Bank of Georgia suffers loss

BAKU, Azerbaijan, October 26

By Tamilla Mammadova – Trend:

In 9 months of 2020, the Bank of Georgia suffered a loss in the amount of 77.5 million lari ($24.1 million), Trend reports via Georgian media.

The banking system’s loss amounted to 252 million lari ($78.5 million) that is Bank of Georgia accounts for 30.8 percent of the total losses.

Bank of Georgia ranks second in the country with supervisory capital of 2.6 billion lari ($810.4 million) and assets worth 19.3 billion lari ($6.01 billion).

It’s worth mentioning that in September the financial performance of the banking industry improved - if as of August 2020 the total loss of the banking system amounted to 317 billion lari ($98.8 million) in September this figure decreased to 252 million lari ($78.5 million).

Along with other factors such as the 3-month general moratorium on the payment of interest on loans, which was introduced in March due to the lockdown, the mandatory increase in reserves for possible losses, which amounted to 1.2 billion lari ($374.06 million) also caused the loss of the banking system.

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