OREANDA-NEWS. February 02, 2010. Key leasing company of Azerbaijan Joint Leasing Company summarized financial results of 2009.

The  company informed that  total figures  testify that  taking into account realities of the last year’s financial crisis, which influenced on decrease of business activity in many areas of national economics that, as a whole, the year for the company can be considered as successful under many main parameters.

So, over the  year the company introduced successfully all leasing products, increased total number of the concluded leasing contracts, total capital. Despite insignificant reduction in comparison with previous year of leasing portfolio, the company managed to increase its profit.

On  January 1, 2010, leasing portfolio of the Joint Leasing Company made AZN 28.6 million. As it was informed before, for improvement of loan portfolio and prevention of possible non-payments under credits in the future, the company made the decision to close the number of large-scale projects on the basis of the joint arrangement with the clients as early as at the beginning of in accounting year. These measures aim at supporting stable dynamics of the country’s development from now onwards too.

The result of the year demonstrated loyalty and timeliness of taken firm measures. As a result, though preventive measures influenced on size of the portfolio, the company’s earnings on January 1, 2010, amounted to AZN  1.4 million, increased by 21 % as compared to previous year.

During the accounting period the Joint Leasing Company concluded 178 contracts. Projects covered such branches of economics, as building, transport, food and light industry, trade and service sphere. The  company financed purchase of various technique and equipment in the total amount of AZN 75 million in all over the reporting date. Business projects made approximately 95% of total number of the financed projects, the other 5% had consumer character.

During this period assets and total capital of the company increased, amounted to AZN 27.4 million and AZN 3.6 million respectively.

In June, 2009, the meeting of  shareholders of the company Joint Leasing - DH Leasing LTD of the Great Britain and the International Bank of Azerbaijan (IBA) was held. In the meeting main directions of activity for the nearest prospects were defined, the plan of measures, focused  on provision of stable development of the company, was under discussion. It was noted in the meetign that  from now onwards, the company will get further necessary support by shareholders to retain key positions in the country’s leasing market.

Leadership  of IBA stated repeatedly that expansion of leasing activity is one of strategic challenges  of the bank’s development. Along with it, in order to diversify the portfolio the Joint Leasing intends to raise funds in the future from other sources as well.

The largest company of Azerbaijan – the Joint Leasing Company has functioned since June 14,  2007 as a juridical successor of Azerlizing company.

Founders of the Joint Leasing company are British company Dolphin Leasing (52.3%) and IBA. Charter capital of the company makes AZN 700,000 at present. The first leasing company of Azerbaijan Azerlizing JV was established  in 1999.