JSC AGBank in the first three quarters of 2012 had a net profit after tax of 3.39 million manat, which is 54.5% more than the figure recorded a year earlier. The bank's earnings were equal to 34.94 million manat, increasing by 8.7%, while the expenses decreased by 2.9% to 29.04 million manat.
The assets increased in January-September, up 8.9% to 342.53 million manat. The volume of loans grew by 22% and amounted to 233.09 million manat.
The total liabilities of the bank increased from 276.55 million to 299.24 million manat. Deposit portfolio increased by 15.6% to 214.61 million manat, including term client investments that increased 15.1% to 149.65 million manat.
Balance capital reached 43.28 million manat. Aggregate capital increased by 13.2% to over 40.35 million manat, and paid charter capital - 7.5% to 21.5 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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