Azerbaijani NBCO increases profit by almost 500,000 manats
Baku, Azerbaijan, Aug. 16
By Eldar Janashvili - Trend:
Azerbaijan’s "BrandKredit" non-bank credit organization (NBCO) ended 2018 with a profit of 76,900 manats, while 2017 was completed with a loss of 407,200 manats, Trend reports referring to the organization’s audited report.
According to the audited report, BrandKredit’s profit increased by more than 484,000 manats over the year. Its net interest income amounted to 414,500 manats (a 35-percent decrease over the year) and was formed from interest income of 922,800 manats (a 28-percent decrease over the year) and interest expenses of 508,300 manats (a reduction by 20.8 percent over the year).
Non-interest income decreased by 35.2 percent and amounted to 68,500 manats at the end of June 2019, while expenses amounted to 425,800 manats (an increase of 7.2 percent). Operating revenue for the year amounted to 76,900 manats.
In the NBCO’s balance sheet, the volume of total assets amounted to 2.9 million manats, having decreased by 20 percent compared to the previous year. The main share of assets (63 percent) consisted of client loans at 1.83 million manats (a 37-percent decrease over the year).
The total volume of obligations amounted to 2.33 million manats, which is 29.8 percent less than in 2017. The bulk of the liabilities (99 percent) consisted of issued debt securities. Their volume decreased by 24.8 percent and amounted to 2.31 million manats. The NBCO’s capital increased by 86.3 percent to 569,800 manats, mainly due to the reduction of the accumulated loss of the organization - 55.6 percent, up to 330,200 manats.
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