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Azerbaijan's banking sector assets increase

Finance Materials 10 April 2020 15:34 (UTC +04:00)
Azerbaijan's banking sector assets increase

Baku, Azerbaijan, Apr. 10

By Elchin Mehdiyev - Trend:

The assets of the Azerbaijani banking sector increased by 10.9 percent (3.2 billion manat or $1.9 billion), increasing by 32.7 billion manat ($19.2 billion) in 2019, Trend reports referring to a report on the activity of the Azerbaijani Cabinet of Ministers in 2019 submitted to the Azerbaijani parliament.

In accordance with the report, banking assets amounted to 65 percent of Azerbaijan’s non-oil GDP.

Some 45 percent of the bank’s assets (14.9 billion manat or $8.8 billion) accounted for the loans issued to customers. The credit investments increased by 17.5 percent in 2019, which is mainly stipulated by an increase in the number of loans to the households by 22.1 percent.

In general, the liabilities of the banking sector for 2019 increased by 10.7 percent (2.7 billion manat or $1.6 billion), amounting to 28.1 billion manat ($16.5 billion). Deposits account for 75.8 percent of total liabilities, of which 40 percent (8.7 billion manat or $5.1 billion) accounted for the deposits of the population.

The population’s bank deposits increased by 3.1 percent and amounted to 8.7 billion manat ($5.1 billion).

At the same time, 84 percent of deposits are protected by the Deposit Insurance Fund.

(1 USD = 1.7 AZN on April 10)

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