BAKU, Azerbaijan, April 21
By Eldar Janashvili - Trend:
Azerbaijan’s Embafinans non-bank credit organization completed the first quarter of 2020 with a net profit worth 993,700 manat ($584,529), Trend reports referring to the organization’s financial report.
The organization’s profit increased by 43 percent per annum.
In accordance with the report, net interest income amounted to 2.02 million manat that’s $1.2 million (annual growth of 53 percent) and was formed through the interest income worth 2.6 million manat that’s $1.5 million (annual growth of 53 percent) and interest expenses worth 595,300 manat that’s $350,176 (a 52 percent increase for the year).
The organization’s non-interest income amounted to 134,000 manat that’s $78,823 (a decrease of 2.6 times). Non-interest expenses amounted to 137,700 manat that’s $81,000 (an increase of 17 percent) in late March 2020.
Operating profit amounted to 2.02 million manat ($1.2 million) in 1Q2020, which is 30 percent more than in 1Q2019.
The organization allocated 775,900 manat ($456,411) to create a special reserve for compensating possible losses on assets - which is 13 percent more than a year earlier.
The profit before taxes and unforeseen expenses related to the banking activity amounted to 1.2 million ($705,882), which is an increase of 43 percent.
In accordance with the balance sheet of the organization, the volume of total assets amounted to 44.4 million manat that’s $26.1 million (an increase of 42 percent), the volume of total liabilities increased by 1.5 times and amounted to 36.9 million manat ($21.7 million).
The total capital amounted to 15.2 million manat ($8.9 million), decreasing by four percent per annum.
(1 USD = 1.7 AZN on April 21)
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