7th Nov 2019 10:57
(Alliance News) - Bank of Georgia Group PLC's shares rose on Thursday as the firm reported an "excellent" third-quarter performance.
Shares were 7.9% higher in London in morning trade at a price of 1,459.00 pence each.
Bank of Georgia, which is based in Tbilisi, registered a 30% rise in third-quarter pretax profit to GEL157.0 million.
The company's net interest income was 1.8% higher at GEL188.7 million, while there was a 22% rise in net fee and commission income to GEL48.0 million. Operating income was 5.9% higher at GEL285.0 million.
Bank of Georgia's cost to income ratio was 37.9% in the quarter from 38.3% in the second-quarter,, while the net interest margin was 5.1% from 5.4% quarter-on-quarter. Its common equity tier 1 ratio, or CET1, was 11.1%, from 11.0% in the second quarter.
Bank of Georgia said it was an "outstanding" quarterly performance, with asset quality strong and the capital position also strong. The Retail Banking unit delivered "solid" net interest income, alongside strong net fee and commission income.
Within the investment banking business, assets under management rose 17% year-on-year to GEL2.55 billion.
By George Collard; [email protected]
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