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Banking

Total of 144 Million USD Received and 20 Million Sent in July

In July 2018, the volume of money transfers from abroad constituted 144.2 million USD (352.9 million GEL), which is 19.3 percent (23.3 million USD) more than the amount in July 2017. 92.8 percent of the total money transfers from abroad came from 16 largest donor countries, with the volume of …

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TBC Bank’s Financial Director Explains GEL Depreciation Reasons

TBC Bank’s financial director Giorgi Shagidze says that the recent volatility of GEL is related to deprecation of RUB and TUR in neighboring countries. “GEL is a free currency and naturally, developments in our trade partner countries influence it. We saw that last week Turkish Lira considerably depreciated” Shagidze said …

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TBC Bank gets $50m loan from China Development Bank

TBC Bank and China Development Bank signed $ 50 million loan agreement. According to the bank, this is the largest loan resource that the Chinese Development Bank has allocated to the Georgian company. “We are proud to implement the first transaction with China Development Bank. Our cooperation is a logical …

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Profit of Banks Saw Increase by 8.4% in the First Half of the Year

The National Bank of Georgia has published financial indicators of the first half (January-June) of current commercial banks operating in Georgia. As for the data, TBC Bank saw the highest profit worth of 183 million GEL which is 22% more than the profit of the first half of 2017. “Bank of Georgia” …

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Pasha Bank Saving Clients from Fines

Pasha Bank’s ROE and ROA have declined to 3.76% and 1.45%, respectively (H1/2017 -4.77%; 1.91% ). As reported, National Bank of Georgia (NBG) has introduced new regulations – additional buffers in capital (concentration and counter-cycle buffers) and the capital coefficient was raised (≥4.5%; ≥6%;  ≥8%). As of July 1, 2018, the …

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TBC Ertguli Card Starts Summer Action

TBC Ertguli Card starts a new summer action. From August 1 users, who will get services at Ajara objects, will get 5 times more loyalty points. Points are collected as by purchasing at partner companies, as well as using TBC terminal. The action applies only through loyal and prime card payment. …

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Georgian Weekly Market Watch

NPLs at 2.4% in June 2018 In June 2018, the banking sector loan portfolio increased 18.4% y/y after growing 18.6% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 19.8% y/y and up 1.0% m/m to GEL 23.1bn (US$ 9.4bn). Deposits were up …

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Net Profits of Commercial Banks Shrink

According to National Bank of Georgia (NBG), net profits of commercial banks made up 47 993 000 GEL in June 2018. According to NBG indicators, the banking sector’s net profits halved year on year. According to the 2017 June indicators, the banking sector’s profits made up 95 882 000 GEL. …

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Insured Deposits Exceed 1.5 billion GEL

Insured deposits at commercial banks constituted 1 251 774.70 GEL, which were paid by commercial banks in July 2018. According to Deposits Insurance Agency, as of June 39, total amount of deposits at commercial banks made up 20 419 077 133 GEL, including retail deposits of 10 842 231 644 …

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TBC Expands on Azerbaijan Market Buying Local Bank’s Share

JSC TBC Bank, a subsidiary of TBC Bank, has signed a contract with Nikoil Bank, aiming to expand its bank business in Azerbaijan. In particular, according to the agreement, the Azerbaijani subsidiary of the bank TBC Kredit becomes the owner of Nikoil Bank’s share. It takes bank regulator’s consent to …

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Dollarization of Loans Issued by Commercial Banks Fall to 54.7%

Over the past year GEL-denominated loans rose by 2.4 billion GEL, while foreign currency denominated loans declined by 499 million USD. As of July 1, 2018, commercial banks have issued loans of 23.3 billion GEL in both currencies. The ratio of foreign currency denominated loans in total loans portfolio is …

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JSC International Bank of Georgia – Georgia Stripped of Banking License

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

The meeting of stakeholders of JSC International Bank of Azerbaijan (IBAR) – Georgia has taken decision on cancellation of banking license and transformation into non-bank organization. Under the decree passed by the vice president of National Bank of Georgia (NBG), the banking license has been stripped from JSC IBAR – …

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