JSC Parabank in the first three quarters of 2012 had net profit after tax of 942 thousand manats, which is 7.7 times more than the figure recorded a year earlier. Bank's earnings were equal to 14.42 million manat and expenditures - AZN 13.48 mln, down respectively by 2.2% and 7.5%.
Assets increased in January-September, up 4.3% to 109.33 million manat. Lending to individuals and businesses increased by 6.2% and was equal to 78.68 million manat.
Total liabilities of the bank increased from 91.77 million to 95.57 million manat. Deposit portfolio decreased by 2.2% to 62.86 million manat, including term client investment that decreased by 4.7% to 57.26 million manat.
Balance capital grew by 6.2% to 13.76 million manat, and the total capital - 28.6% higher than the 16.23 million manat. Paid authorized capital remained at 11.57 million manat. - 15B -
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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