The assets of JSC Azerbaijan Credit Bank by January 1 of this year amounted to 21 million 698.46 thousand manat (+ 10.9% versus the same period last year).
As stated in the financial statement supported by the auditor's report, the loan portfolio is 16 million 426.77 thousand manat (minus 11.2%), with the commitment at the level of 16 million 609.16 thousand manat (+ 7.2%).
The bank's capital is equal to 5 million 89.3 thousand manat (+ 25.1%) and the share capital is the same - 11 million 429.376 thousand manat.
The net profit for the last year amounted to 1 million 21.29 thousand manat.
JSC Azerbaijan Credit Bank received a license to operate in December 2005. Its shareholders are 3 natural persons with the following shares: 36.64%, 35.56% and 27.8%, respectively. --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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