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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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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