The loan portfolio of AFB Bank OJSC decreased by 9.4% and made up AZN 181.01 million in 2015.
But, as stated in his report, 7.2% of its assets grew, reaching 312 million 574 thousand AZN by January 1 and the liabilities grew by 10.5% to 234.07 million manats.
The deposit accounts grew by 7.6% and amounted to 123 million 281 thousand AZN, including deposits of the population - 20 million 764 thousand manats.
The bank’s ownership capital by the end of the reported period was at the level of 78 million 504.9 thousand manats (+ 5.6%). During the year there was no change in the authorized capital of 70 million 393.46 thousand manats.
The bank completed last year with a net profit of 2 million 79.4 thousand manats.
AFB Bank OJSC has been operating in the market from 28 November 2008. The main shareholder is Gilan Ltd. (99.2%), with two individuals besides that. --17D-
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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