{"id":1449,"date":"2022-11-14T12:22:21","date_gmt":"2022-11-14T08:22:21","guid":{"rendered":"https:\/\/qafqazkredit.az\/?page_id=1449"},"modified":"2025-04-10T13:42:44","modified_gmt":"2025-04-10T09:42:44","slug":"hesabatlar","status":"publish","type":"page","link":"https:\/\/qafqazkredit.az\/en\/hesabatlar\/","title":{"rendered":"Financial statements"},"content":{"rendered":"
<\/div><\/div><\/div>\n\n\n

FINANCIAL STATEMENTS for THE CURRENT YEAR<\/h1>\n\n\n
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Maliyy\u0259 v\u0259ziyy\u0259tin\u0259 dair hesabat: I R\u00fcb-31.03.2025 tarixin\u0259<\/h4>\n\t\t\t
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In Azerbaijani Manats<\/em><\/strong><\/th>31.03.2025<\/th>31.03.2024<\/th><\/tr><\/thead>
ASSETS<\/strong><\/td><\/td><\/td><\/tr>
Cash<\/td>1,77<\/td>808,53<\/td><\/tr>
Account balances<\/td>53.703,46<\/td>50.768,64<\/td><\/tr>
Cash and account balances<\/strong><\/td>53.705,23<\/strong><\/td>51.577,17<\/strong><\/td><\/tr>
Short-term deposits placed in banks<\/td>0,00<\/td>0,00<\/td><\/tr>
Accrued interests receivable on deposits placed in banks<\/td>0,00<\/td>0,00<\/td><\/tr>
Short-term deposits placed in banks<\/strong><\/td>0,00<\/strong><\/td>0,00<\/strong><\/td><\/tr>
M\u00fc\u015ft\u0259ril\u0259r\u0259\u00a0 veril\u0259n kreditl\u0259r<\/td>1.159.077,57<\/td>1.187.286,65<\/td><\/tr>
M\u00fc\u015ft\u0259ril\u0259r\u0259\u00a0 veril\u0259n kreditl\u0259r \u00fczr\u0259 hesablanm\u0131\u015f al\u0131nacaq faizl\u0259r<\/td>50.345,72<\/td>36.631,87<\/td><\/tr>
Loans and advances to customers<\/strong><\/td>1.209.423,29<\/strong><\/td>1.223.918,52<\/strong><\/td><\/tr>
M\u00fc\u015ft\u0259ril\u0259r\u0259\u00a0 veril\u0259n kreditl\u0259r \u00fczr\u0259 m\u00fcmk\u00fcn z\u0259r\u0259rl\u0259rin \u00f6d\u0259nilm\u0259si \u00fc\u00e7\u00fcn x\u00fcsusi ehtiyat<\/td>-132.454,31<\/td>-136.296,58<\/td><\/tr>
Property and equipment<\/td>29.169,69<\/td>31.714,08<\/td><\/tr>
Intangible assets<\/td>1.151,18<\/td>1.279,09<\/td><\/tr>
Deferred profit tax asset<\/td>8.039,03<\/td>8.039,03<\/td><\/tr>
Current profit tax assets<\/td>789,68<\/td>1.863,97<\/td><\/tr>
Cost for future period<\/td>7.365,40<\/td>120,10<\/td><\/tr>
Other assets<\/td>4.249,55<\/td>6.468,15<\/td><\/tr>
TOTAL ASSETS<\/strong><\/td>1.181.438,74<\/strong><\/td>1.188.683,53<\/strong><\/td><\/tr>
<\/td><\/td><\/td><\/tr>
LIABILITIES<\/strong><\/td><\/td><\/td><\/tr>
Earnings for future period<\/td>18.325,42<\/td>40.318,17<\/td><\/tr>
Long-term loans received from CBA<\/td>0,00<\/td>38.815,88<\/td><\/tr>
Accrued interest payable on long-term loans received from CBA<\/td>0,00<\/td>135,31<\/td><\/tr>
Maliyy\u0259 institutlarina \u00f6d\u0259nil\u0259ck\u00a0 v\u0259saitl\u0259r<\/td>0,00<\/td>0,00<\/td><\/tr>
Current profit tax liability<\/td>0,00<\/td>0,00<\/td><\/tr>
Other liabilities<\/td>880,63<\/td>181,79<\/td><\/tr>
C\u018fM\u0130\u00a0 \u00d5HD\u018fL\u0130KL\u018fR<\/strong><\/td>19.206,05<\/strong><\/td>79.451,15<\/strong><\/td><\/tr>
EQUITY<\/strong><\/td><\/td><\/td><\/tr>
Charter Capital<\/td>592.000,00<\/td>592.000,00<\/td><\/tr>
Capital reserves<\/td>238.042,00<\/td>238.042,00<\/td><\/tr>
Retained earnings<\/td>316.018,90<\/td>254.865,91<\/td><\/tr>
Current year profit \/ (loss)<\/td>16.171,79<\/td>24.324,47<\/td><\/tr>
TOTAL EQUITY<\/strong><\/td>1.162.232,69<\/strong><\/td>1.109.232,38<\/strong><\/td><\/tr>
TOTAL LIABILITIES AND EQUITY<\/strong><\/td>1.181.438,74<\/strong><\/td>1.188.683,53<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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M\u0259cmu g\u0259lirl\u0259r haqq\u0131nda hesabat: I R\u00fcb-31.03.2025 tarixin\u0259<\/h4>\n\t\t\t
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In Azerbaijani Manats<\/em><\/strong><\/th>31.03.2025<\/th>31.03.2024<\/th><\/tr><\/thead>
Interest income<\/td>73.936,11<\/td>67.663,25<\/td><\/tr>
Deposit income<\/td>0,00<\/td>127,78<\/td><\/tr>
Interest expense<\/td>0,00<\/td>-26,30<\/td><\/tr>
Net interest income<\/strong><\/td>73.936,11<\/strong><\/td>67.764,73<\/strong><\/td><\/tr>
Non-interest income<\/td>454,69<\/td>411,91<\/td><\/tr>
Provision for loan impairment\/(recovery of provision)<\/td>3.979,71<\/td>0,00<\/td><\/tr>
Net interest income after provision (provision recovery) for loan impairment<\/strong><\/td>70.411,09<\/strong><\/td>68.176,64<\/strong><\/td><\/tr>
Fees and commission expenses<\/td>538,21<\/td>443,74<\/td><\/tr>
Salary and bonus, other expenses related to employees<\/td>48.645,28<\/td>37.535,90<\/td><\/tr>
Non-interest expenses<\/td>9.638,63<\/td>10.510,84<\/td><\/tr>
Non-interest expenses, total<\/strong><\/td>58.822,12<\/strong><\/td>48.490,48<\/strong><\/td><\/tr>
Vergid\u0259n\u00a0 \u0259vv\u0259lki m\u0259nf\u0259\u0259t\/(z\u0259r\u0259r)<\/strong><\/td>11.588,97<\/strong><\/td>19.686,16<\/strong><\/td><\/tr>
Tax paid on profits<\/td>0,00<\/td>0,00<\/td><\/tr>
Write-off from profits<\/td>0,00<\/td>0,00<\/td><\/tr>
Net profit (loss)<\/strong><\/td>11.588,97<\/strong><\/td>19.686,16<\/strong><\/td><\/tr>
Other comprehensive income (Bad portfolio principal recovery)<\/strong><\/td>2.190,86<\/strong><\/td>514,09<\/strong><\/td><\/tr>
Other comprehensive income (Bad portfolio interest debt recovery)<\/strong><\/td>409,88<\/strong><\/td>44,91<\/strong><\/td><\/tr>
Other comprehensive income (recovery of restructuring portfolio according to the Decree)<\/strong><\/td>1.982,08<\/strong><\/td>4.079,31<\/strong><\/td><\/tr>
Total gross profit<\/strong><\/td>16.171,79<\/strong><\/td>24.324,47<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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FINANCIAL STATEMENTS APPROVED BY AN EXTERNAL AUDITOR: 31.12.2023-31.12.2020<\/h2>\n\n\n\n
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As of 31.12.2023<\/h4>\n\t\t\t
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\u00a0\u00a0\u00a0\u00a0 MALIYY\u018f\u00a0 V\u018fZIYY\u018fTIN\u018f\u00a0 DAIR\u00a0 HESABAT-31.12.2023 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2023<\/th>31.12.2022<\/th><\/tr><\/thead>
Assets<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Cash and cash equivalents<\/td>\u00a0\u00a0\u00a0\u00a0\u00a0 13,620<\/td>117,691<\/td><\/tr>
Loans and advances to customers<\/td>1,007,989<\/td>879,798<\/td><\/tr>
Deposits placed in banks<\/td>100,000<\/td>100,000<\/td><\/tr>
Property and equipment<\/td>31,714<\/td>36,635<\/td><\/tr>
Intangible assets<\/td>1,279<\/td>1,421<\/td><\/tr>
Deferred tax assets<\/td>8,039<\/td>7,065<\/td><\/tr>
Current profit tax assets<\/td>8,362<\/td>212<\/td><\/tr>
Other assets<\/td>7,415<\/td>33,942<\/td><\/tr>
TOTAL ASSETS<\/strong><\/td>1,178,418<\/strong><\/td>1,176,764<\/strong><\/td><\/tr>
LIABILITIES<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Earnings for future period<\/td>44,397<\/td>76,869<\/td><\/tr>
Due to financial institutions<\/td>38,925<\/td>77,675<\/td><\/tr>
Current tax liability<\/td>9,933<\/td>9,782<\/td><\/tr>
Other liabilities<\/td>255<\/td>2,377<\/td><\/tr>
Total liabilities<\/strong><\/td>93,511<\/strong><\/td>166,703<\/strong><\/td><\/tr>
EQUITY<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/strong><\/td><\/tr>
Charter capital<\/td>592,000<\/td>592,000<\/td><\/tr>
Capital reserves<\/td>238,042<\/td>238,042<\/td><\/tr>
Retained (losses)\/earnings<\/td>254,866<\/td>180,019<\/td><\/tr>
Total equity<\/strong><\/td>1,084,908<\/strong><\/td>1,010,061<\/strong><\/td><\/tr>
TOTAL LIABILITIES AND EQUITY<\/strong><\/td>1,178,418<\/strong><\/td>1,176,764<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u00a0\u00a0\u00a0 PROFIT AND LOSS STATEMENT-as of 31.12.2023<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2023<\/th>31.12.2022<\/th><\/tr><\/thead>
Interest income<\/td>235,264<\/td>253,657<\/td><\/tr>
Interest expense<\/td>-144<\/td>-170<\/td><\/tr>
Net interest income<\/strong><\/td>253,120<\/strong><\/td>253,487<\/strong><\/td><\/tr>
Recovery of (provision)\/provision for loan impairment<\/td>-2817<\/td>-1,879<\/td><\/tr>
Net interest income after provision for loan impairment<\/strong><\/td>232,303<\/strong><\/td>251,608<\/strong><\/td><\/tr>
Fee and commission expenses<\/td>-1,949<\/td>-1653<\/td><\/tr>
Administrative and other operating expenses<\/td>-198,256<\/td>-212,815<\/td><\/tr>
Other income<\/td>14,751<\/td>11,771<\/td><\/tr>
Profit \/(loss) before tax<\/strong><\/td>49,667<\/strong><\/td>48,911<\/strong><\/td><\/tr>
Income tax benefit \/(expense)<\/td>-9,933<\/td>-9,782<\/td><\/tr>
Comprehensive net income\/ (loss) <\/strong>for the year<\/strong><\/td>39,733<\/strong><\/td>39,129<\/strong><\/td><\/tr>
Other comprehensive income for the year<\/strong><\/td>35,114<\/strong><\/td>51,969<\/strong><\/td><\/tr>
Total comprehensive income\/ (loss) for the year<\/strong><\/strong><\/td>74,847<\/strong><\/td>91,098<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u00a0PUL V\u018fSA\u0130TL\u018fR\u0130N\u0130N\u00a0 H\u018fR\u018fK\u018fT\u0130\u00a0 HESABATI-31.12.2023 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2023<\/th>31.12.2022<\/th><\/tr><\/thead>
Cash flow from operating activities<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/td><\/tr>
Profit\/(loss) before income tax<\/td>49,667<\/td>48,911<\/td><\/tr>
Impairment loss on interest-bearing assets<\/td>2,817\u00a0<\/td>5,202<\/td><\/tr>
Depreciation and amortization expenses<\/td>5,063<\/td>3,754<\/td><\/tr>
Net interest income<\/td>-235,264<\/td>-260,927<\/td><\/tr>
Cash flows from operating activities before changes in operating assets and liabilities<\/strong><\/td>-177,717<\/strong><\/td>-203,058<\/strong><\/td><\/tr>
Net (decrease)\/increase in loans and advances to customers<\/td>-98,643<\/td>97,339<\/td><\/tr>
Decrease \/ increase in deposits placed in banks<\/td>1,197<\/td>5,729<\/td><\/tr>
Net increase in funds payable to financial institutions<\/td>-38,749<\/td>-38,772<\/td><\/tr>
Vergi\u00a0 aktivl\u0259rind\u0259 azalma \/artma<\/td>-9,460<\/td>-6,816<\/td><\/tr>
Future period income decrease \/ increase<\/td>-32,471<\/td>-42,211<\/td><\/tr>
Net decrease\/increase in other assets<\/td>32,573<\/td>-31,295<\/td><\/tr>
Net increase\/(decrease) in other liabilities<\/td>-1,971<\/td>63,549<\/td><\/tr>
Pre-tax net cash used in operating activities<\/strong><\/td>-147,524<\/strong><\/td>-155,537<\/strong><\/td><\/tr>
Paid profit tax<\/td>-9,933<\/td>-9,782<\/td><\/tr>
Interest received<\/td>230,959<\/td>261,097<\/td><\/tr>
Interest paid<\/td>144<\/td>-170.00<\/td><\/tr>
Net (decrease)\/increase in cash and cash equivalents<\/strong><\/td>-104,071<\/strong><\/td>95,608<\/strong><\/td><\/tr>
Cash and cash equivalents at the beginning of the year<\/td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 117,691<\/td>22,083<\/td><\/tr>
Cash and cash equivalents at the end of the year<\/strong><\/td>13,620<\/strong><\/td>117,691<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u00a0STATEMENT OF CHANGES IN FOUNDER'S CAPITAL - as of 31.12.2023<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>Charter Capital<\/th>Capital Reserves<\/th>Retained Earnings<\/th>Total Capital<\/th><\/tr><\/thead>
In Azerbaijani Manats<\/em><\/strong><\/em><\/strong><\/td>Charter Capital<\/strong><\/strong><\/td>Capital Reserves<\/strong><\/strong><\/td>B\u00f6l\u00fc\u015fd\u00fcr\u00fclm\u0259mi\u015f\u00a0 M\u0259nf\u0259\u0259t<\/strong><\/strong><\/td>Total Capital<\/strong><\/td><\/tr>
Balance as of December 31, 2022<\/strong><\/td>\u00a0 \u00a0\u00a0592,000<\/strong><\/td>\u00a0 238,042<\/strong><\/td>180,019<\/strong><\/td>\u00a01,010,061<\/strong><\/td><\/tr>
Shares of founders<\/td>–<\/td>–<\/td>–<\/td>–<\/td><\/tr>
Total comprehensive income for the year<\/td>–<\/td>–<\/td>74,847<\/strong><\/td>74,847<\/strong><\/td><\/tr>
Balance as of December 31, 2023<\/strong><\/td>\u00a0<\/strong> 592,000<\/strong><\/td>\u00a0<\/strong> 238,042<\/strong><\/td>254,866<\/strong><\/td>1,084,908<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n<\/div>\n\t\t<\/div>\n\n
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As of 31.12.2022<\/h4>\n\t\t\t
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MALIYY\u018f\u00a0 V\u018fZIYY\u018fTIN\u018f\u00a0 DAIR\u00a0 HESABAT-31.12.2022 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2022<\/th>31.12.2021<\/th><\/tr><\/thead>
Assets<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Cash and cash equivalents<\/td>117,691<\/td>22,083<\/td><\/tr>
Loans and advances to customers<\/td>879,798<\/td>977,137<\/td><\/tr>
Deposits placed in banks<\/td>100,000<\/td>105,729<\/td><\/tr>
Property and equipment<\/td>36,635<\/td>40,231<\/td><\/tr>
Intangible assets<\/td>1,421<\/td>1,579<\/td><\/tr>
Deferred tax assets<\/td>7,065<\/td>3,097<\/td><\/tr>
Current profit tax assets<\/td>212<\/td>2,252<\/td><\/tr>
Other assets<\/td>33,942<\/td>2,444<\/td><\/tr>
TOTAL ASSETS<\/strong><\/td>1,176,764<\/strong><\/td>1,154,552<\/strong><\/td><\/tr>
LIABILITIES<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Earnings for future period<\/td>76,869<\/td>119,080<\/td><\/tr>
Due to financial institutions<\/td>77,675<\/td>116,447<\/td><\/tr>
Deferred tax liability<\/td>9,782<\/td>–<\/td><\/tr>
Other liabilities<\/td>2,377<\/td>62<\/td><\/tr>
Total liabilities<\/strong><\/td>166,703<\/strong><\/td>235,589<\/strong><\/td><\/tr>
EQUITY<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/strong><\/td><\/tr>
Charter capital<\/td>592,000<\/td>592,000<\/td><\/tr>
Capital reserves<\/td>238,042<\/td>238,042<\/td><\/tr>
Retained (losses)\/earnings<\/td>180,019<\/td>88,921<\/td><\/tr>
Total equity<\/strong><\/td>1,010,061<\/strong><\/td>918,963<\/strong><\/td><\/tr>
TOTAL LIABILITIES AND EQUITY<\/strong><\/td>1,176,764<\/strong><\/td>1,154,552<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PROFIT AND LOSS STATEMENT: 31.12.2021 \u2013 31.12.2022<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.202<\/th>31.12.2021<\/th><\/tr><\/thead>
Interest income<\/td>253,657<\/td>262,158<\/td><\/tr>
Interest expense<\/td>-170<\/td>-4,083<\/td><\/tr>
Net interest income<\/strong><\/td>253,487<\/strong><\/td>258,075<\/strong><\/td><\/tr>
Recovery of (provision)\/provision for loan impairment<\/td>-1,879<\/td>-63,164<\/td><\/tr>
Net interest income after provision for loan impairment<\/strong><\/td>251,608<\/strong><\/td>194,911<\/strong><\/td><\/tr>
Fee and commission expenses<\/td>-1653<\/td>-3,212<\/td><\/tr>
Administrative and other operating expenses<\/td>-212,815<\/td>-162,829<\/td><\/tr>
Other income<\/td>11,771<\/td>\u00a0 2,726\u00a0<\/td><\/tr>
Other income \/ (losses), net<\/td>–\u00a0\u00a0\u00a0<\/td>719\u00a0\u00a0\u00a0<\/td><\/tr>
Write-off<\/td>–<\/td>-3259<\/td><\/tr>
Profit \/(loss) before tax<\/strong><\/td>48,911<\/strong><\/td>29,056<\/strong><\/td><\/tr>
Income tax benefit \/(expense)<\/td>-9,782<\/td>-5811<\/td><\/tr>
Comprehensive net income\/ (loss) <\/strong>for the year<\/strong><\/strong><\/td>39,129<\/strong><\/td>23,245<\/strong><\/td><\/tr>
Other comprehensive income for the year<\/strong><\/td>51,969<\/strong><\/td>26,222<\/strong><\/td><\/tr>
Total comprehensive income\/ (loss) for the year<\/strong><\/strong><\/td>91,098<\/strong><\/td>49,467<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PUL V\u018fSA\u0130TL\u018fR\u0130N\u0130N\u00a0 H\u018fR\u018fK\u018fT\u0130\u00a0 HESABATI -31.12.2022 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/strong><\/td>31.12.2022<\/strong><\/td>31.12.2021<\/strong><\/td><\/tr>
Cash flow from operating activities<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/td><\/tr>
Profit\/(loss) before income tax<\/td>48,911<\/td>29,056<\/td><\/tr>
Impairment loss on interest-bearing assets<\/td>5,203<\/td>63,164<\/td><\/tr>
Depreciation and amortization expenses<\/td>3,755<\/td>5,119<\/td><\/tr>
Net interest income<\/td>-260,927<\/td>-258,075<\/td><\/tr>
Loan write-off<\/td>–<\/td>3259<\/td><\/tr>
Cash flows from operating activities before changes in operating assets and liabilities<\/strong><\/td>-203,058<\/strong><\/td>-157,477<\/strong><\/td><\/tr>
Net (decrease)\/increase in loans and advances to customers<\/td>97,339<\/td>-12,052<\/td><\/tr>
Decrease \/ increase in deposits placed in banks<\/td>5,729<\/td>94,271<\/td><\/tr>
Net increase in funds payable to financial institutions<\/td>-38,772<\/td>-152,501<\/td><\/tr>
Vergi\u00a0 aktivl\u0259rind\u0259 azalma \/artma<\/td>-6,816<\/td>-249<\/td><\/tr>
Future period income decrease \/ increase<\/td>-42,211<\/td>-31,854<\/td><\/tr>
Net decrease\/increase in other assets<\/td>-31,295<\/td>66<\/td><\/tr>
Net increase\/(decrease) in other liabilities<\/td>63,549<\/td>-499<\/td><\/tr>
Pre-tax net cash used in operating activities<\/strong><\/td>-155,537<\/strong><\/td>-260,295<\/strong><\/td><\/tr>
Paid profit tax<\/td>-9,782<\/td>-14,800<\/td><\/tr>
Interest received<\/td>261,096<\/td>206,060<\/td><\/tr>
Interest paid<\/td>-170<\/td>\u00a0<\/td><\/tr>
Net cash used in operating activities<\/strong><\/td>95,608<\/strong><\/td>-39,435<\/strong><\/td><\/tr>
Net (decrease)\/increase in cash and cash equivalents<\/strong><\/td>95,608<\/strong><\/td>-39,435<\/strong><\/td><\/tr>
Cash and cash equivalents at the beginning of the year<\/td>22,083<\/td>61,518<\/td><\/tr>
Cash and cash equivalents at the end of the year<\/strong><\/td>117,691<\/strong><\/strong><\/td>22,083<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u00a0STATEMENT OF CHANGES IN FOUNDER'S CAPITAL - as of 31.12.2022<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>Charter Capital<\/th>Capital Reserves<\/th>Retained Earnings<\/th>Total Capital<\/th><\/tr><\/thead>
Balance at 31 December 2021<\/strong><\/td>592,000<\/strong><\/td>238,042<\/strong><\/td>88,921<\/strong><\/td>918,963<\/strong><\/td><\/tr>
Shares of founders<\/td>–<\/td>–<\/td>–<\/td>–<\/td><\/tr>
Total comprehensive income for the year<\/td>–<\/td>–<\/td>91,098<\/strong><\/td>91,098<\/strong><\/td><\/tr>
Balance at 31 December 2022<\/strong><\/td>592,000<\/strong><\/td>238,042<\/strong><\/td>180,019<\/strong><\/td>1,010,061<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n<\/div>\n\t\t<\/div>\n\n
\n\t\t\t
\n\t\t\t

As of 31.12.2021<\/h4>\n\t\t\t
<\/span><\/div>\n\t\t<\/div>\n\t\t\t
\n\n

MALIYY\u018f\u00a0 V\u018fZIYY\u018fTIN\u018f\u00a0 DAIR\u00a0 HESABAT-31.12.2021 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em>\u0259<\/th>31.12.2021<\/th>31.12.2020<\/strong><\/th><\/tr><\/thead>
Assets<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Cash and cash equivalents<\/td>22,083<\/td>61,518<\/td><\/tr>
Loans and advances to customers<\/td>977,137<\/td>965,085<\/td><\/tr>
Deposits placed in banks<\/td>105,729<\/td>200,000<\/td><\/tr>
Property and equipment<\/td>40,231<\/td>45,174<\/td><\/tr>
Intangible assets<\/td>1,579<\/td>1,755<\/td><\/tr>
Deferred tax assets<\/td>3,097<\/td>2,848<\/td><\/tr>
Current profit tax assets<\/td>2,252<\/td>11,049<\/td><\/tr>
Other assets<\/td>2,444<\/td>2,510<\/td><\/tr>
TOTAL ASSETS<\/strong><\/td>1<\/strong>,154,552<\/strong><\/td>1,289,939<\/strong><\/strong><\/td><\/tr>
LIABILITIES<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Earnings for future period<\/td>119,080<\/td>150,934<\/td><\/tr>
Due to financial institutions<\/td>116,447<\/td>268,948<\/td><\/tr>
Deferred tax liability<\/td>–<\/td>–<\/td><\/tr>
Other liabilities<\/td>62<\/td>561<\/td><\/tr>
Total liabilities<\/strong><\/td>235,589<\/strong><\/td>420,443<\/strong><\/td><\/tr>
EQUITY<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/strong><\/td><\/tr>
Charter capital<\/td>592,000<\/td>592,000<\/td><\/tr>
Capital reserves<\/td>238,042<\/td>238,042<\/td><\/tr>
Retained (losses)\/earnings<\/td>88,921<\/td>39,454<\/td><\/tr>
Total equity<\/strong><\/td>918,963<\/strong><\/strong><\/td>869,496<\/strong><\/strong><\/td><\/tr>
TOTAL LIABILITIES AND EQUITY<\/strong><\/td>1,154,552<\/strong><\/strong><\/td>1,289,939<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PROFIT AND LOSS STATEMENT-as of 31.12.2021<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2021<\/th>31.12.2020<\/th><\/tr><\/thead>
Interest income<\/td>262,158<\/td>218,881<\/td><\/tr>
Interest expense<\/td>-4,083<\/td>-8,738<\/td><\/tr>
Net interest income<\/strong><\/td>258,075<\/strong><\/strong><\/td>210,143<\/strong><\/strong><\/td><\/tr>
Recovery of (provision)\/provision for loan impairment<\/td>-63,164<\/td>-42,877<\/td><\/tr>
Net interest income after provision for loan impairment<\/strong><\/td>194,911<\/strong><\/strong><\/td>167,266<\/strong><\/strong><\/td><\/tr>
Fee and commission expenses<\/td>-3,212<\/td>-4,005<\/td><\/tr>
Administrative and other operating expenses<\/td>-162,829<\/td>-169,490<\/td><\/tr>
Other income<\/td>\u00a0 2,726\u00a0<\/td>\u00a0 1,407\u00a0<\/td><\/tr>
Other income \/ (losses), net<\/td>719\u00a0\u00a0\u00a0<\/td>19,443\u00a0\u00a0\u00a0<\/td><\/tr>
Loan write-off<\/td>-3259<\/td>–<\/td><\/tr>
Profit \/(loss) before tax<\/strong><\/td>29,056<\/strong><\/strong><\/td>14,621<\/strong><\/strong><\/td><\/tr>
Income tax benefit \/(expense)<\/td>-5811<\/td>-2,924<\/td><\/tr>
Comprehensive net income\/ (loss) <\/strong>for the year<\/strong><\/strong><\/td>23,245<\/strong><\/strong><\/td>11,697<\/strong><\/strong><\/td><\/tr>
Other comprehensive income for the year<\/strong><\/td>26,222<\/strong><\/td>–<\/strong><\/td><\/tr>
Total comprehensive income\/ (loss) for the year<\/strong><\/strong><\/td>49,467<\/strong><\/strong><\/td>11,697<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PUL V\u018fSA\u0130TL\u018fR\u0130N\u0130N\u00a0 H\u018fR\u018fK\u018fT\u0130\u00a0 HESABATI-31.12.2021 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2021<\/th>31.12.2020<\/th><\/tr><\/thead>
Cash flow from operating activities<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/td><\/tr>
Profit\/(loss) before tax<\/td>29,056<\/td>14,621<\/td><\/tr>
Impairment loss on interest-bearing assets<\/td>63,164<\/td>42,877<\/td><\/tr>
Depreciation and amortization expenses<\/td>5,119<\/td>5,244<\/td><\/tr>
Net interest income<\/td>-258,075<\/td>-210,143<\/td><\/tr>
Loan write-off<\/td>3259<\/td>\u00a0<\/td><\/tr>
Cash flows from operating activities before changes in operating assets and liabilities<\/strong><\/td>-157,477<\/strong><\/td>-147,401<\/strong><\/td><\/tr>
Net (decrease)\/increase in loans and advances to customers<\/td>-12,052<\/td>-147,408<\/td><\/tr>
Decrease (increase) in deposits placed in banks<\/td>94,271<\/td>-182,954<\/td><\/tr>
Net increase in funds payable to financial institutions<\/td>-152,501<\/td>148,137<\/td><\/tr>
Vergi\u00a0 aktivl\u0259rind\u0259 artma<\/td>-249<\/td>-2,848<\/td><\/tr>
Earnings for future period decrease\/increase<\/td>-31,854<\/td>-4,736<\/td><\/tr>
Net decrease\/(increase) in other assets<\/td>66<\/td>1,523<\/td><\/tr>
Net increase\/(decrease) in other liabilities<\/td>-499<\/td>-1,233<\/td><\/tr>
Pre-tax net cash used in operating activities<\/strong><\/td>-260,295<\/strong><\/td>-336,920<\/strong><\/td><\/tr>
Paid profit tax<\/td>-14,800<\/td>-1,500<\/td><\/tr>
Interest received<\/td>206,060<\/td>170,252<\/td><\/tr>
Net cash used in operating activities<\/strong><\/td>-39,435<\/strong><\/strong><\/td>-168,168<\/strong><\/strong><\/td><\/tr>
Net cash used in investing activities<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/strong><\/td><\/tr>
Acquisition of premises and equipment<\/em><\/td>\u00a0–<\/strong><\/td>\u00a0–<\/strong><\/td><\/tr>
Net (decrease)\/increase in cash and cash equivalents<\/strong><\/td>-39,435<\/strong><\/strong><\/td>-168,168<\/strong><\/strong><\/td><\/tr>
Cash and cash equivalents at the beginning of the year<\/td>61,518<\/td>229,686<\/td><\/tr>
Cash and cash equivalents at the end of the year<\/strong><\/td>22,083<\/strong><\/strong><\/td>61,518<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u00a0STATEMENT OF CHANGES IN FOUNDER'S CAPITAL - as of 31.12.2021<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>Charter Capital<\/th>Capital Reserves<\/th>Retained Earnings<\/th>Total Capital<\/th><\/tr><\/thead>
Balance at 31 December 2020<\/strong><\/td>592,000<\/strong><\/td>238,042<\/strong><\/td>39,454<\/strong><\/td>869,496<\/strong><\/td><\/tr>
Shares of founders<\/td>–<\/td>–<\/td>–<\/td>–<\/td><\/tr>
Total comprehensive income for the year<\/td>–<\/td>–<\/td>49,467<\/td>49,467<\/strong><\/td><\/tr>
Balance at 31 December 2021<\/strong><\/td>592,000<\/strong><\/td>238,042<\/strong><\/td>88,921<\/strong><\/td>918.963<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n<\/div>\n\t\t<\/div>\n\n
\n\t\t\t
\n\t\t\t

As of 31.12.2020<\/h4>\n\t\t\t
<\/span><\/div>\n\t\t<\/div>\n\t\t\t
\n\n

MALIYY\u018f\u00a0 V\u018fZIYY\u018fTIN\u018f\u00a0 DAIR\u00a0 HESABAT-31.12.2020 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2020<\/th>31.12.2019<\/th><\/tr><\/thead>
Assets<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Cash and cash equivalents<\/td>61,518<\/td>229,686<\/td><\/tr>
Loans and advances to customers<\/td>965,085<\/td>817,677<\/td><\/tr>
Deposits placed in banks<\/td>200,000<\/td>17,046<\/td><\/tr>
Property and equipment<\/td>45,174<\/td>50,223<\/td><\/tr>
Intangible assets<\/td>1,755<\/td>1,950<\/td><\/tr>
Deferred tax assets<\/td>2,848<\/td>–<\/td><\/tr>
Current profit tax assets<\/td>11,049<\/td>19,390<\/td><\/tr>
Other assets<\/td>2,510<\/td>4,033<\/td><\/tr>
TOTAL ASSETS<\/strong><\/td>1,289,939<\/strong><\/strong><\/td>1,140,005<\/strong><\/strong><\/td><\/tr>
LIABILITIES<\/strong><\/td>\u00a0<\/td>\u00a0<\/td><\/tr>
Earnings for future period<\/td>150,934<\/td>155,670<\/td><\/tr>
Due to financial institutions<\/td>268,948<\/td>120,811<\/td><\/tr>
Deferred tax liability<\/td>–<\/td>3,931<\/td><\/tr>
Other liabilities<\/td>561<\/td>\u00a0\u00a0\u00a0\u00a0\u00a0 1,794<\/td><\/tr>
Total liabilities<\/strong><\/td>420,443<\/strong><\/td>282,206<\/strong><\/td><\/tr>
EQUITY<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/strong><\/td><\/tr>
Charter capital<\/td>592,000<\/td>592,000<\/td><\/tr>
Capital reserves<\/td>238,042<\/td>238,042<\/td><\/tr>
Retained (losses)\/earnings<\/td>39,454<\/td>27,757<\/td><\/tr>
Total equity<\/strong><\/td>869,496<\/strong><\/strong><\/td>857,799<\/strong><\/strong><\/td><\/tr>
TOTAL LIABILITIES AND EQUITY<\/strong><\/td>1,289,939<\/strong><\/strong><\/td>1,140,005<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PROFIT AND LOSS STATEMENT-as of 31.12.2020<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2020<\/th>31.12.2019<\/th><\/tr><\/thead>
Interest income<\/td>218,881<\/td>181,523<\/td><\/tr>
Interest expense<\/td>-8,738<\/td>-2,217<\/td><\/tr>
Net interest income<\/strong><\/td>210,143<\/strong><\/strong><\/td>179,306<\/strong><\/strong><\/td><\/tr>
Recovery of (provision)\/provision for loan impairment<\/td>-42,877<\/td>-1,248<\/td><\/tr>
Net interest income after provision for loan impairment<\/strong><\/td>167,266<\/strong><\/strong><\/td>178,058<\/strong><\/strong><\/td><\/tr>
Fee and commission expenses<\/td>-4,005<\/td>-7,550<\/td><\/tr>
Administrative and other operating expenses<\/td>-169,490<\/td>-166,033<\/td><\/tr>
Other income<\/td>\u00a0 1,407\u00a0<\/td>1,404\u00a0<\/td><\/tr>
Other income \/ (losses), net<\/td>19,443\u00a0\u00a0\u00a0<\/td>33,076\u00a0\u00a0\u00a0<\/td><\/tr>
Profit \/(loss) before tax<\/strong><\/td>14,621<\/strong><\/strong><\/td>38,955<\/strong><\/strong><\/td><\/tr>
Income tax benefit \/(expense)<\/td>-2,924<\/td>-7,791<\/td><\/tr>
Comprehensive net income\/ (loss) <\/strong>for the year<\/strong><\/strong><\/td>11,697<\/strong><\/strong><\/td>31,164<\/strong><\/strong><\/td><\/tr>
Total comprehensive income\/ (loss) for the year<\/strong><\/strong><\/td>11,697<\/strong><\/strong><\/td>31,164<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PUL V\u018fSA\u0130TL\u018fR\u0130N\u0130N\u00a0 H\u018fR\u018fK\u018fT\u0130\u00a0 HESABATI-31.12.2020 tarixin\u0259<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>31.12.2020<\/th>31.12.2019<\/th><\/tr><\/thead>
Cash flow from operating activities<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/td><\/tr>
Profit \/(loss) before tax<\/td>14,621<\/td>38,955<\/td><\/tr>
Impairment gain\/loss on interest-bearing assets<\/td>42,877<\/td>1,248<\/td><\/tr>
Depreciation and amortization expenses<\/td>5,244<\/td>6,031<\/td><\/tr>
Net interest income<\/td>-210,143<\/td>-179,306<\/td><\/tr>
Cash flows from operating activities before changes in operating assets and liabilities<\/strong><\/td>-147,401<\/strong><\/td>-133,072<\/strong><\/td><\/tr>
Net (decrease)\/increase in loans and advances to customers<\/td>-147,408<\/td>-264,529<\/td><\/tr>
Decrease (increase) in deposits placed in banks<\/td>-182,954<\/td>150,305<\/td><\/tr>
Net increase in funds payable to financial institutions<\/td>148,137<\/td>120,811<\/td><\/tr>
Vergi\u00a0 aktivl\u0259rind\u0259 artma<\/td>-2,848<\/td>471<\/td><\/tr>
Earnings for future period increase<\/td>-4,736<\/td>155,670<\/td><\/tr>
Net decrease\/(increase) in other assets<\/td>1,523<\/td>-3,994<\/td><\/tr>
Net increase\/(decrease) in other liabilities<\/td>-1,233<\/td>573<\/td><\/tr>
Pre-tax net cash used in operating activities<\/strong><\/td>-336,920<\/strong><\/td>26,235<\/strong><\/td><\/tr>
Paid profit tax<\/td>-1500<\/td>–<\/td><\/tr>
Interest received<\/td>170,252<\/td>170,442<\/td><\/tr>
Net cash used in operating activities<\/strong><\/td>-168,168<\/strong><\/strong><\/td>196,677<\/strong><\/strong><\/td><\/tr>
Net cash used in investing activities<\/strong><\/td>\u00a0<\/strong><\/td>\u00a0<\/strong><\/td><\/tr>
Acquisition of premises and equipment<\/em><\/td>\u00a0–<\/strong><\/td>-1,164<\/strong><\/td><\/tr>
Net (decrease)\/increase in cash and cash equivalents<\/strong><\/td>-168,168<\/strong><\/strong><\/td>195,513<\/strong><\/td><\/tr>
Cash and cash equivalents at the beginning of the year<\/td>229,686<\/td>34,173<\/td><\/tr>
Cash and cash equivalents at the end of the year<\/strong><\/td>61,518<\/strong><\/strong><\/td>229,686<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u00a0STATEMENT OF CHANGES IN FOUNDER'S CAPITAL - as of 31.12.2020<\/strong><\/p>\n\n\n\n

In Azerbaijani Manats<\/em><\/th>Charter Capital<\/th>Capital Reserves<\/th>Retained Earnings<\/th>Total Capital<\/th><\/tr><\/thead>
As of 31 dekabr 2019<\/strong><\/td>592,000<\/strong><\/td>238,042<\/strong><\/td>27,757<\/strong><\/td>857,799<\/strong><\/td><\/tr>
Shares of founders<\/td>–<\/td>–<\/td>–<\/td>–<\/td><\/tr>
Total comprehensive income for the year<\/td>–<\/td>–<\/td>11,697<\/td>11,697<\/strong><\/td><\/tr>
31 dekabr 2020-c\u0131 il tarixin\u0259 qal\u0131q<\/strong><\/td>592,000<\/strong><\/td>238,042<\/strong><\/td>39,454<\/strong><\/td>869,496<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n
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K\u018fNAR AUD\u0130TOR T\u018fR\u018fF\u0130ND\u018fN T\u018fSD\u0130QL\u018fNM\u0130\u015e MAL\u0130YY\u018f HESABATLARI: 31.12.2019-31.12.201<\/strong>0<\/h3>\n\n\n\n
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Contents<\/p>\nTable of Content<\/span><\/path><\/svg><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n