Parabank increased its net profit by 70.2 %
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 financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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