Overall capital of Azerbaijani banks increases
Date
2/18/2022 7:30:29 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Feb. 18
By Sadraddin Aghjayev - Trend:
The total equity of Azerbaijani banks amounted to 18.5 billion
manat ($10.88 billion) at the end of 2021, an increase of more than
20 percent compared to 2020, Chief Economist at Azerbaijan Banks
Association Azizaga Hagverdiyev said at a conference on the
'Innovative activity of small and medium-sized enterprises during
the stabilization of economic growth in the post-COVID-19
pandemic', Trend reports.
According to him, the loan portfolio of Azerbaijani banks has
risen by nine percent, up to 30 million manat ($17.6 million).
'In 2021, Azerbaijani banks invested 25 percent of their funds
in various areas. Moreover, a program on reduction of lending rates
is being implemented in Azerbaijan. To date, Azerbaijani banks are
interested in increasing the turnover of funds rather than
attracting profits. In addition, information technologies are being
developed in the country's banks, which will reduce the risks of
carrying out certain operations,' Hagverdiyev said.
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