TuranBank financial summary January to October this year
As of November 1, 2013 TuranBank assets totaled 237.33 million manat, increasing by 14.85 % compared with the same period in 2012 and by 9.33 % compared with the beginning of 2013. At the reporting date the loan portfolio amounted to 183.671 million manat, which demonstrates the growth portfolio 13.88 % compared with the beginning of 2013 and 18.09 % from the same period in 2012.
In the period January-October 2013 deposit portfolio and the volume of customer accounts amounted to 104.1 million manat. In the structure of the deposit portfolio of term deposits of individuals amounted to 57.536 million manat, which marked 32.6% increase, compared to the same period in 2012.
As of November 1, 2013 the shareholders' equity compared with the beginning of the year increased by 33.34% and reached AZN 40 million. During the reporting period, the aggregate capital reached 45.5 million manat, which is characterized by a 42.79 % increase compared to the beginning of the year and 33.79 % compared with the same period in 2012.
The structure of the bank's share capital comprises 27 founders, 5 of which are legal persons (23.84 %) and 22 are individuals (76.16 %).
By results of January-October 2013 , the bank's income with total expenditures amounting to 18,085 million manats totaled 22.7 million manat. The net income for the period amounted to 4.615 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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