Positive trends intensify in Azerbaijan’s financial & banking sector

  26 December 2019    Read: 882
Positive trends intensify in Azerbaijan’s financial & banking sector

Positive trends have intensified in Azerbaijan’s financial and banking sector in 2019, Executive Director of the Center for Analysis of Economic Reforms and Communication Vusal Gasimli said at a press conference dedicated to the economic results of this year, AzVision.az reports Dec. 26.

Gasimli noted that this year the capital sustainability of banks has increased, digitalization has been strengthened and transition to prudent management has been ensured. The executive director added that these positive trends reinforce expectations for broader financing of the real economy.

“The loan portfolio of the banking sector, assets and deposits, balance sheet capital increased, and external debt decreased,” Gasimli said. “Thus, the sector’s assets in 10 months of 2019 showed an increase of 6 percent compared to the same period last year. Net profit of the banking sector increased twice compared to last year. There is a positive trend in balance sheet capital, operating profit and other indicators of bank profitability. Bank lending increased by 11 percent.”

The executive director noted that this year the number of branches, departments, representative offices of banks, ATMs, significantly increased, and the number of employees in the banking sector grew. Thus, in 2019 alone, the number of employees in the sector showed a record increase of 10 percent, Gasimli added.


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