Azerbaijan posts 8% growth in assets of banking sector

As of July 1, 2023, the assets of Azerbaijan-based banks amounted to over 45,218.3 million manats ($26.6 billion), up 7.9% from a year earlier, Report informs, citing the Central Bank of Azerbaijan (CBA).

The loans issued to customers amounted to 20.062 billion manats ($11.8 billion). Year-on-year, the loan portfolio grew 17.3%, and the share of loans in assets rose from 40.8% to 44.4%.

In the reporting period, the liabilities grew by 6.9% to 39.305 billion manats ($23.12 billion), with the deposit portfolio rising by 6.9% to 32.056 billion manats ($18.86 billion). Individuals accounted for 12.472 billion manats ($7.33 billion), while legal entities made up 19.584 billion manats ($11.5 billion).

The liabilities of the banks to the Central Bank of Azerbaijan (CBA) dropped by 2.6 times to 107.7 million manats ($63.28 million), and net worth surged by 14.9% to 5.913 billion manats ($3.48 billion).