BAKU, Azerbaijan, April 25. The loan portfolio of Azerbaijani banks has grown to 20.7 billion manat ($12.1 billion), Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA), said during an event themed "Heydar Aliyev and Development of Entrepreneurship in Azerbaijan", Trend reports.
According to Nuriyev, deposits in Azerbaijani banks as of April 1, 2023 amount to 34.6 billion manat ($20.3 billion).
"Over the past five years, there has been a significant increase in the net profit of Azerbaijani banks. Thus, this figure has already reached 914.5 million manat ($537.9 million). The number of bank card issues and transactions on them is also growing rapidly," the ABA president said.
Nuriyev pointed out that the banking system of Azerbaijan will become one of the most stable in the region in the near future.
"It is expected to increase financial activity, inclusiveness, as well as the number of new tools and mechanisms of financial support for both the population and entrepreneurship in general," the president added.
The total assets of banks as of April 1, 2023 amounted to 44.8 billion manat ($26.3 billion), while total liabilities reached 38.9 billion manat ($22.8 billion).