In the first half of 2014 JSC Capitalbank improved financial performance. Operating and interest income of the bank amounted to 82.365 million manat, and the value of the total capital (238 million AZN) to risk-weighted final assets (929 mln AZN) exceeded 25%.
According to the financial report, the bank expenses for the first six months amounted to more than 54 million AZN and, taking into account other income, it received 32 million AZN as profit. This is more than 2 times higher than in the same period last year. After tax profits, the bank earned 25.729 million manat of net profit. Each share was 1.4 manat profit. Besides, the bank had reserved 58.8 million AZN to cover potential losses on assets.
With assets of 1 billion 268 million AZN the bank has liabilities amounting to 1 billion 23.2 million AZN. Equity attributable to the shareholders exceeds 244 million AZN.
JSC Capitalbank is controlled by the LLC Pasha Holding, which owns 99.84% of its shares. The bank has started a sustainable dividend policy, paying on the basis of 2013 dividends totaling 21.3 million AZN. --08B ---
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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