JSC Zaminbank in the first quarter of 2013 received net profit after tax of 4.59 million manat, which is 2.9 times more than the same period in 2012. The bank's earnings were equal to 7.06 million manat, and expenses - 2.46 million AZN decreased respectively by 17.4% and 64.3%.
Assets increased in January-March, up 3.9% to 393.78 million manat. The volume of issued and corporations loans grew by 1.5% and amounted to 240.59 million manat.
The total liabilities of the bank declined from 333.9 million to 331.43 million manat. Deposit portfolio decreased by 14.2% to 87.21 million manat, with urgent client investments increased by 18.5% to 72.98 million manat.
Balance sheet assets reached 62.34 million manat. The total capital grew by 18.9% higher than the 50.8 million manat, and paid charter capital - by 13.4% to 42.18 million manat. - 15B -
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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