JSC Bank Respublika on the basis of last year had net profit after tax of 11.19 million manat, which is 14.3% more than the same period in 2012. The bank's earnings equaled 60.04 million manat and expenditures - 45.66 million manat, increasing by 23.5%, respectively, and 27.3%.
Total assets increased by 11.8 %, amounting to 481.53 million manat. The volume of loans issued to individuals and legal entities grew by 23.5 % and amounted to 289.93 million manat.
Deposit portfolio increased by 19.2 %, amounting to 308.96 million manat, including term client investments increased by 60.9 % to 143.48 million manat.
Overall capital rose by 7.1 % higher than 63.42 million manat and paid charter capital remained unchanged at 11.19 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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