08.May .2020 13:45

All banks in Georgia have a loss - the rating of Q1, 2020

All banks in Georgia have a loss - the rating of Q1, 2020
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According to the National Bank of Georgia, 15 commercial banks, operating in Georgia, finished Q1, 2020 with a total loss of 747 million GEL.

The main reason for the loss was making reserves of 1.2 billion GEL by the banks for the possible losses. Thus, Georgian banks totally have reserved 1.22 billion GEL in the buffer of "possible loss of assets", which reflects the amount of possible losses on loans due to the expected crisis. This is the amount that banks have shown to be as a possible loss due to the crisis created by COVID-19, however their operating activities has been still profitable in Q1, 2020 and 14 out of 15 banks have a profit in Q1,2020.

According to the financial report, as of Q1, 2020, TBC Bank has the largest net loss of 277,4 million GEL. Bank of Georgia is ranked as the second with a loss of 276 million GEL.

As for the volume of banks’ assets, TBC Bank still ranks as the 1st with assets of exceeding 19.2 billion GEL, then follows Bank of Georgia with assets of 17.9 billion GEL and the 3rd place is occupied by Liberty Bank with assets of 2 billion GEL.