Azerbaijan's financial sector increases assets by 17%

As of January 1, the assets of the financial sector of Azerbaijan amounted to 61.6 billion manats (+17.1%) - 46% of total GDP and 88% of non-oil and gas GDP, Report informs.

As of the reporting date, 76.4% of the sector's assets were concentrated in banks. This figure was 73.1% a year ago. The share of non-bank credit institutions (NBCIs) and credit unions fell from 24.2% to 20.8%, the share of insurance companies rose from 2.5% to 2.6%, while the share of investment companies remained at 0.2%.

The government explains the high share of NBCIs in assets by the transfer of toxic assets of the International Bank of Azerbaijan to Agrarkredit CJSC.