Azerbaijan Mortgage Fund’s assets increase by almost 23 percent

Oil&Gas Materials 29 July 2014 14:53 (UTC +04:00)

Baku, Azerbaijan, July 29

By Emil Ismayilov - Trend:

The assets of the Azerbaijan Mortgage Fund (AMF) under the Central Bank (CBA) increased by 22.82 percent in 2013, according to AMF's financial report as of 2013, published in the official press on July 26.

The fund's assets reached 492.64 million AZN by late 2013 compared to 401.11 million AZN in 2012, according to the report.

In particular, some 403.52 million AZN of the total assets falls to the issued mortgage loans, 42.15 million AZN - investments held till maturity, 32.81 million AZN - deposits in banks. The remainder of the assets is in cash and cash equivalents, real estate, equipment and so on.

The fund's liabilities also increased in 2013 amounting to about 301.5 million AZN. The liabilities increased by 18.7 percent compared to the previous year. Some 97.6 percent of the liabilities are in securities issued by the fund.

AMF's aggregate capital including the deductions from the state budget amounted to 191.16 million AZN for the period compared to 147.14 million AZN in 2012. The fund completed 2013 with a profit worth a little over 4 million AZN compared to 3.42 million AZN in 2012.

"KPMG Azerbaijan Limited" audited AMF's financial statement.

At present, some 28 banks [there are 44 banks in the country] are the authorized banks of the Azerbaijan Mortgage Fund. The participants of the mortgage market are also 21 insurance companies [their total number 28] and 14 appraisal organizations.

The official exchange rate is 0.7842 AZN/USD as of July 29.