Finoko's profit more than halved in 2021


May 19, Fineko/ NBCO Finoko completed 2021 with net profit of AZN 1.142 million (net profit of AZN 2.486 million in 2020). Thus, compared with 2020, Finoko's net profit for 2021 decreased 2.2-fold.

ABC.AZ reports that Finoko’s interest income for 2020 totaled AZN 5.65 million and for 2021 – AZN 5.725 million.

Finoko's interest expenses grew from AZN 897,000 in 2020 up to AZN 2.86 million in 2021.

At that, last year the NBCO allocated AZN 1.19 million to the reserve for credit losses. The increase in interest expenses and transfers to the reserve led to a drop in net profit.