The assets of the Industrial Bank of Azerbaijan in 2016 compared to 2015 increased by 90 million 780 thousand manat, or 13.1%, amounting to 781 million 179 thousand manat.
The bank's liabilities for the specified time also increased by 90 million 377 thousand manat or 14.7% to 702 million 525 thousand manat.
The bank’s deposits increased by 7 million 6 thousand manat (1.64%), reaching 432 million 707 thousand manat.
The timed deposits of legal entities are 32 million 636 thousand manat and those of individuals are 324 million 781 thousand manat. Call deposits of legal entities amount to 63 million 993 thousand manat, and those of individuals are 11 million 296 thousand manat.
The bank’s debt to the Central Bank for the year did not change and is 10 million manat.
The bank's capital for the reporting period rose by 6 million 403 thousand manat or 8.1% to 84 million 653 thousand manat.
The credit portfolio for the year grew by 76.2% or 128 million 641 thousand manat, reaching 297 million 418 thousand manat.
The overdue loans are 7 million 861 thousand manat or 2.64% of the total loan portfolio.
In 2016, the bank showed a profit of 3 million 833 thousand manat. -------71D
Economics
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Azerbaijan's state oil company SOCAR announced plans on November 15 to issue green bonds in the Azerbaijani financial market to support environmentally sustainable projects.
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The State Oil Company of Azerbaijan Republic (SOCAR) on Friday signed a memorandum of understanding (MoU) with Masdar of the United Arab Emirates and ACWA Power of Saudi Arabia to develop a network of offshore wind farms with a total capacity of 3.5 gigawatts in the Azerbaijani sector of the Caspian Sea.
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Russian delegates at the COP 29 climate summit have reaffirmed their commitment to upholding the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Russian Federation stressed the importance of adhering to the principle of "common but differentiated responsibilities," arguing that developed nations must continue to honor their commitments to climate finance, while allowing developing countries to contribute on a voluntary basis.
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The world faces a shortfall of up to $87 billion annually for climate adaptation efforts by 2030, according to Lord Livermore, Financial Secretary to the UK Treasury. Speaking at the panel discussion titled "Mobilizing for Climate Action: Countries, Multilateral Financial Organizations, and the Private Sector Implementing the Paris Agreement," Livermore highlighted the urgent need for increased investment in adaptation measures.
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