Azerbaijan-based NBCIs triple net profit

The Non-Banking Credit Institutions (NBCI) ended 2023 with 75.8 million manats ($44.59 million) in net profit, up 2.9 times from the previous year, Report informs, citing the Central Bank of Azerbaijan (CBA).

In the reporting period, operating income increased by 79.6% to 213.7 million manats ($125.7 million), operating expenditure surged 40.5% to 114.5 million manats ($67.35 million), loan loss provision went up 10.2% to 6.5 million manats ($3.82 million), windfall gains made up 0.4 million manats ($0.24 million), and profit tax payments soared 2.9 times to 17.4 million manats ($10.24 million).

As of January 1, 2024, the assets stood at 758.5 million manats ($446.18 million), showing a 47.1% growth compared to a year earlier. Of this, 558.3 million manats ($328.4 million) were net loans given to customers. The loan portfolio expanded by 39.5% year-on-year.

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