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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A presentation of the 2024 Roadmap for improving Internet utilities, part of the World Bank Group's "Favorable Business Environment" project, took place in Baku, officials said on Thursday.
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A strategic partnership agreement was signed in Baku today between Green Capital Management, a UAE-based company with Azerbaijani investments, and the Qatari company Al Baladi Holdings. The document was signed by Adnan Ahmadzadeh and Khayal Gaibov (Acting CEO), shareholders of Green Capital Management, along with Mohammed Abdullah Hamad Al Ibrahim Al-Attiyah, owner and President of Al Baladi Holdings, and Executive Director Hani Al Sayadi.
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Azerbaijan and Serbia convened today in Baku for the 8th meeting of their intergovernmental commission on trade and economic cooperation. The session was co-chaired by Azerbaijan’s Minister of Labor and Social Protection, Sahil Babayev, and Serbia’s Minister of Culture, Nikola Selakovic.
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President of the State Oil Company of the Republic of Azerbaijan (SOCAR) Rovshan Najaf met with Chairman of the Board of the Kazakh National Company KazMunayGas Askhat Khasenov to discuss issues of expanding cooperation and increasing the volumes of transit of Kazakh crude oil through Azerbaijan.
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