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Georgian commercial banks see increase in profits

Business Materials 21 April 2021 16:40 (UTC +04:00)
Georgian commercial banks see increase in profits

BAKU, Azerbaijan, April 21

Tamilla Mammadova – Trend:

Net profit of Georgia's commercial banks stood at 166.324 million lari ($48.5 million) in March 2021, Trend reports via the National Bank of Georgia (NBG).

According to the statistics published on the NBG website, after a difficult 2020, 2021 turned to be a relatively successful year for commercial banks. Net profit of banks in the first month of the year amounted to 113.368 million lari ($33.09 million), in February - 132.115 million lari ($38.5 million), and in March - 166.324 million lari ($48.5 million).

In March 2021 commercial banks revenue amounted to 473.140 million lari ($138.1 million), of which interest income stood at 380.629 million lari ($111.1 million). Expenses of commercial banks in March amounted to 300.248 million lari ($87.6 million).

In addition, the banks earned 8.483 million lari ($2.4 million) from fines/penalties; net profit from conversion operations amounted to 27.938 million lari ($8.1 million). At the same time, last month banks earned 37.619 million lari ($10.9 million) in fees and commissions.

Last year the net profit of commercial banks amounted to 99.262 million lari ($28.9 million) that was the lowest profit rate in recent years due to the coronavirus pandemic, when banks had to massively postpone loan repayments.

As of today, 15 commercial banks are operating in the local market.

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