Bank of Georgia Growth and Reform Strategy
CORPORATE AND INVESTMENT BANKING HIGHLIGHTS
Income Statement Highlights*
Market Position**
Change
Change
GEL thousands unless otherwise noted
4Q19
4Q18
3Q19
2019
2018
y-o-y
q-o-q
Net interest income
65,642
43,696
50.2%
51,827
26.7%
217,874 165,723
Net fee and commission income
11,928
6,939
71.9%
9,826
21.4%
37,018
26,680
Change
y-o-y
31.5%
38.7%
Market Share by Loans
Market Share by Deposits
Net foreign currency gain
14,341
23,984
-40.2%
13,510
6.2%
49,355
54,702
-9.8%
33.1%
Net other income / (expense)
9,212
(3,451)
NMF
3,300
Operating income
101,123
71,168
42.1%
78,463
179.2%
28.9%
13,506
6,699
101.6%
317,753 253,804
25.2%
30.5%
31.0%
31.2%
Salaries and other employee benefits
(15,495)
(14,645)
5.8%
(15,304)
1.2%
Administrative expenses
(8,989)
(4,921)
82.7%
(5,866)
53.2%
(57,975)
(22,886) (17,409)
(54,792)
5.8%
30.9%
30.3%
31.5%
28.9% 28.8%
Depreciation, amortisation and impairment
(2,387)
(1,122)
112.7%
(2,416)
-1.2%
(8,437) (4,945)
70.6%
Other operating expenses
(295)
(347)
-15.0%
(241)
22.4%
Operating expenses
(27,166)
(21,035)
Operating income before cost of risk
73,957
50,133
29.1%
47.5%
(23,827)
14.0%
(1,042)
(90,340) (78,321)
(1,175)
-11.3%
15.3%
Cost of risk
(7,389)
(3,408)
116.8%
Net operating income before non-recurring items
66,568
46,725
Net non-recurring items
(217)
(619)
42.5%
-64.9%
54,636
1,239
55,875
35.4%
227,413 175,483
29.6%
NMF
(14,548) (25,888)
-43.8%
Profit before income tax expense and one-off
66,351
46,106
43.9%
(3)
55,872
19.1%
NMF
18.8%
212,865 149,595
42.3%
costs
Income tax expense
(5,344)
Profit adjusted for one-off costs
61,007
(3,570)
42,536
49.7% (7,444) -28.2%
One-off costs (after tax)
Profit
61,007
(922)
41,614
43.4%
NMF
46.6%
48,428
26.0%
48,428
26.0%
(293)
212,572 142,998
(19,819) (10,014)
192,753 132,984
44.9%
(4,094) (13,846) -70.4%
188,659 119,138 58.4%
(6,597)
-95.6%
48.7%
97.9%
2016
2017
2018
2019
2016
2017
2018
2019
Loan Yield
Deposit Cost
120%
5%
120%
100%
10.4%
10.7%
10.2%
9.1%
12%
3.9%
4.0%
4.1%
3.3%
100%
4%
9%
80%
80%
63.1%
61.2%
3%
65.9%
60%
74.8%
60%
83.3%
83.1%
82.3%
81.1%
6%
2%
40%
40%
3%
1%
20%
20%
36.9%
38.8%
34.1%
25.2%
16.7%
16.9%
17.7%
18.9%
0%
0%
0%
0%
2016
2017
2018
2019
2016
I Net loans, CIB, FC
Net loans, CIB, GEL
Currency-blended loan yield, CIB
2017
Client deposits, CIB, FC
Client deposits, CIB, GEL
Currency-blended cost of client deposits, CIB
2018
2019
BANK OF GEORGIA
The full year 2019 income statement adjusted profit excludes GEL 4.1mln one-off employee costs (net-off income tax) related to the former CEO and executive management termination
benefits. The amount is comprised of GEL 3.8mln (gross of income tax) excluded from salaries and other employee benefits and GEL 1.1mln (gross of income tax) excluded from non-recurring
items. The income statement adjusted profit in 4Q18 excludes GEL 0.9min one-off employee costs (net-off income tax) related to the former CEO termination benefits, which is comprised of
GEL 1.1mln (gross of income tax) excluded from non-recurring items. In addition to this, the full year 2018 income statement adjusted profit excludes GEL 12.9mln demerger related expenses (net
of income tax) and one-off impact of re-measurement of deferred tax balances
** Market shares by Loans and Deposits to Legal entities
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