Bank of Georgia accounts for 30% of the total loss of Georgian banks

Bank of Georgia accounts for 30% of the total loss of Georgian banks

access_time2020-10-26 13:30:06


 

In 9 months of 2020, Bank of Georgia suffered a  loss in the amount of GEL 77, 5 million.

 

the banking system’s loss amounted to GEL 252 million that is Bank of Georgia  accounts for 30.8% of the total losses.


 

Bank of Georgia ranks second in the country with supervisory capital of 2.6 billion and assets worth GEL 19.3 billion.

 

 It’s worth mentioning that in September the the financial performance of the banking industry improved - if as of August 2020 the total loss of the banking system amounted to GEL 317 billion in September this figure decreased to GEL 252 million.

 

Along with other factors such as the 3-month general moratorium on the payment of interest on loans, which was introduced in March due to  the lockdown, the mandatory increase in reserves for possible losses, which amounted to GEL 1,2 billion also caused the loss of the banking system.

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