26.Jan .2023 15:00

Banks Paid Record Profit Tax In 2022

Banks Paid Record Profit Tax In 2022
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15 commercial banks operating in Georgia have already submitted their 2022 financial statements to the National Bank of Georgia (NBG). According to the report, commercial banks earned a record-high revenue and net profit last year.

As of the financial indicators, commercial banks received interest and non-interest income of GEL 7.5 billion last year, which was GEL 1.5 billion more than in 2021.

Profit before taxation was GEL 2.53 billion, which was 8% more than the previous year. From this amount, Georgian banks paid GEL 446 million as profit tax, which was 75% more than the previous year.

Accordingly, the net profit of Georgian banks amounted to GEL 2.088 billion, which was GEL 6 million more than in 2021.

The consolidated profit of the banking sector was negatively affected by the sanctions and losses of VTB Bank. Last year, the loss of "VTB" exceeded GEL 70 million.

The detailed data on the net profit directly generated by each bank will be published in a few days.

From 2023, commercial banks will have to pay an increased profit tax of up to 20%.