Assets of "Pasha Bank" increased in January-August of this year by 7.5%, reaching 613.32 million manat. The volume of issued and corporate loans grew by 25% to 306.62 million manat.
The deposit portfolio amounted to 335.6 million manat, of which 178.32 million manat was term client investments that increased in the reported period by 12.42 million or 7.5%.
The aggregate capital increased by 25% over 178.22 million manat, and the paid charter capital - by 27.1% to 157 million manat.
The bank's earnings were equal to 38.5 million manat and the expenditures - 26.6 bn, an increase compared to the same period last year by 42% and 64.6%. The net income increased by 5.4% to 11.94 million manat.
The total number of issued active cards increased for eight months in 2012 by 3,005 units or 2.7 times to 4,810 units. During the reported period, the bank mounted two additional ATMs, bringing the total number of the equipment up to 11 units. - 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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