Silk Bank Sees Credit Portfolio Expansion Amidst Mounting Losses

Silk Bank, in its latest financial disclosure, has indicated an uptick in its credit portfolio, reaching 30.6 million GEL — a notable 8% monthly ascent from 28.3 million GEL as of September 1, 2023.

Drawing from the Q3/2023 data, the bank's aggregate assets have swelled beyond the 150 million GEL mark, and its share capital is registered at 52.7 million GEL.

Deposits have amassed to 90.2 million GEL, of which individual contributions are pegged at 25 million GEL. It's worth highlighting that foreign currency deposits have been restrained, constituting less than 20% of the overall deposit mix.

Yet, amidst these positive indicators, Silk Bank's financial health shows signs of strain. The bank's net losses for the reporting month surged by 0.5 million GEL, culminating in a nine-month total of 4.3 million GEL, a discernible increase from the 3.814 million GEL reported as of January 9, 2023.