3rd Quarter Results

• 

GFS mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and Taggart.

• 

AFS includes Ameriabank CJSC

• 

Other Businesses: includes JSC Belarusky Narodny Bank (BNB), which serves retail and SME clients in Belarus; JSC Digital Area, a digital ecosystem in Georgia including e-commerce, ticketing, and inventory management SaaS; Lion Finance Group PLC, the holding company; and other small entities and intragroup eliminations.

•

The Group continued to demonstrate robust customer franchise growth. On a year-on-year basis, Bank of Georgia's Retail Digital Monthly Active Users (Digital MAU) grew by 14.7% to surpass 1.7 million individuals, while Ameriabank's Retail Digital MAU surged by 62.7%, reaching 305 thousand individuals. On a quarter-on-quarter basis, these figures increased by 2.8% and 14.4% at Bank of Georgia and Ameriabank, respectively.

•

Bank of Georgia's customer Net Promoter Score (NPS), measured by a third party, registered a new record of 74 in 3Q25 (67 in 3Q24 and 73 in 2Q25). Ameriabank measures its NPS internally, with an average score of 81 for 3Q25 (76 in 3Q24 and 75 in 2Q25).

•

The Group's loan book reached GEL 37,927.2m as at 30 September 2025, up 21.7% y-o-y in constant currency (cc). The growth was fuelled by strong loan book expansion across both the Georgian (GFS) and Armenian (AFS) operations, which recorded year-on-year constant currency increases of 16.1% and 36.5%, respectively. Compared with 30 June 2025, the GFS loan book was up 3.6%, while the AFS loan book increased by 5.6%, resulting in a total Group loan growth of 4.1% (in cc). 

•

Client deposits and notes totalled GEL 37,657.6m as at 30 September 2025, reflecting an 18.0% y-o-y increase in constant currency (cc). GFS deposits rose by 14.0% y-o-y, while AFS deposits increased by 28.6% y-o-y. Compared with 30 June 2025, GFS deposits were up 10.3%, while AFS deposits increased by 5.7%, resulting in a total Group deposit growth of 8.6% (in cc). 

•

Asset quality remained strong across the Group, with the Group cost of credit risk ratio at 0.5% in 3Q25 (0.2% in 3Q24 and 0.5% in 2Q25) and the NPL ratio at 2.1% as at 30 September 2025 (1.8% as at 30 September 2024 and 1.9% as at 30 June 2025).

•

In 3Q25, operating income was up 15.6% y-o-y to GEL 1,084.2m. The annual top-line growth was primarily driven by higher net interest income generated by both GFS and AFS.

•

In 3Q25, net interest income was up 21.1% y-o-y to GEL 776.3m, fuelled by robust loan book growth and supported by a stable net interest margin at the Group level.

•

In 3Q25, non-interest income was up 3.8% y-o-y to GEL 307.9m. On a y-o-y basis, this muted growth was attributable to lower net foreign currency gains across both GFS and AFS, coupled with a decrease in net fee and commission income at AFS. The decline in net fee and commission income at AFS was a result of incentives offered to acquire new customers as part of Ameriabank's market expansion strategy (see details on page 11). 

•

The Group's operating expenses increased by 17.1% y-o-y to GEL 382.2m in 3Q25. The y-o-y growth was driven primarily by GFS, which saw expenses rise 15.4% y-o-y to GEL 226.2m, largely due to increased staff costs. Additionally, a GEL 4.4 million contribution from Bank of Georgia to the Resolution Fund, in accordance with the regulatory requirement introduced by the NBG for all commercial banks effective from January 2025[1], was also recorded this quarter.

•

As at 30 September 2025, Bank of Georgia's CET 1, Tier 1 and Total capital ratios stood at 17.4%, 20.5%, and 22.1%, respectively, comfortably above the minimum requirements of 15.3%, 17.5%, and 20.4%, respectively. Ameriabank's CET 1, Tier 1 and Total capital ratios stood at 14.5%, 14.5%, and 17.2% respectively, above the minimum requirements of 12.0%, 14.1%, and 16.8%, respectively.

•

c.15% annual growth of the Group's loan book.

•

20%+ return on average equity.

•

30-50% payout ratio (dividends and share buyback and cancellation programme).

GEL thousands

9M25

9M25

9M25

9M25

9M24

9M24

9M24

9M24

INCOME STATEMENT HIGHLIGHTS

Group

GFS

AFS

Other

Group[4]

GFS

AFS4

Other

Interest income

3,923,202

2,867,000

973,723

82,479

2,953,642

2,381,834

509,931

61,877

Interest expense

(1,747,356)

(1,318,451)

(380,824)

(48,081)

(1,256,451)

(1,054,744)

(182,942)

(18,765)

Net interest income

2,175,846

1,548,549

592,899

34,398

1,697,191

1,327,090

326,989

43,112

Net fee and commission income

431,239

359,399

61,748

10,092

392,564

338,691

50,141

3,732

Net foreign currency gain

450,377

268,983

110,298

71,096

395,449

279,021

77,320

39,108

Net other income

44,499

29,881

8,426

6,192

45,406

27,398

2,867

15,141

Operating income

3,101,961

2,206,812

773,371

121,778

2,530,610

1,972,200

457,317

101,093

Salaries and other employee benefits

(697,388)

(376,318)

(276,103)

(44,967)

(526,947)

(318,240)

(175,957)

(32,750)

Administrative expenses

(222,717)

(143,940)

(52,094)

(26,683)

(191,155)

(143,365)

(27,279)

(20,511)

Depreciation, amortisation and impairment

(161,759)

(107,828)

(44,527)

(9,404)

(125,838)

(90,184)

(27,830)

(7,824)

Other operating expenses

(22,052)

(18,752)

(2,266)

(1,034)

(8,353)

(4,108)

(3,250)

(995)

Operating expenses

(1,103,916)

(646,838)

(374,990)

(82,088)

(852,293)

(555,897)

(234,316)

(62,080)

Profit from associates

1,205

1,205

-

-

978

978

-

-

Operating income before cost of risk (2024: adjusted)

1,999,250

1,561,179

398,381

39,690

1,679,295*

1,417,281

223,001*

39,013

Cost of risk

(133,087)

(111,236)

(16,812)

(5,039)

(116,111)

(50,484)

(59,649)

(5,978)

 Out of which initial ECL related to assets acquired in business combination[5]

-

-

-

-

(49,157)

-

(49,157)

-

Profit before income tax expense (2024: adjusted)

1,866,163

1,449,943

381,569

34,651

1,563,184*

1,366,797

163,352*

33,035

Income tax expense

(292,656)

(201,198)

(78,793)

(12,665)

(254,876)

(204,142)

(41,487)

(9,247)

Profit before one-off items

1,573,507

1,248,745

302,776

21,986

1,308,308*

1,162,655

121,865*

23,788

One-off items[6]

-

-

-

-

669,465

-

669,465

-

Profit

1,573,507

1,248,745

302,776

21,986

1,977,773

1,162,655

791,330

23,788

GEL thousands

3Q25

3Q24

Change

y-o-y

2Q25

Change

q-o-q

9M25

9M244

Change

y-o-y

INCOME STATEMENT HIGHLIGHTS

Net interest income 

776,300

641,036

21.1%

715,845

8.4%

2,175,846

1,697,191

28.2%

Net fee and commission income 

140,552

134,100

4.8%

152,615

-7.9%

431,239

392,564

9.9%

Net foreign currency gain

152,186

153,023

-0.5%

152,597

-0.3%

450,377

395,449

13.9%

Net other income

15,137

9,501

59.3%

18,077

-16.3%

44,499

45,406

-2.0%

Operating income

1,084,175

937,660

15.6%

1,039,134

4.3%

3,101,961

2,530,610

22.6%

Operating expenses 

(382,227)

(326,434)

17.1%

(378,796)

0.9%

(1,103,916)

(852,293)

29.5%

Profit from associates

469

502

-6.6%

465

0.9%

1,205

978

23.2%

Operating income before cost of risk (2024: adjusted)

702,417

611,728

14.8%

660,803

6.3%

1,999,250

1,679,295*

19.1%

Cost of risk 

(55,378)

(5,216)

NMF

(50,796)

9.0%

(133,087)

(116,111)

14.6%

 Out of which initial ECL related to assets acquired in business combination5

-

-

-

-

-

-

(49,157)

NMF

Profit before income tax expense and one-off items (2024: adjusted)

647,039

606,512

6.7%

610,007

6.1%

1,866,163

1,563,184*

19.4%

Income tax expense

(99,843)

(97,259)

2.7%

(96,760)

3.2%

(292,656)

(254,876)

14.8%

Profit before one-off items

547,196

509,253

7.5%

 513,247

6.6%

1,573,507

1,308,308*

20.3%

One-off items6

-

-

-

-

-

-

669,465

NMF

Profit 

547,196

 509,253

7.5%

 513,247

6.6%

1,573,507

1,977,773

-20.4%

Basic earnings per share

12.75

11.71

8.9%

11.89

7.2%

36.45

45.12

-19.2%

Diluted earnings per share

12.58

11.49

9.5%

11.75

7.1%

35.99

44.29

-18.7%

Basic earnings per share adjusted for one-offs

12.75

11.71

8.9%

11.89

7.2%

36.45

29.80

22.3%

Diluted earnings per share adjusted for one-offs

12.58

11.49

9.5%

11.75

7.1%

35.99

29.25

23.0%

* This figure differs from the corresponding amount in the unaudited consolidated financial statements, as it excludes a one-off item of GEL 669.5m (see footnote 6) in 9M24, to better illustrate underlying performance. For the full unaudited consolidated financial information, please refer to page 13.

BALANCE SHEET HIGHLIGHTS

Sep-25

Sep-24

Change y-o-y

Jun-25

Change q-o-q

Liquid assets

17,882,228

14,253,652

25.5%

16,333,288

9.5%

 Cash and cash equivalents

5,049,905

3,413,286

47.9%

4,022,221

25.6%

 Amounts due from credit institutions

3,125,753

2,560,821

22.1%

3,194,606

-2.2%

 Investment securities

9,706,570

8,279,545

17.2%

9,116,461

6.5%

Loans to customers, finance lease and factoring receivables[7]

37,927,219

31,058,958

22.1%

36,530,447

3.8%

Property and equipment

603,448

534,234

13.0%

578,502

4.3%

All remaining assets

1,718,290

1,518,584

13.2%

1,649,833

4.1%

Total assets

58,131,185

47,365,428

22.7%

55,092,070

5.5%

Client deposits and notes

37,657,572

31,872,416

18.2%

34,789,736

8.2%

Amounts owed to credit institutions

8,637,788

5,701,966

51.5%

8,927,118

-3.2%

Borrowings from DFIs

2,795,403

1,899,130

47.2%

2,918,362

-4.2%

 Short-term loans from the National Bank of Georgia

2,146,297

1,166,526

84.0%

2,552,236

-15.9%

 Short-term loans from the Central Bank of Armenia

143,168

164,993

-13.2%

142,743

0.3%

Loans and deposits from commercial banks

3,552,920

2,471,317

43.8%

3,313,777

7.2%

Debt securities issued

2,539,696

2,220,896

14.4%

2,445,652

3.8%

All remaining liabilities

1,398,612

1,038,608

34.7%

1,310,432

6.7%

Total liabilities

50,233,668

40,833,886

23.0%

47,472,938

5.8%

Total equity

7,897,517

6,531,542

20.9%

7,619,132

3.7%

Book value per share

184.46

150.46

22.6%

176.81

4.3%

KEY RATIOS

3Q25

3Q24

2Q25

9M25

9M244

ROAA (adjusted for one-off items)6,8

3.9%

4.4%

3.8%

3.9%

4.3%

ROAA (adjusted for one-off items and Ameriabank initial ECL)5,6,8

3.9%

4.4%

3.8%

3.9%

4.5%

ROAE (adjusted for one-off items)6,8

27.8%

32.1%

27.2%

27.9%

30.1%

ROAE (adjusted for one-off items and Ameriabank initial ECL)5,6,8

27.8%

32.1%

27.2%

27.9%

31.2%

Net interest margin[8]

6.2%

6.2%

6.0%

6.0%

6.4%

Loan yield8

12.4%

12.2%

12.3%

12.3%

12.5%

Liquid assets yield8

5.2%

5.1%

5.0%

5.0%

5.2%

Cost of funds8

5.1%

4.8%

5.1%

5.1%

4.9%

Cost of client deposits and notes8

4.5%

4.0%

4.3%

4.3%

4.1%

Cost of amounts owed to credit Institutions8

7.1%

7.7%

7.4%

7.4%

8.1%

Cost of debt securities issued8

7.4%

7.4%

7.5%

7.5%

8.2%

Cost:income ratio

35.3%

34.8%

36.5%

35.6%

33.7%

NPLs to gross loans

2.1%

1.8%

1.9%

2.1%

1.8%

NPL coverage ratio

64.4%

71.4%

63.5%

64.4%

71.4%

NPL coverage ratio adjusted for the discounted value of collateral

117.7%

124.2%

119.2%

117.7%

124.2%

Cost of credit risk ratio8

0.5%

0.2%

0.5%

0.4%

0.6%

Cost of credit risk ratio (adjusted for Ameriabank initial ECL)5,8

0.5%

0.2%

0.5%

0.4%

0.3%

GEL thousands, unless otherwise noted

Sep-25

Sep-24

Change

y-o-y

Jun-25

Change

q-o-q

NON-PERFORMING LOANS

Group (consolidated)

NPLs (in GEL thousands)

803,774

564,429

42.4%

717,493

12.0%

NPLs to gross loans 

2.1%

1.8%

1.9%

NPL coverage ratio

64.4%

71.4%

63.5%

NPL coverage ratio adjusted for the discounted value of collateral

117.7%

124.2%

119.2%

Georgian Financial Services (GFS)

NPLs to gross loans

2.3%

1.9%

2.2%

NPL coverage ratio

59.7%

70.6%

61.7%

NPL coverage ratio adjusted for the discounted value of collateral

112.2%

119.4%

113.6%

Ameriabank (standalone figures)

NPLs to gross loans

1.5%

1.6%

1.4%

NPL coverage ratio

87.3%

78.4%

75.5%

NPL coverage ratio adjusted for the discounted value of collateral

145.8%

136.9%

144.5%

•

In August 2025, the Board took the decision to move to a quarterly distribution schedule, with the Group's total capital repatriation policy unchanged at a target payout range of 30-50% of annual Group profits. Considering the strong performance of the Group during the third quarter of 2025 and robust capital levels, today the Board declared an interim dividend of GEL 2.65 per ordinary share in respect of the third quarter of 2025, payable according to the following timetable:

•

Ex-Dividend Date: 18 December 2025

•

Record Date: 19 December 2025

•

Currency Conversion Date: 19 December 2025

•

Payment Date: 9 January 2026

•

The NBG's Lari/Pounds Sterling average exchange rate for the period of 15 December to 19 December 2025 will be used as the exchange rate on the Currency Conversion Date and will be announced in due course.

•

In addition, today the Board has approved an extension to the share buyback and cancellation programme of a further GEL 51.5 million.

•

The previous GEL 98 million extension of the share buyback and cancellation programme has been completed. As a result of this extension, since August 2025, 349,887 shares have been purchased. Following the cancellation of the remainder of these repurchased shares, the total number of shares with voting rights will be 43,513,689.

GEL thousands

3Q25

3Q24

Change

y-o-y

2Q25

Change

q-o-q

9M25

9M24

Change

y-o-y

INCOME STATEMENT HIGHLIGHTS

Interest income

1,007,375

837,908

20.2%

952,366

5.8%

2,867,000

2,381,834

20.4%

Interest expense

(455,157)

(371,324)

22.6%

(437,841)

4.0%

(1,318,451)

(1,054,744)

25.0%

Net interest income

552,218

466,584

18.4%

514,525

7.3%

1,548,549

1,327,090

16.7%

Net fee and commission income

120,379

110,887

8.6%

125,065

-3.7%

359,399

338,691

6.1%

Net foreign currency gain

94,932

98,214

-3.3%

91,321

4.0%

268,983

279,021

-3.6%

Net other income

7,916

7,919

0.0%

14,990

-47.2%

29,881

27,398

9.1%

Operating income

775,445

683,604

13.4%

745,901

4.0%

2,206,812

1,972,200

11.9%

Salaries and other employee benefits

(130,380)

(111,225)

17.2%

(132,342)

-1.5%

(376,318)

(318,240)

18.2%

Administrative expenses

(51,194)

(52,013)

-1.6%

(49,502)

3.4%

(143,940)

(143,365)

0.4%

Depreciation, amortisation and impairment

(38,430)

(31,446)

22.2%

(35,610)

7.9%

(107,828)

(90,184)

19.6%

Other operating expenses

(6,171)

(1,245)

NMF

(6,387)

-3.4%

(18,752)

(4,108)

NMF

Operating expenses

(226,175)

(195,929)

15.4%

(223,841)

1.0%

(646,838)

(555,897)

16.4%

Profit from associates

469

389

20.6%

465

0.9%

1,205

978

23.2%

Operating income before cost of risk

549,739

488,064

12.6%

522,525

5.2%

1,561,179

1,417,281

10.2%

Cost of risk

(47,398)

(2,391)

NMF

(45,848)

3.4%

(111,236)

(50,484)

120.3%

Profit before income tax expense

502,341

485,673

3.4%

476,677

5.4%

1,449,943

1,366,797

6.1%

Income tax expense

(68,515)

(74,259)

-7.7%

(66,827)

2.5%

(201,198)

(204,142)

-1.4%

Profit before for one-off items

433,826

411,414

5.4%

409,850

5.8%

1,248,745

1,162,655

7.4%

One-off items

-

-

-

-

-

-

-

-

Profit

433,826

411,414

5.4%

409,850

5.8%

1,248,745

1,162,655

7.4%

BALANCE SHEET HIGHLIGHTS

Sep-25

Sep-24

Change

y-o-y

Jun-25

Change

q-o-q

Cash and cash equivalents

3,226,804

2,059,303

56.7%

2,108,736

53.0%

Amounts due from credit institutions

2,160,672

1,797,054

20.2%

2,339,536

-7.6%

Investment securities

8,074,493

7,048,177

14.6%

7,527,941

7.3%

Loans to customers, finance lease and factoring receivables

26,150,474

22,444,065

16.5%

25,306,909

3.3%

 Loans to customers, finance lease and factoring receivables, LC

15,210,055

12,819,317

18.6%

14,594,431

4.2%

 Loans to customers, finance lease and factoring receivables, FC

10,940,419

9,624,748

13.7%

10,712,478

2.1%

Property and equipment

501,230

443,849

12.9%

482,933

3.8%

All remaining assets

1,223,077

1,111,214

10.1%

1,185,218

3.2%

Total assets

41,336,750

34,903,662

18.4%

38,951,273

6.1%

Client deposits and notes

27,487,750

24,079,718

14.2%

24,979,831

10.0%

 Client deposits and notes, LC

14,551,630

11,999,849

21.3%

12,650,370

15.0%

 Client deposits and notes, FC

12,936,120

12,079,869

7.1%

12,329,461

4.9%

Amounts owed to credit institutions

6,225,136

4,743,875

31.2%

6,512,756

-4.4%

Debt securities issued

1,320,165

1,067,012

23.7%

1,261,544

4.6%

All remaining liabilities

910,900

423,262

115.2%

898,001

1.4%

Total liabilities

35,943,951

30,313,867

18.6%

33,652,132

6.8%

Total equity

5,392,799

4,589,795

17.5%

5,299,141

1.8%

Risk-weighted assets (JSC Bank of Georgia standalone)

30,835,359

26,635,323

15.8%

30,619,266

0.7%

KEY RATIOS

3Q25

3Q24

2Q25

9M25

9M24

ROAA

4.3%

4.8%

4.2%

4.3%

4.8%

ROAE

32.2%

36.7%

31.1%

31.8%

33.9%

Net interest margin

6.2%

6.1%

5.9%

5.9%

6.1%

Loan yield

12.8%

12.4%

12.7%

12.7%

12.5%

Loan yield, GEL

15.4%

14.9%

15.2%

15.2%

14.9%

Loan yield, FC

9.3%

9.2%

9.2%

9.2%

9.3%

Cost of funds

5.3%

5.1%

5.3%

5.3%

5.2%

Cost of client deposits and notes

4.7%

4.3%

4.5%

4.5%

4.4%

 Cost of client deposits and notes, GEL

7.8%

7.6%

7.8%

7.8%

7.9%

 Cost of client deposits and notes, FC

1.4%

1.2%

1.4%

1.4%

1.1%

Cost of time deposits

7.0%

6.7%

6.8%

6.8%

6.8%

 Cost of time deposits, GEL

9.9%

10.2%

10.1%

10.1%

10.6%

 Cost of time deposits, FC

2.7%

1.9%

2.7%

2.7%

2.2%

Cost of current accounts and demand deposits

2.7%

2.3%

2.5%

2.5%

2.4%

 Cost of current accounts and demand deposits, GEL

5.3%

4.9%

5.1%

5.1%

5.0%

 Cost of current accounts and demand deposits, FC

0.6%

0.4%

0.6%

0.6%

0.4%

Cost:income ratio

29.2%

28.7%

30.0%

29.3%

28.2%

Cost of credit risk ratio

0.6%

0.1%

0.7%

0.5%

0.3%

•

GFS delivered operating income of GEL 775.4m in 3Q25, up 13.4% y-o-y and up 4.0% q-o-q. The y-o-y growth was primarily driven by higher net interest income, supported by a modest contribution from net fee and commission income. On a q-o-q basis, the increase was mainly attributable to strong net interest income generation, complemented by growth in net foreign currency gain, partly offset by a decline in net fee and commission income and net other income. In 9M25, operating income reached GEL 2,206.8m (up 11.9% y-o-y), underpinned by solid net interest income growth, complemented by modest increases in net fee and commission income and net other income, and partially offset by a decline in net foreign currency gain.

•

Net interest income stood at GEL 552.2m in 3Q25, up 18.4% y-o-y and up 7.3% q-o-q. The y-o-y and the q-o-q increases were mainly driven by strong loan growth and higher net interest margin. In 9M25, net interest income amounted to GEL 1,548.5m (up 16.7% y-o-y).

•

In 3Q25, NIM stood at 6.2%, up 0.1 pp y-o-y and up 0.3 pp q-o-q. The q-o-q NIM expansion was driven by a higher loan yield and the growing share of loans in interest-earning assets. We expect GFS NIM to remain broadly stable.

•

Net fee and commission income reached GEL 120.4m in 3Q25, an increase of 8.6% y-o-y but a decrease of 3.7% q-o-q. The quarterly decline was primarily due to seasonal expenses related to the 'PLUS birthday' loyalty campaign in July.

•

Net foreign currency (FX) gain was GEL 94.9m in 3Q25, down 3.3% y-o-y but up 4.0% q-o-q. In 9M25, net FX gain amounted to GEL 269.0m, down 3.6% y-o-y. Compared with the prior year, this revenue line is broadly flat on the back of relatively stable currency and increased market competition.

•

Operating expenses amounted to GEL 226.2m in 3Q25 (up 15.4% y-o-y and up 1.0% q-o-q). In 9M25, operating expenses increased by 16.4% y-o-y to GEL 646.8m.

•

In 3Q25, the y-o-y operating expense growth was primarily driven by higher staff costs, slightly offset by lower administrative expenses. Additionally, Bank of Georgia's contribution to the Resolution Fund in the amount of GEL 4.4m, in accordance with the regulatory requirement introduced by NBG for all commercial banks effective from January 2025,1 was posted again this quarter. Excluding the impact of resolution fund expenses, operating expenses at GFS would have increased by 13.2% y-o-y.

•

The cost of credit risk ratio was 0.6% in 3Q25 (0.1% in 3Q24 and 0.7% in 2Q25). In 9M25, the cost of credit risk was 0.5% (0.3% in 9M24). The portfolio quality overall remained healthy, with NPL ratio at 2.3% as at 30 September 2025 (1.9% as at 30 September 2024 and 2.2% as at 30 June 2025). The y-o-y increase in the GFS NPL ratio was mainly driven by a single CB client default in 4Q24.

Portfolio highlights: loans to customers, finance lease and factoring receivables

Sep-25

Sep-24

Change

y-o-y

Change y-o-y

(constant currency)

Jun-25

Change q-o-q

Change q-o-q (constant currency)

Total GFS

26,150,474

22,444,065

16.5%

16.10%

25,306,909

3.3%

3.6%

Retail

11,571,767

9,725,127

19.0%

18.80%

11,028,623

4.9%

5.0%

 Mortgages

4,915,696

4,355,068

12.9%

12.50%

4,754,810

3.4%

3.5%

 Consumer loans

5,856,880

4,696,736

24.7%

24.90%

5,517,428

6.2%

6.2%

 Other loans

799,191

673,323

18.7%

16.30%

756,385

5.7%

5.7%

SME

5,317,970

4,900,686

8.5%

7.90%

5,227,172

1.7%

1.9%

CIB

9,260,737

7,818,252

18.5%

18.10%

9,051,114

2.3%

2.7%

Portfolio highlights: customer deposits and notes

Sep-25

Sep-24

Change

y-o-y

Change y-o-y (constant currency)

Jun-25

Change q-o-q

Change q-o-q (constant currency)

Total GFS

27,487,750

24,079,718

14.2%

14.0%

24,979,831

10.0%

10.3%

Retail

15,589,366

13,816,179

12.8%

12.7%

15,169,685

2.8%

3.1%

SME

2,344,438

2,083,761

12.5%

12.2%

2,231,309

5.1%

5.3%

CIB

7,613,923

6,324,426

20.4%

20.5%

6,278,743

21.3%

21.6%

Corporate Center

2,021,083

1,920,096

5.3%

1,374,967

47.0%

Eliminations

(81,060)

(64,744)

25.2%

(74,873)

8.3%

Loan portfolio quality: cost of credit risk ratio

3Q25

3Q24

2Q25

Total GFS

0.6%

0.1%

0.7%

Retail

0.8%

0.1%

0.8%

SME

0.3%

0.3%

1.1%

CIB

0.7%

0.0%

0.6%

Loan portfolio quality: NPL ratio

Sep-25

Sep-24

Jun-25

Total GFS

2.3%

1.9%

2.2%

Retail

1.5%

1.7%

1.5%

SME

4.0%

3.6%

3.6%

CIB

2.3%

1.1%

2.1%

•

Customer lending continued to expand, with GFS's net loans, factoring, and finance lease receivables reaching GEL 26,150.5m as at 30 September 2025, up 16.1% y-o-y and up 3.6% q-o-q in cc. The y-o-y growth was broad-based, led almost equally by RB and CIB, with SME also contributing.

•

Within the RB segment, growth was primarily driven by consumer lending, which increased by 24.9% y-o-y in cc. Mortgage lending also grew by 12.5% y-o-y in cc, now accounting for 42.5% of the retail loan book - below the share of consumer loans at 50.6%.

•

58.2% of the loan book was in GEL as at 30 September 2025 (57.1% at 30 September 2024 and 57.7% at 30 June 2025).

•

As at 30 September 2025, client deposits and notes stood at GEL 27,487.8m, up 14.0% y-o-y and up 10.3% q-o-q in cc. The y-o-y growth was broad-based across business segments and deposit types. As at 30 September 2025, current & demand deposits and time deposits accounted for 53.0% and 47.0% of the total deposit portfolio, respectively.

•

Retail Banking remained the key contributor to the y-o-y deposit growth (up GEL 1,773.2m, or by 12.7% y-o-y in cc), now comprising 56.7% of total client deposits. CIB posted the fastest y-o-y growth - up GEL 1,289.5m, that is 20.5% in cc - raising its share to 27.7% of the total portfolio. The SME segment also supported overall growth with a solid 12.2% increase y-o-y in cc, up GEL 260.7m).

•

The deposit base continued to de-dollarise, with GEL-denominated deposits rising to 52.9% as at 30 September 2025, compared with 49.8% a year earlier and 50.6% at the end of 2Q25.

Sep-25

Sep-24

Jun-25

IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia)

126.2%

126.3%

125.9%

IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia)

127.4%

124.9%

127.4%

30 Jun

2025

3Q25

profit

Business growth

Currency impact

Dividend payment

Tier 1- Tier 2

30 Sep

2025

Min requirement

Buffer above min requirement

Potential impact

of a 10% GEL devaluation

CET 1 capital adequacy

17.3%

1.4%

-0.2%

0.0%

-1.1%

0.0%

17.4%

15.3%

2.1%

-0.8%

Tier 1 capital adequacy

20.4%

1.4%

-0.2%

0.0%

-1.1%

0.0%

20.5%

17.5%

3.0%

-0.7%

Total capital adequacy

21.8%

1.4%

-0.2%

0.0%

-1.1%

0.2%

22.1%

20.4%

1.7%

-0.6%

GEL thousands

3Q25

3Q24

Change

y-o-y

2Q25

Change

q-o-q

9M25

9M244

Change

y-o-y

INCOME STATEMENT HIGHLIGHTS

Interest income 

349,416

256,769

36.1%

318,383

9.7%

973,723

509,931

91.0%

Interest expense 

(139,374)

(95,163)

46.5%

(126,041)

10.6%

(380,824)

(182,942)

108.2%

Net interest income 

210,042

161,606

30.0%

192,342

9.2%

592,899

326,989

81.3%

Net fee and commission income 

17,356

21,104

-17.8%

23,901

-27.4%

61,748

50,141

23.1%

Net foreign currency gain

38,428

38,744

-0.8%

37,852

1.5%

110,298

77,320

42.7%

Net other income

4,896

1,804

171.4%

380

NMF

8,426

2,867

193.9%

Operating income

270,722

223,258

21.3%

254,475

6.4%

773,371

457,317

69.1%

Salaries and other employee benefits

(98,731)

(80,604)

22.5%

(91,576)

7.8%

(276,103)

(175,957)

56.9%

Administrative expenses

(14,860)

(13,829)

7.5%

(19,096)

-22.2%

(52,094)

(27,279)

91.0%

Depreciation, amortisation and impairment

(14,569)

(13,212)

10.3%

(15,404)

-5.4%

(44,527)

(27,830)

60.0%

Other operating expenses 

778

(1,574)

NMF

(1,038)

NMF

(2,266)

(3,250)

-30.3%

Operating expenses 

(127,382)

(109,219)

16.6%

(127,114)

0.2%

(374,990)

(234,316)

60.0%

Profit from associates

-

-

-

-

-

-

-

-

Operating income before cost of risk (2024: adjusted)

143,340

114,039

25.7%

127,361

12.5%

398,381

223,001*

78.6%

Cost of risk 

(2,872)

(3,558)

-19.3%

(5,767)

-50.2%

(16,812)

(59,649)

-71.8%

 Out of which initial ECL related to assets acquired in business combination5

-

-

-

-

-

-

(49,157)

NMF

Profit before income tax expense (2024: adjusted)

140,468

110,481

27.1%

121,594

15.5%

381,569

163,352*

133.6%

Income tax expense

(28,997)

(19,078)

52.0%

(25,803)

12.4%

(78,793)

(41,487)

89.9%

Profit before one-off items

111,471

91,403

22.0%

95,791

16.4%

302,776

121,865*

148.5%

One-off items6

-

-

-

-

-

-

669,465

NMF

Profit 

111,471

91,403

22.0%

95,791

16.4%

302,776

791,330

-61.7%

BALANCE SHEET HIGHLIGHTS

Sep-25

Sep -24

Change y-o-y

Jun-25

Change q-o-q

Cash and cash equivalents

1,211,626

916,969

32.1%

1,271,871

-4.7%

Amounts due from credit institutions

942,877

732,424

28.7%

831,897

13.3%

Investment securities

1,455,992

1,041,356

39.8%

1,463,753

-0.5%

Loans to customers, finance lease and factoring receivables

10,890,803

7,955,714

36.9%

10,341,990

5.3%

 Loans to customers, finance lease and factoring receivables, LC

6,258,037

4,702,686

33.1%

5,999,058

4.3%

 Loans to customers, finance lease and factoring receivables, FC

4,632,766

3,253,028

42.4%

4,342,932

6.7%

Property and equipment

84,829

78,116

8.6%

79,912

6.2%

All remaining assets

396,708

317,741

24.9%

365,377

8.6%

Total assets

14,982,835

11,042,320

35.7%

14,354,800

4.4%

Client deposits and notes

8,827,419

6,854,363

28.8%

8,379,668

5.3%

 Client deposits and notes, LC

5,227,233

3,672,842

42.3%

4,772,660

9.5%

 Client deposits and notes, FC

3,600,186

3,181,521

13.2%

3,607,008

-0.2%

Amounts owed to credit institutions

2,382,530

962,149

147.6%

2,430,196

-2.0%

Debt securities issued

1,207,757

1,150,771

5.0%

1,171,408

3.1%

All remaining liabilities

444,191

424,619

4.6%

403,860

10.0%

Total liabilities

12,861,897

9,391,902

36.9%

12,385,132

3.8%

Total equity

2,120,938

1,650,418

28.5%

1,969,668

7.7%

Risk-weighted assets (Ameriabank CJSC standalone)

14,099,398

10,492,132

34.4%

13,200,273

6.8%

KEY RATIOS

3Q25

3Q24

2Q25

9M25

9M244

ROAA (adjusted for one-off items)6

3.0%

3.3%

2.8%

2.9%

2.4%

ROAA (adjusted for one-off items and Ameriabank initial ECL)5,6

3.0%

3.3%

2.8%

2.9%

3.4%

ROAA (unadjusted)

3.0%

3.3%

2.8%

2.9%

15.7%

ROAE (adjusted for one-off items)6

21.8%

23.1%