VTB Bank Georgia

Sep 3, 2023

Sanctioned VTB Bank Georgia posts profit By bne IntelliNewsAugust 30, 2023 VTB Bank Georgia, subject to US Treasury sanctions, has reported a net profit of GEL15 million ($6mn) in the initial half of 2023, ranking eighth among the 15 commercial banks in the country. Despite divesting a significant portion of its assets and liabilities, VTB Bank Georgia maintains residual deposits and loans that continue to generate income. Formerly boasting GEL2.1 billion in assets, a GEL1.6 billion credit portfolio, and a GEL1.6 billion deposit portfolio, the bank's present financials reflect reduced figures, with assets at GEL413 million, a GEL202 million  loan portfolio, and a GEL22 million deposit portfolio. The financial report highlights diverse revenue streams: GEL7.5 million  from loans, GEL0.7 million  from securities, and GEL17.7 million  in profit due to foreign exchange fund revaluation. Non-interest income totaled GEL19.6 million . The bank's interest expenses reached GEL5.4 million , while non-interest expenses, including GEL4.7 million  for administration, summed up to GEL9 million. Consequently, the bank's net profit stands at GEL15 million . Russian VTB Bank holds a controlling 97% share of the bank, with the ultimate beneficial owner being the State of the Russian Federation, owning 60%. To continue viewing our content you need to complete the registration process. Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system. If you have any questions please contact us at sales@intellinews.com Close Subscribe to bne IntelliNews website and magazine Sorry, but you have used all your free articles fro this month for bne IntelliNews. Subscribe to continue reading for only $119 per year. Your subscription includes: