Bank of Georgia Financial Analysis
WELL-ESTABLISHED FUNDING STRUCTURE
Interest Bearing Liability structure | 31 December 18
Banking Business
Interest Bearing Liabilities GEL 13.Obln
Well diversified international borrowings | 4Q18
Banking Business
Borrowings,
GEL 1,408.9 mln,
11.0%
Debt securities
issued,
GEL 1,730.4 mln,
13.5%
Client deposits &
Current
accounts and
Time
deposits,
50.0%
demand
deposits,
Other amounts
due to credit
institutions,
GEL 1,586.0 mln,
notes,
GEL 8,133.9 mln,
63.3%
12.3%
50.0%
Borrowed funds maturity breakdown*
Banking Business
500
4.6%
400
1.5%
1.0%
300
257
488
10%
8.8%
5%
1.7%
339
0.1%
0.0%
0%
200
0.6%
187
94
-5%
65
100
90
53
70
85
33
84
4
2
4
-10%
2019
2020
2021
2022 2023 2024 2025
2026
Senior Loans
| Subordinated Loans
Eurobonds
% of Total assets
BANK OF GEORGIA
* converted at GEL/US$ exchange rate of 2.6766 as of 31 December 2018
** source: Bloomberg
の
European Bank
for Reconstruction and Development
OPIC
KFW DEG ADB
IFC
FMO
Finance for Development
Black
Sea
Trade &
Development
Bank
EFSE
EUROPEAN FUND FOR SOUTHEAST EUROPE
Other debt
securities,
GEL 380.5 mln,
12.1%
Others
borrowings,
GEL 106.2 mln,
3.4%
DFIs,
GEL 1,302.7 mln,
41.5%
Eurobonds,
GEL 1,349.9mln,
43.0%
Highlights for 2018
Banking Business has a well-balanced funding structure with 63.3% of
interest bearing liabilities coming from client deposits and notes, 10.1%
from Developmental Financial Institutions (DFIs) and 10.5% from
Eurobonds and notes issued, as of 31 December 2018
The Bank has also been able to secure favorable financing from reputable
international commercial sources, as well as DFIs, such as EBRD, IFC,
EFSE, BSTDB, FMO, etc.
As of 31 December 2018, GEL 150 million undrawn facilities from DFIs with
up to eight years maturity
In July 2016, BGEO Group issued 7 year, US$ 350mln Eurobonds with
6.00% coupon (bonds were pushed down to BOG in March 2018). Bonds
were trading at 6.271%** on 11 February 2019
In June 2017, BOG issued 3 year, GEL 500mln local currency international
bonds with 11.00% coupon. Bonds were trading at 10.550%** on 11
February 2019
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