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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Bank of Georgia Group PLC    BGEO   GB00BF4HYT85

BANK OF GEORGIA GROUP PLC (BGEO)
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Bgeo : Bank of Georgia profit climbs on higher lending amid strong economy

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08/16/2018 | 09:13am CET

(Reuters) - Bank of Georgia Group Plc on Thursday posted an 11.2 percent rise in first-half profit, boosted by higher lending amid stronger economic growth in the country.

The government's ongoing reform plan to boost growth and the central bank's monetary policy will continue to bolster the economy, the company said.

Georgia, a former Soviet republic that hosts pipelines carrying Caspian oil and gas to Europe, has been recovering from a decline in exports and a plunge in the currencies of its main trading partners, which had depressed economic growth in past years.

Bank of Georgia has more than a third of the market share of Georgian banks based on total assets, loans, deposits and shareholder equity.

"Business confidence remains strong, exports continue to grow rapidly and tourist inflows were at unparalleled levels during the first half," said Chief Executive Officer Kaha Kiknavelidze.

The Tbilisi-based bank, which offers retail, corporate and investment banking, and wealth management, said profit rose to 257.8 million laris ($100.9 million), in the six months ended June 30, from 231.8 million laris a year earlier.

The lender, which was formed when BGEO Group demerged into two entities in May, said pre-tax profit for its banking division rose 27.8 percent to 231.2 million laris in the first half.

First-half revenue rose 17.8 percent to 489.3 million laris, while net interest margin fell to 7 percent from 7.3 percent year-on-year.

Retail Banking, which made up more than 70 percent of the total in terms of loans, saw a 29.5 percent rise in net loan book to 5.38 billion laris as of June 30.

Rival TBC Bank will report its first-half results next week.

(Reporting by Noor Zainab Hussain and Muvija M in Bengaluru; Editing by Amrutha Gayathri)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF GEORGIA GROUP PLC -1.30% 1575 Delayed Quote.-29.26%
TBC BANK GROUP PLC -3.52% 1588 Delayed Quote.-9.26%
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Latest news on BANK OF GEORGIA GROUP PLC
08/16BGEO : Bank of Georgia profit climbs on higher lending amid strong economy
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Financials (GEL)
Sales 2018 1 085 M
EBIT 2018 1 043 M
Net income 2018 391 M
Debt 2018 -
Yield 2018 4,81%
P/E ratio 2018 6,64
P/E ratio 2019 5,95
Capi. / Sales 2018 2,42x
Capi. / Sales 2019 2,17x
Capitalization 2 626 M
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Technical analysis trends BANK OF GEORGIA GROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 89,4  GEL
Spread / Average Target 69%
EPS Revisions
Managers
NameTitle
Kaha Kiknavelidze Chief Executive Officer & Director
Neil Janin Non-Executive Chairman
Levan Kulijanishvili Deputy Chief Executive Officer-Operations
David Tsiklauri Chief Financial Officer & Deputy CEO
Vakhtang Bobokhidze Chief Information Officer & Deputy CEO
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