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Banks announce increased Profit: Impact on Loan Conditions

Published: July 23, 2013 | 11:21 am
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Will the increased profits recently announced by the banks have any effect on the number of loans given out by them? According to the National Bank’s statistics, the profits posted by the Georgian banking sector for the period between January and June have totalled 152 million GEL after tax. The profits have increased by 1.7 times compared to the same period last year. A spokesman for the Association of Georgian Banks, Giorgi Tsutskiridze, has told TV3 that on the back of the recent successes, the banks have been reducing the loan rates. According to him, rates have decreased by between 3% and % on various types of loans.

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