FINСA Azerbaijan NBCO's total assets triple

Finance Materials 30 May 2020 11:37 (UTC +04:00)
FINСA Azerbaijan NBCO's total assets triple

BAKU, Azerbaijan, May 30

By Eldar Janashvili - Trend:

The total assets of FINСA Azerbaijan non-banking credit organization (NBCO) made up over 27.1 million manat ($15.9 million) in 2019, which is 3.2 times more compared to the preceding year, Trend reports with reference to the organization’s audit report.

Most of the assets accounted for cash and its equivalents, which amounted to over 13.1 million manat ($7.7 million), an increase of more than 4 times. A significant share of the assets (44.8 percent) accounted for customer loans – over 12.1 million manat or $7.1 million (increase by 3.2 times during the year).

Long-term loans amounted to 241,400 manat ($142,000), a spike of 75.3 percent year-on-year. Other assets amounted to 1.6 million manat ($940,000) - 35.8 percent more than a year earlier.

The total volume of liabilities amounted to 8.5 million manat ($5 million), which is 11 times more than in 2018. Meanwhile, 83 percent of the liabilities were deposits totaling 7 million manat ($4.1 million).

The NBCO’s total capital soared by over half, up to 18.7 million manat ($11 million), mainly due to a growth in retained earnings of the organization by almost 30 percent to 48.2 million manat ($28.3 million).

The volume of FINCA Azerbaijan’s funds transferred to reserves remained unchanged, standing at 36.6 million manat ($21.5 million).

FINCA Azerbaijan has been operating in Azerbaijan since 1998. There are 16 branches of the organization in Baku and the country's districts. It is part of FINCA Impact Finance, a global network of 20 microfinance institutions and banks that render the innovative financial services to the low-income customers to help them expand their activity.

FINCA Azerbaijan, the country's leading non-bank credit organization, offers a variety of loan products to encourage small businesses to increase their revenues. The organization pays more attention to the agricultural loans.

(1 USD = 1.7 AZN on May 30)


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