Bank of Georgia Group Plc (BDGSF,BGEO.L), a UK incorporated, Georgian financial services holding company, on Thursday posted a rise in earnings for the second-quarter.
Commenting on the performance, the lender, said: "This is the first time we have consolidated Ameriabank's P&L into the Group, significantly enhancing the figures you are seeing now."
For the three-month period to June 30, the Group posted a profit before tax of GEL524.335 million, compared with GEL477.402 million, registered for the same period last year.
Profit before income tax expense and one-off items was GEL523.656 million, higher than GEL456.341 million in 2023.
Net profit stood at GEL427.944 million or GEL9.62 per share, compared with GEL406.803 million or GEL8.94 per share a year ago.
Profit adjusted for one-off items also moved up to GEL429.988 million from prior year's GEL387.463 million.
Operating income increased to GEL948.995 million from previous year's 688.236 million.
Net interest income stood at GEL618.335 million as against GEL395.909 million a year ago.
Net fee and commission income rose to GEL150.662 million from last year's GEL 89.165 million.
Net interest margin dropped to 6.3 percent from 6.6 percent in 2023.
Loans to customers, finance lease and factoring receivables amounted to GEL 30.081 billion as of June 30, up 64.5 percent year-over-year basis. This significant increase is attributable to the Ameriabank acquisition, as well as the 23 percent loan growth in GFS.
Client deposits and notes amounted to GEL 30.706 billion as of June 30, up 56.3 percent from last year, driven by the Ameriabank acquisition as well as the 20.8 percent deposit growth in GFS.
Ameriabank's profit amounted to GEL 102.4 million in the second-quarter, up 48 percent, year-on-year basis.
The Board will pay an interim dividend of GEL3.38 per share on October 11 to shareholders of record as of September 27.
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