‘Mongolian Mortgage Corporation’ JSC, which issues asset-backed securities and sells it in the domestic and foreign markets, published its financial statements Ltd., .

As of June 30, 2018, 80.6% of the company is owned by business entities, 19.3% is owned by state-owned enterprises and the remaining 0.1% is owned by the citizens.

MIK HFC LLC, a subsidiary of Mongolian Mortgage Corporation, has established new ‘MIK assets - 14’ LLC and ‘MIK assets - 15’ LLC in the first half of this year and has issued total assets of MNT 268.2 billion bonds backed by mortgage loans. It also paid MNT 118.6 billion for bond principal and MNT 67.2 billion for coupon payments.

The company’s interest income increased by 12.7 percent to MNT 115.6 billion compared to the same period of the previous year. Company sales and marketing expenses increased by 4.5 times or 545 million MNT, general and administrative expenses increased by 41.7% or MNT 3.1 billion. As a result, total net profit decreased by 14.7 percent from the same period of the previous year to MNT 30.8 billion.

As of the first half of 2018, ‘Mongolian Mortgage Corporation’ JSC totaled MNT 3 trillion. Mortgage-backed bonds accounted for 91.8 percent of total assets and 6.5 percent of total equity. Total assets rose by 7.1 percent from the previous year, reflecting a 5.9 percent increase in mortgage-backed bond deals.

Source: TDB Capital SC