Azerbaijan posts 14% growth in assets of banking sector

As of May 1, 2023, the assets of Azerbaijan-based banks amounted to over 45,582.7 million manats (over $26.81 billion) for the first time, up 13.5% from a year earlier, Report informs, citing the Central Bank of Azerbaijan (CBA).

The loans issued to customers amounted to 19.166 billion manats (more than $11.27 billion). Year-on-year, the loan portfolio grew 15.1%, and the share of loans in assets rose from 41.5% to 42%.

In the reporting period, the liabilities grew by 13.1% to 39.771 billion manats ($23.39 billion), with the deposit portfolio rising by 13.1% to 32.367 billion manats ($19.04 billion). Individuals accounted for 11.955 billion manats ($7 billion), while legal entities made up 20.411 billion manats ($12.01 billion).

The liabilities of the banks to the Central Bank of Azerbaijan (CBA) dropped by three times to 108.6 million manats ($63.88 million), and net worth surged by 16.5% to 5.811 billion manats ($3.42 billion)