the International Bank of Azerbaijan in the first quarter of 2013 had net profit after tax of 12.01 million manat, which is 69.2% more than the same period in 2012. The bank's earnings were equal to 113.81 million manat, expenses - 101.8 million manat, increasing respectively by 24.2% and 20.3%.
Assets increased in January-March, up 5.7% to 6226.8 million manat. The volume of issued and corporations loans grew by 4.2% and amounted to 4,019.69 million manat.
Total liabilities of the bank increased to 5,345.44 million and 5,660.02 million manat. The deposit portfolio increased by 17.5% to 2827.01 million manat, including term client investments increased by 1.2% to 1527.08 million manat.
Balance sheet assets reached 566.89 million manat. The total capital grew by 3.1% higher than the 747.6 million manat, and paid charter capital - by 0.2% to 331.41 million manat. - 15B -
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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