Azerbaijani non-bank credit organization ends year with loss
Baku, Azerbaijan, Aug. 21
By Eldar Janashvili - Trend:
ProKredit, a non-bank credit organization (NBCO) in Azerbaijan, ended 2018 with a net loss of 8,400 manats, though 2017 was completed with a profit of 1,100 manat, Trend informs referring to the organization's audited report.
The organization lost 9,500 manats in a year.
According to the audited report, the organization’s net interest income amounted to 410,600 manats (annual growth of over three times) and was formed from the interest income in the amount of 699,800 manats (2.4 times annual growth) and interest expenses of 289,300 manats (72 percent annual increase).
Non-interest income at the end of 2018 decreased by over 32 times and amounted to 5.500 manats. Non-interest expenses amounted to 158,900 manats, having decreased by 9.7 percent. Deductions for the creation of a special reserve to compensate for possible losses on assets amounted to 265.5 million manats.
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