In spite of the great shocks in the financial and banking sector in 2015, the assets of JSC Capital Bank exceeded 2 billion manats, increasing by 46.8%.
According to the financial report, the total amount of loans issued to customers is 1 billion 161.6 million manats, for which the bank has formed reserves of 76 million manats with a probability that some of them will not be refunded. In 2015, the loan portfolio increased by 32.4%.
Last year, the deposits of Capital Bank increased by 72% and exceeded 1 billion 45 million manats.
By 1 January 2016 the equity capital amounted to 286.8 million manats, of which 185 million AZN formed the authorized capital. Last year, the shareholders directed the profit for dividend payment.
OJSC Capital Bank has about 170 shareholders. Ltd. Pasha Holding owns 99.87% of the share capital. ----08B
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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