Bank of Georgia Group PLC said on Tuesday it achieved an excellent full-year performance as it ended its final quarter on a high for profit and operating income.

In the fourth quarter of 2021, the Georgia-focused bank reported net interest income of ₾270.1 million - around £67.3 million - up 34% from ₾201.6 million in the same quarter the previous year. Its net fee and commission income also rose, up 37% to ₾64.1 million from ₾47.0 million.

Operating income totalled ₾379.2 million in the final quarter, representing a 26% increase year-on-year from ₾300.0 million. The company’s pretax profit rose 55% to ₾220.8 million from ₾142.9 million.

For the year, Bank of Georgia reported a pretax profit of ₾801.9 million, more than double the previous year’s figure of ₾316.5 million. Its annual operating income rose 25% to ₾1.37 billion from ₾1.09 billion year-on year.

The company explained that increased fees generated from guarantees and letters of credit issued by the Corporate and Investment Banking business and higher fees generated from currency conversion operations contributed to the year-on-year increase in net fee and commission income in 2021.

The company says it will propose a final dividend of ₾2.33 per share at its 2022 annual general meeting. In addition, Bank of Georgia said it aims to implement a share buyback and cancellation programme.

Shares in Bank of Georgia were up 4.8% at 1,482.00 pence on Tuesday afternoon in London.

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