13

By Kheyraddin Nasirzade - Trend:

In the second quarter of 2019, Azerbaijan’s Bank Avrasiya increased the issuance of consumer and mortgage loans, as well as leasing for individuals by 35.3 percent compared to the same period last year, Trend reports with reference to the financial report of the bank.

The bank’s volume of consumer, mortgage and leasing loans at the end of June this year amounted to 29.854 million manats, which exceeds last year’s figure by 7.782 million manats, according to the report. At the same time, loans issued in foreign currency amounted to 983,300 in manat equivalent.

Also in the structure of the loan portfolio, the volume of loans issued in the trade sector amounted to 28.845 million manats, which is by almost 4 percent less than last year. At the same time, the share of loans in foreign currency amounted to 79.3 percent of all foreign currency loans.

During the reporting period, the bank reduced lending in agriculture by 22.8 percent, and it amounted to 10.428 million manats.

In the processing sector, loans and leasing were issued in the amount of 15.866 million manats, which is 2.4 times less than last year’s figure.

In addition, the bank issued 2.056 million manats to other financial institutions.

The bank’s aggregate loan portfolio during the reporting period decreased by 2.5 percent, amounting to 90.519 million manats.

(1.7 manats = 1 USD on July 13)

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Follow the author on Twitter: @1nasirzade

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