The International Bank of Azerbaijan (IBA) increased its assets in 2012, up 17.5%, to 5891.361 mln. The volume of issued and corporations loans increased by 22.2% to 3856.236 million manats.
The total liabilities of the bank increased from 4308.479 to 5345.441 million manats. Deposit portfolio increased by 9.8% to 2406.347 million manats, including term client investments increased by 32.7% to 1,509.457 mln.
Balance capital decreased by 22.6% to 545.920 million manat. Aggregate capital increased by 40.4% over 720 million ($ 917 million), and paid charter capital - by 37.8% to 330.834 million manat.
The bank's earnings were equal to 377.778 million manat, and its expenses were 334.384 million manat, increasing compared to 2011, respectively by 12.1% and 6.9%. Net profit after tax increased 80.1% to 43.394 million manat. - 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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