Azerbaijani NBCO increases profit by almost fourfold
Baku, Azerbaijan, Aug. 18
By Eldar Janashvili - Trend:
Azerbaijan’s FinEx Kredit non-bank credit organization (NBCO) ended 2018 with a profit of 141,200 manats, while 2017 was completed with a profit of 35,900 manats, Trend reports referring to the organization’s audited report.
According to the organization’s audited report, FinEx Kredit’s profit has almost quadrupled over the year. Its net interest income amounted to 802,300 manats (annual growth at 70.2 percent) and was formed from interest income in the amount of 1.39 million manats (annual growth at 73.5 percent) and interest expenses by 583,300 manats (annual growth at 78.3 percent).
Non-interest expenses increased by 43.9 percent and amounted to 607,400 manats at the end of June 2019. As such, operating revenue for the year amounted to 176,500 manats, showing an more than fourfold annualized increase.
In the NBCO’s balance sheet, the volume of total assets amounted to 6.9 million manats, having increased by 86.7 percent compared to the previous year. The main share of assets (62.5 percent) consisted of by client loans at 6.06 million manats (an increase of 69.5 percent over the year).
The total amount of obligations made up 6.01 million manats, twice as much as in 2017. Most of the liabilities (61 percent) consisted of issued debt securities, their volume having more than doubled and amounted to 3.72 million manats. Similarly, the NBCO’s long-term debt obligations comprised a large share of the total liabilities, with 37 percent. Their volume grew over the year by 77 percent to 2.24 million.
The NBCO’s capital increased by 17 percent to 973,000 manats, mainly due to an increase in retained earnings of the organization by 5.4 times to 173,000 manats.
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