JSC Parabank in the first three quarters of 2013 had a net profit after tax of 1.61 million manat, which is 70.2 % more than the same period in 2012. The bank's earnings were equal to 15.49 million manat , expenses - 13.69 million manat, increasing by 7.6 % and 1.5 %.
Assets increased in January -September up 9.3 % to 119.77 million manat. The volume of loans increased 14.6 % to 87.14 million manat.
The total liabilities of the bank increased from 90.11 million to 98.75 million manat. The deposit portfolio increased by 8 % to $ 68.69 million manat, including term client investments increased by 6.9 % to 63.74 million manat.
The balance capital grew by 7.9 % to 21.02 million manat, and the total capital - by 9.5 % higher than the 18.45 million manat. Paid charter capital remained unchanged totaled 11.57 million manat. - 15B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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