Georgian Banks Started 2022 with a Profit of 522 Million GEL

Banks operating in Georgia have submitted financial results for the first four months of 2022 to the National Bank. According to reports, the total revenue of the sector during this period was 2.18 billion GEL, which is 20% more than the previous year.

Banks' income is divided into two main parts, which are interest income and non-interest income. Interest on loans amounted to GEL 1.74 billion in January-April, an increase of 18% year on year. Non-interest income was 443 million GEL, which is 25% more than the previous year. Of these, the commissions were GEL 163 million, the net profit of the currency exchange service was GEL 160 million, and the fines imposed were GEL 27 million.

As for the expenses of the banks, it was 1.55 billion GEL, of which the largest amount was 850 million GEL of interest expenses. These costs are divided into two parts, namely the interest accrued to depositors was GEL 460 million, and the service fee for other liabilities assumed by banks was GEL 290 million.

As for non-interest expenses, it was GEL 604 million, including GEL 290 million paid to employees.

In total, the banks' profits amounted to GEL 627 million, of which the banks paid a profit tax of GEL 104 million, leaving them with a net profit of GEL 522.8 million.

These profits are distributed according to the leading banks as follows:

TBC Bank - GEL 279.4 million
Bank of Georgia - 210.3 million GEL
Base Bank - GEL 21.7 million
Liberty Bank - GEL 12.7 million
Credo Bank - 6.9 million GEL.