Losses of PASHA Bank's subsidiary in Georgia sharply decreased


May 5, Fineko/abc.az. The subsidiary of PASHA Bank in Georgia (PASHA Bank Georgia) completed the 1st quarter of this year with loss of 1.325 million lari (AZN 663,000).

ABC.AZ reports that the indicator is 9.5-fold less versus Q1 of 2020.

Over Jan-Mar PASHA Bank Georgia’s operating income amounted to 9.21 million lari (AZN 7.368 million, 8.8-fold less year-on-year), operating expenses 10.67 million lari (AZN 5.335 million, 11.2% less), and savings on deductions to special reserves –135,000 lari (AZN 68,000, reserves were created a year ago).

As of 1 April of this year the assets of PASHA Bank Georgia amounted to 472.36 million lari (AZN 236.18 million) that is by 6% less than a year ago. Of them, 306.532 million lari (AZN 153.27 million) are net loans given to customers. Over the past year, the bank's loan portfolio grew by 6.8%.

During the reporting period, the liabilities of PASHA Bank Georgia decreased by 4.4% to 397.625 million lari (AZN 198.813 million), including the deposit portfolio increased by 1.4% up to 236.171 million lari (AZN 122.875 million), and the balance sheet capital decreased by 13.95% to 74.735 million lari (AZN 37.368 million), including the authorized capital remained unchanged – 103 million lari (AZN 51.5 million).

1 lari = 0.5 manat