NIKOIL Bank grew in January-June, nearly 15%
Assets of CBI NIKOIL in the first six months of this year increased by 14.61 million or 7 per cent reaching to 223.68 million manat. Lending to individuals and legal entities in the reporting period increased by 11.56 million or 7.1% amounting to 173.65 million manat.
The total liabilities of the bank increased to 188.19 million manat. The deposit portfolio increased by 7.52 million or 6.5 percent of 122.3 million manats, including term client investments increased by 4.7% to 106.64 million manat.
Balance sheet assets reached 35.49 million manat. The total capital increased by 3% to more than 31.96 million manat, and paid charter capital remained unchanged at 22.5 million manat.
Revenues and expenses of the bank equaled 16.84 million, respectively, and 15.88 million manat. Net profit after tax amounted to 957.7 million manat. -15B -
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review