Azerbaijani banking sector's assets surge by 8%

As of May 1, 2024, the assets of Azerbaijan-based banks amounted to over 49,221.6 million manats (about $29 billion), up 8% from a year earlier, Report informs, citing the Central Bank of Azerbaijan (CBA).

The loans to customers amounted to 23,225.3 million manats (about $13.6 billion). Year-on-year, the loan portfolio grew by 21.2%, and the share of loans in assets rose from 42% to 47.2%.

In the reporting period, the liabilities grew by 7.9% to 42,897.7 million manats (about $25.2 billion), with the deposit portfolio rising by 9.25% to 35,361.1 million manats (about $20.8 billion). Of that, 13,210.4 million manats (about $7.77 billion) are physical deposits, and 22,150.7 million manats (over $13 billion) are deposits of legal entities.

During one-year period of time (March 1, 2023 through March 1, 2024), the funds of the population in banks increased by 10.5%, and the funds of companies in banks grew by 8.5%.

Meanwhile, the liabilities of banks to the Central Bank of Azerbaijan in the last 1 year, decreased by 56.6% times and amounted to 47.1 million manats (about $27.7 million).

Total capital increased by 8.8% to 6,323.9 million manats (about $3.71 billion).