BAKU, Azerbaijan, Nov. 16
By Tamilla Mammadova – Trend:
Georgian commercial banks’ revenues in loan fines and penalties have almost halved amid the coronavirus pandemic, Trend reports via Georgian media.
The banks report that in the first 9 months of 2020, their income amounted to 34.53 million lari ($10.5 million) that is 32 million lari ($9.7 million) less compared to the same period of last year. In the third quarter of 2019, the banks earned 66.54 million lari ($20.2 million) in fines from loans to customers.
The top five banks earned 28.39 million lari ($8.6 million) in fines and penalties in the reporting period.
In the third quarter of 2020, TBC Bank is the leader in terms of the revenues in fines and penalties which amounted to 10.79 million lari ($3.2 million). It’s worth mentioning that in the same period of last year they totaled 18.97 million lari ($5.7 million).
Bank of Georgia is the second and earned 6.72 million lari ($2.04 million) in fines and penalties. In the first 9 months of 2019, the bank’s revenues were 2-fold higher and amounted to 12.93 million lari ($3.9 million).
In the third quarter of 2020, Liberty Bank is in third place with 5.13 million lari ($1.5 million) against 7.30 million lari ($2.2 million) in the same period of last year.
Credo Bank is the fourth with revenues from fines and penalties amounting to 3.95 million lari. In the first 9 months of 2019, this figure was 2-fold higher and totaled 7.04 million lari.
Cartu Bank is at the bottom of the list. In the third quarter of 2020, the bank’s revenue from fines and penalties amounted to 1.78 million lari against 8.76 million lari in the same period of last year.
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