Azerbaijan’s credit unions end 2021 with profit

Azerbaijan’s credit unions ended 2021 with a net profit of 0.1 million manats, whereas the net loss of the credit unions totalled 0.1 million manats in 2020.

Report informs, citing the Central Bank of Azerbaijan, that in 2021, the income of credit unions amounted to 2.3 million manats (the same as in the previous year), expenses - to 1 million manats (about 10% less), allocations to special reserves - to 1.1 million manats (about 15 % less), and income tax payments - to 0.1 million manats.

As of January 1, the assets of credit unions stood at 14.3 million manats, which is 5.9% less than a year ago. Of this, 12.2 million manats were consumer loans. In 2021, the sector's loan portfolio shrunk by 8.3%.

During the reporting period, the liabilities of credit unions decreased by 13.8% to 5 million manats, and the net worth dropped by 1.1% to 9.3 million manats.