While still dwarfed by their Ukrainian counterparts, Georgia's banks are nevertheless punching above their weight in terms of return on capital.

Black Sea banks RoC

The Georgian banking industry has long been an outperformer, thanks to its highly concentrated and modern banking sector. Excluding Ukraine, the top Georgian banks – Bank of Georgia and TBC Bank – account for two of the top three lenders in The Banker's latest Black Sea banks ranking.

The country’s aggregate return on capital in 2012 was 19.2%, the strongest in the region, and Georgian banks punched well above their weight in terms of profitability, generating 24% of profits among the five countries from just 6% of total assets.

For the full story, read The Banker's Black Sea ranking.

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