Annual income of FINCA Azerbaijan Non-Bank Credit Organization soars
BAKU, Azerbaijan, May 27
By Eldar Janashvili – Trend:
The FINCA Azerbaijan Non-Bank Credit Organization (NBCO) completed 2019 with a net profit of 11.1 million manat ($6.5 million), while in 2018 this figure was 141,100 manat ($83,000), Trend reports citing the organization’s audit report.
The organization’s profit grew 78.5 times over the year.
According to the audit report, the NBCO’s net interest income was formed by adding target reserves of 12.2 million manat ($7.1 million) and amounted to 13.9 million manat ($8.1 million). The difference between interest income worth 1.73 million manat ($1.01 million) and interest expenses of 57,800 manat ($34,000) amounted to 1.7 million manat ($1 million) or 12 percent from the net interest income.
The interest income of the NBCO increased 78.5 percent over the year, while interest expenses dropped 16.6 times.
In 2019, the administrative and other operating expenses of the organization significantly increased and amounted to 5 million manat ($2.9 million) compared to 4.7 million manat ($2.7 million) in 2018, thus the growth was by 300,000 manat ($176,470).
The fair value gain from loans to customers and borrowed funds at initial measurement amounted to 2.3 million manat ($1.4 million).
Net non-interest loss made up 2.7 million manat ($1.6 million) compared to non-interest loss in 2018 of 4.6 million manat ($2.7 million), a decrease of 40.8 percent.
Income tax of the NBCO amounted to 125,800 manat ($74,000).
(1 USD = 1.7 manat on May 27)
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