Commercial banks operating in Georgia have already submitted their financial reports for 1Q2023 to the National Bank of Georgia (NBG). According to the total data, the sector received 2 billion interest and non-interest income this year, which was 20% more than the previous year. Banks earned GEL 588 million net profit from the received income, which was an annual growth of 42%.
According to the financial report for 1Q, Bank of Georgia earned the largest net profit of GEL 280 million among the banks. TBC Bank takes the second place with a net profit of GEL 210 million. In total, 83% of the net profit accounts for the two main players in the sector.
As of the data of the National Bank, 13 out of 15 commercial banks in the country are making a profit, while two banks - Paysera Bank and Silk Bank - are at a loss.
Commercial Banks' Net Profit In 1Q2023:
1. Bank of Georgia - GEL 280 million;
2. TBC Bank - GEL 210 million;
3. Liberty Bank - GEL 19.4 million;
4. Credo Bank - GEL 15.2 million;
5. Basis Bank - GEL 11.7 million;
6. VTB Bank - GEL 11 million ;
7. Procredit Bank - GEL 10.4 million;
8. Halyk Bank - GEL 9.6 million;
9. Terabank - GEL 8.3 million;
10. Cartu Bank - GEL 5.5 million;
11. Ish Bank - GEL 5.1 million;
12. Ziraat Bank - GEL 2 million;
13. Pasha Bank - GEL 0.2 million;
14. Paysera - loss of GEL -0.2 million;
15. Silk Bank - loss of GEL -0.8 million.
Instead of losses, the sanctioned "VTB Bank" has a profit of 11 million.
