NPLs at 2.2% in November 2020
In November 2020, the banking sector loan portfolio increased by 10.0% y/y and 0.7% m/m (exc. FX effect). In unadjusted terms, loan portfolio was up 19.1% y/y and 2.8% m/m, amounting to GEL 37.4bn (US$ 11.3bn). By currency, the GEL-denominated loans rose by 16.8% y/y (+2.0ppts m/m), and foreign currency loans increased by 4.6% y/y (exc. FX effect). By sector, corporate lending increased by 9.6% y/y and 0.9% m/m, while retail loan growth was 10.3% y/y (exc. FX effect). In November 2020, loan dollarization stood at 56.1% (+0.66ppts y/y and +0.38ppts m/m) and NPLs stood at 2.2% (-0.37ppts y/y and -0.17ppts m/m).
Bank deposits increased by 18.6% y/y and 2.1% m/m (exc. FX effect) to GEL 33.6bn (US$ 10.1bn) in November 2020. Both, GEL and FX deposit growth accelerated in November and deposit dollarization reached 62.0% (-1.98ppts y/y and -0.28ppts m/m).
Producer price index up 10.0% y/y in November 2020
Annual PPI for industrial goods was up 10.0% in November 2020 from 8.0% in previous month, according to Geostat. Price changes in manufacturing (+9.4% y/y) and mining (+24.1% y/y) contributed the most to the overall index change.
