As of January 1, 2013 TuranBank assets totaled 217.6 million manat, increasing by 31.3% compared to the beginning of 2012. At the balance sheet the loan portfolio totaled 161.5 million manat, which demonstrates the growth of the portfolio of 38.1% compared to the beginning of the year.
As reported in the bank, in the period January-December 2012 the portfolio of deposits increased by 18.6% compared to the beginning of the year. In the structure of the deposit portfolio term deposits amounted to 59.8 million manat, and there is 12.6% 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 41.9% and amounted to 33.9 million manat. The authorized capital in the recapitalization has reached to 30 million manat, which is characterized by a 36.4% increase compared to the beginning of the year.
The structure of the bank has 27 founders, 5 of which are legal persons (19.41%) and 22 are individuals (80.59%).
On the results of the 12 months of 2012, the costs of TuranBank amounted to 19.2 million manat and the revenues were 23 million manat.
The net income for the period was 3.9 million manat. -15D--
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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