Access Bank Assets Rose by Third
The local unit of the European Access Bank during the year increased assets by 30.9% - up to 1 billion 54 million 461 thousand manat.
According to the bank, its loan portfolio by 1 January amounted to 821 million 470 thousand manat (+ 31.3% YoY) while the deposits were at the level of 280 million 637 thousand manat, where the population's deposits were 256 million 64 thousand manat (+ 35.6%).
Liabilities, including short-term ones, by January 1 were 903 million 20 thousand manat. The capital of the bank by the end of last year's cycle was equal to 151 million 440.6 thousand manat (+ 19.8%) at the constant authorized capital of 85 million manat. The net profit of the financial structure during the year amounted to 40 million 435.8 thousand manat.
Access Bank has been operating in Azerbaijan since 2002, and its shareholders are the European Bank for Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, German KfW, Access Holding, and LFS Financial Systems GmbH. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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