BAKU, Azerbaijan, December 19. Azerbaijan's Kapital Bank expects its subsidiary company, BirKart non-bank credit organization (NBCO), to begin operating with net profit from 2026, Emin Mammadov, Chief Financial Officer and board member at the bank, said during a press conference on the bank's 2024 results and plans for 2025 today, Trend reports.
"Kapital Bank fully owns PASHA Pay (the m10 brand) through BirKart. The bank's investments in BirKart's authorized capital are primarily aimed at the development of PASHA Pay. A part of these investments is also allocated to projects implemented by the Red Hearts Foundation. These investments are long-term.
We expect that starting from 2026, the PASHA Pay project will begin to generate profit. The net losses of BirKart in recent years were expected and planned in advance," he pointed out.
To note, BirBank completed 2023 with a net loss of 117,277 manat ($68,990).
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