BAKU, Azerbaijan, April 20. The net profit of Georgia’s commercial banks from January through March 2022 amounted to 413.5 million Georgian lari ($135.4 million), which is an increase, compared to 411 million Georgian lari ($134.7 million) over the same period of 2021, Trend reports via Georgian media.
Georgia’s commercial banks received 1.3 billion Georgian lari ($426.2 million) in interest income over the reporting period of 2022.
The largest expenses of Georgia’s commercial banks are related to the interest expenses amounting to 633 million Georgian lari ($207.5 million), of which interest accrued on deposits of individuals and legal entities amounted to 362 million Georgian lari ($118.6 million).
According to the statistics, Georgia’s TBC Bank has the highest net profit among all banks over the first quarter of 2022 - 206.3 million Georgian lari ($67.6 million), followed by the Bank of Georgia - 157.9 million Georgian lari ($51.7 million), and the Basisbank Georgia - 21.2 million Georgian lari ($6.9 million).
Meanwhile, Basisbank Georgia was given the existing retail portfolio of Russia’s VTB Bank Georgia, after the hostilities between Russia and Ukraine started on February 24. This assisted Basisbank in a substantial increase in its net profit.
Currently, there are 14 commercial banks operating in Georgia. Some 88 percent of the total profit of the banking sector comes from the TBC Bank and the Bank of Georgia.
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