Assets of Credo Bank increased in January- September 2013, up 28.1 %, reaching 127.84 million manat. The volume of issued and corporations loans increased by 22.7 % and amounted to 88.23 million manat.
Total liabilities of the bank increased from 63.73 million to 68.15 million manat. The deposit portfolio increased by 3 % to 16.69 million manat, including term client investments increased by 8.7 % to 13.76 million manat.
The balance sheet assets reached 55.57 million manat. The total capital increased by 80.2 % higher than 53.73 million manat, and the paid charter capital - by 83.6 % to 50.54 million manat.
The bank's earnings were equal to 8.13 million manat, and the expenses were 7.61 million manats, an increase compared to the same period in 2012 respectively by 9.9 % and 13.2 %. The net profit after tax increased 13.3 % to 528,000 manat. - 15B -
Economics
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In late February, the governments of Pakistan and Azerbaijan are expected to sign an investment agreement worth $2 billion, which will include several projects with SOCAR (State Oil Company of Azerbaijan). According to Turan, the energy cooperation projects discussed in January in Islamabad and Baku will feature in the agreement. These projects include energy efficiency initiatives, the construction of a pipeline, and SOCAR’s plans to explore the creation of underground gas storage facilities in Pakistan, as well as documents provided by the Pakistani side related to the exploration and extraction of hydrocarbons in the country.
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Azerbaijan continues to face an acute water shortage that affects both drinking and irrigation supplies, a problem that, despite frequent media attention, remains unresolved. Farmers are particularly feeling the pressure.
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BAKU, Feb 3 (Reuters) - Representatives from Azerbaijan’s State Tax Service (STS) participated in the latest session of the working group on tax, customs, and legal issues hosted by the German-Azerbaijani Chamber of Commerce.
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The Agency for the Development of Small and Medium Enterprises (KOBİA) has issued 192 start-up certificates to entrepreneurs, approximately 50% of whom are youth, according to Orkhan Mammadov, Chairman of KOBİA. The announcement was made at the Fifth Young Entrepreneurs Forum in Baku, underscoring the government's increasing focus on fostering innovation among the nation’s young entrepreneurs.
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