BAKU, Azerbaijan, March 12
By Eldar Janashvili – Trend:
Azerbaijan’s Molbulak non-bank credit organization ended 2019 with a net profit of 2.8 million manat ($1.6 million) compared to 1.5 million manat ($882,000) in 2018, Trend reports referring to the organization’s audit report.
For the year, the organization’s profit increased by 80.2 percent.
According to the audit report, the organization’s net interest income grew by almost 55 percent. Its volume amounted to over 8 million manat ($4.7 million) and was formed through the interest income in the amount of 8.8 million manat that’s $5.2 million (an increase of 60.8 percent for the year) and interest expenses in the amount of 805,000 manat that’s $473,529 (an increase of almost 2.5 times for the year).
After creating reserves in case of the depreciation of financial assets in the amount of over 1 million manat ($588,000), interest income amounted to 6.9 million manat (over $4 million).
Non-interest income at the end of the reporting year increased by 28.6 percent and amounted to 396,000 manat ($232,941), while commission income indicators for the reporting period again showed a negative result -168,000 manat that’s $98,823 (minus 115,000 manat that’s $67,647 in 2018).
Non-interest expenses amounted to 3.8 million manat ($2.2 million), an increase on an annualized basis by 28.7 percent.
Azerbaijan’s Molbulak non-bank credit organization has been operating since November 10, 2005, and has been included in the Central Credit Register Service under license # 180-QB.
(1 USD = 1.7 AZN on March 12)