total revenue banks operating in Azerbaijan last year amounted to 1625.13 million manat, or 204.39 million or 14.4% from the previous year. Bank expenses for the period increased 172.03 million or 15.3% to 1296.76 million manat. Accruals on assets increased by 25.6 million or 19.1 totaled 159.73 million manat (with assets growth of 26.5%).
Turan was told by the Central Bank of Azerbaijan, in the structure of the main part of banking income fell on interest income - 77.4%, in the proportion of this cost is almost identical.
The total profit of the banking system amounted to 130.01 million manat, 11.36 million or 8.1% less than in 2011.
In the past year were 33 profitable banks, whose total net profit exceeded 195.51 million manat. Loss of 10 loss-making banks totaled 65.50 million manat. In comparison with 2011 the number of profitable banks increased by 3 units. The number of unprofitable banks decreased as much as the total amount of their losses increased by 41.6%. - 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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