Azerbaijan Mortgage and Credit Guarantee Fund’s assets up

Baku, Azerbaijan, May 16

By Kheyraddin Nasirzade – Trend:

The Azerbaijan Mortgage and Credit Guarantee Fund increased total assets by 32.7 percent up to 1.27 billion manats in 2018, Trend reports referring to the audited report of the fund, prepared by RSM Azerbaijan audit company.

According to the report, total assets reached 958.4 million manats in 2017. In the structure of the fund's assets, cash and its equivalents reached 55.8 million manats in 2018, which is 7.3 times more than in 2017.

The volume of deposits placed in the banks at an average rate of 5.32 percent per annum reached 51.38 million manats. The debt instruments at amortized cost include the investments worth 260.55 million manats, which are kept till the maturity date.

Among the investments, the volume of coupon bonds of the Azerbaijani Ministry of Finance reached 183.96 million manats; accrued coupon interest - 4.05 million manats; the volume of preferential bonds of the Ministry of Finance - 70.04 million manats; and accrued preferential interest - 2.5 million manats.

The volume of mortgage loans over the past year amounted to 886.49 million manats. The reserves for impairment of the mortgage portfolio reached over four million manats. In the structure of the mortgage portfolio, 93.67 million manats accounted for the issued loans, while the accumulated interest on these loans - 755,800 manats.

The volume of refinanced loans reached 794.1 million manats, of which 258.7 million manats accounted for the preferential loans. The amount of accumulated interest of refinanced loans reached 1.96 million manat.

In the asset structure, the amount of property, equipment and intangible assets reached 7.47 million manats, while advance payments for these assets amounted to 6.94 million manats, which were allocated for the purchase of new software "E-mortgage and credit guarantee systems" and for its integration into the e-Government system.

Other assets of the fund reached 3.13 million manats in 2018. The guaranteed mortgage receivables worth 44,200 manats. The fees and commissions levied from entrepreneurs for the issued guarantees on loans in manat reached 20,300 manats. The funds obtained via the state payment portal on mortgage loans reached 214,900 manats. The amount of prepayments for other services reached 77,900 manats.

The total liabilities of the fund reached 738.65 million manats in 2018. In the structure of obligations, the volume of the issued securities reached 692.6 million manats, including the amount of accumulated interest worth 4.16 million manats. The volume of funds intended for interest subsidies reached 39.95 million manats.

Other liabilities of the fund reached 6.1 million manats, including deferred income - 4.86 million manats, liabilities on settlements with authorized banks - 893,800 manats, liabilities on income tax - 166,400 manats, interest liabilities subsidies - 27,500 manats, revenues of the next period on a lump-sum commission for guarantees on the loans issued to entrepreneurs in manat - 27,300 manats, accounts payable - 23,600 manats, and obligations on the state payment portal – 14,600 manats.

The authorized capital of the fund reached 466 million manats as of December 31, 2018. The capital reserves reached 47.19 million manats. The retained earnings reached 19.9 million manats.

The interest income of the fund reached 47.9 million manats. Interest expenses hit 17.4 million manats. As a result, the interest income of the fund reached 30.6 million manats. The operating profit after deducting an impairment loss worth 761,600 manats, commission income worth 634,300 manats, commission expenses worth 803,600 manats and other income, reached 30.5 million manats.

Staff costs amounted to 3.6 million manats. Administrative expenses reached 2.4 million manats. As a result, the fund’s profit without deducting income tax hit 24.5 million manats. After deducting income tax worth 5.09 million manats, net profit reached 19.5 million manats.

(1.7 AZN = 1 USD on May 16)

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Follow the author on Twitter: @1nasirzade

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