BAKU/24.12.13/TURAN : Assets of Azerbaycan Kredit Banki declined for three quarters of this year by 6% to 20.62 million manat. The loan portfolio as of October 1, amounted to 26.36 million manat, of which 17.26 million or 64.4 % accounted for overdue loans.
The total liabilities of the bank during the reporting period decreased from 18.27 million to 16.11 million manat. The deposit portfolio decreased by 3.3% to 8.85 million manat. Of these, 7.28 million manats were timed deposits.
The equity capital increased to 4.51 million manat. The aggregate capital decreased during the year by 32% to 4.36 million manat and the paid charter capital remained at 11.43 million manat.
Income and expenses of the bank equaled 1.02 million manat and 3.32 million manat, respectively. Following activities for January-September, the bank posted a loss of 2.3 million manat. - 15D -
Economics
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President Ilham Aliyev of Azerbaijan signed a decree on July 16 to ensure the implementation of Law No. 2024-VIQD, dated June 28, 2024, which amends the Family Code and several key information laws of the Republic of Azerbaijan. The decree, which takes effect immediately, aims to modernize and streamline legal processes related to personal data and informatization.
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The State Oil Company of the Azerbaijan Republic (SOCAR) announced its intention to acquire a 51% stake in Azər Türk Bank OJSC, marking a significant move in the state-owned company’s expansion into the banking sector.
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The Milli Majlis, Azerbaijan's national legislature, has approved amendments to the Family Code, aligning with Article 94 of the Constitution of the Republic of Azerbaijan. The changes, aimed at streamlining marriage procedures for Azerbaijani citizens abroad, were enacted following recent legislation from March and May 2024.
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The latest figures from the State Statistics Committee of Azerbaijan present a troubling picture for the country's agricultural sector. Despite some areas of growth, the overall indicators for the first half of 2024 show signs of stagnation and decline, according to Rovshan Agayev, Deputy Chairman of the Board of the Public Association for the Promotion of Economic Initiatives.
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