Assets of Expressbank increased in January-December 2012 by 45.5% to 250.74 million manat. The volume of loans grew by 28% and amounted to 104.1 million manat.
The total liabilities of the bank increased from 92.37 million to 148.89 million manat. Deposit portfolio increased by 83.4% to 136.11 million manat, including term client investments increased by 39.9% to 28.39 million manat.
Balance capital reached 101.84 million manat. Aggregate capital increased by 25.4% to 99.74 million manat, and paid charter capital - by 31% to 87.41 million manat.
The Bank's earnings were equal to 31.58 million manat and the expenditures were 21.12 million manat, increasing as compared to the corresponding period of 2011, respectively, 32.7% and 71.5%. Net profit after tax decreased 8.7% to 10.47 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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