JSC Silk Bank (the “Bank”) today announced its financial results for the fourth quarter and full-year 2024, showcasing exceptional growth across key financial metrics, driven by strategic investments in customer acquisition, digital transformation, and operational expansion.

In Q4 2024, the Bank reported a 54% year-on-year (y-o-y) increase in net interest income, underscoring its strong financial performance and successful scaling of its banking operations.

Key financial highlights:

• Total assets increased by 33.5% year-on-year in Q4 2024.

• Gross loans surged by 125.2% year-on-year in Q4 2024.

• Retail deposits grew by 70.8% y-o-y in Q4 2024.

• The net loans-to-deposits ratio improved to 78.5% as of 31 December 2024, compared to 56.0% as of 31 December 2023.

Total recurring operating costs grew by 82% y-o-y in 2024. This increase was primarily driven by higher customer acquisition costs (up 479% y-o-y in 2024) and continued investments in people and technology, reflecting the Bank’s focus on expanding its customer base and enhancing its operational capacity to meet growing demand.

In line with its strategic focus on innovation, Silk Bank introduced several new digital features and services in Q4 2024, including:

• Payments and Transfer Templates for improved transaction efficiency.

• Gaatanabre via SilkApp, launched in partnership with SOCAR Gas Georgia, offering customers a fixed monthly payment plan and tailored billing for natural gas expenses, improving transparency and satisfaction.

Silk Bank’s BNPL card, “MERE,” continues to grow in popularity as a preferred shopping card. By December 2024, it was available at 120 partners and 949 sales points, with over 1,500 cards issued.

CEO Aleksi Khoroshvili expressed his gratitude while reflecting on the Bank’s success:

“First and foremost, I want to thank our customers for their trust and loyalty. Their confidence in us drives our commitment to innovation and excellence. I also want to recognize our incredible team for their dedication and our shareholders for their unwavering support, including a GEL 14 million capital injection in 2024.

This year’s performance has been outstanding – our revenue reached GEL 8.8 million, up 78% year-on-year, while interest income surged 94% year-on-year, and net interest income grew 58% year-on-year. I’m particularly proud that SilkApp downloads surpassed 100k in December 2024, a major milestone in our digital journey. Our next goal is 300k downloads, as we continue expanding our digital ecosystem.”

Silk Bank remains committed to accelerating strategic initiatives, enhancing digital offerings, and delivering sustainable growth to create lasting value for customers and shareholders alike.

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