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Ulviyya Shahin

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The NAS Project Non-Bank Credit Institution, operational since 2021, concluded the previous year with a net profit and distributed dividends to its founder, Azernews reports, citing the annual audit report of NBCI.

The year 2023 closed with a net profit of 434 thousand manats, stemming from interest income totaling 989 thousand manats.

Following this net profit, the undistributed balance of profit reached over 406 thousand manats. NBCI allocated 207,000 manats of last year's net profit to its founder, Muhammad Guliyev, who currently holds 100% of shares valued at 1.3 million manats.

However, Muhammad Guliyev remains the primary financial contributor to NBCI. Consequently, the interest-free debt extended by the founder to NBCI, which stood at 1.115 million manats at the beginning of 2023, escalated to 2.412 million manats by year-end.

NBCI allocated nearly all funds received from the founder to client loans. The loan portfolio surged by 67% in the past year, reaching 4,042 million manats, with consumer loans comprising 98% (equivalent to 3.986 million AZN). In the previous year, consumer loans accounted for only 53% of the portfolio.

Of the 3.156 million AZN in consumer loans disbursed by NBCI, a portion is secured by real estate, while unsecured loans totaled 222,000 manats."

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