Deposits of Population Less than Third of Deposits of AFB Bank
The volume of deposits in OJSC AFB Bank by the end of the first quarter was at the level of 74 million 710.3 thousand manat, of which less than a third (22 million 943 thousand) were deposits of the population that is a sign of corporate financial structure.
The bank's assets amounted to 293 million 187 thousand manat (minus 0.3%) at the loan portfolio of 208 million 177 thousand manat (3.1%) and liabilities of 214 million 139 thousand manat (minus 2%).
The equity capital at the end of the first quarter was 79 million 47.3 thousand manat (3.1%) at the authorized capital of 70 million 393.46 thousand manat constant YTD.
By April 1, the bank came up with a net profit of 2 million 270 thousand manat.
JSC AFB Bank (initially acted as Azfinansbank) received a banking license on 28 November 2008. Its shareholders are a single legal entity (LLC Gilan – 99.2%) and two individuals. --17D-
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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