Azerbaijan-based NBCOs see growth in net profit

Azerbaijan-based NBCOs see growth in net profit Non-bank credit organizations (NBCOs) in Azerbaijan ended 2021 with a net profit of 10.1 million manats, Report informs.
Finance
January 24, 2022 14:59
Azerbaijan-based NBCOs see growth in net profit

Non-bank Credit Organizations (NBCOs) in Azerbaijan ended 2021 with a net profit of 10.1 million manats, 2% more than in 2020, Report informs, citing the Central Bank of Azerbaijan.

Last year, NBCOs' revenues amounted to 87.6 million manats (12% more than a year earlier), expenses - to 60.5 million manats (12.45% more), allocations to special reserves - to 12.6 million manats (16.7% more), unpredictable expenditures - to 0.4 million manats (wasn't recorded a year ago) and income tax payments - to 4 million manats (up 5.3%).

As of January 1, 2022, the assets of NBCOs stood at 388.6 million manats, 22.9% more than a year ago. Of this, 292.3 million manats are consumer loans. In 2021, the sector's loan portfolio grew by 30.4%.

During the reporting period, the liabilities of NBCOs increased by 28.25% to 224.3 million manats, and the net worth increased by 16.2% to 164.3 million manats.

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