Assets of DemirBank on February 1, 2013 amounted to 367.7 million manat, which exceeds the corresponding date last year by 1.9 million manat. The loan portfolio of the Bank amounted to 277.6 million manat, an increase over the period by 12 million manat or 4.5%.
Total value of customer deposits in DemirBank on February 1, 2013 amounted to 158.6 million manat. Population's deposits amounted to 134.3 million manat, so growth in this indicator over the period under review amounted to 27.3%, or 28.8 million manat.
On February 1, 2013 DemirBank's authorized capital reached 21 million manat, while the total capital reached AZN 56 million.
One of the first and leading banks DemirBank began operating in 1989. Among its shareholders are major international financial institutions, such as the European Bank for Reconstruction and Development and the Netherlands Development Finance Company (FMO). DemirBank has ratings from Fitch Ratings and Planet Rating at 'B' with a "stable" forecast. These ratings are among the highest in the banking sector of Azerbaijan.-15D--
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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