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Tag Archives: banking

Net Profits of Commercial Banks Shrink

According to National Bank of Georgia (NBG), net profits of commercial banks made up 47 993 000 GEL in June 2018. According to NBG indicators, the banking sector’s net profits halved year on year. According to the 2017 June indicators, the banking sector’s profits made up 95 882 000 GEL. …

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Mamuka Bakhtadze: Banking and Finance Sectors Establish New Fair Rules of Game

Mamuka Bakhtadze: The Main Focus Will be less Bureaucracy

The banking and finance sectors started establishing fair rules of the game, Finance Minister Mamuka Bakhtadze said after today’s government meeting. At the special briefing Mamuka Bakhtadze discussed a new bill submitted to the Government meeting. The legislative initiative promulgates several important principles, he said. “First, no lender will be …

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Banking Sector’s Revenues Grow

The banking sector’s revenues have increased by 113 million GEL year on year (+20% year on year). In the first quarter of 2018 the sector’s revenues amounted to 941.5 million GEL. In the same period of 2017, commercial banks received 828 million GEL revenues. According to National Bank of Georgia …

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Georgian Banking System Hampers Economic Development

Mamuka Bakhtadze

Minister of Finance against Commercial Banks Georgian banking system frustrates economic development, Georgian Finance Minister Mamuka Bakhtadze said at TechnoPark, where a memorandum on implementation of digital Silkroad project was signed. «Bank loans with high interest rates frustrate development of entrepreneurship and business. The Georgian banking system is to drive …

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VTB Bank Profits Grow by 14%

VTB Bank Georgia

The Commersant continues publishing reports of financial institutions. According to the fourth quarter indicators, VTB Bank’s profits grew by 14% to 20 million GEL. In 2016 the bank’s profits constituted 18 million GEL. In 2017 VTB Bank reserved 10 million GEL. Throughout the year the Bank’s assets rose to 1.56 …

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Koba Gvenetadze Announces 2018 As A Year Of Financial Education

The governor of the National Bank of Georgia, Koba Gvenetadze has announced 2018 to be “a year of financial education” and discussed plans that will be implemented together with financially literate society, who will no longer be afraid of exchange rate volatility. The governor also reviewed the major challenges of …

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2018 – Year of Financial Education

lari

In 2018 Government of Georgia expects that the reforms will justify, while business sector and consumers expect their revenues to grow. At the same time, all social groups want that an inflow of investments rise in the country. The banking sector represents a cornerstone for everybody, because both corporate and …

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Fitch Upgrades Basisbank, Affirms Two Other Georgian Mid-Sized Banks

Fitch Ratings-Moscow/London-18 December 2017: Fitch Ratings has upgraded Basisbank’s (Basis) Long-Term Issuer Default Rating (IDR) to ‘B+’ from ‘B’ and affirmed Cartu Bank’s (Cartu) and Halyk Bank Georgia’s (HBG) IDRs at ‘B+’ and ‘BB-‘, respectively. Fitch has revised the Outlook on Cartu to Negative from Stable. The Outlooks on Basis …

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Fitch: Georgian Banks Are Well Positioned to Withstand Pressures

Georgian banks are well placed to absorb potential pressures. Fitch Ratings said at its annual conference on Georgia in Tbilisi today. Sector asset-quality metrics have remained resilient through the credit cycle. Capital buffers are strong and profitability has improved, helped declining risk costs Banks’ asset quality metrics have been solid …

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The Banking Sector Has a Profit of 0,5 Billion GEL

Out of 16 operating banks by August 1st  (01.08.2017) 15 is profitable ∑ 519.5 mln. ₾ (H1/2017 – ∑ 448.8 mln. ₾).  15 was profitable in the first part of year as well(H1/2017) Azerbaijan International Bank replaced Isbank in July (loss – 335 000 ₾). Turkish Isbank profited 80 000 GEL  (H1/2017 …

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