JSC Bank of Azerbaycan in the first three quarters of 2012 had a net profit after tax of 2.44 million manat, which is 13 times more than the figure recorded a year earlier. Income and expenses of the bank were respectively 15.62 million and 13.18 million manat.
The assets increased in January-September by 20% to 223.49 million manat. The volume of issued and corporations loans grew by 30% and amounted to 170.27 million manat.
The total liabilities of the bank increased from 164 million to 199.13 million manat. The deposit portfolio increased 27.1% to 130.68 million manat, including term client investments increased by 31% to 72.75 million manat.
The balance capital grew by 14.6% to 24.35 million manat, and the total capital - by 12.8% to 27.36 million manat. The paid authorized capital remained at 33.5 million 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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