Azerbaijani NBCO ups net loan portfolio
Baku, Azerbaijan, March 28
By Ilkin Shafiyev - Trend:
Azerbaijani non-banking credit organization (NBCO), Finance for Development, has increased its net loan portfolio, the chairman of the NBCO board, member of board at the Azerbaijan Association of Microfinancing, Jalal Aliyev, told Trend on March 28.
"In January-February 2018, the net loan portfolio amounted to 3.8 million manats and the volume of bad loans was 1.5 million manats. In the first two months of 2017, the net loan portfolio was 2.7 million manats, that is, we have recorded a growth," Aliyev said, adding that presently, the volume of assets of the NBCO is 6 million manats.
Speaking about the bad loans of the NBCO, he said most of them are loans in USD. Nevertheless, Aliyev said, stabilization is observed in this area.
"In 2015-2016, about 80 percent of the bad loans accounted for the loans in USD, but now their volume in our dollar portfolio is below 50 percent. As for the loan portfolio in manats, the share of bad loans is less than 3 percent," he said.
According to the Central Bank of Azerbaijan, as of Jan. 31, 2018, Azerbaijani NBCOs issued 414 million manats in loans.