26.Nov .2021 13:00

How Much Profit Did Banks Earn From Foreign Currency Exchange?

How Much Profit Did Banks Earn From Foreign Currency Exchange?
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The National Bank of Georgia (NBG) has published a financial report. According to the document, Georgian commercial banks earned USD 219 million from foreign currency exchange.

Georgian commercial banks received less profit from foreign currency exchange in 10M2020, which amounted to GEL 13.9 million.

Along with the increased profit from foreign currency exchange, commercial banks’ revenues were significantly grown from fines and penalties, which amounted to 58.8 million. The figure was GEL 18.8 million up compared to the previous year.

The income from various fees amounted to GEL 379.1 million this year, which was an increase of GEL 118 million or 44% y-o-y.

As for the total income of banks, it amounted to GEL 4.90 billion, of which GEL 3.86 billion was interest income and 1.03 billion was non-interest income. Georgian banks generated a net profit of GEL 1.76 billion in 10M2021.