Assets of Demir Bank in the third quarter of 2016 compared to the same period last year increased by 83 million 162 thousand manat (18.6%), amounting to 530 million 152 thousand manat.
The bank's liabilities increased by 21.7% (86 million 101 thousand manat) to AZN 482 million 471 thousand during the period reported.
The bank's liabilities include deposits, which constitute 172 million 443 thousand manat. Deposits for the period increased by 9 million 657 thousand manat (5.9%).
Demand deposits of legal entities amount to 11 million 656 thousand manat and demand deposits of individuals amount to 13 million 686 thousand manat.
The bank has 295 thousand manat of term deposits of legal entities and 146 million 805 thousand manat of term deposits of individuals.
The debt of Demir Bank to the Central Bank of Azerbaijan increased from AZN 20 million in the third quarter of 2015 to 37 million manat in the same period this year.
The bank's capital fell by 2 million 939 thousand manat (5.8%), amounting to 47 million 680 thousand manat.
The bank had 124 thousand manat of profit in the third quarter of 2016. -----71D
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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