Commercial banks in Georgia reported a total net profit of 166.3 million lari ($48.5 million) in March 2021 compared to a net loss of 943.1 million lari in March 2020, the country’s National Bank said.

In the first quarter of this year net profit amounted to 412 million lari after a loss of 714 million lari in the same period last year.

Total income stood at 473.1 million lari in March compared to 406 million lari a year ago. Expenses amounted to 300.3 million lari compared to 1.485 billion lari.