JSC Caspian Development Bank (CD Bank) in the first half of this year received revenues totaling 4 million 576 thousand manats. Operating profit of the bank amounted to 444 thousand manats, its financial statements noted.
By July 1 this year, the bank granted loans totaling 107 million AZN, on which only in the first half of the year it made provision for possible losses, totaling 5 million 173 thousand AZN.
The bulk of the loans granted accounted for SOCAR share. Under what draft the oil company was granted a loan is not reported.
As of July 1, 2016 CD Bank assets were estimated at 120 million AZN. The shareholders’ capital is 64.2 million AZN.
JSC Synergy Group owns 99.91% of the shares of JSC CD Bank. The shareholders also include Ibrahim Alyshov and Hasan Jafarov. The person ultimately controlling the bank is Ashraf Kamilov. In 1988 the bank was established under the name Universal Bank. In 2001 it was renamed to Kovsar Bank. In 2014, in connection with the change of ownership, the bank was named Caspian Development Bank. ----08D
Economics
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Kazakh Energy Minister Almasadam Satkaliyev said on Monday that Kazakhstan and Azerbaijan continue to discuss prospects for transporting Kazakh oil through the Baku-Supsa oil pipeline, which has been idle since spring 2022, Kazakh media reported.
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The supply of Azerbaijani gas to North Macedonia will transition to a regular basis in the mid-term, an informed source told Turan.
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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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