Commercial Banks Net 1.5 Billion GEL in Profits, Despite Losses by Five Banks

The Georgian banking sector reported a substantial net profit of 1.467 billion GEL in the first six months of the year, an increase from the 1.25 billion GEL recorded during the same period in 2023, according to data from the National Bank. June alone contributed 217 million GEL to this total.

Among the 17 banks surveyed, five recorded losses. Notably, VTB Bank Georgia, a subsidiary of the sanctioned Russian bank VTB, posted the largest loss, totaling 8.6 million GEL over the six-month period. VTB Bank Georgia's operations have been restricted since 2022.

Profit/Loss of Commercial Banks from January to June 2024:

1. Bank of Georgia: 721.15 million GEL
2. TBC Bank: 568.04 million GEL
3. Liberty Bank: 56.4 million GEL
4. Basis Bank: 36.96 million GEL
5. Credo Bank: 24.08 million GEL
6. Procredit Bank: 18.05 million GEL
7. Terra Bank: 16.14 million GEL
8. Cartu Bank: 15.98 million GEL
9. Halyk Bank: 10.59 million GEL
10. Ish Bank: 8.58 million GEL
11. Pasha Bank: 3.15 million GEL
12. Ziraat Bank: 2.94 million GEL
13. Pave Bank: -0.204 million GEL
14. Paysera Bank: -0.487 million GEL
15. Hash Bank: -1.62 million GEL
16. Silk Bank: -3.90 million GEL
17. VTB Bank: -8.6 million GEL

The sector's total assets have grown to exceed 86.8 billion GEL. Notably, 77.8% of these assets are held by the two largest banks—Bank of Georgia and TBC Bank, which possess assets of 34.1 billion GEL and 33.4 billion GEL, respectively. Together, these two banks generated over 1.289 billion GEL in net profits.

This financial landscape highlights the robust performance of Georgia's leading banks amidst a challenging economic environment, marked by the struggles of smaller institutions.