Non-banking credit organisation "Azfinans" earned paltry profit last year
The NBCO "Azfinans" has published its financial indices for 2023.
Last year the credit organisation earned a net profit of only AZN 2,000 (the previous year it finished with a loss of AZN 3,000).
Recall that "Azfinans" assets at the beginning of this year were 4% more than at the beginning of last year - AZN 389,000, including the loan portfolio 16.6% more - AZN 373,000. At that, NBCO's liabilities amounted to AZN 88,000 (14.3% more), the balance sheet capital - AZN 301,000 (1.3% more), including the authorized capital - AZN 300,000 (unchanged).
Finance
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The analysis shows that the economic growth in Azerbaijan in 2026-2028 will be fully ensured at the expense of the non-oil and gas sector.This is stated in the conclusion of the Accounting Chamber on the Draft Law ‘On State Budget for 2025’.
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In January-August 2024, two state financial institutions of Azerbaijan jointly paid dividends in the amount of AZN 169.9 million, or about $100 million. This is stated in the conclusion of the Accounting Chamber over the Draft Law ‘’On State Budget for 2024‘’.
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President Ilham Aliyev's decree of 28 March 2022 ‘On Approval of the Upper Limit of Ratio of Non-oil Base Budget Deficit to Non-oil Gross Domestic Product (GDP)’ is not honoured.This is stated in the conclusion of the Accounting Chamber on the Draft Law ‘On State Budget for 2025’.
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In 2025, the subsistence minimum in Azerbaijan will amount to AZN 305 for able-bodied population, AZN 232 for pensioners and AZN 246 for children. This is stated in the Draft Law ‘On Subsistence Minimum for 2025’.
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