Assets of Bank Avrasiya decreased in January-June 2012 by 11.3% to 62.18 million manat. The volume of issued and corporate loans grew by 27.8% and amounted to 35.93 million manat.
The total liabilities of the bank decreased from 48.58 million to 41.1 million manat. Deposit portfolio decreased by 19% to 32.51 million manat, while the term client investments increased by 8.5% to 14 million manat.
Balance capital decreased by 2% to 21.1 million manat. Aggregate capital increased by 1.7% to 20.26 million manat, and paid charter capital remained at the level of 20 mln.
The bank's earnings were equal to 3.38 million manat, and expenses - 3.09 bn, an increase compared to the same period in 2011, respectively, 54.5% and 10.7%. Net income before taxes was 294 thousand manat. The bank completed the same period last year with a loss of 584 thousand manat. -15B-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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