SMALL MONGOLIAN BANKS RECORD HUGE LOSSES

The Research Centre for Economic Policy and Competitiveness has issued reviews conducted on banks operating in Mongolia. There currently are 13 commercial banks in the country. According to the Central Bank of Mongolia, the most influential banks are the ‘big seven’ namely; Khan Bank, Golomt Bank, Khas Bank, Ulaanbaatar Bank, the State Bank, and the Trade and Development Bank. These banks dominate 90 percent of the Mongolian banking system.

As of the fourth quarter of 2019, the assets of the 13 commercial banks reached MNT 32.7 trillion with a credit balance to MNT 17.2 trillion; this represents a 6.5 percent yearly increase. In addition, total savings at commercial banks topped MNT 22.2 trillion – an increase of 11.6 percent.

The banks reported a net revenue of MNT 386 billion for the fourth quarter of 2019. The net revenue of the three biggest Mongolian banks reached MNT 337 billion; an increase of 15 percent or MNT 44 billion; the medium three banks earned MNT 29 billion; an increase of 140 percent. However, the smaller banks reported loss of MNT 50.2 billion.

The assets of the Mongolian  banking sector reached MNT 35.8 trillion in the fourth quarter of 2019; a rise of MNT 2.7 trillion or 0.1 percent.

Source: https://news.mn/en/791706/