Baku, Azerbaijan, Aug. 15
By Eldar Janashvili – Trend:
Azerbaijan’s EmbaFinans non-bank credit organization (NBCO) completed 2018 with the profit worth 1.83 million manats, Trend reports referring to an audited report of the organization.
EmbaFinans completed 2017 with the profit worth 569,000 manats. The organization’s profit increased by 3.2 times for the year.
According to the organization’s audited report, the net interest income increased by 41.2 percent for the year, having reached 4.52 million manats. It was formed through interest income worth 5.78 million manats (an increase of 32 percent for the year) and interest expenses worth 1.26 million manats (an increase of seven percent for the year).
Non-interest income increased by 63.6 percent and reached 1.22 million manats, expenses - 3.37 million manats (an increase of 1.2 percent) at the end of June 2018. The organization’s operating profit for the year reached 2.3 million manats in 2018, which is by 3.2 times more than in the previous year.
According to the balance sheet of NBCO, the volume of total assets reached 29.6 million manats, increasing by 34.5 percent in 2018 compared to the preceding year.
The bulk of assets (79 percent) accounted for customer loans - 23.4 million manats in the structure of liabilities. The volume of customer loans increased by one percent and a half for the year.
The total volume of liabilities reached 15.46 million manats in 2018, which is by 68.2 percent more than in 2017. The main share of liabilities in the structure of liabilities accounted for the loans received from banks (62.5 percent). Their volume amounted to 9.66 million manats (an increase of 32.2 percent for the year).
The organization’s capital increased by 10.4 percent up to 14.18 million manats mainly through an increase in undistributed profit by 46.9 percent up to 4.18 million manats.
(1 USD = 1.7 AZN on Aug. 15)
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