Assets of Azerbaijani PASHA Bank’s Georgian subsidiary increase

Business Materials 3 August 2016 17:11 (UTC +04:00)

Baku, Azerbaijan, Aug. 3

By Anvar Mammadov – Trend:

The assets of PASHA Bank Georgia (Azerbaijani PASHA Bank’s subsidiary in Georgia) amounted to 291.22 million Georgian laris in 2Q2016 that is by almost 16 percent more than in the same period of 2015, said the bank’s report on the results of 2Q2016.

More than the half of the bank’s assets (50.7 percent or 147.66 million laris) was placed in free currency and the remaining part (49.3 percent, or 143.57 million laris) – in Georgia’s national currency.

PASHA Bank Georgia’s cash assets and its equivalents totaled 479,340 laris in 2Q2016, which is by 26.2 percent less than in the same period of 2015. Meanwhile, 32.04 percent of the assets, or 93.3 million laris accounted for investment securities.

The bank’s loan portfolio decreased by 2.7 percent and amounted to 100.26 million laris in 2Q2016 compared to the same period of 2015.

Total volume of PASHA Bank Georgia’s liabilities amounted to 74.5 percent or 143.84 million laris.

Georgian population’s deposits in the bank totaled 45.14 million laris during the period (16.07 million laris – current deposits, 29.08 million laris – fixed deposits), that is by 4.2 times more than in 2Q2015.

The bank’s revenues amounted to 12.2 million laris in 2Q2016, and expenditures – 9.63 million laris. PASHA Bank Georgia completed the 2Q2016 with a profit of 4.35 million laris, while the bank completed the same period of 2015 with a loss of 1.61 million laris.

The authorized capital of PASHA Bank Georgia has remained unchanged – 103 million laris – as of late June 2016.

The bank’s total capital increased by 9.7 percent and amounted to about 98.19 million laris (including 4.81 million laris of undistributed loss). This figure was equal to 89.54 million laris at the end of the 2Q2015.

PASHA Bank Georgia operates since February 2013.