NBCO, whose loan portfolio shrinks and net profit falls sharply

The loan portfolio of the partner credit organization of the brothers Elmar and Elchin Aliyevs of NBCO Finoko OJSC in 2023, which is the main activity, decreased, and net profit reduced sharply.

banks.az reports that the volume of loans given by the NBCO to customers declined by 1.7% compared with last year to 23.516 million manats. The organization mainly gives consumer loans, and a considerable proportion of which has decreased.

The volume of NBCO's total assets increased from 31.054 million manats up to 33.387 million manats.

The volume of NBCO's liabilities is 20.659 million manats, including 17.22 million manats — debt on issued bonds.

Although Finoko's revenues grew by 6.582 million manats over the year, interest expenses also increased. Net interest income fell from 4.158 million manats to 3.639 million manats. In addition, the loan loss lowered sharply due to an increase in administrative expenses and net profit.

In 2022, net profit amounted to 1.403 million manats, in 2023 this figure decreased to 230,000 manats.