During Q1 2024, Silk Bank experienced unprecedented growth, with total assets soaring by 127% year-on-year in Q1 2024 and gross loans increasing by an impressive 226% y-o-y in Q1 2024. This performance underscores Silk Bank's strength and strategic focus on growth. Retail deposits reached GEL 32 million as of March 2024 from virtually non-existent levels in Q1 2023.

Net Loans/Total Deposits ratio has shown a healthy improvement, decreasing from 115.3% on 31 March 2023 to 52.0% on 31 March 2024, driven by a dramatic 732% y-o-y increase in customer deposits in Q1 2024. This ratio has an upward trend compared to 47.1% on 31 December 2023, indicating balanced growth in deposits and lending. Bank’s total liabilities increased by 418% yo-y in Q1 2024.

A highlight of Silk Bank's commitment to innovation is the successful launch of the Gaatanabre pilot program in collaboration with SOCAR Gas Georgia. This pioneering initiative revolutionizes how customers manage their natural gas expenses, offering a fixed monthly payment plan and tailored billing, enhancing transparency and customer satisfaction (For more information, please, visit www.gaatanbre.ge).

Furthermore, Silk Bank is proud to announce the launch of its revamped mobile only digital platform, complemented by a cutting-edge mobile application. This initiative reflects Silk Bank's commitment to delivering superior banking experiences, empowering customers with enhanced features and seamless functionality (For more information, please, visit www.silk.ge).

“As Silk Bank continues to chart a path of growth and innovation, we are proud of the milestones we've achieved in the first quarter of 2024. From the successful launch of our Gaatanabre Program, which now counts over 900 customers, to the unveiling of our revamped mobile platform, these accomplishments reflect our unwavering commitment to delivering unparalleled value and cutting-edge solutions to our customers.

We are also deeply grateful to our current shareholders, who injected GEL 9.8 million into the Bank in 2023. Their support has been instrumental in our progress. I would like to thank them for their continued trust and investment. Looking ahead, we plan to further enhance our capital base by converting subordinated debt, which will strengthen our financial foundation and support our future growth initiatives”, commented Aleksi Khoroshvili, Chief Executive Officer of Silk Bank

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