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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