Silk Bank today announced its unaudited financial results for the second quarter and first half of 2026, reporting strong growth in core revenues, continued expansion of its retail and micro lending franchise, and ongoing investment in its digital-only banking platform.

In Q2 2026, Silk Bank generated GEL 4.4 million in total net operating income, up 41.9% year-on-year and 7.0% quarter-on-quarter. For 1H 2026, total net operating income reached GEL 8.4 million, an increase of 59.9% compared with 1H 2025.

Net interest income reached GEL 4.2 million in Q2 2026, increasing 47.9% year-on-year and 21.1% compared with Q1 2026. For 1H 2026, net interest income was GEL 7.7 million, up 48.1% year-on-year, reflecting the continued scaling of the bank's interest-earning portfolio.

Total assets amounted to GEL 237.9 million at the end of Q2 2026, up 4.6% year-on-year and down 2.3% quarter-on-quarter, reflecting lower cash and other asset balances alongside continued growth in customer lending. Gross loans increased to GEL 147.7 million, representing growth of 5.2% compared with Q1 2026 and 5.8% year-on-year.

Growth remained concentrated in the retail and micro lending portfolio, which reached GEL 137.4 million at the end of Q2 2026, up 83.7% year-on-year and 7.4% quarter-on-quarter. Retail and micro loans represented approximately 93% of gross loans, reinforcing Silk Bank's focus on digitally originated consumer and micro lending.

Customer deposits reached GEL 145.7 million, increasing 17.1% year-on-year, although declining 2.2% compared with Q1 2026. Retail deposits increased to GEL 65.1 million, up 28.8% year-on-year and 4.9% quarter-on-quarter, demonstrating continued growth in the bank's retail funding base.

Silk Bank continued to invest in its digital-only operating model, including product development, technology, customer acquisition and AI-enabled capabilities. These investments are intended to support a scalable platform, faster decision-making and a more personalised customer experience.

Revenue growth continued to outpace recurring cost growth. Recurring operating costs were GEL 10.1 million in Q2 2026, up 22.0% year-on-year and 6.4% quarter-on-quarter. For 1H 2026, recurring costs increased 31.7% to GEL 19.6 million, compared with 59.9% growth in total net operating income, demonstrating early progress in operating leverage as the bank continues to scale its platform.

Credit quality indicators reflected the continued growth and seasoning of the loan portfolio. The NPL ratio stood at 6.7% at the end of Q2 2026, compared with 4.0% in Q1 2026 and 1.2% in Q2 2025. The movement was accompanied by increased provisioning, with loan loss reserves reaching GEL 8.5 million, or 5.7% of gross loans. The cost of risk was 4.7% in Q2 2026 and 3.7% for 1H 2026. Silk Bank continues to closely monitor portfolio performance and maintain a disciplined approach to growth.

Silk Bank remained strongly capitalised. The total regulatory capital ratio stood at 33.8% at the end of Q2 2026, while the common equity tier 1 and tier 1 capital ratios were both 25.1%.

Aleksi Khoroshvili, Chief Executive Officer of Silk Bank, commented: "Q2 2026 marked an important inflection point for Silk Bank. For the first time, our operating income growth is clearly outpacing our cost growth — positive jaws that show the operating leverage we have been building is now coming through. Net operating income rose 42% year-on-year in Q2 against 22% cost growth, and 60% versus 32% over the first half. Alongside this, net interest income grew 48%, retail and micro lending 84%, and retail deposits 29%, with net interest margin now trending around 8%.

This was also a defining quarter for our brand and product. We successfully launched our campaign under the claim 'Silk Bank — your second bank', capturing how we win customers: the smarter, digital-first account they choose alongside their existing bank. Our flagship product, MERE, is gaining real momentum with both merchants and customers, and our agentic AI implementation is progressing successfully — together enabling more personalised experiences at a structurally lower cost to serve.

As our rapidly expanded retail portfolio seasons, credit quality indicators moved during the period; we have increased provisioning and remain focused on disciplined growth. Silk Bank remains strongly capitalised, with a total capital ratio of 34%, and we continue to invest in the technology, products and people that will define our next phase of growth."

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