In November 2021, Georgia’s banking sector loan portfolio growth came in at 16.4% y/y (+1.2% m/m), excluding FX effect, after a 16.1% y/y growth in previous month.
In unadjusted terms, loan portfolio was up 10.8% y/y (-0.7% m/m) to GEL 41.4bn (US$ 13.4bn). By sector, corporate loan growth slowed slightly to 16.2% y/y (exc. FX effect) in November, from a 16.5% y/y growth in previous month, while retail loan growth accelerated to 16.7% y/y from 15.7% y/y in previous month. In November 2021, loan dollarization reduced to 50.3% (-5.75ppts y/y and -0.99ppts m/m) and NPLs stood at 2.2% (flat y/y and +0.06ppts m/m), reads the recent Weekly Market Watch of Galt & Taggart.
As for the deposit portfolio, its growth slowed to 11.8% y/y (+0.1% m/m, exc. FX effect) to GEL 35.7bn (US$ 11.6bn) in November 2021, from 14.2% y/y in previous month. By currency, GEL deposits were up 10.5% y/y and FX deposits increased 12.6% y/y (exc. FX effect) in November. The deposit dollarization stood at 60.5% (-1.47ppts y/y and -0.29ppts m/m).
