One more successful year for MCB NBCO, ending 2023.

The company has officially closed its financial year 2023 and released its audit report to the public. The audit was conducted by Grant Thornton, which issued an unqualified audit opinion.

In 2023, the company disbursed AZN 18.909 million in leases and loans, resulting in 197 credit contracts, compared to AZN 12.394 million and 150 contracts in 2022. These disbursements were made across essential economic sectors in Azerbaijan, with the fair value of financed business assets exceeding AZN 28 million. Major sales demand and disbursements were observed in the construction, infrastructure, and public transport sectors, which are significant job creation areas and stimulate associated sectors.

The company achieved a profit after tax (PAT) of AZN 1.096 million, a 51% increase from AZN 725,000 in FY 2022, marking the first time the company surpassed the AZN 1 million after-tax profit milestone. Net equity for FY 2023 increased by 19%, reaching AZN 7.001 million compared to AZN 5.905 million in FY 2022, as retained profits rose from AZN 1.621 million to AZN 2.717 million.

The portfolio grew by 40% compared to 2022, surpassing the AZN 24 million mark for the first time in company history. Consequently, total assets increased by 34%, and total liabilities rose by 42% compared to 2022 figures. The return on equity (ROE) for 2023 was 17%representing a 30% increase from 2022. The company also maintained a zero non-performing loan ratio and stable PAR > 30 days, demonstrating effective credit risk management. Overall, the company company’s total assets footing and equity showed remarkable growth, underscoring its strong financial health and operational efficiency.

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