Loan portfolio growth in Georgia accelerated to 18.7% y/y in Jun-22

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01.Aug .2022 14:25

Loan portfolio growth in Georgia accelerated to 18.7% y/y in Jun-22

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In Jun-22, the Georgian banking sector loan portfolio accelerated to 18.7% y/y (+2.1% m/m), excluding FX effect, after a 18.1% y/y growth in previous month. Bank deposits growth accelerated to 17.4% y/y (+3.8% m/m, exc. FX effect) to GEL 38.3bn (US$ 13.1 bn) in Jun-22, after a 13.1% y/y growth in previous month, reads the recent publication of Galt & Taggart.

In unadjusted terms, loan portfolio growth was 11.3% y/y (+1.2% m/m) to GEL 43.7bn (US$ 14.9bn), after growing by 9.1% in May.

By sector, corporate loan growth (exc. FX effect) accelerated to 16.9% y/y (+15.7% y/y in previous month) and retail loans growth was unchanged at 20.4% y/y in June. The mortgages increased by 14.2% y/y in June after growing by 13.9% y/y in previous month.

In Jun-22, loan dollarization reduced further to 48.3% (-4.06ppts y/y and -0.39ppts m/m) and NPLs stood at 1.9% (-0.36ppts y/y and -0.08ppts m/m).

Bank deposits growth accelerated to 17.4% y/y (+3.8% m/m, exc. FX effect) to GEL 38.3bn (US$ 13.1 bn) in Jun-22, after a 13.1% y/y growth in previous month. By currency, in June, both GEL and FX (exc. FX effect) deposits growth accelerated to 16.6 % y/y (from 11.8% y/y growth in previous month), and 17.9% y/y (from 13.9% y/y growth in previous month), respectively.

The deposit dollarization reduced to 57.9% (-2.08ppts y/y and -0.21ppts m/m).