30.Nov .2020 18:45

"Banking sector may have profit, but close to zero" – Aleksandre Dzneladze

"Banking sector may have profit, but close to zero" – Aleksandre Dzneladze
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The head of Association of Banks of Georgia does not expect cardinal changes in the banking sector. He notes that "based on the results of the third quarter of the year, the banking sector had quite normal indicators."

"We do not expect cardinal changes, except for the fact that the activity in the direction of loans is quite high at the end of the year; The banking sector was not really growth-oriented this year," Dzneladze said.

According to him, the sector may have a profit at the end of the year, but "close to zero."

"The whole system can have a profit, but close to zero. We do not expect any additional reserves by the end of the year due to the fact that additional reserves were created with the National Bank at their request in the first quarter. This reserve still exists.

As of today, it is a bit difficult to make predictions for next year until we do not see the results of the first quarter. We are focused on looking at how much this lockdown will change and be a turning point for pandemic processes. We will know at the end of the year how manageable the situation will be”, Aleko Dzneladze said.