Assets of Azerbaycan Kredit Banki declined during the first half of this year by 2.8% to 21.26 million manat. Loan portfolio as of July 1, amounted to 26.57 million manat, of which 17.31 million or 65.14% accounted for overdue loans.
The total liabilities of the bank for the period decreased from 17.7 million to 16.75 million manat manat. Deposit portfolio increased by 3.9% to 9.43 million manat. Of these, 7.91 million manat was term deposits
The balance capital increased to the level of 4.51 million manat, and paid charter capital remained unchanged at 11.43 million manat.
Revenues and expenses of the bank equaled respectively 656,000 and AZN 2.95 bn. According to the results of operations for January-June, the bank posted a loss of 2.29 million manat. -15D--
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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