ADIF finished 2020 with loss of AZN 602 million

17:42 - 5 Август 2021

August 5, Fineko/ ADIF ended 2020 with loss of AZN 602.8 million against profit of AZN 59.629 million in 2019.

ABC.AZ reports that last year ADIF collected premiums by 6.9% less than a year earlier – AZN 33.29 million. Its financial income decreased by 50.6% to AZN 1.809 million and income from the return of compensation to banks by 16.3% to AZN 54.547 million, and losses from the exchange rate difference of AZN 62,000 totaled AZN 219,000.

During the reporting period Fund's compensation expenses increased 19.9-fold up to AZN 681.158 million. It is linked with the fact that in 2020 the Central Bank of Azerbaijan canceled the licenses of four banks (Atabank, AGBank, Amrah Bank and NBC Bank) in other words, insurance events occurred in these banks.

Last year, ADIF's administrative and other operating expenses increased by 60.4% up to AZN 8.142 million, and the expected credit loss on financial assets decreased by 54.4% to AZN 2.537 million. The Fund also, unlike the previous year, incurred financial expenses in the amount of AZN 108,000.