Net profit of Georgia's banking sector rose to GEL 323 million in 2011, up from GEL 156.3 million posted a year earlier, according to the Georgian central bank.

The banking sector suffered losses of GEL 65 million in 2009.

There were 19 banks operating in Georgia during the reporting period with their total assets increasing to GEL 12.7 billion by end-2011, according to the Georgian National Bank (NBG).

Total lending volume reached GEL 7.7 billion by the end of the year, up from GEL 6.3 billion in end-2010, according to the central bank.