Banking sector sees rise in volume of insured deposits

2 August 2016 15:24 (UTC+04:00)

Total volume of individuals’ deposits in Azerbaijani banks amounted to 7.76 billion manats according to the results of 2Q2016, and the volume of insured deposits – to 5.66 billion manats, Azerbaijan Deposit Insurance Fund (ADIF) reported on August 2.

“Portfolio of insured deposits decreased by 543 million manats (8.8 percent) during the reporting period compared to the 1Q2016, and by 296 million manats (5 percent) compared to early 2016,” said the message.

The volume of insured deposits increased by 99 percent since early 2016 and amounted to 4.57 billion manats, or 65 percent of the total volume of deposit portfolio (81 percent of insured deposit volume).

ADIF further added that 77 percent of insured deposits were placed in USD, 19 percent – in manats, 4 percent – in euros.

“According to the results of 2Q2016, ADIF’s assets totaled 168.2 million manats, including 2.2 million manats of long-term assets,” said the message. “ADIF’s revenues amounted to 13.7 million manats in 2Q, 13.5 million manats of which accounted for calendar payments of the fund’s member banks.”

Administrative and total expenses of ADIF totaled 1.8 million manats, including 943,500 manats of operating expenses, according to the message.

Currently, ADIF’s investment portfolio consists of securities with a total cost of 7.3 million manats.

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