Incomes of Azerbaijan Mortgage Fund increase three times

Business Materials 1 July 2011 22:37 (UTC +04:00)

Azerbaijan, Baku, July 1 /Trend, A.Akhundov/

The profits of Azerbaijan Mortgage Fund (AMF) under the Central Bank amounted to 2.46 million manat in 2010, which is three times higher than the previous year. In 2009, the income of the Fund was 0.8 million manat.

The balance sheet of the Fund was published in the official press on Friday.

Profits of AMF after incomes from the state budget in 2010 totaled 19.3 million manat, which is 61.34 percent higher than the previous year (11.96 million manat).

Total assets of the Fund in 2010 amounted to 240.634 million manat, an increase of 73.46 percent from the year earlier. In this case the total liabilities amounted to 140.57 million manat, whereas in 2009 they were equal to 57.97 million manat (an increase of 2.42 times).

More than 80 percent of assets, or 193.047 million manat in 2010 accounted for mortgage loans, 6.23 percent or 14.997 million manat - government bonds, as well as cash, buildings and equipment, and other liquid assets, and so on.

Incomes of AMF in 2010 totaled 8.47 million manat compared to 2.88 million manat in 2009 (an increase of 2.9 times), while expenditures amounted to 6.02 million manat compared to 2.07 million manat in 2009 (an increase of 2.9 times).

94.6 percent of income, or 8.02 million manat accounted for interest income from loans, 5.3 percent or 0.45 million manat - unusual profits. The balance sheet of the Fund was audited by Euro Audit MMC Nexia International.

Official exchange rate on July 1 is 0.7867 AZN/USD.