Commercial banks reported a total net profit of 1.237 billion lari ($399 million) from January to July compared to a loss of 413 million lari in the same period in 2020.

The rating actions followed the revision of Georgia's outlook to Stable from Negative earlier this month.

Georgia’s banking sector, which includes 15 commercial banks, of which 14 have foreign capital, started to show its first signs of recovery at the beginning of the year, when some of the restrictions imposed by the pandemic were first eased.