Posted: 6 days ago
Terabank Finishes the Year of 2019 in Profits
Terabank has published the report on the 2019 financial indicators, under which, the bank has ended the reporting period with growing and positive results.
In 2019, assets of Terabank exceeded 1 billion GEL, while the profits surpassed 20 million GEL. The bank’s retail deposits portfolio rose by 92 million GEL, up 33% year on year. The bank ranked 3rd in the Georgian banking sector in terms of deposits portfolio growth paces.
The bank has recorded a positive dynamics in terms of profitability. Namely, the bank’s ROE made up 15%, ROA – 2.04%. The bank ranks 4th among the sector’s top 10 entities. The bank’s strategic segments such as small and medium business portfolios continue stable growth, which made up 84 million GEL in 2019.
Growing profitability and the improving quality of credit portfolio, as well as the bank’s indicators were reflected on the 2019 international rating in terms of capital and liquidity. The Fitch Rating agency has conferred B+ long-term credit rating with the outlook of Stable. It is worth noting that the rating point, together with the bank’s positive financial indicators, is based on the strategy promoting small and medium businesses, micro and retail crediting.
“Terabank keeps demonstrating the constantly growing and successful financial indicators. The 2019 indicators have reaffirmed that we are reliable partners for customers”, Terabank director general Tea Lortkipanidze noted.
The year of 2019 brought exceptional results in terms of improving technological innovations and distance services. Terabank renewed the mobile bank platform for physical bodies and made it more comfortable and multifunctional. TeraBot is a unique innovative product - the first analytical Bot in Georgia, which provides financial assistance for consumers. It is worth noting that in 2019 the ratio of distant transactions made up 83%.
In 2019, Terabank made the corporate social responsibility direction more diverse. In summer 2019, the bank introduced a new initiative – promotion of domestic tourism. “Become a TeraTraveler” has been successfully implemented. This initiative called for promoting tourism business development. The bank plans to implement various initiatives in this direction in the future too.
In 2020, the crediting of small and medium business industries will remain a strategic direction of Terabank. The bank will continue introduction of technological innovations and services and developing distance channels.
The bank plans to shape alternative sources of capital, namely issue termless bonds and take subordinate loans from international financial institutions. In 2020, the bank will finish renovating its branches all over the country.