Bank of Georgia Group profits bolstered by 'strong' retail banking performance
Source - SMW
Bank of Georgia BGEO reported Thursday a rise in profits supported by 'strong' performance in its retail banking division following an increase in net interest income.
For the three months to 30 September, profit before tax totalled GEL 117m, up 15.7.0% from the same period last year, and revenue rose 19.4% to GEL 267m.
Revenue growth was primarily driven by an increase in net interest income, which resulted from strong loan book growth, the company said.
Retail banking revenue reached GEL 183.6m in the quarter, up 17.9% from a year earlier as the net loan book jumped 27.4% to GEL 5,787.1m driven by mortgage lending.
The number of retail banking clients reached 2.4m at the end of quarter, up 6.8% from a year earlier.
Investment management's assets under management increased to GEL 2,180.1m, up 19.9% on last year.
At 10:17am: (LON:BGEO) BGEO Group share price was -40.3p at 1549.3p