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The bureaucratic lending to the poor has been gaining profits

“PSG Finans” Non-bank Credit Organization LLC completed the year with net profit of 117,000 manat.

According to the balance sheet of the LLC, as of 31 December 2015, the interest income amounted to 448,000 manat last year.

In 2015, the volume of loans extended by NBCO to clients increased by 83% to 960 million manats to 1 million 756 thousand manat.

As of December 31, 2015, the total assets of PSG Finans amounted to 3 million 579 thousand manats. This amount is 91% more than the end of 2014.

At the end of last year, the authorized capital of the organization amounted to 1.7 million manat. PSG Finans had a charter capital of 1 million manat at the end of 2014.

Last year, the liabilities of the company increased 2 times to 841,000 manats to 1 million 729,000 manat.

The PSG Finance, which was founded in 2013, is a non-bank credit organization licensed by the Central Bank. The purpose of the organization is to provide financial services to low-income, internally displaced persons and refugees, demobilized and war-losing individuals, entrepreneurs, individuals and legal entities, including financial institutions that seek to improve the overall welfare of the poor.