JSC Pasha Bank in the first three quarters of 2013 had a net profit of 7.21 million manat, which is 37.5 % less than the same period in 2012. The bank's earnings were equal to 54.06 million manat , expenses - 46.85 million manat, increasing respectively by 13.9 % and 30.2 %.
The assets decreased in January -September, up 7.3 % to 687.89 million manat. The volume of issued and corporations loans increased 29.6 % to 363.97 million manat.
Deposit portfolio decreased by 30.3 %, amounting to 318.32 million manat, including term client investments decreased by 36% to 123.97 million manat.
The total capital grew by 32.1 % higher than the 235.18 million manat, and the paid charter capital - by 45.2 % reaching 228 million manats. - 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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