22.Oct .2021 10:30

How Much Profit Did Commercial Banks Receive?

How Much Profit Did Commercial Banks Receive?
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Georgian commercial banks have received GEL 1.64 as a net profit in 9M2021, - according to the National Bank of Georgia (NBG).

Georgian bank’s net profit according to the months:

January - GEL 113.4 million;
February - GEL 132 million;
March - GEL 166.3 million;
April - GEL 173 million;
May - GEL 204 million;
June - GEL 294.6 million;
July - GEL 178 million;
August - GEL 233.1 million;
September - GEL 171.2 million.

Georgian commercial banks have received revenue of GEL 4.42 billion in total in 9M2021(25% up comparing to 2020), while GEL 1.81 billion from the loans issued for private individuals (23% up y-o-y) and GEL1.21 billion from loans issued for legal entities (18% up comparing to 2020).

Non-interest income of banks amounted to GEL 343 million (increase of 48% y-o-y). Non-interest income consists mainly of various commissions and fees, as well as currency conversion operations.

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 9M2021, banks have accrued interest on accounts of GEL 960 million.

More than half of this amount - GEL 577 million is "maintenance costs", which includes salaries of bank employees as well as branch maintenance costs.