JSC AGBank assets increased in the first quarter of 2014 by 0.7 % - up to 470 518 180 manat.
According to the bank's financial statements, the auditor's report confirmed that the loan portfolio to April 1, 2014 amounted to 339 129 300 manat (+1.8 %).
Liabilities of the bank at the end of the reporting quarter are 421,652,300 manats (+38.8 %). Deposits in the bank at the end of March 2014 amounted to 274 309 260 manat (+ 0.5 %), including deposits of the population - 228 489 000 manats.
The bank's equity as of 1 April totaled 48,865,800 manats, while the authorized capital was maintained at 25 million manat.
Net profit of the financial structure for the reporting period was 943,000 manats.
AGBank was founded in 1992. Its shareholders are the International Finance Corporation (17.5%), the company Kazimir Partners (10%) and individuals (70.59 %). The rest are private and public enterprises . -17D-
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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