Azerbaijan’s Pasha Bank among top 3 banks of Asia-Pacific region

Azerbaijan’s "PASHA Bank" OJSC ranked 3rd among the banks of the Asia-Pacific Ocean (APAC) region in terms of net interest margin (NIM) dynamics, Report informs, citing Global Finance.

According to information, the Afghanistan International Bank (AIB) and the Commonwealth Bank of Australia (CBA) ranked first and second in the rating.

Apart from Pasha Bank, none of the banks of the Caucasus and Central Asian countries could enter the top 10. Kazakhstan's "ForteBank" ranked 12th, Kyrgyzstan's "Xalq Bank" 13th, and Uzbekistan's "Tenge Bank" ranked 27th.

According to an International Data Corp. survey, most banks across APAC increased 2023 tech budgets to boost security, transform data, and avoid downtime. Over 70% of banks in APAC expected environmental, social, and governance (ESG) initiatives to boost profitability—albeit a challenging measure to acquire.

Pasha Bank, Azerbaijan’s largest private bank by total equity, booked an extraordinary 510% profit gain last year via its diversified operational model, which includes investment banking, trade finance, and asset management for businesses ranging from SMEs to the largest corporations. In 2023, the bank leveraged its 8.9 billion manats (about $5.2 billion) in consolidated assets to post industry-beating profits.