The rating of the Bank of Baku is stable, as well as last year, and left at the level of B1.
According to the latest report of the international agency Moody's, that was contributed by the high quality of the bank assets, compared with competitors, the level of profitability, and the ability to cover the financial risks due to the high level of capital adequacy.
The report is on the link http://www.bankofbaku.com/az/about/reports/mezhdunarod-reiting. It is noted that it is a leading financial framework for the provision of consumer loans, and it has the biggest receivables. Almost the entire loan portfolio (96%) consists of consumer loans, car loans and credit cards.
Last year, the portfolio increased by 8% (in 2013 by 35% and a year earlier - 58%). The slowdown follows the new measures introduced by the Central Bank, motivated by the desire to reduce the potential risk of overheating in the consumer finance sector. The agency's analysts expect this year's growth of the loan portfolio by 15-20%.
The stability of the bank is due to the fact that its largest shareholder, NAB Holding (40% of the stake) operates in Turkey and is characterized by a variety of investments - in the automotive industry, consumer electronics trade and tourism. --17D-
Economics
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Azerbaijan has experienced steady growth in the steel production sector, with significant increases recorded in the first half of 2024, according to the State Statistics Committee. In the metallurgical industry, production volumes rose by 32%, while the output of finished metal products increased by 13.9% compared to the same period in 2023.
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Azerbaijan’s aluminum production surged by 65.7% in the first nine months of 2024, reaching 47,435.3 tons, compared to the same period last year, according to official data. The sharp increase is attributed to expanded production capacity and rising demand for aluminum products across various sectors, including construction and automotive.
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According to official data, cement production in Azerbaijan has shown steady growth, reaching 3.421 million tons from January to October 2024, an increase of 11.2% compared to the same period in 2023.
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Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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