JSC Credo Bank in the first three quarters of 2012 net profit after tax of $ 464 thousand manat, which is 57.3% more than the figure recorded a year earlier. Bank's earnings were equal to 7.38 million manat, and costs - 6.79 million manat, increasing by 19.4% and 17.2%.
Assets increased in January-September, up 8.6% to $ 98.15 bn. The volume of loans fell by 6.6% to 73.62 million manat.
The total liabilities of the bank increased from 60.03 million to 68.84 million manat. Deposit portfolio increased by 20.3% to 16.6 million manats, including term client investments increased by 41.8% to 13.99 million manat.
Balance capital increased by 2.2% reaching 25.03 million manat, total capital increased by 1.6% to 22.99 million manat. Paid authorized capital remained unchanged reaching 20.54 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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