12:13 - 2.08.2024

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August 2, Fineko/abc.az. Despite our low expectations on economic growth in Azerbaijan, we expect the banking sector to increase by 10-15% in 2024, ABC.AZ reports, referring to S&P Global Ratings.

Growth of country's banking sector will largely be driven by growth of consumer lending.

S&P also noted that the financing profile of the Azerbaijani banking system has strengthened:

“Since 2016, we’ve never seen retail or corporate deposits go abroad to a significant extent. We think the main customer deposits will finance loans over the next few years, eliminating the need for external financing.”