Azerbaijan-based banks see 22% growth in assets

As of January 1, 2023, the assets of Azerbaijan-based banks amounted to over 47.055 billion manats (over $27.68 billion), up 22.3% from a year earlier.

The loans issued to customers amounted to 18,435.6 million manats (more than $10.84 billion). Year-on-year, the loan portfolio grew 18.8%, and the share of loans in assets dropped from 40.3% to 39.2%.

In the reporting period, the liabilities grew by 23.7% to 41.433 billion manats ($24.37 billion), with the deposit portfolio rising by 25.3% to 33,762.6 million manats ($19.86 billion). Individuals accounted for 11.483 billion manats ($6.75 billion), while legal entities made up 22,279.6 million manats ($13.11 billion).

The liabilities of the banks to the Central Bank of Azerbaijan (CBA) dropped by 32% to 217 million manats ($127.65 million), and net worth surged by 13.1% to 5.622 billion manats ($3.31 billion).