The loan portfolio of JSC NBC Bank in the first quarter decreased by 0.3% to 118 million 128 thousand manat. This is partly reflected in the profit - in January - March, the bank's net loss was at 586 thousand manat.
By April 1, also reduced the bank's own capital (minus 0.9%), amounting to 50 million 572 thousand manat.
Nevertheless, the assets increased 2.8% - up to 141 million 928 thousand manat, while the liabilities increased 4.9% - to 91 million 356 thousand manat. The deposit accounts during this period totaled 64.1 million manat (+ 10.4%).
The authorized capital is unchanged - 46 million 536 thousand manat. On December 24 last year, the bank tried to place shares in the amount of 5 million manat to bring the authorized capital to the level required by CBA - 50 million AZN, but the attempt was not successful.
JSC NBC Bank was established in December 1992. The Chairman of the Supervisory Board is Fuad Ganbarov. The Acting Chairman of the Board is Elchin Mammadov. --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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