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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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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