JSC "Mugan Bank" on the basis of 2012 had a net profit after tax of $ 3.88 million manat, which is 36.9% less than the figure recorded a year earlier. Bank's earnings were equal to 39.43 million manat and expenditures - 34.43 million manat, increasing by 22% and 31.5%.
Assets increased during the year by 20% to 291.81 million manat. The volume of issued and corporations loans grew by 19% and amounted to 202.89 million manat.
The total liabilities of the bank increased from 209.36 million to 243.36 million manat. Deposit portfolio increased by 27.5% to 116.17 million manat, including term client investments increased by 12.5% to 78 million manat.
Balance capital reached 48.45 million manat. Aggregate capital increased by 42.7% higher than the 45.06 million manat, and paid charter capital - by 68.6% to 37.51 million manat. - 15B -
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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