BAKU, Azerbaijan, June 1
According to the Annual Financial Audit Report of FINCA Azerbaijan, FINCA Azerbaijan NBCI generated 673K AZN of net profit for the year 2020, which continued the positive profitability trend of the company seen during the last four years.
During 2020, FINCA Azerbaijan disbursed 25m AZN in new loans to mainly rural clients and grew its loan book by 47%. This business growth was supported by further branch expansion in rural regions across the country. FINCA Azerbaijan plans to continue to improve the efficiency of its operations in 2021 and will also increase its number of regional branches in-line with the company’s current 5 year plan, growing from 18 to 22 branches by the end of 2021.
FINCA Azerbaijan worked closely with clients during 2020 to help them adjust their businesses to a challenging global macro and micro economic environment. The possible impact on client businesses of the global Covid19 pandemic and the homeland war was mitigated by offering flexible loan restructuring to impacted businesses.
About FINCA Azerbaijan
Launched in 1998, FINCA Azerbaijan is part of FINCA Impact Finance’s global network of 20 bank and microfinance institutions that profitably and responsibly provides impactful financial services to enable low-income individuals and communities to invest in their futures. As a leading microfinance institution in Azerbaijan, FINCA Azerbaijan’s objective is to increase access to finance for micro and small entrepreneurs, with a special focus on the agriculture sector. For more information, visit www.finca.az