The revenues of Bank Standard in the first three quarters of this year amounted to 59.97 million manat. Of these, 16% were non-interest income, which in turn decreased compared to the same period last year by 13.2%. The share of non-interest income in total income for the year decreased by 6.6 percentage points, and as compared with January-September 2010 - by 10.4 percentage points. With the end of the third quarter of 2011 the bank hides data about its costs and the level of its total capital.
The assets increased in January-September 2012, up 11.3% to 767.16 million manat. The lending to individuals and businesses increased to 493.27 million manat.
The deposit portfolio amounted to 502.83 million manat. Of these, 399.01 million manat fell to urgent client investments.
The balance capital decreased 7.6 million or 10.9 percent to 62.33 million manat. The paid authorized capital remained at the level of AZN 75 million. - 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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