Page 43 - GEORptOct21

Profits of Georgia’s banking system shrink eightfold in 2020
GEORGIA'S BANKING SYSTEM 2020
GEL
TBC
Bang of Georgia
Credo Bank
Basis Bank
ProCredit Bank
Ish Bank Georgia
Ziraat Bank Georgia
Silk Road Bank
Finca Bank Georgia
Khalik Bank Georgia
Terrabank
VTB Bank Georgia
Liberty Bank
Pasha Bank Georgia
Cartu Bank
Total
Source: Business Media
In 2020, eight banks posted a loss. The biggest loss was registered by Cartu Bank, which suffered a loss of GEL24.7mn. TBC Bank had the highest net profit, posting GEL123mn.
VTB Bank recorded a loss according to the Georgian financial standards. "We had a loss according to the Georgian standard, but we are profitable according to the international standard; which standard is more correct, decide for yourself," said Archil Kontselidze, CEO of VTB Bank, in response to questions from BM.GE.
According to the 2020 financial results submitted to the National Bank of Georgia, VTB Bank had a loss of GEL14.8mn, which was related to the creation of a reserve of GEL40mn for expected credit losses. Kontselidze said that the bank did not have a liquidity problem.
Profit/Loss GEL
123,180,649
57,108,880
13,950,614
5,972,349
3,534,386
2,797,749
1,408,108
-1,182,511
-2,887,850
-12,894,496
-13,830,949
-14,776,340
-15,173,231
-23,193,879
-24,751,630
99,261,849
Assets GEL
21,727,528,822
20,221,951,741
1,395,024,280
2,006,267,655
1,896,793,723
327,317,833
128,766,277
79,660,640
283,236,646
635,233,527
1,263,721,338
2,047,322,037
2,981,966,362
469,857,867
1,406,277,389
56,870,926,137
Profit/Loss $ mn
37.3
17.3
4.2
1.8
1.1
0.8
0.4
-0.4
-0.9
-3.9
-4.2
-4.5
-4.6
-7.0
-7.5
30
Assets $mn
6,584
6,128
423
608
575
99
39
24
86
192
383
620
904
142
426
17,234
ROA
0.57%
0.28%
1.00%
0.30%
0.19%
0.85%
1.09%
-1.48%
-1.02%
-2.03%
-1.09%
-0.72%
-0.51%
-4.94%
-1.76%
0.17%
43 GEORGIA Country Report October 2021 www.intellinews.com