19th May 2021 13:48
(Alliance News) - Bank of Georgia Group PLC on Wednesday reported swinging to a profit for the first quarter of 2021, helped by higher interest income and a rise in the use of its digital platforms.
The Georgian lender posted GEL152.3 million in profit before tax and one-off items for the three months ended March 31, swung from a GEL113.0 million loss a year before.
First-quarter performance was described as "robust" by the bank, with net interest income up 7.7% at GEL212.3 million from GEL197.1 million a year prior. Net fee and commission income rose by 21% year-on-year to GEL48.7 million.
The bank said its loan book increased by 11% year-on-year and 2.9% from the prior quarter to GEL14.19 billion, reflecting continued strong loan origination levels in Corporate, MSME and the mortgage segments during the pre-Covid-19 period. MSME refers to micro, small and medium sized enterprises.
The ratio of net loans to customer funds plus development finance institution borrowings stood at 90% on March 31, compared to 105% a year previously.
Shares in Bank of Georgia were up 5.5% at 1,182.00 pence in London on Wednesday afternoon.
By Will Paige; [email protected]
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