VTB Azerbaijan reported a net profit of 4.213 million manats ($2.5 million) in 2021, 9.1 percent up from a year earlier.

After being accepted into the 500 startups accelerator LinguaTrip received an automatic $100,000 investment and experienced immense press attention from Russia and Silicon Valley.

The government has also placed 5-year securities totalling 174.5 billion soums with the weighted average interest coupon payment of 14.5 percent annually.

The bank reported a net profit of 90.2 million manats ($53.1 million) in 2021. The bank’s assets amounted to 6.4 billion manats, 16.2 percent up from 2020.

Silknet said that the interest rate is 8.375 percent and its holders will receive the coupon twice a year.