BAKU/21.01.14/TURAN : OJSC DemirBank by the results of last year had a net profit after tax of 5 million manat, which is 99.8 % more than in 2012. The bank's earnings equaled 62.32 million manat and its expenditures were 57.31 million manat, increasing by 21.4 % , respectively , and 17.4%.
The bank's assets during 2014 increased by 5.7 %, amounting to 405.19 million manat. The loans issued to individuals and legal entities grew by 11.4% to 304.74 million manat.
The total liabilities of the bank increased from 336.79 million to 354.67 million manat. The deposit portfolio increased by 14% , amounting to 190.99 million manat, including term client investments increased by 19.4 % to 158.13 million manat.
The equity capital increased by 8.9% reaching 50.53 million manat, and the total capital - 6.2 % to 59.36 million manat. The paid charter capital remained at 21 million manat. -15B -
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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