5/2/2015 Major trends  Moderate increase of payment to income (PTI) ratio on the new production in 2013  Change of the product mix on the market in favor of secured and (mainly) unsecured consumer lending  Recent major wave of refinancing of mortgage loans from USD denomination into GEL  So far good performance of the BR retail portfolio across the board, nonetheless due to changes in the product mix the average 12 month default rate on BR portfolio increased by 20 bp y/y in 2013
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