13th Nov 2013 12:00
LONDON (Alliance News) - Bank of Georgia Holdings PLC Wednesday said its third-quarter pretax profits have risen by 20%, after revenues rose while operating expenses declined.
Bank of Georgia said it made a GEL66.4 million pretax profit for the three months to September 30, compared with GEL55.2 million for the corresponding period in 2012. Revenue increased by 5.6% to GEL138.3 million as a result of strong net interest income figures and a 25% leap in net insurance revenue, which more than compensated for a 9.7% decline in net fee and income commission.
Operating expenses fell to GEL54.9 million from GEL58.1 million, as general and administrative expenses were cut by 25%.
"I am very pleased that Bank of Georgia continued its strong performance into Q3 2013 to report a record nine-month profit of GEL153.7 million and earnings per share of GEL4.35. One of the most noteworthy highlights of the quarter is our return on average equity that has reached our target level of 20% on the back of diversified revenue growth, further expansion of our Express banking strategy and ongoing cost optimisation measures across all the businesses," Irakli Gilauri, chief executive, said in a statement.
On Wednesday, one Georgian Lari was equivalent to GBP0.37.
Bank of Georgia shares were Wednesday quoted at 2,113.00 pence, up 0.6%.
By Samuel Agini; [email protected]; @samuelagini
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