Credo Bank capitalization grew last year by 34.1%
Assets of Credo Bank increased last year by 10.4% to 99.77 million manat. Lending to individuals and businesses decreased by 9.9% to 71.91 million manat.
The total liabilities of the bank increased from 60.03 million to 63.73 million manat. The deposit portfolio increased by 17.4% to 16.22 million manat, including term client investments that increased by 30% to 12.72 million manat.
The balance capital reached 31.97 million manat. The aggregate capital increased by 32.4% to over 29.84 million manat, and the paid charter capital - by 34.1% to 27.54 million manat.
The bank's earnings were equal to 10.37 million manat and the expenditures were AZN 10.06 million, an increase compared to 2011, respectively, 20.9% and 21.7%. The net profit after tax increased 11.7% to 309,000 manat. - 15B -
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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