OJSC "Xalq Bank" in the first three quarters of 2012 net profit after tax of 8.98 million manat, which is 4.2 times more than the figure recorded a year earlier. The bank's earnings were equal to 48.21 million manat, increasing by 11.8%, while its expenses decreased by 4.2% to 39.23 million manat.
Assets increased in January-September by 16.3% to AZN 831.48 million ($ 1.1 billion). The volume of issued and corporations loans grew by 41.1% and amounted to 625.61 million manat.
The total liabilities of the bank increased from 533.31 million to 634.74 million manat. Deposit portfolio increased by 22.6% to 512.97 million manat, including term client investments increased by 10.3% to 358.93 million manat.
The balance capital reached 196.74 million manat. The aggregate capital increased by 7.7% higher than the 186.62 million manat, and paid charter capital - by 20.4% to 169.1 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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