The Azerbaijani banking sector performed well in the first nine months of 2023, with most banks reporting growth in assets, loans and deposits. However, net profits were mixed, with some banks reporting declines. Earlier, four foreign banks based in Azerbaijan showed mixed results.
So far, out of reported banks in the country, the largest bank in Azerbaijan by assets is Unibank, followed by Bank of Baku and Rabitabank. All three of these banks reported growth in assets, loans and deposits in the first nine months of 2023. Unibank also reported the highest net profit of all the banks, followed by Bank of Baku and Rabitaban. Azerbaijan Industrial Bank and Bank BTB were the only two banks to report declines in net profit in the first 9 months of 2023. However, both banks still reported growth in assets, loans, and deposits:
| Bank | Assets (mn AZN) | Asset increase y/y | Loan portfolio (mn AZN) | Liabilities (mn AZN) | Deposits (mn AZN) | Capital (mn AZN) | Net profit (mn AZN) |
|---|---|---|---|---|---|---|---|
| Azerbaijan Industrial Bank | 707.507 | -5.4% | 243.707 | 594.229 | 438.776 | 113.278 | 3.481 |
| Azerbaijani Premium Bank | 677.356 | -2.2% | 433.026 | 496.713 | 451.299 | 180.643 | 7.881 |
| Azerbaijani Bank of Baku | 816.529 | 16.4% | 643.085 | 678.711 | 451.781 | 137.818 | 24.317 |
| Azerbaijani Rabitabank | 1003.768 | 5.1% | 701.471 | 884.284 | 635.157 | 119.484 | 13.454 |
| Azerbaijani Unibank | 1527.811 | 6% | 1046.829 | 1390.882 | 1124.205 | 136.929 | 21.907 |
| Azerbaijani Bank BTB | 376.759 | 0.7% | 276.855 | 327.537 | 147.322 | 49.222 | -0.987 |
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Iran industry minister says central bank should not interfere in trade policy
Iran's industry minister has said the central bank should be stripped of its role in trade policy, blaming foreign exchange interventions for constraining exporters and creating challenges for ... more
Saudi Arabia convenes emergency Arab-Islamic ministerial talks in Riyadh as Gulf War enters third week
Saudi Arabia is hosting an emergency meeting of Arab and Islamic foreign ministers in Riyadh on March 18, as the US-Israeli war against Iran enters its 19th day with no sign of a ceasefire, the ... more
More than 2,000 evacuated from Iran via Azerbaijan
Dutch and Algerian embassy staff have been evacuated from Iran into Azerbaijan through the Astara border crossing on March 10, as the total number of people evacuated via the route since the start of ... more