In the first half of this year, revenues of the group of companies International Bank of Azerbaijan amounted to about 450 mln AZN. However, the capital of the bank’s owners fell by 24.5%.
In the first six months of this year, the bank suffered a loss amounting to 215.8 million manats.
While by the beginning of the year the bank's shareholders had retained earnings of 65.6 million manats, then by June 30, the bank's losses reached 130.4 million manats.
The bank unveiled audited financial statements for January-June 2015. According to the report, the volume of loans increased 19% to 9 billion 352.6 million manats. The bank's assets by 30 June amounted to 10.7 billion manats, an increase of 16.9%.
The bank's liabilities in the first half of this year increased by 20.2% and reached 10 billion 235 million manats.
It is noteworthy that while at the beginning of this year, the state's share in the capital of IBA amounted to 51.07%, on June 30 it reached 81.86%. How it happened has not been reported.
In July of this year it was ordered to achieve IBA financial recovery with a view to further privatization. To implement this task, the transfer of the bank’s harmful assets to the non-bank crediting organization (NBCO) Agrarkredit was envisaged. In September, the bonds of NBCO Agrarkredit were placed in the amount of 2 billion manats. These securities were acquired by the Central Bank. IBA informs that by the end of December the remaining bonds of 1 billion mantas will be placed. -----08B
Economics
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In Azerbaijan, the minimum consumption basket may be reassessed next year. This was discussed during a joint meeting of parliamentary committees. The last changes to the consumption basket were made a decade ago. However, during this period, inflation has risen, and the cost of the minimum living standard has also increased. Moreover, some experts believe that the current minimum consumption basket in Azerbaijan requires significant updates, with the inclusion of additional goods and services.
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Azerbaijan's draft state budget for 2025 prioritizes strategic objectives outlined by President Ilham Aliyev, including economic growth, social development, and reconstruction of liberated territories, according to senior officials speaking at a parliamentary session on Monday.
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The management of the Baku Metro often announces projects for new underground lines and stations, but official information never includes data on the cost of laying a kilometer of track or building specific metro stations. Journalists sometimes obtain details from unofficial sources, raising doubts about the reliability of such information. For instance, in 2021, an unofficial government source reported a cost of 60 million manats for planned construction of a single station on the Purple Line. This figure excluded finishing works, installation of communication lines, electronics, escalators, and elevators.
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The Milli Majlis (Parliament) of Azerbaijan began discussions on Monday regarding the draft state budget for 2025, which projects expenditures of AZN 41.368 billion.
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