Azerbaijan-based credit unions quintuple loss 

Azerbaijan-based credit unions ended the first nine months of 2022 with 0.05 million manats ($0.03 million), up five times from the previous year, Report informs, citing the Central Bank of Azerbaijan (CBA).

In the reporting period, the income dropped 5.3% to 1.8 million manats ($1.06 million), the expenditure went up 16.4% to 0.85 million manats ($0.5 million), and allocations for special reserves fell 25% to 0.9 million manats ($0.53 million).

As of October 1, 2022, the assets stood at 14.3 million manats ($8.41 million), up 0.7% from a year earlier. Of this, 12.1 million manats ($7.12 million) were loans given to customers. The loan portfolio declined by 3.2% year-on-year.

In the first three quarters of 2022, the liabilities dropped 10% to 4.5 million manats ($2.65 million), and the net worth rose by 6.5% to 9.8 million manats ($5.76 million).