Positive trends in Azerbaijan's economy affect banking sector

By Trend:

There are positive trends in Azerbaijan’s banking sector, head of the external control department of Azerbaijan’s Financial Markets Supervisory Authority Taleh Nehmedov said May 5 during the second Finance and Investment Forum (FIF 2018) in Baku.

He noted that 23 out of 30 banks operating in Azerbaijan completed 2017 with profit.

"The measures to diversify the economy and to develop business had a positive impact on the banking sector. Sixty-four percent of the loans issued in Azerbaijan in the past year accounted for business loans. The same trend is observed in the current year," he said.

The capitalization of Azerbaijan's banking sector amounted to 3.87 billion manats in the first quarter of 2018, which is 4.34 percent or 160.9 million manats more compared to the beginning of the year, according to a report by Azerbaijan's Financial Markets Supervisory Authority (FIMSA) published on May 4.

During the reporting period, the total assets of the banks operating in Azerbaijan amounted to 27.9 billion manats and liabilities - 24 billion manats. The volume of population’s deposits in the country's banks amounted to 7.6 billion manats in late March 2018.