The Investment and Commercial Bank Nikoil completed the 3rd quarter with a net profit - by October 1, it was 3.64 million manat.
According to the report of the bank, to this date, its assets amounted to 336,630,000 manat (+ 24.4%), and the loan portfolio – 265 080 000 manat (+18.4%).
Liabilities of the bank at the end of the reported period were 287,020,000 manat (+29.2%). The deposits were 190,290,000 manat, increasing by 26.3%, and the household deposits occupied the leading place in this - 166 million manat.
The bank's equity as of 1 October rose to 49,610,000 manat (+2.5%) at the authorized capital of 34.5 million manat.
Bank Nikoil has been working in Azerbaijan since 1997. The shareholders are Topaz Investment (56.38%), JSC Nikoil (42.62%) and LLC ISR Holding (1%) .--17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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