Baku, Azerbaijan, Oct. 11
By Taleh Mursagulov - Trend:
The share of problem loans in the total loan portfolio of TBC Kredit decreased to 31 percent, the director general of the non-bank credit organization (NBCO) TBC Kredit Nukri Tetrashvili told Trend.
At the beginning of 2018 the share of problem loans in the total loan portfolio was about 40 percent, but now this figure has dropped to 31 percent, Tetrashvili said.
At the same time, Tetrashvili noted that the current year’s monthly share of problem loans in the total portfolio is reduced by one percent and this trend is expected to continue until the end of 2018.
TBC Kredit monitors its portfolio in two directions, he added.
"The first direction is the old portfolio, which was created in the pre-crisis period and most of the loans were in US dollars there. Accordingly, the US dollar loans were more problematic," the head of TBC Credit said.
Speaking about the new loan portfolio, Tetrashvili stressed that the share of problem loans is only 0.3 percent.
TBC Kredit has been operating in Azerbaijan since 1999 (at that time the NBCO was called Shore Overseas and its only shareholder was American ShoreBank International). In 2007, the largest bank in Georgia, TBC Bank, acquired 75 percent of the NBCO's shares and since then it has been operating under the name TBC Kredit. The NBCO is the first financial institution to start issuing mortgage loans in Azerbaijan. Presently, the majority of TBC Kredit clients are concentrated in Baku and Sumgayit.