JSC ParaBank grew in assets over the last year by 4.6% to 109.6 million manat. Lending to individuals and businesses increased 2.6% to 76.02 million manat.
The total liabilities of the bank decreased from 91.77 million to 90.11 million manat. Deposit portfolio decreased by 1.1% to 63.59 million manat, including term deposits decreased by 0.9% to 59.59 million manat.
Balance capital grew by 49.9% to 19.49 million manat, and the total capital - by 34.1% to 16.86 million manat. Paid authorized capital remained at 11.57 million manat.
The Bank's earnings were equal to 19.44 million manat, increasing compared to 2011 by 1.6%, while expenses decreased by 9.8% to 17.5 million manat. Net profit after tax amounted to 1.94 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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