JSC AtraBank in the first three quarters of 2012 net profit after tax of $ 378 thousand manats, which is 15% more than recorded a year earlier. Bank's earnings were equal to 6.12 million manat, and costs - 5.74 million manat, increasing by 41.9% and 46.2%.
Assets increased in January-September, up 2.7% to $ 64.22 mln. The volume of issued and corporations loans fell by 0.2% to 45.16 million manat.
The total liabilities of the bank increased from 48.95 million to 50.1 million manat. Deposit portfolio increased by 23.1% to 23.62 million manat, including term client investments increased by 35.4% to 19.95 million manat.
Balance capital grew by 3.7% reaching 14.11 million manat, and the total capital - 3.5% higher than the 11.74 million manat, and the paid charter capital remained unchanged totaled 10.42 million manat. - 15B -
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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