Deposit Insurance Fund sees 15% increase in assets
ADIF’s Total Assets Reach $384.3 Million in 2023
As of December 31, 2023, the Azerbaijan Deposit Insurance Fund (ADIF) reported a total of 651.4 million manats, equivalent to approximately $384.3 million, in assets. This figure represents a 15% increase compared to the previous year’s numbers, according to ADIF’s audited financial report prepared by the international auditing firm KPMG.
While the total assets saw a significant rise, the Fund’s total liabilities also experienced an uptick, reaching 448.4 million manats (approx. $264.6 million) in 2023, marking a 53% increase. Of particular note is the surge in liabilities related to compensation payments, which skyrocketed nearly ninefold to 200.3 million manats (approx. $118.2 million).
On the other hand, total equity witnessed a decline of 25.7%, amounting to 203 million manats (approx. $120.1 million) by the end of the year. Despite this decrease, ADIF remains a vital financial institution in Azerbaijan, safeguarding depositors and contributing to the stability of the banking sector.
