22.Jan .2020 17:42

Georgian Commercial Banks have received net profit of 953.6 mln GEL in 2019

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According to the National Bank of Georgia, 15 Georgian commercial banks have received 953,635,059 GEL has as a net profit in 2019, the figures is 4.3% more comparing to 2018.

As of the financial indexes, commercial banks have received revenue of 1,958,314,129 GEL (3% up comparing to 2018), while 1,184,556,558 GEL from loans issued for legal entities (19% up comparing to 2018).

Non-interest income of banks amounted to GEL 925,391,019 (increase of 4.6%). Non-interest income consists mainly of various commissions and fees, as well as currency conversion operations. In 2019, commercial banks received GEL 359,841,896 only from currency exchange operations, which is 61% higher than in 2018.

As for the costs of commercial banks, according to statistics, one of the biggest costs for banks is the accrual of interest on deposits of citizens and commercial organizations. During 2019, banks have accrued interest on accounts of GEL 857,141,334 (up 13.2% yoy). Non-interest expense amounted to GEL 1,316,709,544 last year. More than half of this amount - GEL 730,245,359 is "maintenance costs", which includes salaries of bank employees as well as branch maintenance costs.