Assets of Expressbank increased in January -September 2013 by 2.2 %, reaching 256.21 million manat. The volume of issued and corporations loans increased by 57.1 % and amounted to 163.55 million manat.
The total liabilities of the bank declined from 148.89 million to 131.87 million manat. Deposit portfolio decreased by 26.9 %, amounting to 108.85 million manat , while the term client investments increased by 30.6 % to 37.12 million manat.
Balance sheet assets reached 124.34 million manat. The total capital grew by 20.5 % higher than the 120.08 million manat, and paid charter capital - by 16.4 % to 101.71 million manat.
The bank's earnings were equal to 25.15 million manat and expenditures - AZN 16.1 million , an increase compared to the same period in 2012 respectively by 8.2 % and 22 %. Net profit after tax decreased by 21.6 % to 7.03 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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