Silk Bank has announced robust financial growth and strategic developments as of December 2023. Notable achievements include a remarkable 90.4% increase in total assets in 2023, which as of 31 December 2023 stood at GEL 167.1 million. Furthermore, total client deposits and balances have surged by 593% in 2023, reaching GEL 98.6 million by December 31, 2023. Of particular note is the remarkable growth in retail client deposits, which jumped from GEL 4.3 million at the close of 2022 to GEL 29.5 million as of 31 December 2023, indicating the bank's successful efforts to attract retail customers.

Net Loans/Total Deposits ratio, which is 47.1% as of December 31, 2023, signifies ample room for future growth in lending activities. Additionally, the bank's total liabilities have seen remarkable growth, increasing by 251% in 2023, and as of 31 December 2023 equaled GEL 108 million.

In 2023, Silk Bank's existing shareholders injected GEL 9.8 million into the bank's equity, showcasing their commitment and support for Silk Bank's strategic plan to transform itself into a digital challenger bank. This injection of capital will bolster the bank's financial capabilities and further drive its transformation journey

The introduction of the revolutionary Gaatanabre Program (Budget Billing) in December 2023 marked a significant milestone for Silk Bank. Developed in collaboration with SOCAR Gas Georgia, Gaatanabre transforms how customers manage their natural gas expenses. The program features a fixed monthly payment plan, tailored billing based on individual usage, transparent fees, and an annual reconciliation process to ensure accuracy in long-term billing. The pilot program has been successfully implemented in selected regions of Georgia, namely Kutaisi, Rustavi, and Mtskheta, and Silk Bank plans to expand it to the entire SOCAR Gas Georgia coverage area by the end of 2024. This innovative program exemplifies Silk Bank's dedication to delivering customer-centric solutions.

Aleksi Khoroshvili, Chief Executive Officer of Silk Bank, expressed optimism about the bank's progress and highlighted the success of the newly launched Gaatanabre program. "We are seeing a very high demand for this product from our customers, with the number of clients reaching to around 400 in January 2024. This proves that we are responding to the needs of our customers with our innovative approach to product design and customer satisfaction."

Looking ahead, Mr. Khoroshvili announced exciting plans for the future, including the launch of a revamped digital platform by the end of Q1 2024. This platform will empower Silk Bank to introduce new retail products, expanding its offerings to cater to niche customer segments.

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