Azerbaijan's financial sector grows 6%

The assets of Azerbaijan's financial sector rose by 5.7% reaching 55.6 billion manats this year.

74.4% of assets are in banks, which is 1.3% more than in the beginning of the year.

In the reporting period, the share of non-banking credit organizations dropped by 1.4%, to 22.8%, the share of insurance companies rose by 0.1% to 22.6% and the share of investment companies remained steady at 0.2%.

The high share of non-banking credit organizations in assets is associated with the transfer of toxic assets of the International Bank of Azerbaijan OJSC to the non-banking credit organization Agrarcredit CJSC.

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