Due to the corporate parties, the credit portfolio of AFB Bank by October 1 was 216,550,600 manat (+ 23.2% against the beginning of the year).
According to the report of the bank, its assets increased by one-third (33.1%), amounting to 311 987 700 manat. Its liabilities, including long-term ones, on the basis of the 3 quarters, were equal to 244,803,100 manat (+ 35.4%).
The level of deposits was 74,349,000 manat (+ 5.1%), with private contributions of 17 million manat (+ 18.9%).
There was recorded solid increase in the capital – the equity capital amounted to 67,184,550 manat (+ 25.4%), and the authorized capital amounted to 59,710,530 manat (41%).
The activity was not a loss – in the first 9 months of 2014 the net income was 4,764,900 manat.
AFB Bank (formerly Azfinansbank) received a banking license on 28 November 2008. The major shareholder is Gilan Ltd. (99,2%) plus two individuals. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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