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Rankings of the Banks in Azerbaijan Q2 2018

The Azeri Times

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AzeriTimes.com prepared Rankings of commercial banks operating in Azerbaijan on the basis of financial indicators for the second quarter of 2018. Rankings are prepared using financial reports posted on Internet sites (balance sheet, profit / loss).

Commercial bank Assets (million AZN)

1 – International Bank of Azerbaijan 7.615.553

2 – Pasha Bank 3.901.761

3 – Capital Bank 3.573.419

4 – Xalg Bank 1.977.525

5 – Azerbaijan Senaye Bank 1.019.677

6 – Bank Respublika 858.777

7 – Access Bank 827.863

8 – Rabita Bank 712.492

9 – Uni Bank 621.245

10 – Ata Bank 603.177

11 – Bank Silk Way 599.178

12 – AFB Bank 522.782

13 – Turan Bank 492.741

14 – AG Bank 487.791

15 – Mugan Bank 486.363

16 – Nikoil Bank 446.473

17 – Express Bank 440.153

18 – Yapi Kredi Bank Azerbaijan 406.825

19 – Azer-Turk Bank 313.744

20 – Bank of Baku 299.459

21 – Bank BTB 299.449

22 – NBC Bank 240.016

23 – Ziraat Bank Azerbaijan 229.868

24 – Amrah Bank 196.217

25 – Nakhchivan Bank 191.813

26 – Gunay Bank 181.696

27 – Bank Avrasiya 169.444

28 – Bank VTB Azerbaijan 125.207

29 – Bank Melli Iran – Baku 108.132

30 – National Bank of Pakistan – Baku 10.717

 

Commercial bank Cash (million AZN)

1 – Capital Bank 425.827

2 – Access Bank 73.342

3 – Khalg Bank 58.473

4 – AFB Bank 55.007

5 – Bank Respublika 46.217

6 – Yapi Kredi Bank Azerbaijan 35.825

7 – Uni Bank 33.993

8 – Bank Silk Way 28.692

9 – Gunay Bank 19.684

10 – Turan Bank 19.190

11 – Nakhchivan Bank 16.276

12 – AG Bank 15.812

13 – Mugan Bank 14.635

14 – Bank BTB 13.356

15 – Azerbaijan Senaye Bank 12.673

16 – Amrah Bank 11.961

17 – Ata Bank 11.639

18 – Nikoil Bank 10.915

19 – Bank Avrasiya 10.819

20 – Bank VTB Azerbaijan 7.058

21 – Ziraat Bank Azerbaijan 5.238

22 – NBC Bank 5.178

23 – National Bank of Pakistan – Baku 0.360

24 – International Bank of AzerbaijanNo report

25 – Azer-Turk BankNo report

26 – Bank of BakuNo report

27 – Express BankNo report

28 – Bank Melli Iran – BakuNo report

29 – Pasha BankNo report

30 – Rabita BankNo report

Business

Fintech start-up TransferWise reports second year of profit, revenue almost doubles

The Azeri Times

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Fintech start-up TransferWise reports second year of profit, revenue almost doubles
Kristo Kaarmann, Co-Founder & CEO, TransferWise, on Centre Stage during day one of MoneyConf 2018 at the RDS Arena in Dublin. (Photo By Eóin Noonan/Sportsfile via Getty Images)

TransferWise, one of Europe’s largest financial technology (fintech) start-ups, said Monday it was profitable for the second year in a row.

 

The London-headquartered money transfer firm reported an annual post-tax net profit of £6.2 million ($8 million) for the fiscal year ending March 2018.

Annual revenue nearly doubled to £117 million during the period, from £66 million the previous year, TransferWise said. Operating profit came in at £9.5 million following a loss of £519,000 last year.

The company’s accounts entered into the black for the first time in March 2017, six years after the firm was founded by Estonian entrepreneurs Taavet Hinrikus and Kristo Kaarman.

“We’ve proven that fintech can offer consumers an unbelievable experience at a low price, all whilst creating a solid business that can be trusted long-term,” Kaarman, TransferWise’s chief executive, said in a statement Monday.

“Looking forward, sustained growth and our healthy financial position means we can continue to drive down costs whilst investing in developing our product.”

TransferWise is counted among Europe’s “unicorn” start-ups — firms valued at $1 billion or more — with a reported valuation of $1.6 billion.

It has raised a total of $397 million since it was founded in 2011. Backers include asset management giant Old Mutual, Silicon Valley venture capital firms Institutional Venture Partners and Andreessen Horowitz, and British billionaire Richard Branson.

The firm says that £3 billion worth of transactions are moved around each month on the TransferWise app by its more than 4 million users.

The company makes money through fees charged on international transfers, which it boasts are up to eight times lower than those charged by banks.

Last year, it introduced its traveler-friendly borderless account to European customers, which lets users hold over 40 currencies and switch between currencies instantly. TransferWise plans to roll out the product to U.S. users later this year.

And in July, TransferWise tied up with French bank Groupe BPCE, in its first major bank partnership, to provide the lender’s customers access to its money transfer service. It has also struck deals with rival fintech firms Monzo and N26.

Monday’s earnings news could signal a changing landscape for fintech firms like TransferWise when it comes to profitability. Many start-ups in the sector have struggled to break even due to the cost of investing in their products and scaling their business while offering cheaper services than large banks.

Rival currency exchange and banking app Revolut for instance said earlier this year that it had broken even for the first time in December 2017. Meanwhile, another competitor, WorldRemit, expects to turn a profit by 2019.

The money transfer industry is a competitive one, with established giants like Western Union and MoneyGram, both of which have been investing heavily in the digital segments of their businesses.

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Business

Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The Azeri Times

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Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The two words that keep coming to mind are “stunning downfall.” Sunday night’s announcement by CBS is five stories in one.,

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Business

Watch Elon Musk’s boring machine being operated by an Xbox controller

The Azeri Times

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Watch Elon Musk’s boring machine being operated by an Xbox controller
boring-company-flamethrower-ashley-esqueda-cnet-4

Captura de pantalla: Laura Martínez/CNET

Elon Musk founded The Boring Company in order to drill holes beneath the earth and build tunnels that could possibly reinvent public transport. Most recently the company pitched a “loop” system that would connect Los Angeles suburbs to the Dodgers stadium in four minutes.

It was a company famously founded after Elon Musk got annoyed with LA traffic.

Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging…

— Elon Musk (@elonmusk) December 17, 2016

Currently The Boring Company has three machines capable of digging the tunnels required to make the “loop” systems work.

Here is the second machine, being controlled with an Xbox One controller, which The Boring Company tweeted about on the weekend:

Best video game ever indeed. This is literally the machine being used to burrow into the ground, most likely at Hawthorne, where Elon Musk’s test tunnel is currently being worked on.

Elon Musk recently appeared on the Joe Rogan podcast where he smoked weed and discussed the impending threat of AI.

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