Banking sector resisting the crisis
By Messenger Staff
Tuesday, March 10Today the Georgian banking system consists of 20 banks. Their capital assets come to almost GEL 9 billion combined and all of them are sufficiently liquid. Share capital liabilities are stable, which demonstrates the banking sector’s sustainability in the current situation.
2008 was quite difficult for the banking sector. It made an overall loss of GEL 215 million in 2008 whereas in 2007 it showed a profit of GEL 109 million. There are still some problem in the banks, as fewer deposits are being made and the time for paying external loan interest is approaching.
There is also still a problem with reclaiming bad loans. By January 2009 these stood at GEL 160 million. Prior to August 2008 only GEL 100 million worth of loans issued were regarded as bad. Nonetheless there is actually a slowly decreasing bad loan tendency.