Monetary sector (January 2010)

Results of 2009 fiscal year confirmed that Azerbaijan's banking sector entered the crisis well-prepared. The Central Bank of Azerbaijan made a serious statement recently urging that 15-20 banks are enough for the economy of Azerbaijan. Currently, there are 46 banks operational in the country, and this is an extreme number for such country as Azerbaijan, CBA said.

Therefore, one of the principle tasks of the Central Bank in 2010 will be to work out a strategy of consolidation and optimization of the banking system. To reduce the number of banks to 20 there will be a definite mechanism.

Banks will have the following three ways: banks, which do not form the system in terms of their assets and accounts, will have either to unite through a merger of healthy assets into one large bank or be transformed into non-bank credit organizations, while weak banks will be liquidated. The scenario will enable to cut the number of banks in Azerbaijan by 2.3-3 times.

Realization of the strategy will take a long period of time, but will launch in 2010. Thus, the main task of the CBA will be providing security of deposits in banks. To maintain trust in the banking sector, none of the deposits of the population should be harmed. In case of making a decision on the consolidation of these or other banks, deposits of the population will either be transferred to more healthy banks or the depositor will be compensated through the Deposit Insurance Fund. Today, 42 banks are members of the Fund.

It should be noted that the country has not determined the mechanism of transformation of the bank into non-bank credit organization, or how to perform the same obligations to depositors.

Currency market and rates of AZN

In 2010 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.

Real effective rate of manat with regard to currencies of major foreign trade partners of Azerbaijan, which changes in Azerbaijan's favor remains the most common figure of rivalry for Azerbaijan.

In 2009 the figure declined by 6 percent in correlation to currency units of all trade partners of the country. In 2010 the CBA intends to support the process as minimum in neutral level.

Since the beginning of 2010, drop has been observed both in USD and euro rate. 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 January 2010 on Baku inter-bank currency exchange, the International Bank of Azerbaijan 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 Pasha Bank, ASB, Bank Respublika and Yapi Kredi Bank Azerbaijan joined the number of leading dealers of organized currency market. 

List of top operator banks at the BBVB in January 2010:

BANKS

in % of the total

The International Bank of Azerbaijan

24,04

PASHA Bank

16,64

ASB

16,09

Bank Respublika  

13,83

Yapi Kredi Bank Azerbaijan

9,24

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

About 16 banks participated in BBVB currency auctions in January 2010. About 36 trade sessions were conducted in Exchange E-Auction System in reported month. About 44 deals were registered. Total amount of currency auction on USD/AZN totaled 63,856 million manat or $79,537 million in this month.

Total amount of auction in currency section decreased 2.1 times compared to December, 2009, whereas it grew by 2.4 times as compared to January 2009.

Average daily turnover in exchange E-system of auction on USD/AZN reached $4.419 million. Average amount of each deal hit $1.808 million.

Exchange rate of national currency USD/AZN_TOD rose 0.1 percent in the reported month from 0.8043 to 0.8035 per $1. Average rate of dollar to manat hit 0.8028 manat per $1 in December as compared to 0.8036 in December 2009.

Monetary market

The Central Bank of Azerbaijan stated drop in the expanded money base by 6.3 percent in January 2010 compared to December 2009 with an increase of 3.2 percent in annual calculation. In 2009 its level decreased by 1.13 percent compared rise by 44.27 percent in 2008.

According to the CBA, as of Jan.1, 2010, the amount of reserve money amounted to 4.594.7 million manat compared to 4.907.7 million manat as of Jan. 1, 2009 and 4.452 million manat as of Feb. 1, 2009.

As of Feb. 1, 2010, the monetary base in manat was 4.559.1 million manat compared to 4.861 million manat and 4.300.2 million manat respectively.

The monetary base, purified by seasonal factors (4.669.3 million manat) grew by 6.5 percent as compared to December 2009 and 5.5 percent in an annual calculation.

In 2009 money base in manat rose by 1.7 percent, while money base, cleared of seasonal factors by 1.1 percent compared to 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

01.02.2009

01.01.2010

01.02.2010

1.

Reserve money

4452,0

4907,7

4594,2

2.

Reserve money in manat

4300,2

4861,0

4559,1

3.

Money in circulation

4134,8

4512,7

4256,1

4.

Bank reserves

316,1

392,0

3335,2

According to the Central Bank of Azerbaijan (CBA) money supply (M2) and fund balance in national currency on accounts of non-financial organizations, financial (excluding credit organizations) and individuals decreased by 5.4 percent in January 2010, and increased by 4.3 percent compared to January 2009.

As of late January, M2 hit 5837.7 million manat as compared to 6169.2 million manat as of Jan.1, 2009 and 5594.7 million manat as of Feb.1, 2009

Cash money supply M0 hit 3972.8 million manat in late January, compared to 4174.8 million manat as of Jan.1, 2009, and 3896.1 million manat as of Feb.1, 2009.

As of late January, Broad Money Supply M3 hit 8143.8 million manat compared to 8469.2 million manat as of Jan.1,2009 and 8009.3 million manat as of Jan.1, 2009.

In late January, transaction money M1 comprised 4857.2 million manat compared to 5239.8 million manat as of Jan.1, 2009 and 4727.4 million manat as of Feb.1 2009.

Parameters of monetary market, in mln manat

Amount, Feb. 1, 2010

Money mass in extensive understating (М3)

8143,8

Money mass on manat (М2)

5837,7

Cash in manat (М0)

3972,8

Non-cash in manat

1864,9

Loan portfolio

In January 2010 the banks increased lending to the economy of Azerbaijan by 0.3 percent but compared to the same period of 2009 by 17.1 percent, the Central Bank of Azerbaijan (CBA) said.

The crisis gave a good lesson, showing that each loan should be allotted very carefully. Now the banks issue loan only to more reliable and solvent clients. But on the other hand there is activity in placing deposits in banks by population.

On condition of low inflation it is more profitable for population to invest their vacant capital and vacant resources rather any business. With this regard banks are currently involved in attracting deposits, while high interests on them and banks' problems with placing attracted funds lead to cut in their profitability.

However, the CBA intends to stimulate banks to finance real economy, in particular, agriculture, but not import". [During boom the country saw increase of consumer lending, in particular, through crediting the import automobiles.]

As of February 1, 2010 the banks provided loans totaling 8431.2 million manat (including 4923.2 million manat in national currency and 3507.9 million in hard currency) compared to 8407.5 million manat (4886.2 million manat in national currency and 3521.5 million manat in hard currency) to 2009, 7201.3 million manat (3610 million manat and 3590.7 million manat) as of 1 February 2009.

As of Feb. 1, 2010, commercial banks issued new loans in the amount of 288.5 million manat while remnant of loan portfolio was 8.431.2 million manat.

In January 2010 commercial banks issued guarantee for 0.2 million manat, opened accredits for 3.4 million manat, held factoring operations for 0.1 million manat.

In January 2010, the share of loans provided in national currency was 58.4 percent, in foreign currency - 41.6 percent.

Of the total portfolio of loans, 331.4 million manat (3.9 percent) were overdue compared to 303.5 million manat (3.6 percent) as of 1 January, 176.5 million manat (2.45 percent) as of February 1, 2009. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.

Short-term loans as of late January amounted to 2349.6 million manat (including 169.1 million manat overdue loans) compared to 2359.9 million manat (including 158.2 million manat overdue loans) as of January 01, 2295.9 million manat (96.7 million manat) as of February 1, 2009. In January the amount of short-term credit in the economy increased by 0.4 percent but 2.3 percent compared to January 2009. As of late January, 37.7 percent of short-term loans and 40.4 percent of overdue credits fell on hard currency.

Long-term loans amounted to 6081.7 million manat ( including 162.3 million manat overdue loans) compared to 6047.5 million manat (including 145.4 million manat overdue loans) as of 1 January, 4911.7 million manat (69.3 million manat) as of February 1, 2009. In January the amount of long-term loans grew by 0.5 percent, compared to January 2009 - by 23.8 percent. As of late January, 43.1 percent of long-term loans and 32.1 percent of overdue loans accounted for hard currency.

As of late January 1, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 3922.8 million manat with a specific weight of 46.5 percent (increased by 0.3 percent in January), and private banks - 4325.2 million manat with a specific weight of 51.3 percent (increased by 0.2 percent). The remaining 2.2 percent fall on the share of non-bank credit organizations, which provided loans of 183.2 million manat.

Tendency of consumer lending by banks exclusively at the expense of individuals' deposits continued in Azerbaijan in 2010. As of February, the attracted deposits made up 102.3 percent of total lending the individuals compared to 100.23 percent as a result of 2009. Consequently, in January, 2010 the Azerbaijani banks reduced consumer lending by 0.4 percent amid increasing lending the economy by 2.8 percent.

In 2009 consumer lending reduced by 0.2 percent amid increase in lending in economy by 17.4 percent, while in 2008 it rose by 40.9 percent amid increase of total loan portfolio by 53 percent.

As of Feb. 1, 2010 the banks issued consumer loan in the amount of 2.318.9 million as compared to 2.328.9 million manat as of Jan. 1, 2010, 2.334.9 million manat as of Jan. 1, 2009 and 1.657.2 million manat as of Jan. 1, 2008. As of Feb. 1, 2010, total loan portfolio made up 8.431.2 million manat compared to 8.407.5 million manat, 7.163.2 million manat and 4.681.8 million manat respectively. As a result, in 2010 share of consumer lending reduced to 27.5 percent of the total portfolio compared to 27.7 percent, 32.6 percent and 35.4 percent respectively.

As of Feb.1, 2010, the average rate on bank lending to the economy of Azerbaijan in national currency amounted to 13.97 percent compared to 15.92 percent as of Jan.1 and 18.75 percent as of February 2009. 

Average interest rate on bank lending in hard currency amounted to 15.5 percent compared to 17.19 percent as of Nov.1 and 16.93 percent respectively.

As of Feb. 1, the average rate on bank lending to legal entities in national currency hit 11.51 percent compared to 14.14 percent as of Jan. 1, and 16.44 percent as of Feb. 1, 2009.

The average rate on bank credits to corporate clients in hard currency was 12.57 percent compared to 14.65 percent as of Jan.1 and 15.53 percent as of Feb. 1, 2009.

In this period, the average rate on bank lending to individuals in national currency amounted to 20.39 percent compared to 20.54 percent as of Jan. 1 and 22.03 percent as of Feb. 1, 2009. Average interest rate on bank credit to the individual clients in hard currency was 22.56 percent compared to 23.27 percent and 21.69 percent respectively.

Banking sector

Depositary base of Azerbaijani banks decreased by 4.1 percent in January, 15.6 percent compared to the same period in 2009, the Central Bank of Azerbaijan (CBA) said.

Based on the CBA data, as of late January, total sum of bank deposits and deposits by enterprises and individuals hit 4462.4 million manat compared to 4654.2 million manat as of Jan.1 and 5287.9 million manat as of late January 2009. About 1782.7 million accounted for manat and 2679.6 million manat for currency.

In January, deposits by individuals increased 2.2 percent and legal entities decreased by 10.5 percent. The deposits by individual clients increased by 30 percent, corporative clients reduced 39.9 percent compared to January 2009.

As of late January, the deposits of individuals hit 2385.8 million manat from the previous 2334.9 million manat as of Jan.1 and 1835.2 million manat as of Feb.1, 2009.  

Deposits of legal entities totaled 2076.7 million manat in late January compared to 2319.3 million manat as of Jan. 1 and 3452.6 million manat as of Feb.1, 2009.

As of Feb.1, 2010, the average deposit rate in national currency hit 11.27 percent compared to 11.72 percent as of Jan.1 and 11.57 percent as of Feb.1, 2009, the Central Bank of Azerbaijan (CBA) said.

The average deposit rate in the foreign currency hit 11.02 percent compared to 10.71 percent and 8.2 percent, respectively. 

As of Feb.1, 2010, the average deposits rate of physical entities in manat hit 13.07 percent compared to 12.98 percent as of Jan.1 and 12.38 percent in early February 2009.

Average rate on deposits from individual clients in foreign currency comprised 12.54 percent compared to 12.28 percent and 12.36 percent respectively.

As of Feb.1, 2010, the average deposits rate of legal entities in manat hit 5.57 percent compared to 6.65 percent as of Jan.1 and 9.49 percent as of Feb.1 2009.

Average rate on deposits from corporate clients in foreign currency amounted to 5.97 percent compared to 5.98 percent and 5.52 percent respectively.

Today, the minimum authorized capital for banks is 10 million manat. Over several years the CBA did not consider increase of normative requirement on statutory capital of banks active in the country. However, the Azerbaijani banks suffered losses in connection with the global financial crisis. Each bank has estimated the losses and has private capitalization program for rehabilitation. Shareholders of the bank are tasked to increase capital with the consideration of future risks caused by losses.

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. This year a ban was put on another bank.

In January, capitalization of the Azerbaijani banking sector decreased by 1.1 percent and to 1983.79 million manat, the Azerbaijani Central Bank (CBA) said.

According to the CBA, as of late January 2010, capital of 42 banks exceeded 10 million manat compared to 43 banks in early 2009. Weight of this category of banks in an aggregate amount of all banks' capital increased from 98.6 percent to 98.7 percent.

Two banks' capital (weight of 0.8 percent) was formed from 5 million manat to 10 million manat. But one bank (0.2 percent) paid it up to 3.5 million manat.

According to the CBA, in 2009, one bank has completed a liquidation process. As of Jan.1, 2009, three banks were in the process of liquidation.

About 46 banks had licenses to carry out banking activity in this period. At present, about 23 banks are operating 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 are also operating.

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

Outcomes of the global financial crisis and cut in retail trade operations did not hinder Azerbaijani banks in 2009 to increase client service network by 10.4 percent compared to 2008.

As of Jan. 1, 2010 the overall client service network of the country's banks constituted 735 trade places (branches or units) compared to 666 places a year ago.

As of Jan. 1, 2010 40 of 46 banks had branches compared to 38 banks a year ago. In 2009 the number of banks in Azerbaijan remained unchanged.

As of beginning of the year, the banks had 626 branches compared to 567 branches a year ago, and 109 units compared to 99 units a year ago. In 2009 an only state bank of the country - the International Bank of Azerbaijan expanded its branches from 37 to 38 and commercial banks from 530 to 588 branches.

Presently some banks even have a problem of excessive liquidity, which leads to cut in profitability ratio, which faces a problem of narrowing the country's economy in connection with the global processes.

The number of profitable banks in Azerbaijan was 33 in January, decreasing by two banks compared to January 2009 and six compared to previous month, Azerbaijani Central Bank said today.

Total profit of the banking system declined by more than three times compared to January 2009, amounting to 15.66 million manat.

The number of unprofitable banks increased by six compared to early 2009. Ten banks lost AZN 12.42 million, which is 55 percent more than the figure as of Dec.1, 2008.

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

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

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

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

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

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

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

01-02-2008

35

19

10

6,22

12,78

01-02-2009

35

62,56

11

8,03

54,53

01-02-2010

39

28,08

13

12,42

15,66

As of February 1, 2010 net interest income of banks in the country amounted to 48.83 million, while net non-interest loss - 10.23 million manat. In 2009, net interest income of banks in the country amounted to 568.88 million manat with net non-interest profit of 154.44 million, in 2007 - 309.76 million manat, while net non-interest loss - 73.92 million and 28.81 million manat respectively.

In 2009, the interest income of commercial banks for the first time in history exceeded one billion manat, amounting to 103.462 billion manat.

Stock market

As of January 2010, the total volume of transactions for the period for all securities traded on Baku Stock Exchange hit 140.76 million manat, or down by 87.05 percent as compared to January, 2009. turnover for 2009 made up 3.323.315 million manat, while the highest figure in 2009 was fixed in January (1.086.594 million manat).

In January 2010 85.8 percent of deals fell on securities.

In 2008 the total turnover of BSE on all tools made up 9.519.502 million manat, or by 173.39 percent more than 2007 figure. In 2007 BES's turnover constituted 5.483.762 million manat, or by 394.94 percent more than the 2006 figure.

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

 (January, 2010)

Market segments

2010 (Jan.31)

2009 (Jan.31)

Percentage ratio

Volume of transactions (manat)

Number of transactions

Volume of transactions (manat)

Number of transactions

Corporate bonds- (placement)

6,015,501.01

8

0.00

0

-

Corporate bonds - (secondary market)

11,093,085.29

3

2,139,135.00

4

518.58%

Total Corporate Bonds

17,108,586.30

11

2,139,135.00

4

799.79%

Stocks - (placement)

1,500,000.00

2

71,256,430.00

25

2.11%

Stocks -(secondary market)

1,438,724.68

178

20,854,646.60

163

6.90%

Total Stocks

2,938,724.68

180

92,111,076.60

188

3.19%

Corporate Securities Market

20,047,310.98

191

94,250,211.60

192.00

21.27%

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

 (January, 2010)

Market segments

2010 (Jan.31)

2009 (Jan.31)

Percentage ratio

Volume of transactions (manat)

Number of transactions

Volume of transactions (manat)

Number of transactions

GB - (AR MF) (placement))

13,963,680.08

8

33,733,923.62

22

41.39%

GB - (AR MF) (secondary market)

1,607,391.28

3

23,887,126.26

20

6.73%

Total state bonds

15,571,071.36

11

57,621,049.88

42

27.02%

Notes (AR CB) - (placement)

13,589,882.97

7

100,739,761.42

42

13.49%

Notes (AR CB) - (secondary market)

0.00

0

24,733,082.10

15

0.00%

Total notes

13,589,882.97

7

125,472,843.52

57

10.83%

Repo operations

91,553,498.94

75

809,250,798.82

118

11.31%

GS market total

120,714,453.27

93

992,344,692.22

217

12.16%

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