TBC Kredit's profit decreased 18-fold

TBC Kredit, a subsidiary of the Bank of Georgia in Azerbaijan, completed 2024 with net profit of 71,000 manats. This figure means an 18-fold drop against profit of 1.265 million manats in the previous year.

banks.az informs,referring to to NBKO’s annual audit report.

Although NBCO's interest income exceeded 5 million manats at the end of the year, the profit before tax as a result of operating expenses and reserve transfers amounted to only 225,000 manats.

The largest expenses related to personnel, amounting to 2.5 million manats.

And assets plummeted from 20.5 million manats to 13.9 million manats. This decrease is linked mainly with a reduction in the loan portfolio by approx. 5 million and a significant decline in cash. If in 2023 loans to customers totaled 14.2 million manats, by the end of 2024 this figure lowered to 9.2 million manats.

NBCO's liabilities fell from 8.8 million manats to 2 million manats, but there were no significant changes in the capital, which remained at 11.8 million manats.

Last year, the NBCO reduced the number of branches from 4 to one.