Azerbaijan’s financial regulator increases assets by more than 45%
Baku, Azerbaijan, May 27
By Kheyraddin Nasirzade - Trend:
The total assets of Financial Market Supervisory Authority of Azerbaijan (FIMSA) in 2018 amounted to 21.335 million manats, which is 45.7 percent more than in 2017, Trend reports with reference to the financial regulator.
In the structure of assets, tangible assets in the form of buildings and equipment amounted to 681,000 manats, which is almost 7.2 times less than in 2017. Intangible assets decreased by 2.4 percent, reaching 973,000 manats. The value of receivables increased by 30.5 percent to 2.3 million manats, including debts of 40 credit institutions, 20 insurance companies and seven investment companies.
The value of funds in credit institutions in the form of deposits amounted to 8 million manats, which is 52 percent more than in 2017. The value of cash and cash equivalents increased by 5.6 times, reaching 9.3 million manats, 99 percent of which are bank account balances. Other assets amounted to 46,000 manats.
Total liabilities over the past year decreased by 8.6 percent, reaching 1.06 million manats. In the structure of liabilities, the value of advances received from credit organizations amounted to 366,000 manats. Other liabilities amounted to 463,000 manats. Accounts payable increased by 3.4 times to 237,000 manats.
The value of total capital over the year increased by 50.4 percent, reaching 20.3 million manats. The FIMSA authorized capital remained unchanged compared to 2017, reaching 5 million manats. The value of other reserves amounted to 4.4 million manats, which were replenished with tangible and intangible assets of abolished organizations such as the State Insurance Supervision Service under the Ministry of Finance, the State Securities Committee and the Financial Monitoring Service under the Central Bank of Azerbaijan. The value of retained earnings for the year increased 27.4 times, reaching 10.8 million manats.
The value of operating income increased by 33.5 percent, reaching over 20 million manats at the end of 2018. In the revenue structure, the value of funds received from credit organizations amounted to 15.3 million manats, which is 44.4 percent more than in 2017.
Payments of insurance and reinsurance companies increased by 36.7 percent to 4.1 million manats. The value of payments of the Centralized Credit Register decreased 4.3 times to 288,000 manats. Other payments amounted to 323,000 manats.
The value of operating expenses decreased over the year by 6.9 percent to 10.1 million manats. As a result, the FIMSA net profit at the end of 2018 amounted to 10.4 million manats.
(1.7 manats = 1 USD on May 27)