BAKU, Azerbaijan, Feb. 14
By Eldar Janashvili - Trend:
The Azerbaijan Mortgage and Credit Guarantee Fund completed 2019 with a net profit of over 18.6 million manat ($10.9 million), while at the end of 2018, the profit exceeded 19.3 million manat ($11.3 million), Trend reports with reference to the fund.
Thus, the fund's profit decreased by 3.5 percent on annualized basis.
According to the fund, net interest income amounted to 26.1 million manat ($15.3 million), which shows a decrease of 14.5 percent. The net income was generated from interest income in the amount of 44.9 million manat ($26.4 million), which is 6.3 percent less compared to 2018 and interest expenses of 18, 8 million manat ($11 million), which indicate an increase of 8.1 percent compared to 2018.
The fund's non-interest income amounted to 1.3 million manat ($764,705), which indicates a decrease of 11.4 percent on annualized basis. Non-interest expenses as of late December 2019 exceeded 1.59 million manat ($935,294), showing an annual increase of 13.5 percent.
An operating profit of 25.84 million manat ($15.2 million), which indicates an annual decrease of 14.4 percent,was formed as a result of adding the difference with the net interest profit.
Moreover, the Human Resource costs increased by 21.8 percent and exceeded 4.3 million manat ($2.5 million). Meanwhile, the administrative expenses amounted to 2.8 million manat ($1.6 million).
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