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Banking

Credit Growth Stood at 19.1% YOY in August

The total bank loan portfolio increased by 19.1% YoY in August 2018, excluding FX effect. From the segments perspective, retail, SME and corporate loans increased by 19.1%, 20.8% and 18.1% YoY, respectively. Growth of retail loans was mostly driven by mortgages, which went up by 34.7% YoY, while non-mortgage loan …

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Murtaz Kikoria Resigns from National Bank of Georgia

Member of the Board of the National Bank of Georgia, Vice-Governor Murtaz Kikoria has just resigned from the office. Mr. Murtaz Kikoria served as the Chief Executive Officer of JSC Bank of Georgia from September 2015 to September 7, 2016. Mr. Kikoria served as Deputy Chief Financial Officer of Finance …

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TBC Appointed New Directors

Maria Luiza Kikonian and Tsira Kemularia were appointed as independent non-executive directors of TBC. In addition, both of them became member of the Bank’s Supervisory Board. Maria Luiza Kikonian has experience in working with various financial institutions, including  at Merrill Lynch, Azimut, Mediobanca, and European Bank for Reconstruction and Development. …

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Competition on Banking Market Shrinks Year to Year

The banking sector is the key and biggest segment in Georgian economy. Despite commercial banks are considered as locomotives of the state economy, criticism against crediting institutions has been growing over the past years. Georgian citizens express complaint in many directions, including against expensive credits, high commission fees and fines, …

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ADB Named TBC as the Leading Partner Bank in Georgia in Trade Finance

TBC Bank has been named as the leading partner bank in Georgia for the fourth time by Asian Development Bank in trade finance. The awards ceremony was held in Singapore and attended by about 200 representatives of banks and financial institutions of 15 countries. Asian Development Bank has identified 23 …

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How Loan Interest Rates Change

In July 2018 the averaged market interest rate on loans made up 12.7%. The rate was the same – 12.7% in May-June period too. The rate has declined by 0.1% year on year. Averaged interest rate on GEL-denominated loans is 15.8%, including GEL-denominated corporate loans – 11.3% and GEL-denominated retail …

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TBC Bank Profit Jumps

TBC Bank

TBC Bank’s pretax profit rose to 239.5 million laris ($94.3 million) for the six months ended June 30, from 191.4 million laris a year earlier. Shares of TBC were up 2.4 percent on the London Stock Exchange minutes after the opening bell. Tbilisi-based TBC’s market share in total loans was …

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Private Lenders without NBG Registration will Have no Right to Issue Loans

Private lenders that are not registered as loan issuing bodies at National Bank of Georgia (NBG) will be banned to issue secured loans to physical bodies. Under new amendments to the regulations for credit-information bureaus, financial organizations will not have voluntary option to cooperate with bureaus and all organizations under …

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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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