Monetary sector (2009 results)

Results of 2009 fiscal year confirmed that the banking sector of Azerbaijan was well prepared for the crisis. This was the result of preventive regulatory measures taken by the Central Bank of the country, which served to curb excessive external borrowing. In order to motivate banks to the more restrained behavior on the market, and significantly improve risk management and corporate governance, the requirements for the quality of assets and collateral loans were also tightened.

Currency market and rates of AZN

In 2009 the Central Bank continued the policy of maintaining stable exchange rate of manat, which during the crisis was the main anchor of economic stability, unlike the national currencies of other countries. During the post-crisis period, the country will also need a stable manat to accelerate economic development and eliminate the consequences of the crisis.

It was possible to avoid devaluation of national currency in relevant to the USD last year due to purposeful "infusion" of funds. $1.5 billion has been spent on these events. These funds were directed from CBA's currency reserves to cover demand for U.S. currency and maintain stable exchange rate of manat, and they mostly remain inside the country.

Unlike the USD, the rate of manat in relevant the euro was more volatile as experienced greater variability and oscillation of several tens of percentage points.

As a result of currency auctions on USD/AZN_TOD in December 2009 on Baku inter-bank currency exchange, Kapital Bank was at the top of five banks-leaders of exchange currency market in accordance with share of concluded deals in summary turnover of currency auctions.

Joint-stock commercial ASB, Pasha Bank, International Bank of Azerbaijan and Bank Respublika joined the number of leading dealers of organized currency market. 

BANKS

Percent of total volume

Kapital Bank

12,77

ASB

11,88

Pasha Bank

8,61

International Bank of Azerbaijan

7,83

Bank Respublika

5,64

Deals by the Central Bank of Azerbaijan are not taken into account.

About 23 banks participated in BBVB currency auctions in December 2009. About 42 trade sessions were conducted in Exchange E-Auction System in reported month. About 79 deals were registered. Total amount of currency auction on USD/AZN totaled 135,272 million manat or $168,327 million in the reported month.

Total amount of auction in currency section increased $44.3 million or 26.32 times compared to indices of November in the reported month.

Daily turnover in exchange E-system of auction on USD/AZN reached $8.016 million. Average amount of each deal hits $2.131 million.

Turnover on EUR/AZN in the reported month amounted to 22.16 million manat. The average exchange rate of euro to manat on this instrument was AZN 1.1608.

As a result of 2009, total amount of trades in the currency section totaled 1.849 billion manat. Total amount of trades in the U.S. dollar in the BEST made up 1.826 billion manat ($2.27 billion), 990 transactions were registered and the average amount of each amounted to $2.293 million. Trading amount on EUR/AZN in 2009 amounted to AZN 23.662 million (20.448 million euros).

In general, last year 482 trade sessions were held in BEST which were attended by 36 banks.

It should be noted that exchange rate of national currency USD/AZN_TOD dropped 0.2 percent in the reported month from 0.8026 to 0.8043 per $1. Average rate of dollar to manat hit 0.8036 manat per $1 in December.

Monetary market

In 2009, the Azerbaijani Central Bank (CBA) noted the decline of the expanded money base by 1.13 percent compared to the growth by 44.27 percent in 2008.

According to the CBA, as of Jan.1, 2010, the amount of reserve money amounted to 4.907.7 million manat compared to 4360.6 million manat as of Dec. 1, 4214 million manat as of Nov.1, 4180.6 million as of Oct.1, 4.233.9 million manat as of Sep.1, 4.177.4 million manat as of Aug.1, 3.935.6 million manat as of July 1, 4.963.9 million manat to the beginning of 2009.

As of Jan. 1, 2010, the monetary base in manat was 4861 million manat compared to 4337.1 million manat as of Dec.1, 4193.5 million manat as of Nov.1, 4170.4 million manat as of Oct.1, 4172 million manat as of Sep.1, 4129.1 million manat as of Aug.1, 3888.9 million manat as of July 1, 4781.3 million manat as of Jan. 2009. It increased by 1.7 percent in 2009

The monetary base, purified by seasonal factors (4352.2 million manat) grew by 1.1 percent as compared to the same period of 2008.

The level of bank reserves since the beginning of the year fell by 27.1 percent and as compared to the same period of 2008. This is associated with a reduction of reservation norms.

In mln manat

01.12.2009

01.01.2009

01.01.2010

Reserve money

4360.6

4963.88

4907.7

Reserve money in manat

4337.1

4781.3

4861.0

Money in circulation

4106,2

4425.8

4512.7

Bank reserves

248.5

537.8

392.0

In December, Money supply (M2) and rest of funds in the national currency in the accounts of non-financial, financial organizations and individuals increased by 10.6 percent and 1.45 percent in 2009 compared to 48.5 percent or 1.985.1 million manat in 2008

In late 2009, Money supply (M2) hit 6169.2 million manat compared to 5575.6 million manat as of Dec.1 and 6081 million manat as of Jan.1, 2009

As of late 2009, the amount of cash money supply (M0) hit 4174.8 million manat compared to 3805.7 million manat as of Dec.1, 4145.7 million manat as of Jan.1, 2009. The amount of M0 increased by 0.7 percent or 29.1 million manat in 2009

In late 2009, Broad Money Supply (M3) hit 8469.2 million manat compared to 7904.9 million as of Dec.1 and 8494.2 million as of Jan.1, 2009.

In 2009, the transaction money (M1) hit 5239.8 million compared to 4706.6 million as of Dec.1 and 5145 million respectively.

Parameters of monetary market, in mln manat

Amount, 01.12.2010

Money mass in extensive understating (М3)

8469,2

Money mass on manat (М2)

6169,2

Cash in manat (М0)

4174,8

Non-cash in manat

1994,4

Credit market

The Azerbaijan Risk Professionals Association (ARPA) intends to hold debates on internal scoring problems (credit risk assessment) in the Azerbaijani banking. Banks are facing with problems due to lack of a single scoring standard in the banking sector. Therefore we want to familiarize with this problem and to learn from the experts to what extent is the lack of scoring system is problematic for banks, ARPA Chairman Rufat Mahmud said.

It is possible to join efforts of all banks to establish a single model, he added

Scoring allows estimating the probability of future repayment capacity of a potential client or borrower who has already received loan. This evaluation method can be applied at various stages of the relationship between the company and the client: at the time of filing, in the assessment of the client's behavior and repayment

Most credit organizations have introduced scoring in many countries. At present the most important problem for these organizations is to reconfigure scoring models by changing banking loan policy

The loan scoring is expected to play an important role in large banking organizations in the future because of the Basel Agreement (Basel II) new requirements, despite the Central Bank does not see severe need to transfer to the new Basel II standards. The changes can be needed while determining the notions "unreliable" client, and the way to connect the forecast with "probability of default ", "exposure at default" and "lost of default".

The banks should develop scoring models on the basis of most recent data, periodically check the quality of their work, be able to quickly and cheaply reconfigure the model for changing credit policy. "The bank should always be able to control its own scoring".

Given the rapid growth of retail lending and the desire of banks to regional expansion, it is important to have a scoring system capable of growing together with business, to support work in various regions, operate with large amounts of data. Therefore, one of main selection criteria for the scoring system is its adaptability to the circumstances of a particular bank, in addition to the requirements of reliability and scalability.

At present 46 banks held a license for banking activities in the country including 23 banks operate with the participation of foreign capital

As of Dec.1, 2009, banks provided loans worth 8.064.6 million manat compared to 7.963.7 million manat as of Nov.1, 7.163.2 million manat as of January 1, 2009 and 6.855.5 million manat as of Dec.1, 2008

Of the total portfolio of loans, 272.9 million manat were overdue compared to 290 million manat as of 1 November, 159.8 million as of January 1, 2009 and 145.3 million manat as of December 1, 2008. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.

According to the world experience, loans exceeding 10 percent are considered to be a problematic loan. Share of overdue loans has hit 3.8 percent since March, 2009 in the country's loan portfolio, the CBA reported

In December 2009 the banks increased lending to the economy of Azerbaijan by 4.3 percent, in 2009 - by 17.4.

In late 2009 the banks provided loans totaling 8407.5 million manat (including 4886.2 million manat in national currency and 3521.3 million in hard currency) compared to 8064.6 million manat (4479.9 million manat in national currency and 3584.6 million manat in hard currency) as of Dec.1, 7163.2 million manat (3649 million manat and 3514.2 million manat) as of Jan.1, 2009.

In December 2009, the share of loans provided in national currency was 58.1 percent, in foreign currency - 41.9 percent.

Of the total portfolio of loans, 303.5 million manat were overdue compared to 272.9 million manat as of Dec.1, 2009, 159.8 million as of Jan.1, 2009. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.

In late 2009, short-term loans amounted to 2.359.9 million manat (including 158.2 million manat overdue loans) compared to 2296.8 million manat (139.3 million) as of Dec.1, 2295.9 million manat (96.7 million manat) as of Jan.1, 2009.

In December 2009, the amount of short-term loans in the economy increased by 2.7 percent, in 2009 by 2.8 percent. In late 2009, 38.4 percent of short-term loans and 41.8 percent of overdue credits fell on hard currency.

Long-term loans hit 6047.5 million manat (145.4 million manat overdue loans) compared to 5767.8 million manat (including 131.9 million manat) as of Dec.1 2009, 4867.3 million manat (63.1 million manat) as of January 1, 2009.

In December, 2009, the amount of long-term loans grew by 4.8 percent, in 2009 by 24.2 percent. In 2009, 43.2 percent of long-term loans and 29.1 percent of overdue loans accounted for hard currency.

In late 2009, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 3911.7 million manat with a specific weight of 46.5 percent (increased by 2.2 percent in November), and private banks - 4318.7 million manat with a specific weight of 51.4 percent (increased by 6.4 percent). The remaining 2.1 percent fall on the share of non-bank credit organizations, which provided loans of 177 million manat.

As of Jan.1, 2010, the average rate on bank lending to the economy of Azerbaijan in national currency amounted to 15.92 percent compared to 17.45 percent as of Jan.1, the Central Bank of Azerbaijan reported 

The real credit rate hit 14.42 compared to 3.35 percent during inflation 1.5 percent as of 2008.

Average interest rate on bank lending in hard currency amounted to 17.18 percent compared to 14.52 percent as of Jan.1

As of Jan.1, the average rate on bank lending to legal entities in national currency hit 14.14 percent compared to 14.87 percent as of Jan.1.The average rate on bank credits to corporate clients in hard currency was 14.65 percent compared to 12.37 percent as of Jan.1.

As of Jan.1, the average rate on bank lending to individuals in national currency amounted to 20.54 percent compared to 21.53 percent as of Jan.1 and real rate- 19.04 compared to 0.73 percent. Average interest rate on bank credit to the individual clients in hard currency was 23.27 percent compared to 21.52 percent respectively

Banking sector

In December 2009, the deposit base of Azerbaijani banks increased by 8 percent compared to November 2009, but since the beginning of the last year decreased by 2.2 percent, the Central Bank of Azerbaijan (CBA) reported.

According to the CBA, as of the end of 2009, the aggregate amount of bank deposits and deposits by legal entities and individuals hit 4654.2 million manat compared to 4308.2 million manat as of Dec. 1, 4760.7 million manat as of Jan.1, 2009. Of this amount, 1915.8 million manat fell to manat and 2738.4 million manat to the currency.

In December the deposits by individuals increased by 3.7 percent, and the deposits by legal entities by 12.8 percent. In 2009, deposits by individual customers increased by 22.5 percent, but the corporate deposits declined by 18.8 percent.

As of the end of 2009, the deposits of individuals in local banks made up 2334.8 million manat compared to 2251.7 million manat as of Dec.1, 1905.2 million manat as of Jan.1, 2009.

As of the end of 2009, the deposits of legal entities amounted to 2319.3 million manat compared to 2056.5 million manat as of Dec.1, 2855.5 million manat as of Jan.1.

 

Average rate on deposits in manat as of January 1, 2010 amounted to 11.72 percent compared to 11.66 percent as of Dec. 1, 11.61 percent as of Jan.1, 2009. Average rate on deposits in foreign currencies amounted to 10.71 percent compared to 10.8 percent and 7.96 percent respectively.

As of Jan. 1, the average rate on deposits of individuals in manat was 12.98 percent compared to 12.98 percent as of Dec. 1, 12.54 percent as of January 1, 2009. Average rate on deposits from individual customers in foreign currencies amounted to 12.28 percent compared to 12.41 percent and 12.43 percent respectively.

As of Jan. 1, the average rate on deposits of legal entities in manat was 6.65 percent compared to 6.75 percent as of Dec. 1, 9.48 percent as of January 1, 2009. Average rate on deposits from corporate clients in foreign currency amounted to 5.98 percent compared to 5.86 percent and 5.4 percent respectively.

In 2009 the Central Bank of Azerbaijan did not consider the issue of increasing normative capital requirements for authorized capital of the banks operating in the country. However, due to the crisis situation, Azerbaijani banks have losses that are now estimated by banks, and to restore them, each bank has formed its own program of capitalization. The shareholders of banks have been given the task to increase the capital, taking into account the future risks of the loss.

Today, the minimum authorized capital for banks is 10 million manat. Because of the failure to implement this requirement, four banks have been prohibited to attract deposits, and currently, their deposit portfolio has been reduced to zero, since sanctions, they have not attracted deposits, and the current term of deposits has expired.

In December 2009, the capitalization of Azerbaijan's banking sector increased 0.6 percent and 17.6 percent compared to in 2009. It hit 2004.98 million manat, the Azerbaijani Central Bank said.

According to the Azerbaijani Central Bank, as of late December 2009, capital of 42 banks exceeded 10 million manat. Weight of this category of banks in a joint amount of all banks' capital remained increased from 98.6 percent to 98.7 percent.

Three banks' capital (weight of 1.1 percent) was formed from 5 million manat to 10 million manat. But one bank (0.2 percent) paid it from 3.5 million manat to 5 million manat.

According to the Azerbaijani Central Bank, one bank has completed a liquidation process in Azerbaijan as a result of 2009 and two more are still under this process. As of Jan.1, 2010, three banks were in the process of liquidation.

About 46 banks had licenses to conduct banking activity for this reporting period. At present, about 23 banks operate in Azerbaijan with foreign capital. Weight of foreign capital has been formed from 50 to 100 percent in seven banks, up to 50 percent - in 14 banks. Other two local branches of foreign banks also operate.

The number of banks' branches operating abroad hits nine, including six representations, two subsidiaries and an office. About four representations of foreign banks also operate in Azerbaijan.

The number of profitable banks in Azerbaijan was 39 in December. The number is one more than in previous months and December 2008.

The total profit of the banking system increased by 40.3 percent as compared to early 2009, reaching AZN 269.57 million. In December, the total profits of banks increased by 7.4 percent.

The number of unprofitable banks decreased by one compared to early 2009 and two compared to previous month. Seven banks lost AZN 16.59 million, which is 2.2 times more than the figure as of the beginning of the last year.

Financial results of bank activities (after tax payments) in million manat:

Periods

Number of banks operating with profit

Total profit of bank system (on profitable banks)

Number of banks operating with losses

Total losses of bank system (on unprofitable banks)

Summary profit(+) or losses (-), of banks

01-01-2008

40

132,77

5

3,65

129,12

01-01-2009

38

192,08

8

7,40

184,68

01-01-2010

39

269,57

7

16,59

252,98

As of January 1, 2010 net interest income of banks in the country amounted to AZN 568.88 million, while net non-interest loss - 154.44 million manat. In 2008, net interest income of banks in the country amounted to 532.74 million manat, in 2007 - 309.76 million manat, while net non-interest loss - 73.92 million and 28.81 million manat respectively.

It should be noted that in 2009, the interest income of commercial banks for the first time in history exceeded one billion manat, amounting to 103462 million manat.

Stock market

The total amount of transactions in 2009 for all securities traded in Baku Stock Exchange was 3.32 billion manat.

Turnover on Baku Stock Exchange in 2009 exceeded $4138.108 million as of December 30 (0.8031 manat per $1) and amounted to 34.9 percent of turnover for the year 2008.

In 2009 the total turnover on all instruments amounted to 3323.315 million manat, which is lower than in 2008 (9519.502 million manat) by 65.1 percent. At the same time, in December the turnover amounted to 148.751 million manat compared to 129.215 million manat in November, 145.349 million manat - in October, 110.006 million manat - in September, 189.389 million manat - in August, 456.657 million - in July, 171.58 million manat - In June, 141.262 million manat - in May, 327.723 million manat - in April, 231.939 million manat - in March, 543.628 million manat - in February and 1086.594 billion manat - in January 2009. In 2009, 89.4 percent of transactions were in government securities.

The market of corporate securities (SEC) increased by 47.32 percent. Secondary market of corporate bonds increased by more than four times, and the primary market - 63.94 percent. The largest increases were recorded in the secondary stock market, which grew by 2.28 percent. Primary market shares rose by 13.17 percent. Growth of stock activity was also observed in the primary and secondary market of T-bills, which grew by 1.68 times and 1.23 times respectively.

In 2008, the total turnover of the exchange on all instruments amounted to 9519.502 million manat ($11884.521 million), which was higher than in 2007 by 173.39 percent. For comparison, the BSE turnover in 2007 amounted to 5483.762 million manat ($6487.356 million), or 394.94 percent higher than figures in 2006. In 2007, 93.84 percent of transactions accounted for government securities. During the first half of 2008, the turnover of the exchange amounted to 4995.209 million manat ($6172.259 million).

Comparative table on the results of trades of Corporate Securities at BSE

(January to December 2009):

Market segments

2009 (31.12.09)

2008 (31.12.08)

Percentage ratio

Volume of transactions,

AZN

Number of transactions

Volume of transactions,

AZN

Number of transactions

Corporate bonds- (placement)

53,176,178.09

75

32,435,946.50

46

163.94%

Corporate bonds - (secondary market)

61,664,701.82

54

15,348,123.47

105

401.77%

CBs Total

114,840,879.91

129

47,784,069.97

151

240.33%

Stocks - (placement)

196,648,619.40

2,998

173,765,685.36

1,170

113.17%

Stocks -

(secondary market)

41,929,959.09

2,937

18,353,425.20

602

228.46%

Stocks Total

238,578,578.49

5,935

192,119,110.56

1,772

124.18%

CS Market Total

353,419,458.40

6,064

239,903,180.53

1,923.00

147.32%

Comparative table on the results of trades of Government Securities at BSE

(January-December 2009)

Market segments

2009 (31.12.09)

2008 (31.12.08)

Percentage ratio

Volume of transactions,

AZN

Number of transactions

Volume of transactions,

AZN

Number of transactions

GB - (AR MF) (placement)

503,008,269.17

266

298,626,604.98

236

168.44%

GB - (AR MF) (secondary market)

158,078,888.58

92

128,214,607.04

96

123.29%

GB Total

661,087,157.75

358

426,841,212.02

332

154.88%

Notes (AR CB) - (placement)

287,222,305.53

184

1,638,204,995.40

742

17.53%

Notes (AR CB) - (secondary market)

67,504,812.02

39

453,488,278.62

359

14.89%

Notes Total

354,727,117.55

223

2,091,693,274.02

1,101

16.96%

Repo operations

1,954,081,529.69

740

6,761,134,544.68

1,767

28.90%

GS Market Total

2,969,895,804.99

1,321

9,279,669,030.72

3,200

32.00%

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