Baku, Azerbaijan, March 28
By Anvar Mammadov – Trend:
Portfolio of Azerbaijan’s Baku Collection Agency (BOA) has increased by 20 percent since early 2018, Samir Mustafayev, director of the agency, told Trend.
He said that the reason for the growth is the acquisition of problem loans portfolios from two banks.
“Since the beginning of last year, we have purchased problem loans portfolios from two banks, and we continue negotiations with three more banks,” he noted. “Unfortunately, I cannot yet disclose the names of the banks and the total amount of funds received, as this is a bank secret. As a result, our portfolio increased by 20-22 percent.”
At the same time, he noted that the growth of the portfolio doesn’t mean the growth of the company’s profit.
“It may seem that an increase in the portfolio leads to an increase in profits, but this is not so,” he added. “These loans are very problematic, and we spend several months analyzing the transferred portfolio, calling customers and meeting them face-to-face. Only after that we can say what amount of funds we can return.”
He noted that presently, the agency has a call processing center that allows working with a larger number of debtors.
“More than 70 people work in the center,” Mustafayev said. “If earlier our employees themselves called the debtors, now this process is automated.”