JSC Silk Bank (the “Bank”) today announced its financial results for the third quarter of 2024, reporting significant growth across key financial metrics alongside the successful launch of new digital products aimed at enhancing customer experience

In Q3 2024, Silk Bank recorded 80% year-on-year increase in net interest income, underscoring its improved financial performance and continued success in scaling its banking operations.

The Bank also reported exceptional balance sheet growth:

• • Total assets increased by 44% year-on-year in Q3 2024.
• • Gross loans surged by 207% year-on-year in Q3 2024.
• • Retail deposits doubled, reflecting a 100% increase year-on-year in Q3 2024.
• • The net loans-to-deposits ratio improved to 63.5% as of 30 September 2024, compared to 56.0% as of 31 December 2023.

In line with its strategic focus on digital transformation, Silk Bank introduced several
groundbreaking initiatives during the quarter, including the BNPL card “MERE,” which has proven highly popular since its launch. Since September, the Bank has received over 2,000 applications for the card, underscoring its widespread appeal.

As part of its commitment to financial inclusion, Silk Bank launched an alternative scoring model in October 2024 tailored to the self-employed segment, addressing a traditionally underserved market by providing more accessible credit solutions. Additionally, Silk Bank’s digital platform offers the best FX rates for the most popular currency pairs on a daily basis, ensuring a competitive edge for its digital customers. The Bank also provides free transactional banking to the first 100,000 customers who opt for its Quantum package.

Aleksi Khoroshvili, CEO of Silk Bank, commented on the performance and ongoing digital innovation: “We are thrilled to report another quarter of growth in 2024. Our net interest income has seen a 51% increase year-on-year for 9M 2024, reflecting our successful strategy in scaling our lending operations. The launch of our new MERE card and the alternative scoring model for self-employed customers are part of our continued commitment to providing innovative, customer-centric solutions. As we enhance our digital capabilities, we are confident these initiatives will add long-term value for our customers and position Silk Bank as a leader in digital banking in Georgia.”

Looking ahead, Silk Bank remains focused on accelerating its strategic initiatives and enhancing its product offerings to drive sustainable growth and deliver superior value to its customers and shareholders.

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