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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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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