08.Nov .2022 19:00

How Much Profit Tax Do Banks Pay?

How Much Profit Tax Do Banks Pay?
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Commercial banks operating in Georgia earned a net profit of GEL 1.53 billion in 9M2022. According to the information published by the National Bank, financial organizations paid GEL 246 million profit tax from this amount. This amount is 28% or GEL 53 million more than the previous year.

According to the financial report, this year Bank of Georgia paid the largest amount of profit tax - 113 million GEL, "TBC Bank" is in second place with a profit tax of 109 million, and "Procredit Bank" occupies the third position with a profit tax of 5.2 million. "Tera Bank", "Ziraat Bank", "Silkroad Bank" and "Pasha Bank" have paid 0 GEL profit tax in the reporting period, while VTB's profit tax was "minus 48 thousand GEL".

It is expected that the profit tax paid by the banking sector will reach a record amount - GEL 300 million in 2022.

According to the years, the banking sector paid the least profit tax in 2020 and this amount was minus GEL 23.5 million.