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 is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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