Georgian banks' net profit up

By Trend

Net profit of 15 commercial banks of Georgia amounted to 80.29 million lari ($25.1 million) in April 2020, which is 16.10 million lari ($5.04 million) more compared to the same period of the previous year, Trend reports via National Bank of Georgia (NBG).

Revenues received by commercial banks from fines / penalties amounted to 308,000 lari ($96,515); the net profit / loss from conversion operations, i.e. currency transactions, amounted to 113.26 million lari ($35.4 million).

The banks received 11.58 million ($3.6 million) from commissions and services. According to National Bank, banks paid 21.03 million lari ($6.5 million) in profit tax as of end 2019.

In April 2020, banks' revenues amounted to 352.42 million lari ($110.4 million), of which interest income was 304.13 million lari ($95.3 million), and bank expenditures amounted to 266.70 million lari ($83.5 million).

In March, the net loss of 15 commercial banks totaled 943 million lari ($295.4 million), and the operating profit of the first quarter amounted to 386 million lari ($120.9 million).

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