JSC Capital Bank in the first three quarters of 2012 made net profit before income taxes of 20.5 million manat, which is 5.1 times more than the figure recorded a year earlier. The bank's earnings were equal to 81 million manat and its expenditures were 60.5 million manat, increasing by 36% and 8.8%.
The assets increased during the year by 72.2% to 2.0628 billion manat. The volume of issued and corporate loans grew by 6.5% to 978.5 million manat.
The deposit portfolio increased compared to the same period last year by 88.6% to 460.1 million manat, including deposits of individuals that increased by 9.4% to 136.5 million manat.
The aggregate capital increased by 33.3% reaching 121.7 million manat, and the paid charter capital - by 25%, reaching 50 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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