Finance

Silk Bank remains in losses

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Tbilisi (GBC) – Silk Bank remains in the red, with its losses exceeding 13 million GEL as of August 1, 2025. This marks a 6.5-fold annual increase (August 1, 2024 – 2.07 million GEL) and a 1.8 million GEL growth month-on-month (July 1, 2025 – ₾11.2 million). Management attributes the rising losses to investments in new products and the development of digital channels.

In the one year since its rebranding, the bank’s loan portfolio has surpassed 115 million GEL (July 1, 2024 – 93 million, +27% Y/Y).

Silk Bank’s mid-term goal (3 years) is to grow its Monthly Active Users (MAU) to 300,000.

As of August 1, 2025, the loan portfolio dollarization stands within the 20–30% range. In term deposits (totaling 109.3 million GEL), the share of foreign currency (15.1 million GEL) does not exceed 14%.

Financial overview: Silk Bank

(7M 2025 vs. 7M 2024)

Amounts in million GEL.

Indicator: 7M 2025 7M 2024

Assets: 210.2 204.3

Loans: 117.8 93.07

of which, Retail: 52.7 21.7

Deposits: 132.9 124.0

Shareholders’ Equity: 66.8. 57.3

Net Loss (Profit): -13.02. -2.07

Source: Commercial Bank

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Over 600,000 Transfers Registered Monthly in Creditinfo

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The volume of pension assets is ₾7.2 billion

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Liberty will be acquired by a Chinese bank

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Cartu Bank’s Profit Increased

As of August 1, 2025, the bank’s loan portfolio exceeds 1 billion GEL, with approximately 60% — equivalent to 612 million GEL — issued in foreign currencies (USD and EUR).In terms of deposits, more than 81.5% (over 1.003 billion GEL) are foreign currency deposits. Over half of the deposit portfolio consists of current accounts. Time deposits also show a high dollarization rate, with a coefficient of around 80%.Cartu Bank is associated with the Ivanishvili family.

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The National Bank of Georgia fined "Silk Bank"

The reason for the fine was four instances of incorrect submission of documentation requested by the NBG.So far this year, four commercial banks have been fined under the "Law on Facilitating the Prevention of Money Laundering and Terrorism Financing" — including digital "Paysera", "Ziraat Bank", and "Isbank", with total fines amounting to 116,000 GEL.According to the NBG, in 2024, it has also fined two other banks — Bank of Georgia and Basisbank — with total fines amounting to 127,800 GEL.

1755094193

Over 600,000 Transfers Registered Monthly in Creditinfo

The average monthly traffic is approximately 600,000 transactions, amounting to nearly 300 million USD. In July, 620,000 transfers were registered, and in June, 635,000.According to the National Bank of Georgia, the inclusion of remittance data in the Creditinfo database was intended to improve access to loans. However, most individuals who rely on money sent from abroad still remain unable to access credit. Remittance data has been included in the Creditinfo database since spring 2023.Some banks offer remittance-backed loans, but in practice, only two banks are actively issuing them: Bank of Georgia and TBC Bank.

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In July, the pension fund's portfolios continued to grow steadily

"Despite the weakness of global markets and the trend of the Georgian lari strengthening against the US dollar — which reduces the profitability of assets denominated in foreign currency — July’s positive performance was mainly driven by the high and stable returns of assets denominated in the local currency," the Pension Fund noted.In July, the conservative portfolio recorded the highest growth at 0.62%, followed by the balanced portfolio with 0.51%, and the dynamic portfolio with 0.20% growth.It’s also worth noting that the Consumer Price Index (CPI) decreased by 0.17% in July, which had a positive impact on the real returns of the portfolios.Although July was relatively weaker for the dynamic portfolio, it remains the top performer in terms of year-to-date profitability. Nonetheless, all three portfolios maintain a relatively high rate of return: Conservative – 6.00% Balanced – 6.50% Dynamic – 7.08% For reference, the dynamic portfolio also leads in terms of long-term profitability. Since the portfolios were launched (on August 6, 2023), its annualized return stands at 13.3%, compared to 12.5% for the balanced and 11.5% for the conservative portfolio.As of the end of July, the Pension Fund’s total assets exceeded ₾7.2 billion, and the generated returns surpassed 1.8 billion GEL.

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The volume of pension assets is ₾7.2 billion

As of July 31, 2025, a total of 21,972 citizens have benefited from the funded pension system, and ₾95.4 million has been disbursed to them in the form of pension payments.

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