Reforms driving strong banking sector expansion, Banks Association head says

The assets of Azerbaijan’s banking sector reached 53 billion manats (~$31.2 billion) in 2024, marking an 80% increase compared to 2018, Azernews reports, citing Zakir Nuriyev, President of the Azerbaijan Banks Association, as he said at the First International Credit Reporting Conference held in Baku.

Nuriyev highlighted the remarkable growth of the national credit market over the past seven years.

"Our current credit portfolio has grown by 125% since 2018, now totaling 29.3 billion manats (~$17.2 billion)," he said.

He also added, is the substantial improvement in credit quality. The volume of overdue loans has plummeted by 72% over the same period, falling to just 449 million manats (~$264 million).

"These figures are a testament to the effectiveness of reforms in the financial sector and the growing trust in the country’s banking institutions," Nuriyev emphasized.

The conference has brought together industry leaders, credit bureaus, and international experts to discuss emerging trends in data management, credit risk, and financial transparency.