PASHA Bank Georgia’s assets double in 3rd quarter
Baku, Azerbaijan, Nov. 3
By Azad Hasanli - Trend:
The assets of PASHA Bank Georgia, a subsidiary of PASHA Bank Azerbaijan, reached 283.7 million lari in the third quarter of 2015, which is more than twice as high as in the same period in 2014, the National Bank of Georgia told Trend Nov. 3.
Some 64.4 percent, representing 182.6 million lari of the bank's assets, were placed in the national currency, while the remaining 35.65 percent, 101.15 million lari, was placed in freely convertible currencies.
Some 632,490 lari have been accumulated in cash and cash equivalents, which is 17.5 percent more than in the same period in 2014. The largest part of the assets, 34.9 percent or 98.96 million lari, were placed in investment securities, representing a growth of 2.5 times for the year.
About 68.3 percent of the loans were issued in the national currency, at 67.6 million lari. Also, loans, worth 31.3 million lari, were issued in freely convertible currencies.
The growth of the bank's assets occurred against the backdrop of increasing liabilities. Thus, during the reporting period, the bank's total liabilities increased by 4.76 times - up to 189.67 million lari compared to the end of the third quarter of 2014. The total volume of liabilities in foreign currency reached 54.2 percent, or 102.86 million lari, and was reported at 45.7 percent, or 86.8 million lari, in national currency.
Meanwhile, deposits by the Georgian population in PASHA Bank Georgia, a subsidiary of Azerbaijani PASHA Bank, for the reporting period, amounted to 5.56 million lari, with 4.9 million lari in current deposits, and 629,300 lari in term deposits, which is 8.85 percent less than during the same period last year.
As of late September 2015, the authorized capital of PASHA Bank Georgia remained at 103 million lari. The total capital of the bank amounted to 94.1 million lari, including 8.9 million lari of the unallocated loss. Its volume decreased by 2.1 percent during the year. For comparison, as of the end of the third quarter of 2014, the figure was 92.16 million lari.
PashaBank Georgia began operations in February 2013.
PashaBank was established in June 2007. It operates under license No 250 of Central Bank of Azerbaijan (CBA), dated November 28, 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.
PashaBank, along with Pasha Insurance, Pasha Life, Pasha Travel and Pasha Construction, is part of Pasha Holding, which is an investment company, rather than a classic holding company. The structure of Pasha Group also includes Kapital Bank, in which the holding company owns 99.75 percent of its shares.