In 2010 the banking sector recovered strongly and recovered the losses accrued in 2009. During 2010 the commercial banking sector recorded a net profit of Lari156.3m (US$87.8m), compared with a net overall loss of Lari65.3m in 2009. The recovery in the banking sector gathered pace towards the end of the year; a net profit of Lari37.3m was recorded in January-June, whereas in July-December the figure was Lari119m. After a slight slowdown in the pace of lending during the third quarter of 2010, growth accelerated again in the fourth quarter. On January 1st 2011 total loans (including overdue loans) from commercial banks stood at Lari6.33bn (US$3.56bn), compared with Lari5.25bn on January 1st 2010. There are signs that debtors are again able to repay their loans to commercial banks. The volume of overdue loans stood at Lari174m on January 1st 2011, compared with Lari202m on October 1st 2010. Despite higher interest rates, private-sector borrowing accelerated in the fourth quarter of 2010 after a slight slowdown in the third quarter (December 2010, The domestic economy); private-sector loans rose by 21% year on year at the end of January 2011, up from 12% year on year at the end of October 2010. The combined assets of commercial banks grew strongly throughout 2010, to stand at Lari10.6bn at the end of December 2010, up by 7% quarter on quarter and 27% year on year.