Azerbaijan’s NBCOs: Five Charts That Define the Year

Ranking Azerbaijan’s Non-Bank Credit Organizations (NBCOs)
(as of January 1 for balance-sheet items; FY2024 for profit/tax)

Equity (Charter Capital)

Top by charter capital (AZN, mn)

1. Bircredit – 88.336 (+40.0%)

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2. Para – 29.266 (0.0%)

3. M Bulak – 10.408 (0.0%)

4. Embafinance – 10.000 (0.0%)

5. Monetri – 10.000 (0.0%)

Big climbers: Caspian Invest (+900.0%), Fintrend (+852.4%), Credagro (+121.2%), Fincapital (+81.7%), Azinvestcredit (+65.1%).

Equity Adequacy (Balance-Sheet Capital Deficit)

(positive = deficit; negative = surplus)
Largest deficits (AZN, mn): Bircredit 87.163; Azpul 65.847; SF Azerbaijan 35.600; M Bulak 29.112; Embafinance 25.802.
Surpluses: Para (-19.137), Finoko (-1.760).

Liabilities

Top by liabilities (AZN, mn)

1. Fintrend – 62.831 (+21.9%)

2. Finca Azerbaijan – 58.284 (+32.2%)

3. SF Azerbaijan – 46.023 (+119.1%)

4. Embafinance – 44.190 (+10.4%)

5. FNC – 40.257 (+257.1%)

Loan Portfolio

Top by gross loans (AZN, mn)

1. Fintrend – 69.987 (+35.1%)

2. Finca Azerbaijan – 63.920 (+13.1%)

3. Embafinance – 61.997 (+20.7%)

4. SF Azerbaijan – 57.837 (+258.0%)

5. Azpul – 52.085 (+85.8%)

Assets

Top by assets (AZN, mn)

1. Bircredit – 87.164 (+39.9%)

2. SF Azerbaijan – 81.624 (+303.1%)

3. Azpul – 77.429 (+52.2%)

4. Finca Azerbaijan – 76.378 (+23.3%)

5. Fintrend – 71.028 (+33.5%)

Corporate Profit Tax (Paid/Saved) – 2024

1. Azpul – 19.153 mn (+97.9%)

2. SF Azerbaijan – 9.451 mn (–)

3. Embafinance – 1.804 mn (+131.3%)

4. M Bulak – 1.373 mn (+44.7%)

5. International – 1.206 mn (+63.6%)
   Tax “savings” (negative): Finoko (-1.079 mn).

Net Profit (Loss) – 2024

Top earners (AZN, mn):

1. Azpul – 59.000 (+107.5%)

2. SF Azerbaijan – 37.740 (–)

3. Embafinance – 7.208 (+35.4%)

4. M Bulak – 5.671 (+36.2%)

5. International – 4.821 (+72.7%)

Notable losses: Finoko (-3.173), Para (-1.202), Bircredit (-0.402), Payonix (-0.171), Nova Credit (-0.073), İDK (-0.652).

Profit Before Tax – 2024

1. Azpul – 78.152 mn (+105.0%)

2. SF Azerbaijan – 47.191 mn (–)

3. Embafinance – 9.012 mn (+47.6%)

4. M Bulak – 7.044 mn (+37.8%)

5. International – 6.027 mn (+70.8%)
   Largest pre-tax losses: Finoko (-4.252 mn), Para (-1.202 mn).

Quick reads

• Scale & momentum: Azpul and SF Azerbaijan dominate profitability and tax contribution; Fintrend leads liabilities and loans, signaling rapid balance-sheet expansion.

• Risk flags: Large equity deficits at Bircredit and Azpul contrast with their size/profit (especially Azpul), warranting a close look at capital buffers and regulatory remediation.

• Turnarounds/Growth: Triple-digit portfolio or asset growth at SF Azerbaijan, FNC, Caspian Invest, Caspian Finance points to aggressive scaling.

• Pressure points: Finoko shrank assets (-29.9%), booked pre-tax and net losses, and showed tax savings-classic stress pattern.