Published: August 15, 2012
London-listed bank’s bottom line rises by 35%.
Bank of Georgia has announced first-half results that show a record profit of GEL86mn (US$52.3mn).
The bank’s bottom line increased by 35% following a 16.4% rise in Q2 profits to GEL46.3mn.
Irakli Gilauri, the London-listed bank’s chief executive officer, told shareholders the results were due to “strong business growth across the board, the reduction in deposit costs in Q2, improved efficiency and the continued improvement in credit trends”.
The bank has also been boosted by Georgia’s own GDP growth, which stood at 8% during the second quarter.
Alongside the record profits, other highlights for the bank include revenue growth of 23%, loan book growth of almost 20% and a capital adequacy ratio of close to 22%.