Commercial banks operating in Georgia submitted their 2023 financial reports to the National Bank of Georgia (NBG). According to the document, VTB Bank, sanctioned by the US Treasury, gained a net profit of GEL 15 million in 6 months, thus taking the eighth place among 15 commercial banks.
According to the financial report, despite the fact that VTB has sold most of its assets and liabilities, it still has a certain portfolio of deposits and loans, from which the bank still receives income. Before imposing the sanctions, the bank's assets were GEL 2.1 billion. The bank also had a credit portfolio of GEL 1.55 billion and a deposit portfolio of 1.56 billion. Currently, the bank's assets are GEL 413 million, its loan portfolio amounts to 202 million, while its deposit portfolio - GEL 22 million.
As of the financial report, in the first half of the year, the bank received GEL 7.5 million in income from loans, GEL 0.7 million in income from securities, while the bank had GEL 17.7 million profit from the foreign exchange funds, and total non-interest income was GEL 19.6 million.
As for the bank's interest expenses, it amounted to GEL 5.4 million, while its non-interest expenses were GEL 9 million, of which GEL 4.7 million was spent on maintaining the bank's administration. As a result, the bank was left with a net profit of GEL 15 million.
According to the financial report, the owner of the bank's 97% share is the Russian VTB Bank, and the final beneficial owner (60%) is the State of the Russian Federation.
