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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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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