Assets of "AFBBank" increased in January-November last year by 68.53 million or 46.8% to 158,842 million manat. Lending to individuals and businesses increased 40.26 million or 43% amounting to 133.91 million manat.
Total liabilities increased from 103.89 million to 166.59 million manat. Deposit portfolio for the period rose by 13.3 million or 25% to 67.57 mln, of which 8.1 million manat fell to urgent client investments.
Balance capital grew by 13.6% to 48.51 million manat, and paid charter capital - by 3.3% to 41.01 million manat.
Income and expenses of the bank for the eleven months of 2012 were respectively 13.39 million and 10.31 million manat. Net profit before tax amounted to 3.1 million manat.
The bank has operated from 2008. Majority shareholder (99.20% equity) is LLC Gilan. The remaining shares are equally divided between two individuals. - 15B -
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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