JSC Silk Bank (the “Bank”) announced its financial results for the second quarter of 2024, showcasing remarkable growth across key metrics, a successful bond issuance, and the launch of several exclusive initiatives.

In Q2 2024, Silk Bank achieved substantial growth, with total assets increasing by 44% year-on-year, gross loans rising by 296% year-on-year, and retail deposits growing by 235% year-on-year. The net loans/deposits ratio reached 61.3% as of 30 June 2024, up from 26.7% as of 30 June 2023. Additionally, total liabilities grew by 67% year-on-year.

On April 30th, 2024, Silk Bank initiated the issuance of its inaugural public subordinated debt security (the “Bond”), targeting qualified investors as part of its strategy to raise tier 2 capital. This landmark issuance was facilitated under the guidance of Alpha Capital Advisory as the placement agent and BLC Law Firm as the transaction legal advisor. JSC Pasha Bank Georgia has been appointed as the settlement, payment, and calculation agent, ensuring seamless execution.

Aleksi Khoroshvili, CEO of Silk Bank, commented on the achievements: “We are thrilled to report exceptional growth in Q2 2024, reflecting our robust strategic initiatives and commitment to becoming a leading digital bank in Georgia. Our total assets increased by 44% year-on-year, and gross loans saw an impressive 296% growth. Additionally, we successfully launched the issuance of our public inaugural subordinated USD 10 million bonds, marking a significant step in our capital market journey.”

“Receiving a first-time issuer rating of B- with a Stable Outlook from Scope Ratings UK Ltd is a testament to our strategic transformation and financial strength. Our focus on digital innovation and customer-centric solutions will continue to drive our growth and profitability. We are confident that with our strong capital base and dedicated team, we will achieve our goal of becoming a profitable and self-sustained bank by 2026,” added Aleksi Khoroshvili.

In line with its strategic focus on digital innovation, Silk Bank is excited to announce the launch of several exclusive initiatives with the debut of its new Silk App. The Silk App guarantees the best foreign exchange (FX) rates in the country, offers freemium transactional banking, and introduces the Mere card, which provides a “buy now, pay later” payment functionality, all managed digitally. These initiatives are designed to enhance customer experience and provide added value to Silk Bank’s clientele.

Silk Bank remains committed to enhancing its digital capabilities. The Bank’s ongoing strategic transformation aims to provide long-term value to customers, shareholders, and the Georgian banking industry.

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