Azerbaijani NBCO IDK LLC increases non-interest income
Baku, Azerbaijan, Aug. 27
By Eldar Janashvili - Trend:
Azerbaijan’s IDK LLC non-bank credit organization (NBCO) ended 2018 with a net profit of 5.219 million manats, while 2017 was completed with a loss of 132,800 manats, Trend reports referring to the organization’s audit report.
This amount of annual profit was formed after deduction for the creation of a special reserve for compensating possible losses on assets in the amount of 8.268 million manats. The amount of the deducted reserve on an annualized basis decreased by 15 times.
According to the audit report, the organization’s net interest income decreased by 30.6 percent and amounted to 227,300 manats and was generated only from interest income, which decreased by 31 percent over the year. In 2018, the organization did not have interest expenses. At the same time, the interest expenses of NBCO amounted to 1.224 million manats last year.
Non-interest income at the end of the reporting year grew 4.4 times and amounted to 104,300 manats. Non-interest expenses amounted to 318,200 manats, having decreased by 11.1 percent. Operating revenue for the year amounted to 13,500 manats, having increased by almost 20,000 manats.
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