Over the past 12 months, the capital of "Bank of Baku" declined by about two times, and totaled for the beginning of July, 64.7 million manat. The Bank does not disclose detailed reporting on revenues. However, the balance sheet is expiring, and in the first half of this year it worked at a loss in the amount about 200,000 manat, while in the same period in 2015 undistributed profit of the bank exceeded 47 million AZN.
In annual terms, the assets of the "Bank of Baku" decreased by about a quarter and up to the beginning of July 2016 by 587, 3 million manat. The credit portfolio decreased by 213 million manat, and the bank's loan portfolio fell to 327 million manat. The deposit of the clients of the bank reduced by 132 million manat the volume of deposit of the customers of the bank. For July 1, the volume of deposits totaled 306 million manat.
The OJSC "Bank of Baku" is valid since 2005. The authorized capital is 52.8 million manat. Its shareholders consist of: "NAB Holding" (Turkey) - 35%, "Azpetrol Neft Sirketi" - 28,89%, Hikmat Ismayilov - 31.11% and Elchin Isayev - 5%. In 2015, Hikmet Ismayilov increased stake in the bank to 10% by buying shares from "NAB Holding" (5%) and Elchin Isayev (5%). --08B--
Economics
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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