Tbilisi (GBC) –Expenses were increased to MFO "Georgian Credit", while revenues decreased. According to the quarterly report of the microfinance organization, the interest income is 1.11 million GEL.

"Georgian Credit", which is one of the few exceptions among the 34 MFOs operating in the market (Crystal, MBC, Lazika...) that lends to real businesses, has almost doubled its income from pawnshops.

However, withdrawals from pawn loans do not exceed 0.5% of total interest income. More than half, 58% - 643 090 GEL, are the revenues received from lending to the agricultural sector (Q1/2023 -  632 040 GEL).

In addition, in MFO's asset, the value of owned property has increased. As of Q1/2024, 2.1 million GEL of immovable-movable property is left for the borrower's unpaid debt (Q1/2023 - GEL2,478,810). It is much higher than the rate of large MFO.

MFO “Georgian Credit”

Q1/2024 GEL

Q1/2023 GEL

Assets

19,561,477

19,193,976

Loans

18,192,353

19,669,655

Interest Income

  1,114,220

  1,184,587

Pawnshops

         5,377

         2,356

Non-interest expenses

  1,031,731

     931,674

Staff Cost

     662,074

     548,989

Net Income(Loss)

  (-241,204)

  (-238,058)

Source: MFOs