Assets of JSC Bank VTB (Azerbaycan) increased in January -September 2013 by 93.4 %, reaching 166.39 million manat. The volume of issued and corporations loans has doubled and amounted to 146.65 million manat.
The total liabilities of the bank increased from 73.09 million to 137.13 million manat. The deposit portfolio increased by 3.1 times, amounting to 17.48 million manat, including term client investments increased 2-fold to 4.38 million manat.
Balance sheet assets reached 29.26 million manat. The total capital increased by 100 % higher than the 31.39 million manat, and paid charter capital - by 58 % to 37.59 million manat.
The bank's earnings were equal to 14.16 million manat and expenditures - AZN 13.11 million, an increase compared to the same period in 2012 respectively by 73.2 % and 18 %. Net profit after tax amounted to 1.05 million manat. At the end of three quarters of 2012 the bank posted a loss of 2.88 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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