ABA President: Banking sector directs 25% of its net profit to application of technology

Baku. 15 November. REPORT.AZ/ Azerbaijan’s banking sector directed AZN 310 million to application of financial technologies in 2012-2017. This made up 8% of non-interest expenditures and 25 of net profit, President of Azerbaijan Banks Association (ABA) Zakir Nuriyev said at the 3rd International Banking Forum held in Baku.

According to him, new economic condition requires banks to collect comprehensive information about customers, process them, and introduce targeted products and service to every customer: "Banking is one of the leading areas in application of the new technology."

ABA President noted that in January-September 2018 Azerbaijan-based banks’ total assets rose by 4.6% to AZN 29.2 billion, as well as loan portfolio raised by 5% to AZN 11.9 billion, personal savings increased by 8.4% to AZN 8.2 billion: "Capitalization also extended significantly. The banking sector now needs new drivers. Digitalization may be one of these drivers."