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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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