Bank of Georgia more than doubles annual profit in 2021

(Alliance News) - Bank of Georgia Group PLC said on Tuesday it achieved an excellent full-year ...

Alliance News 22 February, 2022 | 4:02PM
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(Alliance News) - Bank of Georgia Group PLC said on Tuesday it achieved an excellent full-year performance as it ended its final quarter on a high for profit and operating income.

In the fourth quarter of 2021, the Georgia-focused bank reported net interest income of GEL270.1 million - around GBP67.3 million - up 34% from GEL201.6 million in the same quarter the previous year. Its net fee and commission income also rose, up 37% to GEL64.1 million from GEL47.0 million.

Operating income totalled GEL379.2 million in the final quarter, representing a 26% increase year-on-year from GEL300.0 million. The company's pretax profit rose 55% to GEL220.8 million from GEL142.9 million.

For the year, Bank of Georgia reported a pretax profit of GEL801.9 million, more than double the previous year's figure of GEL316.5 million. Its annual operating income rose 25% to GEL1.37 billion from GEL1.09 billion year-on year.

The company explained that increased fees generated from guarantees and letters of credit issued by the Corporate and Investment Banking business and higher fees generated from currency conversion operations contributed to the year-on-year increase in net fee and commission income in 2021.

The company says it will propose a final dividend of GEL2.33 per share at its 2022 annual general meeting. In addition, Bank of Georgia said it aims to implement a share buyback and cancellation programme.

Shares in Bank of Georgia were up 4.8% at 1,482.00 pence on Tuesday afternoon in London.

By Heather Rydings; heatherrydings@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Bank of Georgia Group PLC 4,895.00 GBX -1.11 -

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