BAKU, Azerbaijan, May 26
By Zeyni Jafarov - Trend:
Azerbaijan's Credit Implementing Agency non-bank credit organization (NBCO) completed 2020 with a net loss of 761,600 manat ($448,000) versus net profit of 19,000 manat ($11,180) in 2019, the NBCO’s Board Chairman Arif Aliyev told Trend.
According to Aliyev, last year, the agency's loss before taxes amounted to 699,000 manat ($411,180), and income tax payments - 62,000 manat ($36,470).
As of early 2021, the total assets of the organization decreased by 30 percent compared to early 2020, and made up 2.1 million manat, of which 1.18 million manat ($690,000) accounted for client loans, he noted.
The chairman stressed that last year, due to the COVID-19 pandemic, many credit institutions, based on their internal capabilities and on the direct instructions of the regulator (the Central Bank of Azerbaijan), provided their clients, including small and medium-sized enterprises (SMEs), with certain benefits and deferrals for payments. So, already from the first quarter of 2020, this process has started at the NBCO.
He also noted that the agency’s obligations reduced by nearly 30 percent, thus amounting to 537,000 manat ($315,880). The NBCO’s capital decreasing by 32.7 percent, equal to 1.6 million manat ($940,000).
The Credit Implementing Agency, being a member of the Azerbaijan Association of Microfinance, takes an active part in discussions on the creation and further development of electronic platforms for non-banking organizations, concluded Aliyev.
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