Bank of Georgia Financial Analysis
THE LEADING BANK IN GEORGIA
BOG - Leading Bank in Attractive Banking Sector
■ Top Systemically important financial institution in Georgia
Market position in Georgia by assets (34.7%), loans (33.5%), client
deposits (33.9%) and equity (29.2%) as of 31 December 2018*
Market with stable growth perspectives: Real GDP average annual
growth rate of 4.5 % for 2007-2017; 4.8% real GDP growth in 2018
according to Geostat. Loans/GDP grew from 8.8% to 64.2% in the
period of 2003-2018; Deposits/GDP grew from 8.4% to 55.7% over
the same period
■ Strong brand name recognition and retail banking franchise: Offers
the broadest range of financial products to the retail market through
a network of 271 branches, 876 ATMs, 3,115 Express Pay Terminals and
more than 2.4 million customers as of 31 December 2018
Sustainable high profitability with average ROAE of more than 20%
over the last three years on the back of strong NIM, low cost of risk
and stringent cost control
■Resilient credit profile: Well-capitalised, diversified and high quality
loan book and strong liquidity profile
High standards of transparency and governance: The first entity from
Georgia to be listed on the premium segment of the Main Market of
the London Stock Exchange (LSE:BGEO) since February 2012. LSE
listed through GDRs since 2006
Credit ratings from global rating agencies
Rating Agency
Outstanding profitability and solid growth momentum, on
the back of strong capital and liquidity positions
Banking Business
CAGR
GEL billions
20
Balance Sheet Highlights
20.9%
14.8
15
12.9
11.1
9.1
10
6.9
Total assets
20.6%
4.4
5.4
6.77.7
9.4
23.6%
8.1
7.1
.5.0 5.8
3.5
Client deposits
Net loans
■31-Dec-17
■31-Dec-14 31-Dec-15 ■31-Dec-16
Income Statement Highlights
Banking Business
4.9%
GEL millions
7.2%
300
260
269 273
253
235
250
200
150
100
50
107
102
104**
115
111
■31-Dec-18
27.8%
26.8%
26.2%
26.2%
25.4%**
MOODY'S
Fitch Ratings
BANK OF GEORGIA
Rating
Outlook
Affirmed
Ba3/Ba2
Stable
14-Aug-18
BB-
Positive
23-Apr-18
Revenue
Profit
ROAE
4Q17 1Q18 2Q18
3Q18
4Q18
* Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge
** 2Q18 results adjusted for GEL 30.3mln demerger related costs, GEL 8.Omln demerger related corporate income tax gain, and GEL 30.3min one-off impact of
re-measurement of deferred tax balances
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