Azerbaijan’s financial sector sees 6% rise in assets in 2019

As of January 1, 2020, the assets of the financial sector of Azerbaijan stood at AZN 47.8 billion, up 6.45% from the previous year, Report informs citing the government.

In the reporting period, 69% of the assets were in banks, while this figure was 59.8% a year earlier. The proportion of the Non-Banking Credit Institutions (NBCIs) and credit unions dropped from 30.9% to 28%, investment companies – from 0.5% to 0.1%, and the insurance companies rose from 2.8% to 2.9%.

The high level of NBCIs’ proportion in the assets was caused by the transfer of toxic assets of the International Bank of Azerbaijan (IBA) to the Agrarcredit CJSC.