As of January-February 2021, total profit of 15 Georgian banks amounted to 245.5 million GEL which is 50 million GEL or 25% more compared to the same period of 2020, - the National Bank of Georgia (NBG) reports.
According to the financial report, the net profit of the sector was 132.1 million GEL in February, while 113.4 million GEL – in January.
Georgian commercial banks earned a total revenue of 878 million GEL in the first two months of 2021, which is 10.5% or 83 million GEL up compared to the previous year. Of this, interest income (interest paid by consumers) totaled to 627 million GEL. Including, the income from loans to the individuals amounted to 368 million GEL (increase of 10%), while income from loans to legal entities amounted to 259.5 million GEL (increase of 21.3%).
As for other income of banks, the sum of commissions is 7.5% down y-o-y and amounts to 53 million GEL, while banks suffered a loss of 26.5 million GEL from conversion operations instead of profits.
In total, banks spent 606 million GEL in the first two months of 2021. Of this, interest expenses were 370 million GEL.
Including, the interest accrued on deposits was 212 million GEL, while the fees for other liabilities were 114 million GEL. In addition, the banks spent a total of 121 million GEL on the maintenance of their equipment - offices, employees and directors. 16.7 million were put in the buffer of possible asset losses. As a result, net profit amounted to 245.5 million GEL, while the sum paid as profit tax totaled to 26.3 million GEL.
