Azerbaijani leasing company plans to increase portfolio by 75 percent

Business Materials 12 January 2012 16:26 (UTC +04:00)

Azerbaijan, Baku, Jan 12 /Trend A.Akhundov/

Azerbaijani-Pakistani leasing company MCB Lizinq plans to bring its portfolio up to seven million manat by the end of 2012, CEO Ramal Jafarov said.

"Our portfolio stands at four million manat at the moment" Mr Jafarov said.It was at a level of 1.17 million manat at the beginning of 2011.

Mr Jafarov added the company has about 75 active contracts at the moment. "We haven't come to seeing what our profits are for the year yet, as we don't cover the expenses that we have at the beginning of trading, but our activity isn't unprofitable anymore. We used to close each month with a loss, but we have been able to cover expenses since June 2011."

MCB Lizinq Leasing Company was registered at the tax authorities on Oct. 15, 2009. It opened on July 13, 2010 with an authorised capital of 1.5 million manat. The founders are Pakistan's MCB Bank LTD, which owns 70 per cent, while 30 per cent fall to Azerbaijani capital and invested by Namik Safarov.

MCB Bank has assets of $6 billion and 1500 branches in eight countries. The company belongs to the Nishat Group whose core business is textiles and manufacturing for global brands.

Official exchange rate on Jan 12 is 0.7863 AZN/USD