Credit unions in Azerbaijan ended the first nine months of 2021 with a loss of 100,000 manats (over $58,800),
According to the bank, this figure is the same as the one in the same period last year.
Revenues of credit unions for nine months amounted to 1.9 million manats ($1.11 million), 11.8% less than a year earlier, expenses reached 700,000 manats (over $410,000), thus remained almost unchanged, and allocations to special reserves equaled to 1.2 million manats ($706,300), about 10% more than a year earlier.
As of October 1, the assets of credit unions amounted to 14.2 million manats ($8.35 million), which is 8.4% less than a year ago. Of this, 12.5 million manats ($7.35 million) are net loans to customers. The sector’s loan portfolio has shrunk by 8.8% over the past year.
During the reporting period, the liabilities of credit unions decreased by 13.8% to 5 million manats ($2.94 million), while the balance capital decreased by 5.15% to 9.2 million manats ($5.41 million).