The banking system of the Republic of Abkhazia completed the first half of 2022 with a positive financial result in the amount of RUB 68.6 million (financial result for the 1st half of 2021 was negative in the amount of -32.0 million rubles).
It should be noted that 4 out of 11 credit institutions completed the first half of 2022 with a positive financial result for a total of RUB 96.8 million. Despite the unprofitable activity of other credit institutions (-28.1 million rubles), the total financial result of the banking sector for the 1st half of 2022 amounted to +68.6 million rubles.
It should be noted that credit institutions where the Bank of Abkhazia is implementing measures for financial recovery (Sberbank of Abkhazia (OJSC) and CB “Sukhum-Bank”) have significantly improved their financial results. Their total loss in the reporting period decreased by 80.5% compared to the same period last year.
As of July 1, 2022, compared to July 1, 2021, the currency of the consolidated balance sheet of credit institutions increased by 29.7% and amounted to 17,770.3 million rubles.
Loan investments should be singled out as assets of credit institutions, which accounted for 28.9% of the currency of the consolidated balance sheet of credit institutions as of July 1, 2022. Their value as of July 1, 2022 compared to July 1, 2021 increased by 23.3% and amounted to RUB 5,136.3 million.
It should be noted that in the first half of 2022, credit institutions issued 6,642 loans to individuals and legal entities for a total of RUB 2,158.9 million. The weighted average interest rate is 23.4% per annum.
At the same time, in the first half of 2022, credit institutions attracted term deposits for a total of RUB 998.9 million. Interest rates on deposits set by credit institutions for 2022 range from 6% to 18%, depending on the term of the deposit.