BAKU, Azerbaijan, June 11
By Fidan Babayeva - Trend:
Azerbaijan’s City Finance Non-Bank Credit Organization (NBCO) continues to issue auto loans during the quarantine regime, Tural Ahmadov, Director of the NBCO told Trend.
Ahmadov said that the current auto loan portfolio is 3 million manat ($1.7 million).
“Like all areas of the country’s economy, the City Finance NBCO has also suffered from the COVID-19 pandemic. Stagnation in the country’s financing market negatively affected the organization. However, we continued to carry out auto lending, issuing pawn shop credits and others,” he said.
“Since February 2019, the activity of the City Finance has given the positive results. The NBCO has faced with declines in sales since the outbreak of the COVID-19 pandemic. However, these events were associated with stagnation in market. The organization carried out lending also during this period, despite the diminution in demand,” Ahmadov added.
“If to analyze the activities of some leasing companies and credit organizations in the pandemic period, it can be said that the demand in loans has completely decreased. In 2019, we predicted to make 50 percent of sales. If to talk about forecasts for the pandemic period, the organization exceeded its expectations and got out with the least losses,” he added.
City Finance is a non-bank credit organization, which has been operating since 2014 on the basis of a license issued by the Central Bank of Azerbaijan.
The NBCO provides various types of loans, offers long-term loans and loans at low interest rates, as well as convenient payment methods.
The organization’s principle is customer servicing, high quality and provision of more favorable financing conditions.
(1 USD = 1.7 manat on June 11)
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