Baku, Azerbaijan, Apr. 27
By Zeyni Jafarov - Trend:
Net profit of Azerbaijan’s IDEAL Kredit LLC non-bank credit organization (NBCO) as of early 2021 made up over 416,000 manat ($244,710), thus almost doubling compared to early 2020, a source in the NBCO told Trend.
According to the source, the amount of profit before tax deduction amounted to 520,000 manat ($350,880, increase of 47.7 percent on annual basis). Thus, 104,000 manat ($61,180) was envisioned for payments on profit taxes.
With regard to assets, the source noted that the NBCO started the current year with available assets of 4.65 million manat ($2.74 million, growth of 1.2 percent over the year). In the structure of total assets, nearly 3.71 million manat ($2.18 million) or 80 percent accounted for loans issued to customers, which is a decrease of 9.6 percent on annual basis.
"At the same time, the organization's liabilities lowered to 2.86 million manat ($1.68 million), of which almost 90 percent fell on liabilities to shareholders and other individuals, and three percent fell on debts to banks and other financial institutions," the source stressed.
Global events such as the COVID-19 pandemic and volatility in the oil markets didn’t have a significant negative impact on the organization's activities. The remote operation due to the restrictions associated with the pandemic also didn’t affect the normal operations of the organization, added the source.
($1= 1.7 manat on Apr. 27)
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