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Commercial banks’ profit stood at 166 mln GEL in March

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Natia Taktakishvili
21.04.21 11:00
614
Total profit of 15 Georgian commercial banks amounted to 166.3 million GEL in March, 2021. As of Q1 2021, commercial banks’ profit stood at 412 million GEL.

Banks’ profitability was significantly improved in Q1 2021, as the banks had a loss of 747 million GEL in Q1 2020, because 1.1 billion GEL were put in the buffer of possible asset losses.

The total income of the banks was 453 million GEL in March, the increase amounted to 17% y-o-y. Of this, interest income (interest paid by consumers) totaled to 334 million GEL. Including, the income from loans to the individuals amounted to 198 million GEL (increase of 21%), while income from loans to legal entities amounted to 136.7 million GEL (increase of 24%).

As for other income of banks, the sum of commissions is 85% down y-o-y and amounts to 37.6 million GEL, while banks have a profit of 28 million GEL from operations.

In total, banks spent 300.3 million GEL in March. Of this, interest expenses were 192.8 million GEL. Including, the interest accrued on deposits was 111.4 million GEL, while the fees for other liabilities were 58 million GEL.

In addition, the banks spent a total of 65 million GEL on the maintenance of their equipment - offices, employees and directors. 18.7 million were put in the buffer of possible asset losses. As a result, net profit amounted to 166.3 million GEL.