BAKU, Azerbaijan, March 29
Tamilla Mammadova – Trend:
The total profit of 15 Georgian banks amounted to 245.5 million lari ($73.5 million) from January through February 2021, which is 50 million lari ($14.9 million) or 25 percent more compared to the same period of 2020, Trend reports via the National Bank of Georgia (NBG).
According to the financial report, the net profit of the sector was 132.1 million lari ($39.5 million) in February, while 113.4 million lari ($33.9 million) – in January.
Georgian commercial banks earned a total revenue of 878 million lari ($263.08 million) in the first two months of 2021, which is 10.5 percent or 83 million lari ($24.8 million) up compared to the previous year. Of this, interest income (interest paid by consumers) totaled 627 million lari ($187.8 million). Including, the income from loans to the individuals amounted to 368 million lari ($110.2 million), an increase of 10 percent, while income from loans to legal entities amounted to 259.5 million lari ($), an increase of 21.3 percent.
As for other income of banks, the sum of commissions is 7.5 percent down year-on-year and amounts to 53 million lari ($15.8 million), while banks suffered a loss of 26.5 million lari ($7.9 million) from conversion operations instead of profits.
In total, banks spent 606 million lari ($181.5 million) in the first two months of 2021. Of this, interest expenses were 370 million lari ($110.8 million).
Including, the interest accrued on deposits was 212 million lari ($63.5 million), while the fees for other liabilities were 114 million lari ($34.1 million). In addition, the banks spent a total of 121 million lari ($36.2 million) on the maintenance of their equipment - offices, employees and directors.
Some 16.7 million lari ($5 million) were put in the buffer of possible asset losses. As a result, net profit amounted to 245.5 million lari ($73.5 million), while the sum paid as profit tax totaled 26.3 million lari ($7.8 million).
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