This year marked an unprecedented growth for “Rico Express,” with the company’s portfolio increasing by approximately 300 million GEL, Chairman of the Supervisory Board Lasha Nikolaishvili announced.
“It was a very successful year. Gold prices nearly doubled, allowing us to expand the portfolio aggressively. Profit ratios are high, and on November 30, we exceeded a 1 billion GEL portfolio of assets for the first time,” Nikolaishvili said. He also highlighted the company’s contribution to the National Bank of Georgia’s reserves, adding around $283 million.
Nikolaishvili noted that this year’s dollar inflows were exceptional, indicating strong economic activity and growth in the country. He described the period as the most successful since 1997 in terms of foreign currency revenue.
Despite the growth, Rico has no plans to transform into a microbank. “We want to remain strong in the microfinance sector and complement banking products through our partner banks,” he explained.
