Bank of Georgia Group PLC

Latest Results (23.09.2026):

Bank of Georgia Group PLC — 2Q24 (and 1H24) summary: In 2Q24 the Group reported consolidated adjusted profit of GEL 430.0m (up 11.0% y‑o‑y) and strong operating income of GEL 949.0m, driven by first‑time consolidation of Ameriabank, higher net interest, fees and FX gains. The quarter includes a GEL 49.2m Day‑2 ECL charge related to the Ameriabank acquisition; excluding that charge adjusted 2Q24 profit would be roughly GEL 480m. The Board declared an interim dividend of GEL 3.38 per share and approved a GEL 73.4m buyback program.

Headline financials

2Q24 consolidated adjusted profit: GEL 430.0m (+11.0% y‑o‑y). Operating income: GEL 948.995m (+42.2% y‑o‑y). Net interest income: GEL 618.3m (+56.2% y‑o‑y). Net fee & commission income: GEL 150.7m (+69.0% y‑o‑y). Net FX gain: GEL 151.9m (+51.9% y‑o‑y).

Acquisition impact

Ameriabank was consolidated for the first time in 2Q24, materially increasing Group volumes and revenues. IFRS Day‑2 initial ECL on acquired loans: GEL 49.2m (reduces reported cost of risk and profit this quarter). Excluding that initial ECL, 2Q24 adjusted profit ~GEL 480m and cost‑of‑credit ratio ~0.4%.

Profitability & margins

Adjusted ROAE (2Q24): 28.0% (31.3% if adjusted for Ameriabank initial ECL). Group NIM: 6.3%; GFS (Georgia) NIM: 6.0% (impacted q‑o‑q by $300m AT1 issuance).

Costs and efficiency

Operating expenses (2Q24): GEL 337.8m (+88.3% y‑o‑y), reflecting consolidation and higher staff/administrative costs. Group cost:income ratio (2Q24): 35.6% (GFS: 28.9%).

Credit quality

Group NPLs to gross loans: 2.0% as at 30 Jun 2024 (NPL coverage 63.7%). Cost of credit risk ratio (2Q24): 1.1% (0.4% excluding Ameriabank Day‑2 ECL). GFS cost of credit risk: 0.4% in 2Q24.

Balance sheet & liquidity

Loans (group) as at 30 Jun 2024: GEL 30.08bn (+64.5% y‑o‑y, largely due to Ameriabank); client deposits: GEL 30.71bn (+56.3% y‑o‑y). Liquid assets: GEL 14.48bn. Strong liquidity metrics at Bank of Georgia (IFRS‑based LCR 128.3%, NSFR 126.9%).

Capital return

Board declared interim dividend GEL 3.38 per ordinary share (ex‑date 26 Sep 2024) and approved a new share buyback & cancellation programme of GEL 73.4m (previous GEL 162m buyback completed and 1,084,740 shares cancelled).

Segment & regional notes

Georgian Financial Services (GFS) showed solid core revenue growth (GFS loans +23.0% y‑o‑y; NII +14.8% y‑o‑y). Armenian Financial Services (AFS / Ameriabank) delivered profit in 2Q24 of GEL 32.9m including the acquisition ECL; excluding that charge AFS would have reported ~GEL 82.1m.

Digital, customers & operating metrics

Bank of Georgia digital retail MAU (Georgia) ~1.5m in June 2024 (+20.3% y‑o‑y); Ameriabank digital MAU 173k (+43.0% y‑o‑y). Bank of Georgia stand‑alone NPS reached a record 71 in 2Q24.

Outlook & risks

Management notes resilient Georgian and Armenian macroeconomic momentum (revised 2024 Georgia GDP forecast ~7.0%), ongoing political uncertainty ahead of elections, continued monitoring of credit and liquidity, and focus on integration cost discipline in Armenia and maintaining strong capital generation.