PASHA Bank Georgia’s client deposits almost double

Baku, Azerbaijan, Oct. 9

By Eldar Janashvili – Trend:

PASHA Bank Georgia’s term deposits amounted to 45.416 million manat increasing by 88 percent, Trend reports referring to the press-conference held in Baku dedicated to the results of the bank’s activity from January to September 2019.

The demand deposits more than doubled and amounted to 45.024 million manat.

PASHA Bank released the combined financial report of the bank and its two subsidiaries in Georgia and Turkey on Oct. 8. According to the report of the Georgian subsidiary of the bank disclosed at the press-conference, the total volume of deposits in PASHA Bank Georgia increased by 96 percent up to 90.44 million manat.

The total assets of PASHA Bank’s subsidiary increased by 21 percent up to 246 million manat. The volume of the loan portfolio amounted to 141.418 million manat, showing an annualized growth of 38 percent.

While commenting on the profitability report of the bank’s Georgian subsidiary from January to September 2019, PASHA Bank’s Chief Financial Officer Bahruz Naghiyev stressed that the management of PASHA Bank’s Georgian subsidiary hired 188 people during the reporting period to increase its market share. As a result, PASHA Bank Georgia’s net operating expenses amounted to 7.859 million manat from January to September 2019, which is 89 percent more than in the same period of 2018.

Naghiyev also stressed that the recruitment of new employees during the reporting period contributed to an increase in expenses, which amounted to 6.688 million manat, showing growth by nine percent for the year.

“In particular, this led to a net loss of 2.298 million manat,” he added.

Nevertheless, the interest income of the subsidiary bank grew by 17 percent and amounted to 8.017 million manat. Net profit from operations with foreign currency exceeded one million manat, increasing by 41 percent.

Summing up the results, Naghiyev stressed that the task of the new team members is to increase the loan portfolio of the subsidiary bank and increase revenues.

The first foreign subsidiary bank of Pasha holding - PASHA Bank Georgia has been operating since February 2013.

(1 USD = 2.96 GEL on Oct. 9)

-----

Follow the author on Twitter: @eldarjanashvili