Union Credit's loan portfolio has shrunk 33-fold


May 27, Fineko/abc.az. NBCO Union Credit OJSC completed 2021 with net loss of AZN 115,571 (against net loss of AZN 229,894 in 2020). So, its net loss for 2021 halved compared with 2020. The decline of losses is linked with decrease in administrative and other operating costs.

ABC.AZ reports that Union Credit’s interest income totaled AZN 8,561 in 2020 and AZN 6,837 in 2021. Last year, its loan portfolio (loans given to customers) decreased by 33 times to AZN 4,713. At the end of 2020, organization’s loan portfolio reached AZN 157,282.

Due to loss of AZN 657,315, Union Credit lost its authorized capital in the amount of AZN 451,800. At the end of 2021, its capital was minus AZN 205,516.