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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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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