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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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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