JSC Bank Respublika in the first half 2012 had a net profit after tax of 6.11 million manat, which is 2.3 times more than the figure recorded a year earlier. The bank's earnings were equal to 22.14 million manat and the expenditures were 16.03 million manat, increasing by 29.2% and 17%.
The assets increased in January-June by 6.1% to 333.15 million manat. The volume of issued and corporate loans grew by 25.5% and amounted to 210.89 million manat.
The total liabilities of the bank increased from 256.39 million to 276.78 million manat. The deposit portfolio increased by 9% reaching 179.58 million manat. Of these, 60.03 million manat fell to urgent client investments.
The balance sheet assets amounted to 56.37 million manat, and the total capital was 57.12 million manat. The paid authorized capital remained at 37.46 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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