From January to May 2012 total incomes of the banks operating in Azerbaijan reached 659.73 million AZN, up 105.94 million AZN or 19.2% against the same period last year. The non-percentage incomes increased by 18.1% up to 133.8 million AZN.
During this period banks’ costs increased by 58.32 million AZN or 13.3% up to 498.25 million AZN. The reserve allocations to assets increased by 55.39 million AZN or 2.1 times against the same period last year and totaled 103.95 million AZN (with annual growth of assets by 14.2%).
A source from the Central Bank of Azerbaijan (CBA) told Turan that during this period the main part of bank incomes fell to the percentage payments – 79.7% and in the expenses 53.9% fell to payment of percentage.
Annual profit of banks less taxes totaled 58.22 million AZN, down 10.9% against January-May 2011. During a year total profit of the banks dropped by 15.2% and totaled 53.16 million AZN.
36 banks worked with profit and their total net profit reached 118.95 million AZN. Losses of 8 unprofitable banks totaled 65.79 million AZN. Number of profitable banks increased by 2 against the same period in 2011. Number of unprofitable banks dropped by 2 and total sum of their losses increased by 4.4 times.—0—
Economics
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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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