Assets of AGBank increased in 2012 by 10.2% to 346.49 million manat. The volume of loans grew by 30.8% to 249.99 million manat.
The total liabilities of the bank increased from 276.55 million to 299.53 million manat. The deposit portfolio increased 18.6% to 220.28 million manat, including term deposits that increased 20% to 156 million manat.
The balance capital reached 46.97 million manat. The aggregate capital increased 19.7% over 42.56 million manat, and the paid charter capital - 25% to 25 million manat.
The bank's earnings were equal to 47.68 million manat, increasing compared to 2011 by 9.9%, while expenses decreased by 3% to 42.33 million manat. The net profit after tax amounted to 3.03 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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