Finance

Finance

Nikoil Leasing gets a 50% growth in leasing portfolio

24 December 2009 09:48 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Nikoil Leasing, an Azerbaijan-based subsidiary of Russiaâ€™s Uralsib Leasing, predicts to post its leasing portfolio at AZN 5.205 million as at 1 January 2010, up 48.3% from a year ago.

According to deputy director Musa Turabov, the leasing portfolio is mainly diversified to the lease of special equipment, machines and vehicles.

He also added that the company will start refinancing leasing projects.
â€œWe suspended our financing activities for the global financial crisis. But from next year, we plan to realize new leasing projects as the crisis comes down. We will also open a branch in 2010,â€ he added.

As of December 1, its leasing portfolio stood at AZN 5.221 million.
The company secured AZN 7 million worth of 11 leasing contracts during this period.

The leasing portfolio was diversified to the lease of special equipment and machines (79.63%), special purpose vehicles (16.33%), trucks (2.36%) and bank equipment (1.68%).

The company charges an interest rate of 18-30% per annum.
Nikoil Leasing has been in operation since 2007.