Borrowers' complaints to banks have increased

The programme will include both capital returns to shareholders - through share buybacks and, if required, dividends - as well as new investments in Georgia and Armenia. The first stage of the programme will be a US$50 million share buyback and cancellation initiative. The Board of Directors expects that at least half of the GEL 1 billion programme will be allocated towards returning capital to shareholders.With regard to investment opportunities in Armenia, GCAP said it increasingly views Georgia and Armenia as similar growth markets, offering opportunities to invest in complementary businesses across both economies. The company is already participating in Armenia’s economic growth through Lion Finance Group’s investment in Ameriabank, as well as through the expansion of its retail pharmacy business, which currently operates 23 stores in the country.Further announcements regarding new share buyback phases, potential acquisitions and other capital allocation initiatives will be made gradually as the programme progresses through the end of 2029.The announcement of the new programme follows a significant strengthening of GCAP’s balance sheet. The company has fully eliminated HoldCo-level borrowing, meaning that after the completion of the current share buyback programme and repayment of existing liabilities, GCAP will have approximately GEL 310 million in available liquidity at the holding company level.The Group also expects to generate strong free cash flow from its private portfolio companies, supported by growing dividend inflows driven by continued earnings growth. In addition, GCAP expects dividend income from its 14.9% stake in Lion Finance Group, which is expected to provide significant additional cash resources through the end of 2029.Taking these factors into account, the Board has updated the company’s capital allocation policy. All new investment opportunities will continue to be assessed against the alternative of repurchasing GCAP shares and reinvesting capital into the existing portfolio.However, as the discount between GCAP’s share price and its net asset value (NAV) per share has narrowed significantly in recent quarters, selective new investments have become increasingly attractive from a relative return perspective. According to the company, these opportunities provide an additional avenue for long-term growth while allowing GCAP to continue benefiting from the strong performance of its existing portfolio companies.GCAP said that over the past three years, NAV per share has increased by approximately 34% annually on average, reflecting the significant value created by its portfolio companies.

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Total assets: GEL 6.3 billion (growth of 15%); Loan portfolio: GEL 4.6 billion (growth of 15%); Deposit portfolio: GEL 5 billion (growth of 34%). The bank explains that as a result of the transition from the social segment to a diversified universal model, the share of social loans in the total portfolio decreased to 11%. In addition, the MSME (micro, small and medium enterprises) portfolio has increased 4 times in the last 5 years and reached GEL 1.85 billion.In parallel, the use of digital channels has also increased - in the last 1 year, the number of remote service users has increased by 12.6% and reached 1 million.As a reminder, in April 2026, Basisbank acquired 95.99% of Liberty shares. According to the first half of the year, Basisbank's assets amounted to GEL 6.2 billion, its credit portfolio amounted to GEL 3.7 billion, and deposits amounted to GEL 4 billion (net profit increased by 44%, to GEL 74 million).Liberty is one of the largest financial institutions in Georgia, serving more than 1.7 million individuals and more than 60,000 businesses. The bank is represented by about 500 service centers and about 700 ATMs across the country.

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The so-called intergovernmental agreement was signed in Moscow on December 27, 2025. The official goal of the document is to deepen socio-economic cooperation, raise the living standards of the population, and promote economic and investment activity.Funding Directions and Conditions Social and Cultural Sphere: The allocated financial assistance is directed to projects in the fields of education, youth policy, child rearing, cultural exchange and tourism. Law enforcement agencies: The agreement envisages increasing the salaries and social guarantees of employees of the so-called Ministry of Emergency Situations, the Prosecutor's Office and the State Protection Service of the occupied region. Provision of Medicines: The document also stipulated that the responsibility for the provision of medicines to Russian citizens permanently residing in the occupied territory lies with the local de facto authorities.

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Basisbank's financial indicators in figures: Total assets: GEL 6.2 billion, a 43% increase compared to the same period of the previous year.~ Total loan portfolio: GEL 3.7 billion, a 22% increase. Total deposit portfolio: GEL 4 billion, a 40% increase. Net profit: GEL 74 million, a 44% increase. Basisbank remains one of the primary supporters of Georgian business and stably occupies its place among the top three largest banks. This year, the pace of business financing by Basisbank has increased even further, with the growth of the corporate portfolio reaching 28% (GEL 2.8 billion), while the volume of corporate deposits amounted to GEL 2.3 billion. According to the 6-month data of 2026, the volume of retail loans amounted to GEL 942 million, while retail deposits totaled GEL 1.7 billion.As of June 30, 2026, Return on Assets (ROA) stood at 2.51%, and Return on Equity (ROE) stood at 14.05%.According to the first-half 2026 data of BB Leasing and BB Insurance, which are part of the Basisbank Group, the portfolio of BB Leasing amounted to GEL 48 million, representing an 8% portfolio growth compared to the same period of the previous year. The premium raised by BB Insurance in the first 6 months of 2026 amounted to GEL 9.5 million.According to the General Director of Basisbank and Liberty, Davit Tsaava, the first half results are the result of the right strategy. He also highlighted the deal made in April 2026, when Basisbank acquired 95.99% of Liberty Bank shares, which became the largest strategic transaction of the year.Liberty Bank itself recorded a net profit of GEL 52.8 million in 2Q26, while its assets amounted to GEL 6.3 billion.

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As of the monthly review of the National Bank of Georgia, in June, compared to the previous month, the average exchange rate of the lari against the US dollar strengthened from 2.6806 to 2.6561 (by 0.9%), and against the Euro from 3.1315 to 3.0621 (by 2.2%).At the end of the month, the official exchange rate of the lari against the US dollar and the Euro amounted to 2.6453 and 3.0156, respectively. During the period, the maximum value of the GEL/USD exchange rate was 2.6693, and the minimum value was 2.6453.In June, compared to the average USD exchange rate, the maximum value of the exchange rate deviated more than the minimum.In June, on average, the Turkish lira continued to depreciate against the dollar, both in monthly and annual terms. In monthly terms, the Euro and the Russian ruble also depreciated. The Armenian dram strengthened slightly, while the Azerbaijani manat remained practically unchanged. As for the GEL, the strengthening is observed both in monthly and annual terms. As a result, the nominal effective exchange rate of the GEL strengthened (NEER), both in monthly and annual terms. Specifically, in June by 3.8% annually, and by 1.7% in monthly terms.

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In 2Q26, exports of the mentioned commodity group amounted to more than $4.7 million, while in the same period of 2025 this figure amounted to $659.9 thousand.Against the backdrop of a sharp increase in exports, the import rate has decreased. In particular, in 2Q26, live sheep and goats worth $33.8 thousand were imported into Georgia, which is 54.3% less than the figure for the corresponding period of last year ($74 thousand).

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In 2Q26, imports of the mentioned commodity group amounted to 32.2 thousand USD, while in the same period of 2025 this figure amounted to 8.4 thousand USD.It is worth noting that according to the foreign trade database, exports from Georgia in this category were not recorded in any quarter and the market is fully dependent on imported goods.

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MFO "B Credit" was fined GEL 4,000 for deceiving the supervisor. The NBG noted 2 facts of providing incorrect data.Each case is subject to a fine of GEL 2,000, and accordingly, GEL 4,000 was issued.

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