Profit of Azerbaijan’s TBC Kredit decreases by almost 2 times

Finance Materials 28 August 2019 10:58 (UTC +04:00)

Baku, Azerbaijan, Aug. 28

By Eldar Janashvili – Trend:

Azerbaijan’s TBC Kredit non-bank credit organization (NBCO) ended 2018 with a net profit of 1.883 million manats, while 2017 was completed with a profit of 3.51 million manats, Trend reports referring to the organization’s audit report.

According to the audit report, the organization’s profit dropped by 46.3 percent over the year. The organization’s net interest income increased by almost 1.5 percent. Its volume amounted to 2.13 million manats and was formed at the expense of interest income in the amount of 3.793 million manats (decrease of 10 percent for the year) and interest expenses in the amount of 1.663 million manats (decrease of 21.5 percent for the year). Non-interest income increased by more than a quarter and amounted to 3.433 million manats at the end of the reporting year. Non-interest expenses amounted to 3.442 million manats, having increased by 15.5 percent.

The operating loss for the year amounted to 9,000 manats. The organization completed the previous year with an operating revenue of 1,639,000 manats.

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