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PASHA Bank Georgia assets grew by almost 4 times

Business Materials 22 August 2014 19:23 (UTC +04:00)

Baku, Azerbaijan, Aug. 22

By Zulfiyya Kurbanova - Trend:

Assets of PASHA Bank Georgia (a subsidiary of PASHA Bank Azerbaijan) amounted to 127.83 million lari in the second quarter of this year, the National Bank of Georgia told Trend.

The volume of the bank's assets increased by more than 3.7 times over the year: as of the end of the second quarter of last year, the figure was 34.37 million lari. About 76 percent of the bank's assets were placed in the national currency, and the rest (30.81 million lari) in foreign currency. In cash and cash equivalents 237210 GEL have been accumulated, which is 4.3 percent less than in the second quarter of 2013.

Bank's loan portfolio during the reporting period amounted to 32.49 million lari. More than 18 percent of the issued loans are loans in national currency (GEL 6.1 million), and in foreign currency loans an amount equivalented to 26.3 million lari was granted.

The total volume of the bank's liabilities in the reporting period amounted to 36.21 million lari. Funds deposited on current accounts in he structure of liabilities grew by 16 times over the year and amounted to 1.87 million lari.

By the end of June 2014, the authorized capital of PASHA Bank Georgia increased by almost three times and amounted to 103 million lari. The total capital of the bank amounted to 91.62 million lari (including 11.38 million lari of the unallocated loss). Its volume grew by 2.7 percent. For comparison, as of the end of the second quarter of 2013, the figure was 34.06 million lari.

Net interest income of "PASHA Bank Georgia" for the second quarter amounted to 2.66 million GEL, which is more than a three times increase compared to what was obtained in the same period last year (806570 GEL).

The Bank completed the second quarter with a net loss in the amount of 8.48 million lari.

PashaBank Georgia started its activity in February 2013.

OAO PashaBank was established in June 2007 and operates under license №250 of Central Bank of Azerbaijan (CBA) of 28 November 2007. The main objectives of the bank are the strengthening of leadership in the segment of corporate customer service, high-quality business growth in the priority areas identified by the strategy, and the creation and continued development of long-term and trusting relationships.

JSC PashaBank, along with Pasha Insurance, Pasha Life, Pasha Travel and Pasha Construction, is part of the Pasha Holding, which is actually an investment company, not a classic holding company. The structure of Pasha Group also includes Kapital Bank, where the holding company owns 99.75 percent of the shares.

The official exchange rate of the National Bank of Georgia on August 22 is 1.7276 GEL / USD.

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