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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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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