Azerbaijan’s Mortgage and Credit Guarantee Fund nearly doubles profit

The Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan ended 2021 with 14.046 million manats ($8.262 million) in profit, up 94.3% from the previous year, Report informs, citing the Fund.

In the reporting period, the MCGF interest incomes increased by 35.6% to 56.252 million manats ($33.089 million), interest expenditures went up 34.7% to 28.550 million manats ($16.794 million), expected credit losses surged 14.9% to 5.479 million ($3.222 million), fee and commission income soared 67.7% to 1.451 million manats ($853,000), fee and commission expenses fell by 10.3% to 1.048 million manats ($616,000), other incomes climbed 9.2% to 1.058 million manats ($622,000). The Fund did not pay profit tax.

As of January 1, 2022, the assets grew by 13.2% to 2,012.197 million manats ($1.18 billion). Of this, 1,049.846 million manats ($617 million) were mortgage loans. In 2021, the loan portfolio extended by 23.9%.

Liabilities increased by 16% to 1,111.533 million manats ($653.8 million). Securities issued by the Fund jumped 15.2% to 1,080.760 million manats ($635 million), net worth rose by 9.8% to 900.664 million manats ($529 million), as well as authorized capital advanced 25.3% to 798 million manats ($469 million).