11.May .2022 14:00

Revenues And Profits Of MFI Sector Increased - PMC

Revenues And Profits Of MFI Sector Increased - PMC
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Research Centre PMC publishes sector snapshots on the state of MFI sector in Georgia and in this bulletin the state of the sector during the period of 2018-Q1 2022 will be overviewed.

According to the report, from Q1 2020 to Q1 2022, the number of MFIs decreased slightly, dropping from 43 to 38. Interestingly, the number of employees in microfinance organizations during the same period had a slight upward trend, going from 4202 to 4246.

In Q1 2022, assets owned by MFIs amounted to GEL 1.64 bln, which represented a 7% increase, compared to Q1 2021. Meanwhile, the liabilities of MFIs amounted to GEL 1.06 bln, representing a 2% increase, compared to the corresponding period of 2020.

In 2021, compared to 2020, gross income increased by 12% and amounted to GEL 373.4 mln. Moreover, net income also increased compared to 2020 and reached GEL 97.8 mln. In this same period, net income margin increased by 13 percentage points and reached 26%.

According to PMC, by the end of 2021, the portfolio of loans issued by MFIs (both to individuals and to legal entities) amounted to GEL 1.32 bln, while the number of loans in the portfolio amounted to 0.72 mln, which represented a 16% increase and a 10% increase, respectively, compared to the figure recorded by the end of 2020.