MFOs earned record GEL 44.8 million in one year

MFOs earned record GEL 44.8 million in one year

access_time2021-02-10 16:00:37

Microfinance institutions saw  a record profit while commercial banks ended the 2020 pandemic year  with a significantly reduced profit. If in 2019 MFOs saw a profit of only 112,123 GEL, in 2020 this figure raised to  GEL 44.8 million.

According to the consolidated reports of MFOs published on the National Bank’s website, in MFOs ended  2020 with a profit of GEL 44,853,697, while pre-provision net revenue made GEL 96,604,829.

According to the report, in the fourth quarter the sector's assets amounted to  GEL 1,476 billion, while the total capital - GEL 493.4 million.

The interest income of MFOs in 2020 amounted to GEL 281,077 million, of which loans to individuals accounted for  GEL 250.5 million and interest income from loans to legal entities - GEL 7.939 million. Apart from that, MFOs received GEL 18,921 million in fines and penalties.

In total 40 microfinance organizations operated in the market in the fourth quarter of 2020. In the reporting period, 393 service centers and branches employed more than 4 100 people.


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