Fitch expects the banking sector of Azerbaijan to remain loss-making in 2017, and Fitch has Negative Outlooks on most of the Azerbaijani banks that the agency rates. According to Fitch, the banking sector made a substantial net loss of AZN1.7 billion in 2016, although about AZN1.3 billion of this relates to losses at IBA, mainly driven by one-off currency translation losses. Net of IBA, the sector lost about 10% of its opening equity in 2016, Caspian Energy News (www.caspianenergy.net) reports with reference to Fitch Ratings.
More details: https://www.fitchratings.com/site/pr/1020634
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