NBC Bank's assets in 2016 compared to 2015 decreased by 4.95%, or 8 million 291 thousand manat, amounting to 158 million 970 thousand manat.
The bank's liabilities during the reporting period decreased to 106 million 31 thousand manat (-23 million 862 thousand manat or 18.37%).
The bank deposits for the specified time decreased by 33 million 149 thousand manat or 32.9% and amounted to 67 million 598 thousand manat.
The growth of the bank's capital amounted to 15 million 570 thousand manat and 41.66% in 2016, reaching 52 million 939 thousand manat.
During this time, the bank's loan portfolio decreased to 134 million 846 thousand manat (- AZN 18 million 132 thousand, or 11.85%). The share of non-performing loans (AZN 13 million 354 thousand) is 9.9% of the total loan portfolio.
The bank in 2016 showed a loss of 1 million 797 thousand manat. -71D-
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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