Silk Bank today announced its financial results for the first quarter of 2025, highlighting continued strong performance in core lending operations.

In Q1 2025, Silk Bank reported net interest income of GEL 2.34 million, representing a 13% increase quarter-on-quarter and a 62% increase year-on-year. This growth was fueled by sustained demand for credit products, particularly in the retail segment, and effective margin management.

Total interest income rose to GEL 5.76 million, up from GEL 5.47 million in Q4 2024, while interest expense remained stable at GEL 3.42 million. The Bank optimized funding sources, resulting in a lower cost of funds at 8.98%, compared to 10.60% in Q4 2024.

Silk Bank’s digital transformation continues to accelerate, with active SilkApp users now exceeding 100,000 and total downloads surpassing 227,000. This milestone reflects the Bank’s growing relevance in the daily financial lives of customers and confirms the strong product-market fit of its digital offering.

Meanwhile, over 3,000 MERE cards have been issued, with GEL 10 million in total approved limits – demonstrating strong early adoption of Silk Bank’s credit products designed for modern, mobile-first customers.

“The rapid growth of SilkApp now with over 100,000 active users and growing demonstrates the strong demand for our digital-first approach. The Bank’s Q1 results reaffirm our commitment to digital innovation, alternative data lending, and intuitive, customer-focused product design. This momentum confirms that our strategy is resonating with customers. We are excited by the pace of adoption and remain committed to expanding access to modern financial services across Georgia.

I would also like to thank our shareholders for their continued support, especially the recent GEL 15 million capital injection that strengthens our position for the next stage of growth. Looking ahead, the Bank will deepen its focus on retail lending and continue to scale its digital ecosystem through SilkApp, phasing out legacy segments that no longer align with our long-term strategy. The emphasis remains on delivering inclusive, tech-driven financial solutions tailored to the needs of individuals across Georgia,” said Aleksi Khoroshvili, CEO of Silk Bank.

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