Terabank Publishes Successful Financial Indicators for 2018
The year 2018 ended with successful financial indicators for terabank. The bank has demonstrated a positive dynamic of growth.
The bank’s gross loan amount grew by 17.9% in 2018, amounting to a total of GEL 105.6 million. SME and microloans increased by GEL 98.1 million (42.3%) in the small and medium-sized business segment which is one of the most strategic components for the bank. Moreover, retail loans and individual deposits grew by GEL 36.5 million (24.2%) and GEL 73.1 million (35.6%), respectively. Based on 2018’s financial results, terabank’s net profit saw a 12% growth and amounted to GEL 18.1 million while ROE was 14.9%. Improvement in quality and a growth in effectivity were also achieved last year.
“Two years have passed since terabank’s re-branding and we have demonstrated growing successful financial results. We are very proud of this achievement. The doubled SME and microloans portfolio is proof that terabank is a reliable and stable business partner for consumers. Moreover, the doubled amount of retail deposits demonstrates that not only business customers but also retail consumers are showing increasing trust towards the bank,” said Tea Lortkipanidze, Terabank’s CEO.
The year 2018 has also proven to be both interesting and successful for terabank in terms of a diversification of products. The bank is offering consumers a completely unique set of banking products customized to individual needs and market demands – tourist mortgages and convertible deposits, among others. Towards the end of the year, terabank presented an innovative and distinctively new personalized banking services brand – Select.In addition to exclusive and convenient services and terms, Select sets a unique standard for customer relations and extends its services based on individual interests.
In the previous year, significant steps were taken towards the improvement of remote convenience services as well. In particular, the design of the terabank mobile banking application was renewed with its interface now even simpler and more convenient to use. The year 2018 was also successful in terms of international partnerships: terabank initiated partnerships with two financial organizations— Responsibility and the German Investment and Development Society (DEG).
Corporate social responsibility projects constituted a significant part of terabank’s successful work and outreach in 2018. The bank initiated several interesting projects including a campaign popularizing healthy lifestyles, the engagement of women in the tech industry and supporting youth education and outstanding individuals. Terabank has implemented a variety of projects in each of these directions: the Terabike campaign enabled individuals to take advantage of free bikes and bike lessons last year, we supported Mariam Lomtadze as a part of our engagement with the education of Women Techmakers project and we took part in the Startup Alphabet initiative, the Ika Cultural Award and we participated in the search for interesting artists to highlight and introduce to the wider public, among others.
With new banking regulations now in place, the year 2019 is off to a challenging start for terabank. However, responsible banking continues to guide its work and small and medium-sized businesses remain as a strategic component. The bank is simultaneously planning to implement numerous technological novelties for business customers which are going to make the use of terabank’s services even more convenient.