Profit of Azerbaijan Mortgage Fund exceeds 3M manats

Business Materials 31 October 2017 16:03 (UTC +04:00)

Baku, Azerbaijan, Oct. 31

By Anvar Mammadov – Trend:

The Azerbaijan Mortgage Fund OJSC has completed the third quarter of 2017 with a net profit of 3.43 million manats that is 27.9 percent less than in the same period of 2016, according to the Fund’s report issued on Oct. 31.

As of late 3Q17, financial revenues of the Fund amounted to 9.41 million manats, financial expenditures – 3.26 million manats.

Assets of the Fund totaled 874.42 million manats in 3Q17, increasing by 29.2 percent as compared to the same period of 2016.

Liabilities of the Fund rose by 37.2 percent during the year and amounted to 471.99 million manats.

As of late 3Q17, the authorized capital of the Fund amounted to 377.28 million manats, increasing by 14.4 percent as compared to the same period of 2016.

The Azerbaijan Mortgage Fund was established in December 2005 and began issuing mortgage loans in March 2006.

(1.7002 manats = 1 USD on Oct. 31)