Banks in Azerbaijan now appear to be well on the mend after the country battled through a real estate boom and bust cycle prior to 2012. Return on capital recovered strongly in 2012, taking second place only to Georgia among the five countries ranked by The Banker's latest Black Sea banks ranking. The country also ranked second in terms of profitability.
The country’s largest bank, state-owned International Bank of Azerbaijan (IBA), saw its profits more than double in 2012, while the country’s second-largest bank, Pasha, recorded a 37% increase in profits. Smaller private sector banks also improved their performance, with Unibank enjoying a 30% profit increase and Bank of Baku a dramatic 52% rise in pre-tax profits.
For the full story, read The Banker's Black Sea ranking.
