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Value of property owned by Georgian banks increases

Finance Materials 17 September 2020 21:16 (UTC +04:00)
Value of property owned by Georgian banks increases

BAKU, Azerbaijan, Sept.17

By Tamilla Mammadova – Trend:

As of July 2020, the assets of Georgian commercial banks amounted to 216.5 million lari ($68.8 million), Trend reports via National Bank of Georgia.

The value of property owned by banks increased by 38.6 million lari ($12.2 million) over the year. In July 2019, this figure was 177.9 million lari ($56.5 million).

Consolidated losses of Georgia-based commercial banks in the first half of 2020 reached 486 million laris ($158.3 million).

The losses rose after commercial banks made reserves for available losses of 1.2 billion lari ($391.1 million). Overall, Georgian commercial banks reserved a buffer of 1.22 billion lari ($397.6 million) against "Available Losses in Assets".

According to the financial report, the major losses account for Bank of Georgia – 157.2 million lari ($51.2 million). TBC Bank is second with 156.4 million lari ($50.9 million).

In the second quarter of 2020, the credit activity of Georgian commercial banks increased by 6.01 billion lari ($1.9 billion) compared to the same period of the previous year.

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