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Azerbaijan's Mortgage, Credit Guarantee Fund releases financial report for 1H2022

Finance Materials 6 September 2022 17:26
Baku, Azerbaijan Trend News Agency
Azerbaijan's Mortgage, Credit Guarantee Fund releases financial report for 1H2022

The net profit of Azerbaijan's Mortgage and Credit Guarantee Fund amounted to 9.89 million manat ($5.8 million) in the first half of 2022, Trend reports citing the Fund's financial report.

In the reporting period, the Fund's interest income totaled 31.199 million manat ($), other gains – 588,000 manat ($346,241), while fees and commission income – 735,000 manat ($432,801).

Interest expenses of the Fund for the first six months of 2022 have equaled 16.67 million manat ($9.8 million), expected credit losses – 629,610 manat ($370,682), fees and commission expenses – 604,260 manat ($355,787), administrative and other expenses – 2.335 million manat ($1.37 million), and staff costs – 2.391 million manat ($1.4 million).

As of June 1, 2022, the Fund's assets reached 2.182 billion manat, or $1.28 billion (growth of 18.9 percent year on year), capital – 910.5 million manat, or $536.14 million (an increase of 5.4 percent), as well as liabilities – 1.272 billion manat, or $749.01 million (growth of 30.9 percent).

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