Assets of RabitaBank increased in January-March 2013 by 23.7%, reaching 193.79 million manat. The volume of issued and corporate loans grew by 6.6% and amounted to 112.49 million manat.
The total liabilities of the bank increased from 122.74 million to 149.39 million manat. The deposit portfolio increased by 41.2% to 119.34 million manat, including term client investments increased by 9.8% to 70.53 million manat.
The balance sheet assets reached 44.39 million manat. The total capital grew by 31.1% higher than the 44.13 million manat, and paid charter capital - by 33.3% to 40 million manat.
The bank's earnings were equal to AZN 5.2 mln and the expenditures - AZN 4.9 million, an increase compared with the same period of year 2012, respectively, 23.8% and 25.6%. Net profit after tax increased 66.1% to 324 thousand manats. - 15B -
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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