Commercial banks’ profit stood at 412 million GEL in Q1
Total profit of 15 Georgian commercial banks stood at 412 million GEL in Q1, 2021, including the profit made up 166.3 million GEL in March, while in February – 132.1 million GEL and January – 113.4 million GEL.
Banks’ profitability was significantly improved in Q1 2021, as the banks had a loss of 747 million GEL in Q1 2020, because 1.1 billion GEL were put in the buffer of possible asset losses.
Banks' operating performance has improved this year. Overall, the banks' interest income was GEL 1.1 billion in Q1. Of this, the interest income on loans was GEL 962 million.
As for the other income of the banks, according to the financial report, their total non-interest income was 243.4 million GEL.
In January-March 2021, banks spent GEL 564 million on customer deposits and other liabilities. The volume of interest-free expenses was 345 million GEL. As a result, banks' net profit in the first quarter of 2021 amounted to GEL 412 million.
