Baku, Azerbaijan, May 16
By Anvar Mammadov – Trend:
The profit of the Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) amounted to 15.06 million manats in 2017, which is 2.1 times higher than in 2016, according to the MCGF balance report published on May 16.
According to the report, the Fund's interest income amounted to 36.24 million manats in 2017 compared to 22.1 million manats in 2016.
As of late 2017, the MCGF kept part of its funds (57.83 million manats) in the deposit account. In addition, 18.85 million manats were placed during the last year.
Over the year, the Fund invested 100.68 million manats in the state securities. In total, the MCGF owns securities for 197.72 million manats. The fund keeps 7.65 million manats as cash, which is 23.5 percent less than in 2016.
Furthermore, the MCGF also increased its liabilities from 343.95 million manats to 545.19 million manats. Debt obligations increased from 337.5 million manats to 545.19 million manats.
The authorized capital of the fund is 366 million manats.
In 2017, local banks issued mortgage loans for 30.5 million manats through the Fubnd. In total, since 2006 to date, 22,384 mortgage loans worth 1.02 billion manats were issued by the MCGF authorized credit organizations.
The authorized banks of the Fund are 24 out of 30 banks operating in the country, as well as 17 insurance companies ( the total number is 21) and 14 appraisal organizations.
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