Assets of "Mugan Bank" increased during the first three quarters of 2013 by 9.4%, to 319.11 million manat. Loans to customers increased by 15.9% to 235.1 million manat. The volume of non-performing loans increased to 9.38 million manat, and their share in total loan portfolio reached 4%. Consumer loans grew by 9.5% to 52.05 million manat.
The total liabilities of the bank increased to 264.72 million manat. The deposit portfolio increased by 0.1%, amounting to 116.26 million manat, and time deposits increased by 6.5% to 83.1 million manat.
Balance sheet assets reached 54.39 million manat. The total capital grew by 12.4% higher than the 50.74 million manat, and paid charter capital - by 10.1% to 41.31 million manat.
Revenues and expenses of the bank equaled 31.49 million, respectively, and 26.86 million manat. Net profit amounted to 4.63 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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