PASHA Bank Georgia’s assets increase

Business Materials 8 May 2015 19:33 (UTC +04:00)

Baku, Azerbaijan, May 8

By Anvar Mammadov - Trend:

Deposits of the Georgian population in PASHA Bank Georgia (a subsidiary of Azerbaijani PASHA Bank) for the first quarter of 2015 amounted to 13.24 million lari, said the report of the bank posted on its official website.

The report said that during this period, contributions to the bank increased by 31 times, while this figure amounted to 417,690 lari at the end of the first quarter of 2014.

Overall, total liabilities of the bank in the reporting period increased by more than five times and amounted to 113.26 million lari.

The assets of PASHA Bank Georgia (a subsidiary of PASHA Bank Azerbaijan) amounted to 202.76 million lari in the first quarter of 2015.

The bank's assets increased by 67.6 percent over the year. As of the end of the first quarter of last year, the figure was 120.96 million lari. About 56.2 percent of the bank's assets were placed in the national currency, and the rest (88.76 million lari) in freely convertible currency. Around 363,370 lari have been accumulated in cash and cash equivalents, which is 45.8 percent more than in the same period of 2014. The main part of assets, 39.5 percent or 80.19 million lari, accounted for investment securities (87.2 percent growth for the year).

The bank's loan portfolio during the reporting period amounted to 80.47 million lari. Around 51.4 percent of the issued loans are loans in national currency (41.39 million lari). The loans worth 39.08 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 March 2015, the authorized capital of PASHA Bank Georgia remained at the level of 103 million lari. The total capital of the bank amounted to 89.5 million lari (including 13.5 million lari of the unallocated loss). Its volume decreased by 10 percent during a year. For comparison, as of the end of the first quarter of 2014, the figure was 99.4 million lari.

The bank completed the third quarter with a net loss in the amount of 1.65 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.

Edited by CN


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