BGEO Group Financial Update

INCOME STATEMENT NINE MONTH Income Statement | Nine Month BGEO Consolidated Sep-15 Sep-14 Change Sep-15 Banking Business Sep-14 Investment Business Eliminations Y-O-Y Change Y-O-Y Sep-15 Sep-14 Change Y-O-Y Sep-15 Sep-14 Change Y-O-Y Banking interest income Banking interest expense Net banking interest income Fee and commission income 631,566 (261,610) 432,243 46.1% 641,466 437,095 46.8% (180,418) 45.0% (262,756) (180,887) 45.3% 369,956 251,825 46.9% 378,710 256.208 47.8% 116,049 97,966 18.5% 119,036 99,623 19.5% Fee and commission expense (29,282) (24,533) 19.4% (29,712) (24,533) 21.1% Net fee and commission income 86,767 73,433 18.2% 89,324 75,090 19.0% (9,900) 1,146 (4,852) 104.0% 469 144.3% (8,754) (4,383) 99.7% (2,987) (1,657) 80.3% 430 (2,557) (1,657) 54.3% Net banking foreign currency gain 57,401 36,131 58.9% 57,401 36,131 58.9% Net other banking income 9,209 4,397 109.4% 10,137 4,743 113.7% (928) (346) 168.2% Net insurance premiums earned 68,426 77,950 -12.2% 29,351 20,383 44.0% Net insurance claims incurred (45,252) (52,208) -13.3% (14,745) (8,435) 74.8% 40,497 (30,507) 58,889 -31.2% (1,422) (1,322) 7.6% (43,773) -30.3% Gross insurance profit 23,174 25,742 -10.0% 14,606 11,948 22.2% 9,990 15,116 -33.9% (1,422) (1,322) 7.6% Healthcare revenue 130,904 85,681 52.8% 130,904 85,681 52.8% Cost of healthcare services (73,810) (48,506) 52.2% (73,810) (48,506) 52.2% Gross healthcare profit 57,094 37,175 53.6% 57,094 37,175 53.6% Real estate revenue 6,771 50,204 -86.5% 6,771 50,284 -86.5% (80) -100.0% Cost of real estate (4,852) (39,371) -87.7% (4,852) (39,371) -87.7% Gross real estate profit 1,919 10,833 -82.3% 1,919 10,913 -82.4% (80) -100.0% Gross other investment profit 9,506 9,439 0.7% 9,481 9,321 1.7% 25 118 -78.8% Revenue 615,026 448,975 37.0% 550,178 384.120 43.2% 78,484 72,525 8.2% (13,636) (7,670) 77.8% Salaries and other employee benefits (138,171) (113,488) 21.7% (116,440) (95,310) 22.2% (23,134) (19,269) 20.1% 1,403 1,091 28.6% Administrative expenses (64,203) (52,710) 21.8% (52,724) (42,026) 25.5% (12,575) (11,539) 9.0% 1,096 855 28.2% Banking depreciation and amortisation (25,216) (18,930) 33.2% (25,216) (18,930) 33.2% Other operating expenses (2,880) (2,638) 9.2% (2,307) (2,227) 3.6% Operating expenses (230,470) (187,766) 22.7% (196,687) (158,493) 24.1% (573) (36,282) (411) 39.4% (31,219) 16.2% 2,499 1,946 Operating income before cost of credit risk / EBITDA 384,556 261,209. 47.2% 353,491 225,627 56.7% 42,202 41,306 2.2% (11,137) (5,724) 28.4% 94.6% Profit from associates. 2,112 2,112 Depreciation and amortization of investment business. (9,494) (6,837) 38.9% (9,494) (6,837) 38.9% Net foreign currency gain from investment business. 4,067 (2,130) NMF 4,067 (2,130) NMF Interest income from investment business Interest expense from investment business Operating income before cost of credit risk 1,738 984. 76.6% 2,381 1,386 71.8% (643) (402) 60.0% (7,171) (5,621) 27.6% (18,951) (11,747) 61.3% 11,780 6,126 92.3% 375,808 247,605 51.8% 353,491 Impairment charge on loans to customers (108,890) (32,778) NMF (108,890) 225,627 (32,778) 56.7% 22,317 21,978 1.5% NMF Impairment charge on finance lease receivables (1,742) (340) NMF (1,742) (340) NMF Impairment charge on other assets and provisions (8,724) (9,350) -6.7% (5,655) (7,824) -27.7% (3,069) (1,526) 101.1% Cost of credit risk (119,356) (42,468) 181.0% (116,287) (40,942) 184.0% (3,069) (1,526) 101.1% Net operating income before non-recurring items 256,452 205,137 25.0% 237,204 184,685 28.4% 19,248. 20,452 -5.9% Net non-recurring items (8,349) (8,924) -6.4% (10,543) (10.320) 2.2% 2,194 1,396 57.2% Profit before income tax 248,103 196,213 26.4% 226,661 174,365 30.0% 21,442 21,848 -1.9% Income tax expense (32,829) (21,924) 49.7% (32,995) (18,837) 75.2% 166 (3,087) NMF 215,274 174,289 23.5% 193,666 155,528 24.5% 21,608 18,761 15.2% Profit Attributable to: -shareholders of the Group non-controlling interests Earnings per share (basic) Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 211,408 168,284 25.6% 191,041 152,843 25.0% 20,367 15.441 31.9% 3,866 5.51 6,005 -35.6% 2,625 2,685 -2.2% 1,241 3,320 -62.6% 4.89 12.7% page 80

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