Azerbaijan's NBCO faces heavy drop in profit in 2019
Baku, Azerbaijan, May 30
By Eldar Janashvili - Trend:
Azerbaijan Mikro-Kredit (AMK) non-banking credit organization (NBCO) specializing in micro-lending completed 2019 with a profit of 702 manat ($412.9), while 2018 was completed with a profit of 54,600 manat ($32,120), Trend reports citing an audit report of the organization.
During the year, the NBCO’s profit plunged by 77.8 times.
According to the audit report, the organization’s net interest income amounted to 578,360 manat or $340,210 (2.8 percent down over a year) and was generated from interest income in the amount of 653,170 manat or $384,220 (reduction of 4.1 percent year-on-year) and interest expenses by 74,800 manat or $44,000 (a year-on-year decrease of 14.6 percent).
Non-interest income as of December 31, 2019, dropped by half and amounted to 44,200 manat ($26,000). Non-interest expenses amounted to 614,300 manat ($361,350), growing by 1.1 percent. Thus, operating revenue for the year amounted to 8,300 manat ($4,880), which is 9 times less compared to the same indicator as of December 31, 2018.
The profit tax amounted to 7,600 manat ($4,470).
($1= 1.7 manat on May 30)
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