BAKU, Azerbaijan, Dec.10
By Zeyni Jafarov - Trend:
Azerbaijani Finex Kredit Non-Bank Credit Organization plans to end 2020 with a profit, the organization told Trend.
By the end of 2020, profits after deduction of taxes are projected in the range of 330,000 manat ($194,117) to 340,000 manat ($200,000), which is 0.3 percent more compared to the end of 2019.
“Due to objective reasons, the amount of loans issued to customers has decreased. The consequences of the COVID-19 pandemic have also affected the business of customers of credit institutions. With this in mind, in a number of cases for entrepreneurs, their loans were restructured on new terms,” said the organization.
“Despite the fact that the organization's loan portfolio has shrunk this year, profit has remained unchanged. The main reasons for this are the use of funds with zero interest, a decrease in administrative and operational costs, as well as the optimization of interest rates on loans, since the 2019 profit was aimed at increasing capital,” Finex Kredit said.
“In 2021, Finex Kredit intends to intensify its activities in a number of areas, as well as to increase the client portfolio, launch branches in the districts liberated from the Armenian occupation,” the organization said.
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