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PASHA Bank Georgia’s assets increase by over threefold during year

Business Materials 4 November 2014 16:47 (UTC +04:00)

Baku, Azerbaijan, Nov. 4
By Azad Hasanli - Trend:

The assets of PASHA Bank Georgia (a subsidiary of PASHA Bank Azerbaijan) amounted to 132.04 million lari in the third quarter of this year, the National Bank of Georgia told Trend Nov. 4.

The bank's assets increased by 3.7 times over the year. As of the end of the third quarter of last year, the figure was 35.83 million lari. About 74 percent of the bank's assets were placed in the national currency, and the rest (34.24 million lari) in freely convertible currency. Around 538,420 lari have been accumulated in cash and cash equivalents, which is 3.4 percent more than in the same period of 2013.

The bank's loan portfolio during the reporting period amounted to 40.33 million lari. Around 32.75 percent of the issued loans are loans in national currency (13.2 million lari). The loans worth 27.1 million lari were issued in freely convertible currency.

The bank's total liabilities in the reporting period amounted to 39.88 million lari. The funds deposited on current accounts in the structure of liabilities increased by 16 times over the year and amounted to 0.88 million lari.

As of late September 2014, the authorized capital of PASHA Bank Georgia amounted to 103 million lari by increasing threefold during a year. The total capital of the bank amounted to 92.16 million lari (including 10.84 million lari of the unallocated loss). Its volume increased by 2.8 times during a year. For comparison, as of the end of the third quarter of 2013, the figure was 33.26 million lari.

The bank's net income for the third quarter amounted to 5.21 million lari, which is four times more compared to the same period of last year (1,211 lari).

The bank completed the third quarter with a net loss in the amount of 7.95 million lari.

PashaBank Georgia started its activity 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 the Pasha Holding, which is actually an investment company, rather than 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 is 1.7529 GEL/USD Nov. 4.

edited by CN

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