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Georgian microfinance institutions see record profit in 2020

Finance Materials 10 February 2021 18:53
Georgian microfinance institutions see record profit in 2020

BAKU, Azerbaijan, Feb. 10

By Tamilla Mammadova – Trend:

Georgian microfinance institutions saw a record profit while commercial banks ended the 2020 pandemic year with a significantly reduced profit, Trend reports via National Bank of Georgia (NBG).

If in 2019 MFOs saw a profit of only 112,123 lari ($33,913), in 2020 this figure raised to 44.8 million lari ($13.5 million).

According to the consolidated reports of MFOs published on the National Bank’s website, in MFOs ended 2020 with a profit of 44.85 million lari ($13.5 million), while pre-provision net revenue made 96.60 million lari ($29.2 million).

According to the report, in the fourth quarter, the sector's assets amounted to 1.47 billion lari ($444.6 million), while the total capital - 493.4 million lari ($).

The interest income of MFOs in 2020 amounted to 281.07 million lari ($85.01 million), of which loans to individuals accounted for 250.5 million lari ($75.5 million) and interest income from loans to legal entities - 7.93 million lari ($23.9 million). Apart from that, MFOs received 18.92 million lari ($5.7 million) in fines and penalties.

In total 40 microfinance organizations operated in the market in the fourth quarter of 2020. In the reporting period, 393 service centers and branches employed more than 4,100 people.

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