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Azerbaijani NBCO completes year with profit

Finance Materials 11 June 2020 10:52 (UTC +04:00)
Azerbaijani NBCO completes year with profit

Baku, Azerbaijan, June 11

By Eldar Janashvili - Trend:

International CJSC, an Azerbaijani non-bank credit organization (NBCO) specializing in micro-lending, ended 2019 with a profit of 13,900 manat ($8,180) versus a loss of 14,440 manat ($8,490) in 2018, Trend reports referring to the NBCO’s audit report.

The organization lost about 28,400 manat ($16,710) in the reporting year.

According to the audit report, the net interest profit of the NBCO made up 3.2 million manat or $1.8 million (a growth of 37.1 percent for the year) and was formed at the expense of interest income in the amount of 4.6 million manat or $2.7 million (an increase of 35.1 percent for the year), and interest expense of 1.4 million manat or $820,000 (a rise of 30.5 percent for the year). Reserves for depreciated assets with interests made up 536,760 manat ($315,740).

Non-interest income at the end of the reporting year increased by 36.6 percent and amounted to 132,700 manat ($78,060).

Non-interest expenses amounted to 2.8 million manat ($16.4 million), having increased by 33.2 percent.

Thus, the operating profit for the year amounted to 24,740 manat ($14,550) versus 26,140 manat ($15,380) in 2018, while the profit tax made up 10,840 manat ($6,380).

(1 USD = 1.7 AZN on June 11)

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Follow the author on Twitter: @eldarjanashvili

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