Assets of Azerbaijan’s financial sector surge

As of January 1, 2024, the assets of Azerbaijan’s financial sector stood at 63.6 billion manats ($37.4 billion), representing 51.7% of the total GDP and 81.9% of non-oil and gas GDP, Report informs.

This marks a 3.25% increase from the previous year.

Banks hold the lion’s share of these assets, accounting for 77.3%, up slightly from 76.4 percent just a year ago.

Meanwhile, the proportion of assets held by non-bank credit institutions (NBCIs) and credit unions has seen a slight decline, moving from 20.8% to 19.7% .

Conversely, insurance companies have expanded their share from 2.6% to 2.8%, while investment companies maintain a steady 0.2% stake in the financial sector.