Azerbaijan's banking sector was little affected by the global financial and economic crisis, as the country's commercial banks are not well integrated into global capital markets. Following weak performance in 2012, profitability strengthened steadily in the first three quarters of 2013, with return on equity standing at 14.3% in September 2013.
Despite strong growth and exchange-rate stability, foreign borrowing by Azerbaijani banks is lower than that in Russia and Kazakhstan, countries that are large energy exporters in the Commonwealth of Independent States (CIS). Banks' foreign liabilities were equivalent to 18.5% of total liabilities at the end of the third quarter of 2013. A high perceived risk premium as a result of poor corporate governance may constrain foreign borrowing by banks.

Financial services report 2

Banks 3

Insurers 7

Asset managers 9

Financial markets and instruments 9

Financial regulation 11

Monetary and currency policy 12

Azerbaijan at a glance 14

Fundamental indicators 15

Key contacts 16

Industry publishing schedule 17

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