11th May 2022 11:32
Bank of Georgia Group PLC - Tbilisi, Georgia-based lender - Pretax profit in first quarter of 2022 rises 74% to GEL265.1 million, about GBP70.9 million, from GEL152.3 million a year prior. Operating income increases 30% to GEL395.7 million from GEL303.6 million, with net interest income growing 28% to GEL271.5 million from GEL212.3 million. Bank of Georgia's net interest margin improves to 5.3% from 4.5%.
"Strong top- and bottom-line growth was supported by the resilience of the Georgian economy in the face of the regional challenges. At the start of the war in Ukraine, we initially revised our GDP growth expectation for Georgia for 2022 down to around 3.0%, with downside risks if the conflict became prolonged. As the last two months have evolved, however, Georgia's economy has experienced strong growth momentum supported by resilient external inflows," Bank of Georgia says.
Current stock price: 1,246.00 pence, up 6.9% on Wednesday morning in London
12-month change: up 13%
By Eric Cunha; [email protected]
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