Long-term credit rating of JSC AGBank downgraded from "B" to "B". At the same time, the international agency Standard & Poor's affirmed the short-term credit rating of Azerbaijan at the level of "C". The outlook is 'Stable'.
Deterioration of the situation due to the fall of the year, capital ratios and profitability of the bank against the backdrop of rapid asset growth, increasing the cost of provisioning and the lack of new capital inflows. According to analysts of the agency, a slow increase in the quality of the loan portfolio had a negative impact on profitability and capitalization AGBank last year.
"The Bank will gradually stabilize the level of problem loans, while increasing the level of redundancy and maintaining capital ratios are not lower than the current level," - said the agency.
The first private bank in Azerbaijan AGBank was founded in 1992. Its shareholders are the International Finance Corporation (17.5%), the company Kazimir Partners (10%), individuals (70.59%), the rest - both private and state-owned enterprises. - 17D-
Economics
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Azerbaijan’s State Oil Fund (SOFAZ) reported a 10.7% decline in revenues from the Azeri-Chirag-Gunashli (ACG) oil field block in 2024, amounting to $740.7 million less than the previous year. Total earnings from ACG from the start of 2024 until January 1 stood at $6.16 billion, down from $6.89 billion over the same period in 2023, according to SOFAZ.
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The Azerbaijan Land Transport Agency (AYNA) has reduced the average age of taxis from 15 to 7 years in 2024 as part of comprehensive transport reforms aimed at enhancing safety, sustainability, and service quality.
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