Azerbaijani NBCO International completes year with loss

Baku, Azerbaijan, Aug. 27

By Eldar Janashvili - Trend:

International CJSC, an Azerbaijani non-bank credit organization (NBCO), ended 2018 with a net loss of 14,400 manats, while 2017 was completed with a profit of 144,400 manats, Trend informs referring to the audited report of the organization.

The organization lost about 158,000 manats in a year.

According to the audit report, the net interest income of the organization after deducting funds for the creation of a special reserve to cover possible losses on assets in the amount of 377,400 manats increased by 78.8 percent.

Its volume amounted to 1.99 million manats and was formed at the expense of interest income in the amount of 3.437 million manats (an increase of 35.4 percent for the year), and interest expense of 1.07 million manats (a decrease of 21.5 percent for the year).

Non-interest income at the end of the reporting year increased by 35 percent and amounted to 98,100 manats. Non-interest expenses amounted to 2.114 million manats, having increased by almost twice.

Thus, the operating loss for the year amounted to 26,100 manats, which is by 170,000 manats less than in the previous year.

(1 USD = 1.7 manats on Aug. 27)

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Follow the author on Twitter: @eldarjanashvili

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