Azerbaijan's state credit institution doubled profit in 2012
Azerbaijan, Baku, Jan. 29 / Trend I.Khalilova /
Profits at the Azerbaijani non-bank credit organisation Aqrarkredit reached 438,900 manat by the end of 2012, which is double that of the previous year, a statement from the organisation published in the official press on Tuesday says. In 2011, the credit institution earned a profit of 221,500 manat.
'Revenues of the credit institution in the past year amounted to 4.105 million manat', the statement said.
Total assets amounted to 26.6 million manat (a 2.7 per cent increase) including the loan portfolio at 17.7 million manat (6.6 per cent increase) as of Jan.1, 2012. Total portfolio of the credit organisation amounts to 19.8 million manat (with a 1.5 per cent increase) including authorised capital at 18.6 million manat.
Aqrarkredit allocated 6.3 million manat from its own funds to lend to 606 rural entrepreneurs and 1200 members of 301 borrowers groups, thus increasing the funding by 39.7 per cent.
Of these funds, backing of animal husbandry was increased by 48.5 per cent and 4.9 million manat was transferred for its development last year. Development of crop production was given 0.7 million manat, 3.1 million manat to the trade and service sector (29.2 per cent increase) and 0.1 million manat to other areas.
As an authorised representative of the National Fund for Entrepreneurship Support credit organisation, loans worth two million manat were given to 215 entrepreneurship entities in 2012.
Loans worth 3.1 million manat were granted to 682 business entities and groups of borrowers through the International Fund for Agricultural Development (IFAD) under the projects 'Development of agriculture in the north-east' and 'Development of agriculture in the north-west'.
Aqrarkredit collected 284,000 manat on the partnership fund's account from using leased machinery to producers of agricultural production purchased by funds of Japanese government's grant.
Aqrarkredit's main shareholder is the Finance Ministry which owns 99.9 per cent of shares in the credit organisation and the rest is divided equally between Azersigorta State Insurance Company and Irrigation and Water Management.
The official exchange rate is 0.7845 AZN to $1 on Jan.29.