OJSC DemirBank in the first quarter of 2013 had a net profit after tax in the amount of 717,000 manat, which is 26.2% less than the same period in 2012. The bank's earnings were equal to 13.99 million manat, and the expenses were 13.28 million manat, increasing respectively by 25.2% and 31.7%.
The assets decreased in January-March by 2.5%, to 373.58 million manat. The volume of issued and corporate loans decreased 1.2%, amounting to 270.13 million manat.
The total liabilities of the bank decreased from 336.79 million to 326.63 million manat. The deposit portfolio increased 0.4%, amounting to 168.24 million manat, including term client investments increased 4.8% to 138.71 million manat.
The balance capital grew by 1.3% to 46.96 million manat, and the total capital - by 1.1% to 56.52 million manat. The paid-in share capital of the bank remained at 21 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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