The state-run Azer-Turk Bank issued a semi-annual report, according to which the bank's profit amounted to 8.9 million manat.
Over H1 the bank's revenues exceeded 26.3 million AZN, including interest on customers loans - about 11 million AZN. As of July 1 this year, customers were provided loans totaling 154 million AZN. Provision was created for depreciation of loans in the amount of about 6 million AZN.
Expenses of Azer-Turk Bank on deposits amounted to only 2.7 million.
In January-June, the bank did not pay enterprise profit tax to the state budget.
At the end of June Azer-Turk Bank assets exceed 880 million AZN.
The state represented by the State Property Committee owns 75% of the shares of Azer-Turk Bank. Turkish Ziraat Bank owns 12.37%, and Ziraat Bank International – 1.08%. The bank's shareholders also include two insurance companies: Reinsurance Company AzRe - 6.55% and Gala Hayat Sigorta - 5%. - 08D -
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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