Silk Bank Reports Robust Financial Performance for August 2023

In August 2023, Silk Bank experienced significant growth, expanding its credit portfolio by 27% month-over-month to reach 22.2 million GEL.

By the start of September, the bank's total credit investments had further increased to 28.3 million GEL. Notably, retail credits contributed 10.7 million GEL to this aggregate figure.

The bank's deposit portfolio also showed considerable strength, totaling 90.3 million GEL. Individual deposits accounted for 21.3 million GEL, while the balance of 70 million GEL originated from legal entities. A notable portion of these institutional deposits came through certificates of deposit, including a significant contribution from the Ministry of Justice.

However, it's worth noting that Silk Bank reported an uptick in net losses, amounting to an additional 0.8 million GEL in August, bringing the cumulative loss figure to 2.983 million GEL as of September 1, 2023.