JSC Demir Bank for the first half 2013 received net profit after tax of 2.102 million manat, which is 11 % less than the same period in 2012. The bank's earnings were equal to 28.93 million manat, expenses - 26.83 million manat, increasing by 17 % and 20.2 %.
Assets decreased in January -June, up 0.1 % to 383.03 million manat. The volume of issued and corporations loans grew by 1.2 % and amounted to 276.79 million manat.
The total liabilities of the bank decreased from 336.79 million to 334.92 million manat. The deposit portfolio increased by 4.2 % to 174.62 million manat, including term client investments increased by 4.6 % to 138.52 million manat.
The balance capital grew by 3.7 % to 48.11 million manat, and the total capital - by 2.3 % to 57.22 million manat. Paid charter capital remained unchanged and totaled AZN 21 million. -15B-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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