24th May 2016 06:53
LONDON (Alliance News) - BGEO Group PLC, the holding company of JSC Bank of Georgia, on Tuesday said first-quarter pretax profit grew by 33% year on year, driven by its banking and investment businesses.
Pretax profit grew to GEL97.0 million in the three months ended March 31, the Georgia-based company said in a statement, from GEL73.2 million the corresponding quarter a year earlier, as revenue rose to GEL219.3 million from GEL195.7 million.
"In the banking business profits grew by 18.5% year-on-year, supported by excellent franchise growth in the retail bank, where we now have over two million customers, resilient margins despite the impact of high levels of excess liquidity, and a reduction in the cost of risk. There was an even stronger performance in the group's investment businesses which delivered an almost four-fold growth in profits year-on-year," Chief Executive Officer Irakli Gilauri said in a statement.
"With a rapidly improving macroeconomic environment and strong tailwinds, we remain well positioned to deliver good levels of earnings momentum from both the organic business growth in each of our banking and investment businesses, and from the benefits of recent strategic initiatives and acquisitions," Gilauri said.
By Samuel Agini; [email protected]; @samuelagini
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