JSC AGBank in the first quarter of 2013 had a net profit after tax of 961 thousand manat, which is 92% more than the same period in 2012. The bank's earnings were equal to 12.79 million manat, expenses - 11.23 million manat, increasing respectively by 14.3% and 16.7%.
Assets increased in January-March, up 7.9% to 373.77 million manat. The volume of issued and corporations loans grew by 8.9% and amounted to 272.15 million manat.
The total liabilities of the bank increased from 299 million to 325.24 million manat. The deposit portfolio increased by 0.3%, amounting to 221.01 million manat, with urgent client investment decreased by 4.9% to 148.31 million manat.
The balance capital grew by 3.4% to 48.53 million manat, and the total capital - by 2.8% higher than 43.89 million manat. Paid charter capital remained unchanged at 25 million manat. - 15B -
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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