Commercial banks’ profits soar to record in March

Commercial banks’ profits soar to record in March

access_time2021-04-21 12:05:04

Net profit of commercial banks soared to record. In March 2021, it stood at GEL 166,324 million. Commercial banks did not see such a high profit in one month. Banks posted slightly less profit in October 2020 - GEL 166,189 million.

According to the statistics published on the NBG website, after a difficult 2020, 2021 turned to be a relatively successful year for commercial banks. Net profit of banks in the first month of the year amounted to GEL 113,368 million, in February - GEL 132,115 million, and in March - GEL 166,324 million.

In March 2021 commercial banks revenue  amounted to GEL 473,140 million, of which interest income was GEL 380,629 million. Expenses  of commercial banks in March amounted to GEL 300,248 million.

In addition, the banks earned GEL 8,483 million from fines / penalties; Net profit from conversion operations amounted to GEL 27,938 million. At the same time, last month banks earned GEL 37,619 million in fees and commissions.

Note:  Last year the net profit of commercial banks amounted to GEL 99.262 million  that was the lowest profit rate in recent years due to  the coronavirus pandemic, when banks had  to massively postpone loan repayment. Thus, in March 2020  banks suffered a loss of $ 943,130 million but  since then, they  have not seen a loss.


As of today, 15 commercial banks are  operating in the local market.


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