Azerbaijan-based credit unions’ loss up by 13 times

Azerbaijan-based credit unions ended 2023 with 0.25 million manats ($0.14 million) in net loss, up 12.5 times from the previous year, Report informs, citing the Central Bank of Azerbaijan (CBA).

In the reporting period, the income dropped 4.2% to 2.3 million manats ($1.35 million), the expenditure went up 3.2% to 1.3 million manats ($0.76 million), loan loss provision surged by 14.9% to 1.2 million manats ($0.7 million), and profit tax payments halved to 0.5 million manats ($0.29 million).

As of January 1, 2024, the assets stood at 13 million manats ($7.63 million), down by 3% from a year earlier. Of this, 11 million manats ($6.46 million) were loans given to customers. The loan portfolio declined by 2.65% year-on-year.

In the reporting period, the liabilities dropped 7.9% to 3.5 million manats ($2.05 million), and the total capital dropped 1% to 9.5 million manats ($5.58 million).