Basisbank's financial performance for the first half of 2024, culminating in strong Q2 results, is a positive indicator for the bank's future. Their total assets grew by a healthy 14.6% compared to the same period last year, reaching a total of 3.67 billion GEL. This growth was mirrored in their credit portfolio, which surpassed 2.68 billion GEL, reflecting a significant increase of 478 million GEL year-over-year.
Business lending remains a key strength for Basisbank, solidifying their position among the top three lenders in the country. The credit portfolio for legal entities reached over 1.85 billion GEL, demonstrating their commitment to supporting businesses. Individuals also benefited from Basisbank's growth, with the personal loan portfolio reaching 828 million GEL.
Deposits showed similar positive trends. The overall deposit portfolio grew by 461 million GEL year-over-year to reach 2.37 billion GEL. This growth was driven by both businesses and individuals, with deposits from legal entities increasing by 143 million GEL and deposits from individuals increasing by 318 million GEL compared to the same period last year.
Basisbank's subsidiaries, BB Leasing and BB Insurance, also performed well. BB Leasing's credit portfolio exceeded 34.9 million GEL, reflecting a remarkable 59% growth year-over-year. BB Insurance mirrored this success with premiums collected reaching 14.8 million GEL, representing a significant 57% increase compared to the same period last year.
Overall, Basisbank's profitability remained strong. Their net profit exceeded 41 million GEL as of June 30, 2024, with a healthy Return on Assets (ROA) of 2.31% and a Return on Equity (ROE) of 14.61%.
"Basisbank is committed to achieving stable development and solidifying its position within the financial market," stated David Tsaava, General Director of Basisbank. "The robust growth in our financial indicators is a testament to the strength of our credit portfolio. Supporting businesses is a core strategic focus, as it contributes to the nation's economic vitality. We are proud of the growing number of businesses we partner with and remain dedicated to their success. With a 30-year legacy of growth and development, Basisbank is firmly established as a leading financial institution, promoting financial accessibility. The recent confirmation of our long-term credit rating at 'B+' with a 'positive' outlook by Fitch Ratings underscores the high level of trust placed in Basisbank. As a growth-oriented institution, Basisbank remains committed to delivering exceptional banking experiences for our customers in the years to come."
