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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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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