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Profit of Azerbaijan Mortgage Fund increases

Business Materials 16 March 2017 11:37 (UTC +04:00)

Baku, Azerbaijan, Mar. 16

By Azad Hasanli – Trend:

Profit of the Azerbaijan Mortgage Fund OJSC amounted to 7.66 million manats in 2016 that is by 42 percent more than in 2015, according to the bond issue prospectus.

The document says that the fund’s revenues totaled 22.1 million manats in 2016, as compared to 19.8 million manats in 2015.

During the year, the fund invested 54.3 million manats in state securities. In total, the Azerbaijan Mortgage Fund owns state securities worth 97.03 million manats.

Meanwhile, the fund reduced its liabilities from 349.98 million manats to 343.88 million manats.

Authorized capital of the Azerbaijan Mortgage Fund totals 307.2 million manats.

Banks issued mortgage loans worth 1.1 million manats through the fund in 2016.

Twenty-five out of the country’s 32 banks, as well as 16 insurance companies [out of 21] and eight appraisal organizations are the authorized banks of the Azerbaijan Mortgage Fund.

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