Azerbaijani NBCO increases capital by almost 6 times
Baku, Azerbaijan, Aug. 19
By Eldar Janashvili - Trend:
Azerbaijan’s Finance for Development non-bank credit organization (NBCO) ended 2018 with a profit of 1.494 million manats, while 2017 was completed with a loss of 269,500 manats, Trend reports referring to the organization’s audit report.
According to the report, the NBCO’s net interest income amounted to 1.411 million manats (a 28.4-percent decrease over the year) and was formed through interest income in the amount of 871,100 manats (a decrease by 2.3 times over the year) and interest expenses by 34,700 manats (a decrease by 11.2 times over the year).
Non-interest income increased by 23.8 percent at the end of the reporting year and amounted to 1.776 million manats. As such, operating revenue for the year amounted to 2.252 million manats, having increased by 2.11 million manats over the year.
In the NBCO’s balance sheet, the volume of total assets amounted to 4.382 million manats, having increased by 20.6 percent compared to the previous year. The main share of assets (67 percent) was comprised of client loans at 2.935 million manats (a decrease by 28.7 percent over the year). The volume of cash and cash equivalents amounted to 1.277 million manats.
The total amount of liabilities amounted to 2.57 million manats, half as much as in 2017. The main share of liabilities (82.4 percent) was made up of issued debt securities. Their volume decreased by more than 2 times and amounted to 2.117 million manats.
The total capital of the NBCO increased 5.7 times to 1.813 million manats, mainly due to an increase in retained earnings of the organization by 1.494 million manats.
Follow the author on Twitter: @eldarjanashvili