MCGF

Auditor's Reports

During the audit, the Fund's financial and operational systems are thoroughly analyzed. This process identifies potential risks, strengthens internal control mechanisms, and uncovers weaknesses.

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Report for the year ended December 31, 2024

ENGAGED EXTERNAL AUDITOR: “RSM Azerbaijan” MMC

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Report for the Year Ending December 31, 2023

ENGAGED EXTERNAL AUDITOR: "Baker Tilly Audit Azərbaycan" MMC

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Report for the year ended December 31, 2022

ENGAGED EXTERNAL AUDITOR: "Baker Tilly Audit Azərbaycan" MMC

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Report for the year ended December 31, 2021

ENGAGED EXTERNAL AUDITOR: "Baker Tilly Audit Azərbaycan" MMC

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Report for the year ended December 31, 2020

ENGAGED EXTERNAL AUDITOR: “RSM Azerbaijan” MMC

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Report for the year ended December 31, 2019

ENGAGED EXTERNAL AUDITOR: “RSM Azerbaijan” MMC

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Report for the year ended December 31, 2018

ENGAGED EXTERNAL AUDITOR: “RSM Azerbaijan” MMC

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Report for the year ended December 31, 2017

ENGAGED EXTERNAL AUDITOR: "Baker Tilly Audit Azərbaycan" MMC

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Report for the year ended December 31, 2016

ENGAGED EXTERNAL AUDITOR: "KPMG Audit Azərbaycan" MMC

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Report for the year ended December 31, 2015

ENGAGED EXTERNAL AUDITOR: "Deloitte & Touche" MMC

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Report for the year ended December 31, 2014

ENGAGED EXTERNAL AUDITOR: "KPMG Audit Azərbaycan" MMC

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Report for the year ended December 31, 2013

ENGAGED EXTERNAL AUDITOR: "KPMG Audit Azərbaycan" MMC

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Report for the year ended December 31, 2012

ENGAGED EXTERNAL AUDITOR: "KPMG Audit Azərbaycan" MMC

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Report for the year ended December 31, 2011

ENGAGED EXTERNAL AUDITOR: "KPMG Audit Azərbaycan" MMC

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Report for the year ended December 31, 2010

ENGAGED EXTERNAL AUDITOR: “Euro Audit” Nexia International MMC

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Report for the year ended December 31, 2009

ENGAGED EXTERNAL AUDITOR: "Baker Tilly Audit Azərbaycan" MMC

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Report for the year ended December 31, 2008

ENGAGED EXTERNAL AUDITOR: "Baker Tilly Audit Azərbaycan" MMC

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Report for the year ended December 31, 2007

ENGAGED EXTERNAL AUDITOR: "Baker Tilly Audit Azərbaycan" MMC

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Report for the year ended December 31, 2006

ENGAGED EXTERNAL AUDITOR: "Moore Stephens Azerbaijan" MMC

Credit Rating Assigned by Fitch Ratings

Fitch Ratings assigns the rating for the Fund's long-term obligations and conducts assessments reflecting the level of financial stability and risk management.

The Fund's rating indicators have undergone various changes over the years. In 2024, the Fund's rating was upgraded from BB+ to BBB- with a "stable" outlook, indicating an improvement in the Fund's financial reliability.

The following list presents the changes in the Fund's rating indicators over the years, along with the corresponding outlooks.

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Tarix 2025-11-12

Rating: BBB-

Forecast: Stable

Tarix 2024-11-15

Rating: BBB-

Forecast: Stable

Tarix 2024-08-12

Rating: BBB-

Forecast: Stable

Tarix 2023-11-21

Rating: BB+

Forecast: Positive

Tarix 2022-11-25

Rating: BB+

Forecast: Positive

Tarix 2021-11-25

Rating: BB+

Forecast: Fixed

Tarix 2020-12-22

Rating: BB+

Forecast: Negative

Tarix 2020-04-16

Rating: BB+

Forecast: Fixed

Tarix 2019-02-26

Rating: BB+

Forecast: Fixed

Tarix 2018-02-28

Rating: BB+

Forecast: Fixed

Tarix 2017-03-01

Rating: BB+

Forecast: Negative

Tarix 2016-02-26

Rating: BB+

Forecast: Negative

Tarix 2012-05-18

Rating: BBB-

Forecast: Fixed

Tarix 2011-10-24

Rating: BBB-

Forecast: Positive

Tarix 2010-10-26

Rating: BBB-

Forecast: Fixed

Tarix 2010-05-21

Rating: BB+

Forecast: Fixed

Tarix 2009-10-26

Rating: BB

Forecast: Fixed

Tarix 2025-11-12

Rating: BBB-

Forecast: Stable

Tarix 2024-11-15

Rating: BBB-

Forecast: Stable

Tarix 2024-08-12

Rating: BBB-

Forecast: Stable

Tarix 2023-11-21

Rating: BB+

Forecast: Positive

Tarix 2022-11-25

Rating: BB+

Forecast: Positive

Tarix 2021-11-25

Rating: BB+

Forecast: Fixed

Tarix 2020-12-22

Rating: BB+

Forecast: Negative

Tarix 2020-04-16

Rating: BB+

Forecast: Fixed

Tarix 2019-02-26

Rating: BB+

Forecast: Fixed

Tarix 2018-02-28

Rating: BB+

Forecast: Fixed

Tarix 2017-03-01

Rating: BB+

Forecast: Negative

Tarix 2016-02-26

Rating: BB+

Forecast: Negative

Tarix 2012-05-18

Rating: BBB-

Forecast: Fixed

Tarix 2011-10-24

Rating: BBB-

Forecast: Positive

Tarix 2010-10-26

Rating: BBB-

Forecast: Fixed

Tarix 2010-05-21

Rating: BB+

Forecast: Fixed

Tarix 2009-10-26

Rating: BB

Forecast: Fixed

Mortgage bonds

Mortgage bonds issued by the Fund are registered with the state and placed for distribution.

Table of Mortgage Bonds

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Coupon Payments

Coupon payments for mortgage bonds are made according to the established schedule. For each bond, payments are executed on the scheduled dates and in the corresponding amounts, in accordance with the state registration number of the bond.

Coupon payments are determined based on the type of bond, issuance date, and interest rate. These payments enhance the attractiveness of bonds in the investment market and contribute to the sustainable development of the mortgage system.

The table presents the executed and scheduled coupon payment dates based on the state registration numbers. Bondholders can track the payment schedules and adjust their financial planning accordingly.

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Profit and Loss Statement

Increase in Interest Income

The Fund's interest income has shown consistent growth over the years.
Interest income, which amounted to 601 thousand AZN in 2006, has increased to 23.245 million AZN in 2024.
This reflects the expansion of the Fund's operations and the growth of its loan portfolio.

Profit and Loss Table

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Annual financial results are based on audited reports, while quarterly financial indicators are prepared based on the internal reports of the Mortgage and Credit Guarantee Fund (IKZF).

Trend Analysis Based on Financial Indicators

Asset Structure

2006-2011: A significant portion of the assets consisted of mortgage loans. Since 2009, an increase in deposits has been observed.

Graphical Trend Analysis

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Balance Sheet

The balance sheet is a key document reflecting the financial position of a company. It outlines indicators such as interest income, interest expenses, and net profit over the years.

Additionally, key financial ratios such as ROA (Return on Assets), ROE (Return on Equity), and the cost-to-income ratio are presented. These indicators provide important insights into the company's profitability, cost efficiency, and financial structure.

Balance Sheet Table

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The annual financial results are based on audited reports, while the quarterly financial indicators are prepared based on the internal reports of the Mortgage and Credit Guarantee Fund (IKZF).

Ratios and Indicators

The annual financial results are based on audited reports, while the quarterly financial indicators are prepared based on the internal reports of the IKZF.

Table of Ratios and Indicators

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Heydar Aliyev https://heydaraliyev.preslib.az

President of the Republic of Azerbaijan https://president.az

First Vice-President of the Republic of Azerbaijan https://mehriban-aliyeva.az

Heydar Aliyev Foundation https://heydar-aliyev-foundation.org/az

Cabinet of Ministers of the Republic of Azerbaijan https://nk.gov.az/

State Services Portal https://www.dxr.az/