16 November, 2009

People’s Bank of Georgia Announces That Its Assets Grew 17.7% In October 2009

People’s Bank of Georgia (“PBG”) announced today that its total assets grew 17.7% m-o-m to GEL 328.2 mln (the highest level since April 2008). October was the first full month since the purchase of a 91.218% equity interest in PBG by Liberty Capital. Client deposits increased 34.7% m-o-m to GEL 209.6 mln. Retail current account balances and term deposits reached GEL 51.4 mln (down 1.3% m-o-m) and GEL 42.1 mln (up 2.9% m-o-m), respectively. Net Loans/Total Deposits ratio is all-time low, at 30.4% as at 31 October 2009, despite the resumption of retail lending by PBG in October 2009. Total Liabilities increased 19.1% m-o-m and equaled GEL 311.4 mln.