Azerbaijan Mortgage Fund’s assets jump

The assets of the Azerbaijan Mortgage Fund (AMF) operatin under the Central Bank of Azerbaijan (CBA) increased by 22.82 percent in 2013.

This was noted in AMF’s financial report on the results of 2013.

The fund’s assets reached 492.64 million manats by late 2013 compared to 401.11 million manats in 2012, according to the report.

In particular, some 403.52 million manats of the total assets falls to the issued mortgage loans, 42.15 million manats- investments held till maturity, 32.81 million manats – deposits in banks. The remainder of the assets is in cash and cash equivalents, real estate, equipment and so on.

The fund’s liabilities also increased in 2013 amounting to about 301.5 million manats. The liabilities increased by 18.7 percent compared to the previous year. Some 97.6 percent of the liabilities are in securities issued by the fund.

AMF’s aggregate capital including the deductions from the state budget amounted to 191.16 million manats for the period compared to 147.14 million manats in 2012. The fund completed 2013 with a profit worth a little over 4 million manats compared to 3.42 million manats in 2012.

“KPMG Azerbaijan Limited” audited AMF’s financial statement.

Currently, some 28 banks of 44 banks operating in the country are the authorized banks of AMF. The participants of the mortgage market are also 21 insurance companies [their total number 28] and 14 appraisal organizations.

SOURCE: AZER NEWS