Azerbaijan Mortgage Fund’s assets increase by almost 18 percent

Business Materials 11 September 2013 20:24 (UTC +04:00)

Azerbaijan, Baku, Sept. 11 / Trend A. Akhundov /

The assets of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of the country increased by 17.36 percent in 2012, the fund's financial report said on Wednesday.

According to the report, the fund's assets reached 401.11 million manat by late 2012 compared to 341.77 million manat in 2011. Some 82 percent of assets form the delivered mortgage loans (328.94 million manat), about 8 percent - held-to- maturity investments (31.74 million manat), 6.78 percent - deposits in banks. The rest assets are concentrated in cash and cash equivalents, real estate, equipment and so on.

The fund's liabilities increased in 2012 and hit about 254 million manat. The growth of liabilities hit 16.48 percent compared to the previous year. Some 97 percent of obligations is presented in securities issued by the fund.

The AMF total capital, which includes the contributions from the state budget increased by almost 19 percent in 2012 and amounted to 147.14 million manat. The fund finished 2012 with a profit of 3.4 million manat, which is 6.56 percent less than the previous year.

The audit of the AMF financial accounting was conducted by KPMG Azerbaijan Limited.

At present, some 28 banks are the authorized banks of the Mortgage Fund. Around 21 insurance companies and 11 appraisal organizations are also the participants in the mortgage market.

The official exchange rate is 0,7845 AZN/USD on Sept. 11.