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Privatbank Reports First Quarter Losses

Published: August 1, 2013 | 10:07 am
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Against the background of general profitability within the banking sector, what has caused Privatbank to make losses during the first quarter of the financial year? According to the official data, the Ukrainian bank’s Georgian subsidiary has reported losses of 2.5 million GEL for the period between January and March, having made profits of 208 000 GEL during the same period in 2012. Nevertheless, the bank continues purchasing assets, and reports an increase of 81.9 million GEL in this regard during the first quarter.
The bank itself has declined to make a comment of the subject of losses, but states that it continues purchasing assets, and plans to open new branches in Georgia in the near future. The Director of Georgian Business Insight Irakli Lekvinadze has told TV3 that Privatbank’s losses have been caused by ineffective local management and poor customer service. According to him, Georgian banks have been reporting healthy profits in recent times, and it will therefore be impossible for Privatbank to attain leading positions within the sector at this stage.

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