Bank of Georgia profits up 10.9% despite fall in net interest income
Source - SMW
Bank of Georgia said profits increase 10.9% in the second quarter of the year from a year earlier even as net interest income fell.
Profit before tax increased 10.9% to GEL121,011,000 in the second quarter from a year earlier, while net interest income fell 2.7% to GEL181,622,000.
The loan book grew 30.5% in the quarter with the retail banking's net loan book reaching GEL 6,771.2m, up 25.1% year-on-year, predominantly driven by mortgage and MSME lending, the company said.
Assets under management within the group's investment management business, increased to GEL 2,504.3m, up 25.6% year-on-year, reflecting an increase in client assets and bond issuances at Galt & Taggart.
At 8:41am: (LON:BGEO) BGEO Group share price was -1p at 1330p