Banking Sector’s Profits Rose by 8% to 553.5 million GEL in January-August Period
Profits of Georgia-based commercial banks in January-August 2019 made up 553.5 million GEL, up 8% compared to the same period of 2018.
According to the consolidated report published on the National Bank’s website, in January-August 2019 the sector’s total incomes rose by 7.4% and the figure made up 2 869 497 000 GEL.
Interest proceeds from retail loans made up 1 281 465 000 GEL, up 2.8% compared to 2018, while the interest proceeds from corporate loans constituted 743 272 000 GEL, up 17%.
At the same time, incomes from fines also increased to 60 910 000 GEL, up 12.4% year on year. Currency conversion operations brought incomes of 253 586 000 GEL, up 87% year on year.
As to the sector’s expenditures, costs on deposits made up 556 997 000 GEL, up 12.3% year on year.
Costs on administrative, office and exploitation issues, as well as on non-interest expenses made up 847 022 000 GEL, up 11% year on year.
Supposed assets losses were fixed at 309 667 000 GEL, down 3% year on year. Profits before taxes made up 619 342 000 GEL. Net profits constituted 553 552 000 GEL. Money paid in profits tax totaled 55 901 000 GEL and unforeseeable costs constituted 9 889 000 GEL.