The revenue of Georgian commercial banks hit a record high in 10M2021. 14 commercial banks earned net profit of GEL 1.64 in total, which is higher compared to 2020 as well as 2019, - according to the National Bank of Georgia (NBG).
Georgian commercial banks have received revenue of GEL 4.90 billion in total in 10M2021(23% up compared to 2020), while GEL 3.42 billion from the loans issued for private individuals (22% up y-o-y) and GEL 1.36 billion from loans issued for legal entities (18% up compared to 2020).
Non-interest income of banks amounted to GEL 656 million (increase of 107% 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 10M2021, banks have accrued interest on accounts of GEL 1.06 million.
More than half of this amount - GEL 642 million is "maintenance costs", which includes salaries of bank employees as well as branch maintenance costs.
Georgian bank’s net profit according to the months:
January - 113.4 million GEL;
February - 132 million GEL;
March - 166.3 million GEL;
April - 173 million GEL;
May - GEL 204 million;
June - 294.6 million GEL;
July - 178 million GEL;
August - 233.1 million GEL;
September - 171.2 million GEL;
October - 117.5 million GEL.
Currently the assets of the banking sector amount to GEL 59.6 billion, in October the banking assets increased by a total of 1.03 billion.
