This year, Bank Republic has successfully continued to perform the main tasks for this year: to expand the bank's operations and improve profitability.
As reported in the bank, the main indicators of the financial performance of the bank on September 1, 2012 were as follows.
The bank again retained its position as one of the leading financial institutions in the country. The aggregate capital reached 60,282,482 AZN, and assets - 400,431,025 AZN, which is 27.9% more than at the end of December 2011 (312,992,504 AZN).
Structure of assets of Bank Republic in the first 8 months of 2012 is:
Loan portfolio - 55.1%, funds from financial institutions - 4.4%, cash and cash equivalents - 28.5%, and other assets - 12%.
In April 2012, the bank's shareholders were paid dividends for the year 2011. The amount of funds directed to the payment of dividends, amounted to 6.9 million manat.
The bank's loan portfolio for the period increased 27.6% to AZN 220,859,845 versus AZN 173,146,647 at the end of December 2011.
The total amount of money the bank's customers reached 216 219 346 AZN. Since the beginning of 2012 the volume of funds increased by 34.0%.
Republic Bank's interest income totaled 21,038,822 AZN, and non-interest - 9,552,170 AZN. The bank's income (before income taxes) reached 9,055,746 AZN. Return on assets (ROA) for 8 months was 4.07%, while the return on equity (ROE) - 25.6%.
Currently, the strategic objective of Bank Republic is a growing portfolio of financing small and medium enterprises by the end of 2012. - 15D -
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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