The assets of the local Muganbank at the end of last year reached 424 million 526 thousand manat (+ 26.9%).
Its loan portfolio as of 1 January of this year amounted to 290 million 832 thousand manat (+ 32.2%) at a much slower accumulation of deposit accounts - 181 million 317 thousand manat (+ 19.3%).
In the reporting period, the bank's liabilities were at 372,270,000 manat (+ 29.1%) with a net profit of 4 million 697.67 thousand manat.
The equity capital as of 1 January of this year amounted to 52 million 252 thousand manat (+ 11.4%) and the authorized capital was 45 million 306 thousand manat (+ 9.7% per year).
JSC Muganbank was formed in November 1992. Elmir Hasanov is the Chairman of the Board. Shareholders of the bank are Elmir Mehdiyev (63.5%) and three other individuals. --17D-
Economics
-
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.
-
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."
-
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.
-
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.
Leave a review