In 2023, the Azerbaijan Deposit Insurance Fund (ADIF) disbursed compensation totaling 230.14 million manats (approximately $135 million) to depositors, according to the Fund's audited financial report by international firm KPMG.
This marks an eightfold increase in payouts compared to 2022.
Per Report, the Fund’s income from insurance premiums reached 76.44 million manats ($44.9 million), reflecting an 18.9% rise year-on-year. Interest income grew more than twofold to 6.63 million manats ($3.9 million), and recoveries from previously paid compensations also more than doubled, totaling 94.56 million manats ($55.4 million).
At the same time, administrative and operational expenses rose by 6.7% to 6.29 million manats ($3.7 million). Expected credit losses on financial assets nearly tripled to 2.87 million manats ($1.7 million). The Fund recorded a modest gain of 189,000 manats (~$111,000) from foreign exchange differences, compared to a loss in the previous year. Interest expenses dropped by 8% to 404,000 manats (~$237,000), while other income declined sharply by 56.4% to 1.52 million manats (~$900,000).
Despite the increase in activity, the Fund ended 2023 with a net loss of 70.37 million manats (~$41.3 million), a stark contrast to its 2022 profit of 107.14 million manats (~$62.9 million).