The assets of Pasha Bank increased in January-October this year at 94.62 million or 16.6%, reaching 665.05 million manat. The volume of issued and corporate loans increased 67.63 million or 27.6% to 313.07 million manat.
The deposit portfolio for the period increased by 3.5% to 383.95 million manat, including term client investments that increased 30.12 million or 18.1% to 195.99 million manat.
The aggregate capital increased 34.84 million, or 24.4%, reaching 177.86 million manat, and the paid charter capital increased 33.53 million or 27.1% to 157 million manat.
The income and expenses of the bank were respectively 47.49 million and 35.95 million manat. The net income amounted to 11.54 million manat.
The total number of issued bank active cards increased for ten months in 2012 by 3,652 units or three-fold to 5,457 units. During the reported period, the bank mounted seven additional ATMs, including five in the reported month. Thus, the total number of the equipment reached 16 units. - 15B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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