PASHA Bank reveals reasons for unprofitable activities in Georgia

Member of the Board of PASHA Bank Bahruz Nagiyev has revealed the reasons for the lossmaking activities of the bank’s branch in Georgia.

He was speaking at a press conference on the results of 2021, Report informs.

“I got acquainted with the financial performance of PASHA Bank Georgia for the second quarter of 2022. It is expected that the branch will end this year with a profit. The main reasons for the losses of previous years are an increase in expenses due to the bank’s entry into the retail banking sector, high competition in the Georgian market. I think that the costs incurred so far are beginning to bear fruit,” he said.