Bank of Georgia Group PLC

Latest Results (03.07.2026):

Bank of Georgia Group PLC — 3Q24 summary: The Group reported a strong quarter with consolidated profit of GEL 509.3m for 3Q24 (up 42.5% y‑o‑y) and a return on average equity of 32.1%. Results were supported by higher net interest income, consolidation of Ameriabank, healthy loan and deposit growth, low cost of risk and robust capital and liquidity positions. The Group also reported adjusted 9M24 profit of GEL 1,308.3m (excluding acquisition one‑offs).

Consolidated results

3Q24 operating income: GEL 937.7m (↑45.9% y‑o‑y). Net interest income: GEL 641.0m (↑52.6% y‑o‑y). Consolidated profit: GEL 509.3m (↑42.5% y‑o‑y). Adjusted 9M24 profit: GEL 1,308.3m. Basic EPS (3Q24): GEL 11.71; diluted EPS: GEL 11.49.

Business division performance

Georgian Financial Services (GFS) — 3Q24 profit GEL 411.4m, ROAE 36.7%; operating income GEL 683.6m (↑11.0% y‑o‑y). Armenian Financial Services (AFS, Ameriabank) — 3Q24 profit GEL 91.4m, ROAE 23.1%; Other Businesses profit GEL 6.4m.

Balance sheet and funding

Total assets: GEL 47.37bn (↑53.5% y‑o‑y). Loans to customers: GEL 31.06bn (↑63.4% y‑o‑y — driven by Ameriabank consolidation and GFS loan growth of 23.6% y‑o‑y). Client deposits and notes: GEL 31.87bn (↑46.6% y‑o‑y). Total equity: GEL 6.53bn; book value per share: GEL 150.46.

Capital and liquidity

Bank of Georgia (standalone) Basel III ratios at 30 Sep 2024: CET1 17.2%, Tier 1 20.8%, Total 23.3% — all comfortably above minimums. IFRS‑based NBG LCR 126.3% and NSFR 124.9%. Ameriabank also reported capital ratios above Armenian regulatory minima.

Asset quality and credit risk

NPLs to gross loans: 1.8% at 30 Sep 2024 (improved 60 bps y‑o‑y). NPL coverage ratio: 71.4% (124.2% when adjusted for discounted collateral). Cost of credit risk in 3Q24: 0.2% (9M24: 0.6%; adjusted for Ameriabank initial ECL where noted).

Profitability, margins and costs

Group net interest margin: 6.2% (3Q24). Cost of funds: c.4.8%. Cost:income ratio: 34.8% in 3Q24 (impacted by higher cost base from Ameriabank and investments; GFS cost:income ~28.7%). Operating expenses rose y‑o‑y mainly due to consolidation and wage/staff increases.

Corporate actions & shareholder returns

Interim dividend of GEL 3.38 per share declared and paid 11 Oct 2024. Share buyback programme of GEL 73.4m announced; as at 31 Oct the Group bought 265,229 shares for GEL 37.9m and cancelled 247,729 shares.

One‑offs and acquisition impact

Ameriabank acquisition (Mar 2024) materially affected comparatives: 1Q24 included one‑off items totalling GEL 668.8m (provisional bargain purchase gain and acquisition costs). 9M24 metrics in the report are presented adjusted for these one‑offs where noted. A small one‑off recovery (GEL 0.7m) was recorded in 2Q24.