Assets of Amrahbank increased in January-September 2012, up 12.2%, reaching 95.47 million manat. The volume of issued and corporate loans grew by 35.5% and amounted to 68.28 million manat.
The total liabilities of the bank increased from 63.73 million to 72.3 million manat. The deposit portfolio increased 8.4% to 61.11 million manat, including term client investments that increased by 25% to 43.21 million manat.
The balance capital grew by 8.9%, reaching 23.17 million manat and the total capital - by 8.1% to 22.75 million AZN. The paid authorized capital remained at 14.71 million manat.
The bank's earnings were equal to 11.79 million manat, increasing as compared to the corresponding period of 2011 by 2.6%, while spending on the contrary decreased by 21.2% to 10.43 million manat. The net income before taxes totaled 1.54 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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