Azerbaijan's financial sector increases assets by 15%

As of January 1, the assets of the financial sector of Azerbaijan amounted to 52.6 billion manats (+14.6%), Report informs.

As of the reporting date, 73.1% of the sector's assets were concentrated in banks against 69.9% a year ago. The share of non-bank credit organizations (NBCOs) and credit unions fell from 27.1% to 24.2%, the share of insurance companies from 2.9% to 2.5%, while the share of investment companies rose from 0.1% to 0.2%.

The government explains the high share of NBCOs in assets by the transfer of toxic assets of the International Bank of Azerbaijan to Agrarkredit CJSC.