Georgian Banks Earned A Net Profit Of GEL 1.5 BLN In 9M2022

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26.Oct .2022 15:00

Georgian Banks Earned A Net Profit Of GEL 1.5 BLN In 9M2022

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Author:Natia Taktakishvili

The National Bank of Georgia published the financial report for 9M2022. According to the document, the total profit of 14 banks during this period amounted to GEL 1.53 billion.

The National Bank reported, that the current profit rate was GEL 110 million (7%) less compared to the previous year.

As of the document, the total interest and non-interest income received by the banks amounted to GEL 5.38 billion, which was 22% more compared to the previous year. Of which, interest income was GEL 4.1 billion (interest paid by individuals -2.15 billion GEL, the interest paid by businesses - 1.39 billion GEL).

Non-interest income increased by 33% and amounted to GEL 1.28 billion. From this amount, commissions stood at GEL 417 million. Georgian banks received a net profit of GEL 605 million from currency exchange operations.

As for expenses, their volume was GEL 3.6 billion. Including, the largest amount, GEL 2 billion was paid by the banks for interest expenses. Of this, GEL 1.1 billion was the benefit accrued on customers' savings. GEL 711 million was spent on the interest of the liabilities borrowed by the banks themselves.

Banks' expenditures increased by 21% and the commercial sector spent GEL 700 million on the alaries of bank employees as well as branch maintenance.

NBG commercial banks profit