Georgian commercial banks earned a net profit of 113 million GEL in January 2021, the National Bank of Georgia (NBG) reports. The profit margin is 18% up y-o-y.
The total income of the banks was 453 million GEL in January, the increase amounted to 10%. Of this, interest income (interest paid by consumers) totaled to 367 million GEL. Including, the income from loans to the individuals amounted to 192.6 million GEL (increase of 13), while income from loans to legal entities amounted to 128 million GEL (increase of 15%).
As for other income of banks, the sum of commissions is 4% down y-o-y and amounts to 29 million GEL, while banks suffered a loss of 13 million GEL from conversion operations instead of profits.
In total, banks spent 325 million GEL in January. Of this, interest expenses were 197 million GEL. Including, the interest accrued on deposits was 111 million GEL, while the fees for other liabilities were 63 million GEL. In addition, the banks spent a total of 63 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 113 million GEL, while the sum paid as profit tax totaled to 14.7 million GEL.
