Azerbaijan-based credit unions record 33% drop in net loss 

Kanan Sadigov
Author

The credit unions in Azerbaijan ended the first quarter of 2022 with 0.4 million manats in loss, down 33.3% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

In the reporting period, the revenues of the credit unions amounted to 0.8 million manats, 14.3% more than a year earlier. The expenses reached 0.3 million manats (+57%), and allocations to special reserves equalled to 0.8 million manats (-20%), payments on profit tax stood at 0.1 million manats (no payment last year).

As of April 1, the assets of credit unions dropped 5.2% to 14.5 million manats. Of this, 12.4 million manats are net loans to customers. The sector's loan portfolio has shrunk by 8.1% over the past year.

During the reporting period, the liabilities of credit unions decreased by 15.5% to 4.9 million manats, while the net worth climbed 1.1% to 9.6 million manats.

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