In Nov-22, the Georgian banking sector loan portfolio growth was 13.8% y/y (+1.2% m/m), excluding FX effect, unchanged from the previous month, reads the recent Weekly Market Watch published by Galt & Taggart.
Pursuant to the report, "in unadjusted terms, loan portfolio increased by 5.4% y/y (+1.0% m/m) to GEL 43.7bn (US$ 16.1bn), after growing by 3.7% in October.
By sector, corporate loans growth accelerated, up by 10.1% y/y (+9.4% y/y in previous month, exc. FX effect) and retail loans growth stood at 17.3% y/y (+17.9% y/y in previous month). The mortgages increased by 13.6% y/y in November after growing by 13.8% y/y in previous month. In Nov-22, loan dollarization slightly increased to 44.7% (-5.65ppts y/y and +0.05ppts m/m) and NPLs stood at 1.9% (-0.32ppts y/y and +0.03ppts m/m).
Deposits acceleration continued, up by 29.8% y/y (+1.6% m/m, exc. FX effect) to GEL 42.6bn (US$ 15.7bn) in Nov-22, after a 28.0% y/y growth in previous month. By currency, both GEL and FX deposits growth accelerated, with GEL deposits up 30.6% y/y (+26.8% y/y in previous month) and FX deposits (exc. FX effect) up 29.2% y/y (+28.7% y/y in previous month). The deposit dollarization reduced to 56.7% (-3.77ppts y/y and -0.57ppts m/m)."
