As of September 1, 2012 assets of TuranBank totaled 195.9 million manat increasing by 18.2% compared with the beginning of the year and by 27.9% compared to the same period of 2011. At balance sheet date the loan portfolio totaled 149.1 million manat, which demonstrates the growth of the portfolio by 27.5% compared with the beginning of the year and by 25.5% from the same period in 2011.
As reported in the bank, in the period January-August 2012 the portfolio of deposits increased by 12.8% compared to the beginning of the year and by 27% with the same period of 2011. In the structure of the deposit portfolio of term deposits amounted to 67.7 million manat, which is marked 17.9% increase compared to the same period in 2011.
To date, the total capital of TuranBank in comparison with the beginning of the year increased by 13.5%, and compared with the same period of 2011 by 6.1% to 27.1 million manat. The authorized capital in the recapitalization has reached to 23.8 million manat, which is characterized by 8.2% increase compared to the beginning of the year.
The structure of the bank includes 26 founders, 5 of which are legal (21.54%) and 21 are individuals (78.46%).
According to the results of the first 8 months of 2012, revenues of TuranBank at the total cost of 12.3 million manats totaled 14.7 million manat.
Net income for the period amounted to 2.4 million manat.
Today the bank has 12 branches (located in six regions: Ganja, Sumgait, Tovuz, Zagatala, Agstafa and Khachmaz) and 20 foreign exchanges.
TuranBank serves customers across the wide network of money transfer systems such as, WesternUnion, XpressMoney, Contact, Migom, Golden Crown, Privatmoney, Fast Mail, Allure and Blizko. - 15D -
Economics
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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