Azerbaijani bank's subsidiary in Georgia posts dramatic decline in loss

The subsidiary of PASHA Bank OJSC in Georgia (PASHA Bank Georgia) ended last year with a loss of 2,132 million lari (1,364 million manats or $802,381), down 2.9 times compared to 2021, Report informs, citing the financial report of the bank.

During the year, the operating income of PASHA Bank Georgia increased by 44.9% to 55,165 million laris (35,306 million manats or $20.79 million), operating expenses increased by 23% to 53,522 million laris (34,254 million manats or $20.15 million), and allocations to special reserves increased by 4.9 times to 3,775 million laris (2,416 million manats or $1.42 million).

As of January 1 of this year, the assets of PASHA Bank Georgia amounted to 512,501 million laris (328 million manats or $192.9 million), which is 16.8% more than a year ago. Of this, 343,257 million laris (219,684 million manats or $129.23 million) are net loans given to customers. The bank's loan portfolio has grown by 20% in the last year.

During the reporting period, the liabilities of PASHA Bank Georgia increased by 13.5% to 418,769 million laris (268,012 million manats or $157.72 million), with the deposit portfolio up by 26.5% to 267,646 million laris (171,293 million manats or $100.76 million), and the balance sheet capital up by 34.2% to 93,732 million laris ( 59,988 million manats or $35.288 million), including the authorized capital up by 25.2% to 129 million laris (82.56 million manats or $48.57 million).

According to today's exchange rate, 1 lari equals 0.64 manats ($0.37).