International Bank of Azerbaijan-Georgia (IBA-Georgia) received in the first three quarters of 2012 net income of Lari 4.3 million, which is four times more than the same period last year.
According to the report of the IBA, the bank's assets as of October 1 of this year amounted to Lari 128.7 million, an increase for the period by 28.13%. The loan portfolio grew by 71.3%, to Lari 97.7 million.
The number of businesses and individuals - the bank's clients - was 1,462 (12-month growth by 37.5%). The deposit portfolio increased by 35%, reaching Lari 89.2 million.
International Bank of Azerbaijan - Georgia got the state and tax registration in 2006, and in February 2007, it was licensed by the National Bank of Georgia. Today, the authorized capital is Lari 22.7 million. - 15D -
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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