By Sara Israfilbayova
The total capital of Azerbaijan’s banking sector for the first 4 months of 2017 amounted to almost 2.75 billion manats [$1.6 billion], as follows from a survey published by the Financial Market Supervision Body (FMSB).
Since the beginning of the year, the aggregate volume of the Azerbaijani banks’ capital jumped by 44 percent.
The total assets of the sector by late April amounted to 30.78 billion manats [$18 billion] as compared to 31.44 billion manats [$18.5 billion] at the end of the previous year.
The cash that remained at the disposal of banks by the end of April amounted to 1.25 billion manats [$734.4 million] (1.08 billion manats [$634.5 million] - by the end of the year), and investments in valuable securities - 438.6 million manats [$257.7 million] as compared to 414.6 million manats [$243.6 million] at the end of 2016.
The loan portfolio of the banks reached 15.03 billion manats [$8.8 billion] in January-April 2017, while by the end of last year this figure was 15.94 billion manats [$ 9.4 billion]. The volume of reserves created to recover possible losses on granted loans increased by 3.6 percent from the beginning of the year to 1.75 billion manats [$1.03billion].
The deposit portfolio of the banking sector in the reporting period amounted to 16.78 billion manats [$9.8 billion] (16.41 billion manats [$9.6 billion] by the end of 2016), including 6.85 billion manats [$4.02 billion] - deposits of individuals, 9.94 billion manats [$ 5.8 billion] - deposits of legal entities.
The banks' liabilities to the Central Bank of Azerbaijan (CBA) at the end of April amounted to 795.8 million manats [$467.5 million] as compared to 1.695 billion manats [$995.8 million] in 2016.
The total net profit of banks in Azerbaijan in January-April 2017 amounted to 148.1 million manats [$87.01 million].
The interest yields of banks totaled to 675 million manats [$396.6 million], interest costs - 332.4 million manats [$195.3 million].
During the reporting period banks directed 243.7 million manats [$143.2 million] to form reserves to cover possible losses on assets.
Some 32 banks are currently implementing their activities in the country.
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