Silk Bank today announced its unaudited financial results for the first quarter of 2026, reporting continued growth in core revenues, expansion of its retail and micro lending portfolio, stronger customer deposits, and ongoing investment in digital banking capabilities.

In Q1 2026, Silk Bank generated GEL 4.1 million in total net operating income, up 84.9% year-on-year and 17.5% quarter-on-quarter. The result was supported by continued growth in net interest income.

Net interest income reached GEL 3.5 million, increasing 48.4% year-on-year and 12.8% compared with Q4 2025, reflecting the continued scaling of the bank’s interest-earning portfolio.

The bank’s balance sheet expanded during the quarter. Total assets reached GEL 243.4 million, up 10.6% quarter-on-quarter and 7.8% year-on-year. Gross loans increased to GEL 140.4 million, representing 10.4% growth compared with year-end 2025 and 5.9% growth year-on-year.

Growth was primarily driven by the retail and micro lending portfolio, which reached GEL 128.0 million at the end of Q1 2026, up 123.0% year-on-year. Retail and micro loans accounted for approximately 91% of the bank’s total gross loan portfolio, underlining Silk Bank’s continued focus on consumer and micro lending segments.

Customer funding also remained stable. Customer deposits increased to GEL 149.0 million, up 6.9% quarter-on-quarter and 3.8% year-on-year. Retail deposits reached GEL 62.1 million, growing 22.3% year-on-year.

During the quarter, Silk Bank made meaningful progress in embedding generative AI and advanced automation across its core operations. The bank is pursuing a broad-based AI transformation agenda — spanning credit, operations, customer experience and product — with the goal of delivering a faster, smarter and more personalised banking platform. Several workstreams moved from design into active development and testing during the period, reinforcing the bank’s conviction that AI is central to how it will compete and scale.

Silk Bank remained in investment and growth mode during the quarter. Recurring operating costs amounted to GEL 9.5 million, up 44.0% year-on-year, but down 8.8% quarter-on-quarter. The bank reported a net loss of GEL 6.2 million for Q1 2026, compared with a net loss of GEL 6.9 million in Q4 2025 and GEL 5.0 million in Q1 2025. The year-on-year movement reflects continued investment in the bank’s operating platform, customer growth, product development and higher provisioning costs as the loan portfolio expands.

Credit quality indicators reflected the ongoing growth and seasoning of the loan book. The NPL ratio stood at 4.0% at the end of Q1 2026, compared with 2.4% at year-end 2025 and 0.9% in Q1 2025. The cost of risk was 2.5%, down from 5.0% in Q4 2025, while the loan loss reserve ratio increased to 4.9% of gross loans.

Aleksi Khoroshvili, Chief Executive Officer of Silk Bank commented: “Q1 2026 was another quarter of continued progress for Silk Bank. We delivered strong growth in net interest income, expanded our retail and micro lending portfolio, and further strengthened our customer deposit base. At the same time, we continued to invest in the digital capabilities that are central to our long-term strategy.

We are systematically embedding AI across the bank — in how we underwrite, how we operate and how we serve customers. This is not a side project; it is becoming core to how Silk Bank is built. We are moving at pace, and the results of this investment will become increasingly visible in the experience we deliver to customers and in the efficiency of our platform.

Although profitability remains impacted by our investment phase and the cost of scaling the business, Q1 results show continued operating momentum, stronger revenues and a clearer foundation for sustainable growth.”

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