Page 6 - GEORptSep22

The unemployment in Georgia fell to 18% in Q2, according to Geostat.
The number of hired employed increased by over 4.4%, reaching 867,900 individuals.
In bank related news, Georgian commercial banks' financial reports indicate that 14 banks in the country together earned a net profit of GEL836mn ($285mn) in the first half of 2022.
According to the Banking Association of Georgia, 95% of these profits were attributed to the country's two largest banks, TBC and Bank of Georgia.
In 1H22, the banks received interest income of GEL2.7bn ($919mn), most of which stemmed directly from loans made to citizens and businesses.
Commercial banks in Georgia loaned GEL43.65bn ($15.7bn) and received deposits of GEL38.27bn ($13.8bn) in June, according to data from NBG. The volume of loans grew by 18.7% y/y (+2.1% m/m), while deposits accelerated by 17.4% y/y (up 3.8% m/m).
Georgia's TBC Bank maintained strong growth in the first half despite a challenging geopolitical environment.
TBC reported a net profit of GEL235mn ($87mn) in the second quarter to 30 June, up 5% from the first quarter of the year, which according to the bank's statement, was due to substantial income generation.
On the political front, Georgian Dream party MPs Sozar Subari, Mikheil Kavelashvili and Dimitri Khundadze resigned the party and parliament at the end of the majority meeting on 28 June. According to the former MPs, “there are great powers” who want to organise a revolution in Georgia, “change the government elected by the people” and replace it with people who “are directly responsible for the numerous crimes committed in 2004-2012”, hinting at the opposition United National Movement (UNM).
6 GEORGIA Country Report September 2022 www.intellinews.com