In Feb-22, Georgia's banking sector loan portfolio increased by 17.8% y/y (+0.8% m/m), excluding FX effect, after a 17.2% y/y growth in previous month. In unadjusted terms, loan portfolio was up 12.5% y/y (+2.6% m/m) to GEL 43.2bn (US$ 13.7bn), reads the latest weekly publication of Galt & Taggart.
By sector, corporate loan growth (exc. FX effect) was 16.1% y/y (up from15.6% y/y growth in previous month) and retail loan growth stood at 19.5% y/y (+18.8% y/y in previous month) in February. Notably, mortgage loan portfolio increased by 12.0% y/y in February after growing by 11.6% y/y in previous month.
In Feb-22, loan dollarization stood at 51.0% (-4.27ppts y/y and +0.99ppts m/m) and NPLs stood at 2.0% (-0.55ppts y/y and flat m/m).
Bank deposits growth continued to slow to 8.7% y/y (+0.3% m/m, exc. FX effect) to GEL 37.6bn (US$ 11.9bn) in Feb-22, after a 11.5% y/y growth in previous month.
By currency, in February, both GEL and FX deposits growth (exc. FX effect) slowed to 11.0% y/y (from 13.3% y/y in previous month) and to 7.4% y/y (from 10.3% y/y in previous month), respectively. The deposit dollarization stood at 59.3% (-2.39ppts y/y and +0.67ppts m/m).
