During a year the assets of the International Bank of Azerbaijan (IBA) increased by 24.8% and by July 1, 2013 totaled 6.42 billion AZN, reported IBA press office.
The IBA credit portfolio increased by 31.2% against the same period in 2012 and totaled 4,473 billion AZN by July 1, 2013. The credit allotted to the physical persons totaled 518.8 million AZN.
During 6 months, 2013 deposits of population in the bank totaled 1,482 billion AZN, up 40.7% against July 1, 2012.
The bank’s aggregate capital totaled 765.56 million AZN, up 61.4% against July 1, 2012. During a year IBA authorized capital was increased up to 340 million AZN.
During 6 months, 2013 IBA net profit totaled 24.3 million AZN, up 44.6% against the same period during 6 months, 2012.
By the end of 6 months, 2013 ratio of assets profitability (ROA) constituted 0,39%, ROE (profitability of own capital) – 4.31% against 0.34% and 3.90% by July 1, 2012, respectively.—0—
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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