Azerbaijan Mortgage Fund’s 2008 audit results announced

Azerbaijan Mortgage Fund’s 2008 audit results announced
# 03 August 2009 14:24 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. Baker Tilly Azerbaijan has announced the results of the audit of Azerbaijan Mortgage Fund for 2008.

At the end of 2008, the Fund’s assets totaled AZN 68 886 877, up 47.3% from a year ago.

The lending portfolio for the year amounted to AZN 59 560 713 (30.5%) and debt securities AZN 7 994 312.

At the end of 2008, net assets of stood at AZN 68 798 395, up 47.4% from 2007.

Retained earnings over the past year amounted to AZN 798 385 (21.9%), total income AZN 1 314 400 (8.5%), and expenses AZN 1 170 770 (+40 %).

Interest income rose by 8.4% to AZN 1 298 427. At the same time from the state budget in 2008, the Fund has been given AZN 68 million (47.8%), compared to AZN 46 million a year earlier.

The Fund distributed mortgage loans of AZN 67.9 million in loans during 2005-2008. Of this, AZN 63.3 million has been refinanced.

The remaining loans will be refinanced in accordance with the “Rules of granting mortgage loans by Azerbaijan Mortgage Fund”.
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