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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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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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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