Bank Of Baku

CredAgro non-bank financial institution gets 46% rise in portfolio

CredAgro non-bank financial institution gets 46% rise in portfolio
# 11 September 2008 13:42 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. As at September 1, Azerbaijan’s non-bank microfinance institution CredAgro posted its portfolio at AZN 38.536 million, up 46.2% from January 1.
CredAgro said 50% of the portfolio went to businesses, 30% to consumer loans and 20% to agriculture. The number of customers increased 51.3% during January-August to 13 000.
CredAgro, set up in 2000, is a microfinance institution with a strong focus on agricultural and rural lending.
CredAgro lends loans at 24-36% annually.
It operates 11 branches and 6 offices throughout the country.
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