BAKU, Azerbaijan, Feb. 18
By Sadraddin Aghjayev - Trend:
The total equity of Azerbaijani banks amounted to 18.5 billion manat ($10.88 billion) at the end of 2021, an increase of more than 20 percent compared to 2020, Chief Economist at Azerbaijan Banks Association Azizaga Hagverdiyev said at a conference on the "Innovative activity of small and medium-sized enterprises during the stabilization of economic growth in the post-COVID-19 pandemic", Trend reports.
According to him, the loan portfolio of Azerbaijani banks has risen by nine percent, up to 30 million manat ($17.6 million).
"In 2021, Azerbaijani banks invested 25 percent of their funds in various areas. Moreover, a program on reduction of lending rates is being implemented in Azerbaijan. To date, Azerbaijani banks are interested in increasing the turnover of funds rather than attracting profits. In addition, information technologies are being developed in the country's banks, which will reduce the risks of carrying out certain operations," Hagverdiyev said.