DemirBank Financial Summary of Eight Months
Assets of DemirBank on September 1, 2012 amounted to 375.4 million manat, which exceeds the corresponding date last year by 44.8 million manat or 13.6%. The loan portfolio of the bank amounted to 283.6 million manat, increasing by 36.8 million manat or 14.9%.
As reported in the bank, the total amount of customer deposits in DemirBank on September 1, 2012 amounted to 148.7 million manat. Population's deposits amounted to 124.3 million manat, so growth in this indicator over the period was 29.1%, or 28 million manat.
On September 1, 2012 DemirBank's authorized capital was 21 million manat, while the total capital reached 56.8 million manat.
One of the first and leading banks DemirBank began operating in 1989. Among its shareholders are major international financial institutions, such as the European Bank for Reconstruction and Development and the Netherlands Development Finance Company (FMO). DemirBank has ratings from Fitch Ratings and Planet Rating at 'B' with a "stable" forecast. These ratings are among the highest in the banking sector of Azerbaijan. - 15D -
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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