Net loss of credit unions in Azerbaijan increases

Credit unions in Azerbaijan have incurred a net loss of 0.8 mln manat in the first quarter of this year, which is 60% higher compared to the annual, Azernews reports, citing the Central Bank of Azerbaijan.

Credit unions had also ended the same period of 2023 with a loss of 0.5 mln manat.

As of April 1st this year, the assets of credit unions amounted to 12.6 mln manat, which is 0.5 mln manat or 3.8% less compared to a year ago.

It should be noted that during the reporting period, the liabilities of credit unions decreased by 0.2 mln manats or 5.6% to 3.4 mln manats, and the balance capital decreased by 0.3 mln manats or 3.2% to 9.2 mln manats.