Loss of PASHA Bank Georgia more than doubles in 1H22

The subsidiary of PASHA Bank OJSC in Georgia (PASHA Bank Georgia) ended the first half of 2022 with a loss of 3.303 million lari (2.048 million manats or $1.207 million), 2.3 times more than the same period last year, Report informs, citing the bank.

From January through June, the operating income of PASHA Bank Georgia was 23.232 million GEL (14.404 million AZN, 31% more than the previous year), operating expenses were 26.039 million GEL (16.144 million AZN, 25.6% more), and allocations to special reserves were 496,000 lari (308,000 manats).

As of July 1, 2022, the assets of PASHA Bank Georgia amounted to 457.421 million lari (283.601 million manats), which is 10.6% more than a year ago. Of this, 313.039 million laris (194.084 million manats) are net loans given to customers. Over the past year, the bank's loan portfolio has grown by 16.2%.

During the reporting period, the liabilities of PASHA Bank Georgia increased by 7.65% to 364.86 million lari (226.213 million manats), including the deposit portfolio, which increased by 17.9% to 215.428 million lari (133.565 million manats), and the balance capital increased by 24.1% to 92.561 million lari (57.388 million manats), including the charter capital increased by 25.25% and reached 129 million lari (80 million manats).

(1 lari = 0.62 manats = $0.36)