Number of appeals to Azerbaijani collection agency increases
Baku, Azerbaijan, Oct. 18
By Taleh Mursagulov – Trend:
The number of appeals from credit organizations to the "BOA" collection agency to collect debt is growing by 10-15 percent annually, the agency’s director Samir Mustafayev told Trend Oct. 19.
“While earlier the agency itself was looking for entities whom it would contact regarding problem portfolios, now the financial institutions themselves are already turning to the agency,” the director said.
Mustafayev noted that the number of requests from individuals and shops is also increasing.
In addition, the director noted that today the debt portfolio of the Azerbaijani collection agency "BOA" is approximately 50 million manats.
According to the data of the Central Bank of Azerbaijan, the problem loans of the country's credit organizations in 1H2018 amounted to 1.75 billion manats, or accounted for 14.4 percent of the total volume of loans issued. Compared to the same period last year, the volume of problem loans decreased by 3.6 percent, and their share in the total loan portfolio increased slightly.
The BOA Collection Agency LLP has been operating in Azerbaijan since the end of 2012, and today, it is one of the largest collection agencies in the country.