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Financial Recovery of Cartu Bank

Published: August 14, 2013 | 10:30 am
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What has been the reason behind Cartu Bank’s success this year, following the heavy losses which it suffered in 2012? The bank has posted profits of 28 500 000 GEL during the first half of 2013. During the same period last year, Cartu was reporting losses of 76 300 000 GEL. According to the June data, the bank’s assets have also increased, and now stand at 414 million GEL. The president of Cartu Nodar Javakhishvili has told TV3 that at this time the bank is still running overall losses, following the damaging campaign conducted against it by the previous government last year. According to him, the majority of the companies that are facing charges in the criminal case relating to Cartu’s bankruptcy are expected to repay their debts by the end of the year, further boosting the bank’s profits. Mr. Javakhishvili expects Cartu to report an overall profit by the end of the year.

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