BAKU, Azerbaijan, March 12
By Eldar Janashvili – Trend:
The volume of total assets of Azerbaijan’s Molbulak non-bank credit organization in the balance sheet for 2019 amounted to over 25 million manat ($14.7 million), Trend reports referring to the organization’s audit report.
In accordance with the report, the assets of the organization increased by 54.8 percent in 2019 compared to 2018.
A significant part of the assets (70.6 percent) accounted for the client portfolio - 17.7 million manat ($10.4 million), increasing by 33.3 percent per annum. The volume of cash and cash equivalent amounted to 6.9 million manat (over $4 million), an increase of 2.5 times.
The organization’s long-term assets grew almost three times up to 125,000 manat ($73,529). Other assets amounted to 351,000 manat ($206,470).
The total volume of obligations on an annualized basis increased by more than twice and amounted to 11.5 million manat ($6.8 million). At the same time, almost the entire volume of liabilities accounted for debt obligations in the amount of 10.9 million manat ($6.4 million), that’s 95.6 percent of all obligations. The total amount increased by 2.3 times in 2019 compared to 2018.
Azerbaijan’s Molbulak non-bank credit organization has been operating since November 10, 2005 and has been included in the Central Credit Register Service under license # 180-QB.
(1 USD = 1.7 AZN on March 12)