25.Jan .2023 17:00

How Much Revenue Did Commercial Banks Receive In 2022?

 How Much Revenue Did Commercial Banks Receive In 2022?
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The revenue of Georgian commercial banks hit a record high in 2022. 15 commercial banks earned a net profit of GEL 2.09 billion in total, which is GEL 1.5 billion higher compared to 2021, - according to the National Bank of Georgia (NBG).

Georgian commercial banks have received revenue of GEL 7.5 billion in total in 2022, while GEL 2.93 billion from the loans issued for private individuals (18% up y-o-y) and GEL 1.9 billion from loans issued for legal entities.

Non-interest income of banks amounted to GEL 1.86 billion, including commission fees GEL 574 million (an increase of 24% y-o-y). Non-interest income consists mainly of various commissions and fees, as well as currency conversion operations.

As for the costs of commercial banks, according to statistics, one of the biggest costs for banks is the accrual of interest on deposits of citizens and commercial organizations. During 2022, banks have accrued interest on accounts of GEL 1.86 billion.

More than half of this amount - GEL 967 million is "maintenance costs", which include salaries of bank employees as well as branch maintenance costs.