Banks record first quarter loss

A collection of Georgian banks have experienced fiscal losses in the first quarter of 2012.

Six out of 19 banks operating in Georgia saw a total 57 million GEL loss by March 1, including HSBC Georgia, BTA Bank Georgia, Progress Bank, Halik Bank Georgia, Invest Bank, and Privat Bank.

Financial analysts are not expressing concern, noting the difficult economic climate and the relatively little money lost per bank. Predictions for the rest of 2012 expect the situation to improve, although high interest rates mean that consumers are slow to take out loans.