JSC Bank Silk Way released data for the 3rd quarter of this year - its assets by 1 October were 233,460,000 manat (+ 14.9% on 1 January) at the loan portfolio was 166,700,000 manat (+ 13.7%).
The liabilities, including long-term ones, of this financial structure by the end of the reporting period were equal to 125,010,000 manat (+ 25.9%). Deposits in the bank at the end of September 2014 amounted to 54,510,000 manat (+ 19.9%), of which the deposits of the population were AZN 41.724 million (+ 64.8%).
The authorized capital increased by 5.9% to 105 766 630 manat, and slightly higher was the level of equity - 108 445 740 manat (+4.3%).
The net profit by the results of January-September amounted to 6,435,250 manat.
JSC Bank Silk Way has been in effect from 25 January 2008 (it was previously called Azal Bank). The shareholders are two individuals and one entity. --17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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