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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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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