Azerbaijani non-bank credit organization’s profit down

Finance Materials 28 August 2019 10:12 (UTC +04:00)

Baku, Azerbaijan, Aug. 28

By Eldar Janashvili – Trend:

The Azerbaijani non-bank credit organization (NBCO) KredAqro completed 2018 with the net profit worth 223,000 manats, Trend reports on Aug. 28 referring to the organization’s audit report.

The organization completed 2017 with the profit worth 923,000 manats. KredAqro’s profit decreased by four times for the year.

According to the report, after returning the special reserve to compensate for possible losses, the organization’s net interest income on assets in the amount of 1.33 million manats decreased by 31.7 percent. Its volume amounted to 845,700 manats and was formed through interest income in the amount of 962,600 manats (a 28 percent decrease for the year) and interest expense in the amount of 116,900 manats (17.7-percent increase for the year).

Non-interest income increased by 2.6 times and amounted to 2.444 million manats at the end of the reporting year. Non-interest expenses decreased by almost twofold and amounted to three million manats.

Thus, the operating loss amounted of NBCO to 1.951 million manats for the year. The organization completed 2017 with operating revenues worth 941,000 manats.

(1 USD = 1.7 AZN on Aug. 28)


Follow the author on Twitter: @eldarjanashvili