Azerbaijan-based NBCIs quadruple net profit 

The Non-Banking Credit Institutions (NBCI) ended the first three quarters of 2022 with 23.7 million manats ($14 million) in net profit, up 4.2 times from the previous year, Report informs, citing the Central Bank of Azerbaijan (CBA).

Over the past nine months, income increased by 34.4% to 83.2 million manats ($49 million), expenditure surged 28.4% to 55.1 million manats ($32.41 million), allocations for special reserves dropped 79% to 2.5 million manats ($1.47 million), and profit tax payments soared 26.7% to 1.9 million manats ($1.12 million).

As of October 1, 2022, the assets stood at 478.3 million manats ($281.35 million), showing a 33.3% growth compared to a year earlier. Of this, 365.4 million manats ($215 million) were net loans given to customers. The loan portfolio expanded by 41.6% year-on-year.

During the reporting period, the liabilities grew by 31.1% to 273.9 million manats ($161.12 million), and the net worth rose by 36.3% to 204.4 million manats ($120.24 million).