Banking Net Profits Up 37%
The Georgian banking sector recorded a net profit of GEL 77.1 million (about USD 46.4 million) from January to August 2007, the central bank said on September 19.
The increased profit amounts to a 36.9% increase compared to the same period last year, which showed a GEL 56.3 million profit for the banks.
The National Bank of Georgia (NBG) also said that ?a significant increase? in total assets, share capital, loans and deposits demonstrated that banking was one of the country?s fastest growing sectors.
Total assets of all 17 banks operating in Georgia increased by 84.2% to GEL 6.5 billion in January-August 2007, against GEL 3.5 million in the same period last year, according to the NBG; total share capital rose by 104.9% from GEL 575 million to GEL 1.178 billion.
Loans were up by 63.5% from GEL 2.4 billion to GEL 3.99 billion and deposits rose by 64.9% from GEL 1.62 billion to GEL 2.67 billion in January-August 2007.
The number of plastic cards in circulation, according to the NBG, has reached almost 1.7 million, as of August 2007.
This post is also available in: ქართული (Georgian) Русский (Russian)
