The total loan portfolio of Zamin Bank as of October 1, decreased by 4.6%, going up to around 305 million 328 thousand manat. Even more (10.9%) narrowed the possibility of consumer credit, amounting to 193 million 643 thousand manat.
At the same time slightly (0.1%) increased the level of assets - up to 502.93 million manat with obligations, including long-term 430 million 790 thousand manat (minus 0.3%).
On deposit accounts accumulated 86 million 219 thousand manat (minus 18.6%). The population most actively withdrew money from the accounts (individuals who are not engaged in business) - in this segment backlog was 22% with the remaining 76 million 846 thousand manat.
Equity capital for the reporting period amounted to 58 million 330.6 thousand manat (3.5%) at the still constant authorized capital of 52 million 181.8 thousand manat.
This bank, in January-September, worked with a net profit of 1 million 936.45 thousand manat.
Zamin Bank was established in 1992. Its main shareholder is Nadir Ismayilov, who is also the head of the Supervisory Board (98.54% interest). His brother Mahir has 1.45% of the shares and Elizabeth Mileshkina has 0.1%. Chairman of the Board is Zahra Guliyeva. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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