Azerbaijan’s Mortgage and Credit Guarantee Fund ends 2020 with profit 

The Mortgage and Credit Guarantee Fund of Azerbaijan (MCGF) ended 2020 with AZN 7.228 million in profit, which is 2.6—fold lower than the previous year, Report informs.

In the reporting period, interest incomes dropped 7.7% to AZN 41.486 million, interest expenditures surged 12.6% to AZN 21.196 million, expected credit went up more than 12.7-fold to AZN 4.77 million, commission income soared 2.4-fold to AZN 865,000, commission expenses increased by 2.8-fold to AZN 1.168 million, other incomes climbed 4.2% to AZN 969,000, HR costs ascended 9.4% to AZN 4.916 million, administrative and other expenditures rose by 48.3% to AZN 4.042 million. The Fund did not pay profit tax.

As of January 1, 2021, the assets stood at AZN 1,780.882 million, 26.6% less than a year earlier. Of this, AZN 1,137.759 million was mortgage loans granted to customers. The loan portfolio extended by 14%.

The liabilities went up 27.3% to AZN 960.819 million, the value of securities gained 28.5% to settle at AZN 938.387 million, net worth moved up 25.8% to AZN 820.062 million, authorized capital ended 12.5% higher at AZN 637 million.