Assets of AGBank increased in January- September 2013, up 25.6 %, reaching 435.29 million manat. The volume of issued and corporations loans grew by 26 % and amounted to 314.44 million manat.
Total liabilities of the bank increased from 299.53 million to 383.44 million manat. The deposit portfolio increased by 13.8 % to 250.86 million manat, including term client investments increased by 15.2 % to 179.72 million manat.
The balance capital grew by 10.7 %, reaching 51.86 million manat, and the total capital - 19.5 % higher than 50.92 million manat. The paid charter capital remained unchanged at 25 million manat.
The bank's earnings were equal to 42.77 million manat and the expenditures were AZN 36.62 million, an increase compared to the same period in 2012 respectively by 22.6 % and 26 %. The net profit after tax increased 0.6 % to 3.41 million manat. - 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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