Assets of Demir Bank increased last year by 7.1% to 383.15 million manat. The volume of loans grew 8.8% to 273.51 million manat.
The total liabilities of the bank increased from 312.78 million to 336.79 million manat. The deposit portfolio increased by 12.8% to 167.47 million manat, including term client investments that increased by 26.7% to 132.43 million manat.
The balance capital grew by 3.6% to 46.37 million manat, and the total capital - 12% to 55.92 million manat. The paid charter capital remained at the level of 21 mln AZN.
The bank's earnings were equal to 51.29 million manat and the expenditures were AZN 48.78 million, an increase compared to 2011, respectively, 13.5% and 13.4%. The net profit after tax increased 14.6% to 2.51 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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