Azerbaijani banking sector's assets up by nearly 7%

As of March 1, 2024, the assets of Azerbaijan-based banks amounted to over 48,735.7 million manats (over $28.6 billion), up 6.6% from a year earlier, Report informs, citing the Central Bank of Azerbaijan (CBA).

The loans to customers amounted to 22,448.8 million manats (over $13.2 billion). Year-on-year, the loan portfolio grew by 20.9%, and the share of loans in assets rose from 40.6% to 46.1%.

In the reporting period, the liabilities grew by 6.4% to 42,548.4 million manats (over $25 billion), with the deposit portfolio rising by 7.4% to 34,959.3 million manats ($20.5 billion). Individuals accounted for 13,003.6 million manats (about $7.64 billion), while legal entitirs' deposits made up 21,955.7 million manats (over $12.9 billion).

During a one-year period of time (from March 1, 2023, to March 1, 2024), the funds of the population in banks increased by 11.6%, and the funds of companies in banks grew by 5%.

Meanwhile, the liabilities of banks to the Central Bank of Azerbaijan over the past year decreased by 4.6 times to 47.1 million manats (about $27.7 million).

Total capital increased by 7.9% to 6,187.3 million manats (about $3.63 billion).