JSC NBC Bank opened the semi-annual financial report (https://goo.gl/dEuIWk), according to which, on revenue of 10.4 million AZN, net profit of the bank amounted to 2 million 838.3 thousand AZN.
On 1 July 2016 the undistributed profit of the bank exceeded 7.7 million AZN. Shareholders of the bank owned capital of 51.5 million AZN.
It is noteworthy that according to the audited annual report for 2015, the capital of JSC NBC Bank was only 35.3 million AZN on total capital requirement at the level of 50 million AZN.
According to the report, the share capital within 6 months increased from 46.5 million to 58 million AZN.
By the beginning of July this year, the population had deposits in JSC NBC Bank of 74.7 million AZN, of which 67 million AZN was invested in foreign currency. The volume of bank loans is 116.7 million AZN. Loans totaling 70.4 million AZN were issued in foreign currency.
JSC NBC Bank was created in 1992. The shareholders of the bank are two legal entities (LLC Nurgun Group - 6% and Caspian Insurance Co Ltd. – 27.6%) and 7 individuals. The bank is controlled by Nuru Aliyev (65.9%) and his relatives. --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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