BAKU, Azerbaijan, Feb. 10
By Zeyni Jafarov - Trend:
Azerbaijan’s International Non-Banking Credit Organization, which specializes in microlending, plans to increase authorized capital by the end of 2021, the organization told Trend on Feb. 9.
In accordance with a statement from the organization, International decided to increase its authorized capital in early January 2021. Thus, the capital of the organization was additionally increased by two million manat ($1.2 million) and reached three million manat ($1.8 million).
The organization stressed that the authorized capital increased through additionally issued 2,000 new shares with a par value of 1,000 manat ($588) each.
"Taking into account that at the moment, the minimum requirement for the authorized capital of non-bank credit organizations in Azerbaijan is 300,000 manat ($176,470), International, after a multiple increase in the amount of the authorized capital, exceeded the minimum requirement by 10 times," the organization added.
"This decision had a positive impact on the position of the credit institution in the Azerbaijani financial market and created the basis for its strengthening," the organization said.
The organization emphasized that despite the unprofitable completion of 2018 in the amount of 14,440 manat ($8,494), 2019 was completed with a profit of 13,900 manat ($8,176), and according to the preliminary indicators, 2020 should also have ended with a profit.
"In the medium term, International plans to increase the amount of the authorized capital and the number of branches, which will have a positive effect on increasing the organization's loan portfolio and are an indicator of the level of client confidence in the organization," the International said.
The non-bank credit organizations in Azerbaijan are entitled to carry out certain banking operations established by the Central Bank of Azerbaijan.
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