Posted: 3 years ago

Georgian Commercial Banks Bear Losses – 1H20 Rating

Consolidated losses of Georgia-based commercial banks in the first half of 2020 marked GEL 486 million, the financial report submitted by commercial banks to the National Bank of Georgia (NBG) reads.

The losses rose after commercial banks made reserves for available losses of GEL 1.2 billion. On the whole, Georgian commercial banks reserved a buffer of GEL 1.22 billion against “Available Losses in Assets”. According to the financial report, the major loss is reported at Bank of Georgia – GEL 157.2 million. TBC Bank is second with GEL 156.4 million.
According to the document, 14 commercial banks of 15 ones have finished the reporting period in losses. Silk Road Bank turned out an only bank that ended the first half in profits. Rating of Georgia-based commercial banks due to net profits/losses:
1. Bank of Georgia – losses of GEL 157.2 million;
2. TBC Bank – losses of GEL 156.4 million;
3. Crtu Bank – losses of GEL 26.9 million;
4. VTB Bank – loses of GEL 26.1 million;
5. Liberty BNK – losses of GEL 20.4 million;
6. Terrabank – losses of GEL 19.6 million;
7. Halyk Bank – losses of GEL 19.2 million;
8. Pasha Bank Georgia – losses of GEL 16.7 million;
9. Basisbank Georgia – losses of GEL 12.9 million;
10. ProCredit Bank – losses of GEL 11.6 million;
11. Credo Bank – losses of GEL 4.7 million;
12. Finca Bank – losses of GEL 3.3 million;
13. IS Bank – losses of GEL 1.7 million;
14. Ziraat Bank Georgia – losses of GEL 0.2 million;
15. Silk Road Bank – profits of GEL 0.25 million.