Home / Banking / Commercial Banks Earned more than 58 million GEL from Currency Purchase and Sale Operations

Commercial Banks Earned more than 58 million GEL from Currency Purchase and Sale Operations

In the first quarter of 2017 commercial banks received 58 382 400 GEL profits from currency purchase and sale operations, including TBC Bank profits marked 21 382 068 GEL, Bank of Georgia – 19 115 633 GEL and VTB Bank – 4 356 975 GEL.

Silk Road received the least profits – 54 593 GEL, while Liberty Bank ended the reporting period in losses. 

TOP 10 profits from currency purchase and sale in the first quarter of 2017:

TBC Bank – 21 382 068 GEL

Bank of Georgia – 19 115 633 GEL

VTB Bank –  4 356 975 GEL

Bank Republic – 4 082 335 GEL

Cartu Bank – 2 556 845 GEL

ProCredit Bank –  390 051 GEL

Basisbank – 1 008 537 GEL

Terabank –  978 577 GEL

Halyk Bank – 781 373 GEL

Ziraat Bank Georgia – 531 704 GEL

Personal Banker executive director Irakli Berdzenadze told Commersant that commercial banks raised considerable profits from currency operations, however, taking into account currency market speculations, this is an ordinary margin and there is nothing surprising.

“There is another issue too whether it is normal in a country like Georgia that the banking sector receive so high revenues from currency operations. This is not a good practice, even more so the economy of the country relies on commercial banks. Nothing similar happens in any civilized country. This direction is not regulated. Moreover, the regulator makes accent on enlargement of commercial banks”, Irakli Berdzenadze said.