Liabilities of Azerbaijan’s NBCO TBC Kredit decrease

Finance Materials 28 August 2019 11:10 (UTC +04:00)

Baku, Azerbaijan, Aug. 28

By Eldar Janashvili - Trend:

The total assets of Azerbaijan’s non-bank credit organization (NBCO) TBC Kredit in the balance sheet for 2018 amounted to 7.989 million manats, Trend reports citing the organization’s audit report.

The organization’s assets decreased by 12.5 percent compared to the previous year.

A significant part of the assets (72 percent) accounted for the client portfolio - 17.087 million manats (a 20-percent reduction over the year). The volume of cash and cash equivalents amounted to 192,000 manats, decreasing by 6.6 times.

The total volume of liabilities for the year decreased by 25.5 percent and amounted to 15.689 million manats. About half of the liabilities (54 percent) accounted for debt obligations in the amount of 8.468 million manats. This indicator increased by 3.6 times compared to the results of 2017.

In the structure of liabilities, short-term loans in the amount of 3.493 million manats (almost three times growth for the year) and issued debt securities in the amount of 3.434 million manats (a 2.5 times decrease for the year) accounted for 22 percent of the total volume each.

The total capital of TBC Kredit increased by 34 percent and amounted to 7.858 million manats, mainly due to a 4.3 times decrease in the organization’s uncovered loss to 595,000 manats.

($1= 1.7 manats on Aug. 28)


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