Credit unions in Azerbaijan see losses in 9 months of 2021

Credit unions in Azerbaijan ended the first nine months of 2021 with a loss of 100,000 manats (over $58,800), Report informs, citing the Central Bank of Azerbaijan.

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).