The assets of JSC AGBank increased by 6.9% YTD - to 499 million 678 thousand manats.
According to the financial statements for the first half of the year, the loan portfolio on July 1, 2014 amounted to 374.674 million manat (12.5%). The bank's liabilities are 428,028,000 manats. Deposits in the bank at the end of June amounted to 277.654 million manat (1.7%), of which household deposits were 234.882 million manat.
Shareholders' equity as of July 1, 2014 was 51,219,300 manats, nearly half of which - 25 million AZN falls on equity. The bank completed the first half of the year with a net profit of 3.256 million manat.
JSC AGBank was founded in 1992. Its shareholders are the International Finance Corporation (17.5%), the company Kazimir Partners (10%), and individuals (70.59%), other shares belonging to other private and public enterprises. -17D-
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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