Assets of non-bank credit organizations in Azerbaijan double over past 5 years

The assets of non-bank credit organizations in Azerbaijan have doubled over the past five years and reached 682 million manats ($401,176) by the end of the third quarter of 2023, Chairman of the Board of the Public Association “Azerbaijan Microfinance Association” Jalal Aliyev said at the Azerbaijan Financial Forum in Baku, Report informs.

He noted that 80% of assets of the non-bank credit organizations come from loans issued to clients: “By the end of September 2023, the volume of loans issued to clients exceeded 500 million manats ($294.117 million), which is twice as much as in September 2019.”

Jalal Aliyev also noted an increase in tax payments to non-bank credit organizations, the value of which for nine months of 2023 amounted to 10.7 million manats ($6.294 million).