As of July 1, 2013 TuranBank assets totaled AZN 241.686 million, an increase of 25.75% compared to the same period in 2012 and 11.34% in comparison with the beginning of year 2013.
As reported in the bank's balance sheet date, the loan portfolio amounted to 177.298 million manat, which shows the growth of the portfolio by 9.93% compared with the beginning of the year 2013 and by 21.23% from the same period in 2012.
During January-June 2013 deposit portfolio increased by 4.4% compared with the beginning of the year and by 21.4% from the same period in 2012. The structure of the deposit portfolio of term deposits amounted to 51.8 million manat, which is marked 22.5% increase compared to the same period in 2012.
To date, the share capital of TuranBank in comparison with the beginning of the year increased by 33.34% and 68.05% compared with the same period in 2012 and amounted to 40.1 million manat. The total capital reached 43,549 million manat, which is characterized by a 36.64% increase compared to the beginning of the year and by 64.25% compared to the same period in 2012.
According to the results of operations for January-June 2013, the income of TuranBank with total expenditures in the amount of AZN 10.5 million was equal to 13.1 mln manats. Net income for the period amounted to 2.6 million manat. -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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