PASHA Bank’s Georgian subsidiary increases loan portfolio

Business Materials 23 August 2017 13:19 (UTC +04:00)

Baku, Azerbaijan, Aug. 23

By Anvar Mammadov – Trend:

As of June 30, 2017, the loan portfolio of PASHA Bank Georgia OJSC (a subsidiary of Azerbaijan’s PASHA Bank) amounted to 116.98 million lari, which is 23 percent more than in early 2017, the bank said in its report on the results of the second quarter of 2017.

The assets of the bank in general, during the reported period, amounted to 247.95 million lari, showing a decrease of 12.2 percent, compared to early 2017.

During the reported period, 21.2 million lari were accumulated in cash and cash equivalents, which is almost three times more than in the beginning of the year. About 25 percent of the assets, or 61.98 million lari, accounted for investment securities.

Reduction of the bank’s assets occurred against the backdrop of reduction in its liabilities, by 20.7 percent (to 142.09 million lari) compared to early 2017.

The deposits of Georgia’s population in PASHA Bank Georgia during the reported period amounted to 46.91 million lari (14.35 million lari accounted for current deposits, 32.57 million lari - term deposits) or 1.9 percent more than in the beginning of the year.

As of late June of 2017, the authorized capital of PASHA Bank Georgia remained unchanged (103 million lari). The bank’s total capital amounted to 105.86 million lari (including 2.86 million lari of retained earnings), having increased by 2.5 percent since the beginning of the year. For comparison: as of early 2017, this indicator was equal to 103.28 million lari.

PASHA Bank Georgia has been operating since February 2013.

The official exchange rate of the National Bank of Georgia as of August 23 is 2.3913 GEL/USD.