According to the company’s 2022 semi-annual results, FINCA Azerbaijan continues to successfully provide microfinance services to clients in Azerbaijan, demonstrating consistent loan portfolio growth of 25% versus the same period last year.
As of June 30, 2022, the total assets of this leading microfinance non-banking credit organization (NBO) in Azerbaijan were 46.6 million AZN, which is 64% more than the same period last year. The total equity reached 16.7 million AZN, significantly exceeding regulatory requirements. In the first half of this year, FINCA Azerbaijan disbursed 28 million AZN worth of micro loans to small entrepreneurs, farmers, and agricultural businesses, showing 33% growth versus the first half of 2021.
Despite market challenges, FINCA Azerbaijan earned a net profit of 1.2 million AZN for the first six months of the year by growing its loan portfolio and better control of operational costs through continuous optimization of business processes.
By the end of 2022, FINCA Azerbaijan plans to increase its national branch network from 23 to 28 branches to further increase access for clients mainly in rural areas.
Increasing responsible access to finance for small entrepreneurs is part of the company’s mission in Azerbaijan and globally, FINCA Azerbaijan’s contribution to supporting client financial literacy was recently recognized by the Microfinance Center (MFC) at the international level during their June global microfinance conference in Istanbul, Turkey.
FINCA Azerbaijan is a leader in responsible finance, serving small businesses across the country with loan products to promote profitable business activity. Launched in 1998, FINCA Azerbaijan is part of FINCA Impact Finance’s global network of 18 banks and microfinance institutions, reaching more than 2.8 million clients in five continents.
For more information about FINCA Azerbaijan activities please visit https://finca.az/ or official social media accounts.