Today was a press conference of the Chairman of the Board of JSC VTB Bank (Azerbaijan), Yuri Yakovlev, in which he announced the intention to triple its mortgage portfolio in the next financial year.
As he said today at the press center of Interfax-Azerbaijan, the bank started an active mortgage lending in July 2014 in a test mode, because the total portfolio for this position is approximately 10 million manat.
The head of the local branch of VTB Russia wants to increase the capacity at the expense of the equity in the active sale of apartments provided by the builders, whose business has been financed by the bank. "Though mortgage is for low-income people, it is promising from the point of view of not stopping activity in the implementation of housing, so it is a priority area for us," he said.
JSC VTB Bank (Azerbaijan) obtained the license of the Central Bank of AR in March 2009. Of the bank's shares, 51% are owned by JSC VTB Bank, 48.99% - by Ata Holding, and 0.1% - by an individual. --17D-
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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