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expectations have persisted, the central bank said. Headline inflation was reported by statistics office Geostat to have accelerated from 4.3% y/y in July to 4.9% y/y in August—the highest rate recorded since the end of 2017. The local currency is on the verge of weakening below the GEL3 to the USD threshold.
The GEL on August 1 slightly strengthened against the dollar, rising to 2.93 from 2.97, as the central bank sold $32.8mn of $40mn offered to banks at an exchange auction. On August 6, the local currency was trading GEL2.93 to USD.
8.0 Financial & capital markets
Georgia - Commercial banks lead Jan-Sep’ 2018 2017 2016 indicators (end of period) 2019
Interest income (GEL mn)
301.31 296.86 275.70 227.44
Net profit / loss (GEL mn)
650.17 914.72 869.80 679.11
Bank assets (GEL mn)
45,774.61 39,682.98 34,593.50 30,149.32
Bank deposits (GEL mn)
20,724.64 18,273.92 15,717.54 13,662.0
Bank loans (GEL mn)
29,382.40 25,473.45 21,761.90 18,512.30
ROA (%)
2.4% 3.0% 3.1% 3.1%
ROE (%)
18.9% 23.3% 23.3% 22.1%
CAR (%)
19.0% 18.4% 19.1% 15.1%
NPL to total gross loans (%)
2.6% 2.6% 2.8% 3.4%
Source: National Bank of Georgia
34 GEORGIA Country Report November 2019 www.intellinews.com
