Leverage and Valuation Overview
2015
2016
40.0
Listed
Portfolio
BANK OF GEORGIA
BANK OF GEORGIA OVERVIEW
http://bankofgeorgiagroup.com/
Stock price performance
35.0
30.0
25.0
20.0
15.0
10.0
5.0
May/18
Jun/18
Jul/18
Aug/18
Sep/18
Oct/18
Nov/18
Dec/18
Jan/19
Feb/19
Mar/19
Apr/19
May/19
Jun/19
Jul/19
Aug/19
Sep/19
Oct/19
Now/19
61/AON
Dec/19
Jan/20
Feb/20
Mar/20
Apr/20
May/20
Jun/20
Jul/20
Aug/20
Sep/20
Selected operating metrics
31-Dec-22
GBP 39.8
as of 31-Dec-23
Oct/20
Nov/20
Dec/20
Jan/21
Feb/21
Mar/21
Apr/21
May/21
Jun/21
Jul/21
Aug/21
Sep/21
Oct/21
Nov/21
Dec/21
Jan/22
Feb/22
Apr/22
Apr/22
May/22
Jun/22
Jul/22
Aug/22
Sep/22
Oct/22
Nov/22
Dec/22
Jan/23
Feb/23
Mar/23
Apr/23
May/23
Jun/23
Jul/23
Aug/23
Sep/23
Oct/23
NIM
NPL coverage
Loan portfolio
Cost/income2,3
Financial metrics (GEL million)
2015 2016 2017 2018 2019 2020 2021 2022 2023
7.7% 7.4% 7.3% 6.5% 5.6% 4.6% 4.9% 5.4% 6.5%
83.4% 86.7% 92.7% 90.5% 80.9% 76.3% 95.5% 66.4% 69.2%
Change
y-o-y
+1.1 ppts
+2.8 ppts
5,367 6,682 7,741 9,398 11,931 14,192 16,169 16,862 20,233 +20.0%
35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 37.2% 32.0% 29.8% -2.2 ppts
GEL 19.8 billion gross loan portfolio breakdown* | 31 December 2023
Corporate loans,
GEL 6,546 million, 33%
31-Dec-23
Change
Number of monthly active customers (retail) ('000)
1,632
1,809
+10.8%
Retail loans,
GEL 8,653 million, 44%
4Q22
4Q23
Change
Number of transactions in mBank, iBank and sCoolApp
(million)
52
74
43.9%
SME loans,
GEL 4,612 million, 23%
* Bank of Georgia Standalone.
Profits & ROAE
Loan book growth
Dividend record (GEL million)
Loan book growth (nominal)
Loan book growth (constant currency basis)
ROAE¹
21.9%
22.2% 25.2% 26.4% 26.1% 13.0%
25.8% 32.4%2
29.9%5
Payout ratio4:
36% 33%
34%
32%
30% 30%
27.0%
24.5%
5 20.9%
21.4%
1,375
18.9%
19.8%
20.0%
17.4%
Share buyback
GEL million
1,132
16.1%
22.0%
19.0%
13.9% 12.9%
19.6%
Total dividend paid for the year
10.2%
15.9%
727
514
370
379
274
296
295
4.3%
1.5%
2017
2018
2019
2020
2021
2022 2023
3. 2019 cost/income ratio adjusted for GEL 12.4 million one-off employee costs (gross of income tax) related to termination benefits of the former executive management
4. For the purpose of total payout ratio calculation, total buyback amount is divided by outstanding shares before the beginning of the respective programme.
5. Adjusted for a one-off GEL 21.1 million other income related to the settlement of an outstanding legacy claim.
2015
2016
2017
2018
2019
2020 2021
2022
2023
Georgia Capital PLC | 1. 2019 ROAE and profit are adjusted for termination costs of the former CEO and executive management, while 2018 ROAE is adjusted for demerger related expenses, one-off impact of re-measurement of deferred tax balance and termination costs of the former CEO.
2.2022 Adjusted for a one-off GEL 391.1m of other income due to the settlement of an outstanding legacy claim, and a one-off GEL 79.3m tax expense due to an amendment to the current corporate taxation model in Georgia.
35%
37% 37%
This includes a final
dividend of GEL 4.94
535
514
per share, to be
recommended for
shareholders'
approval.
257
188
162
72
80
98
102
122
124
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
73
347
352
184
45
45
GEORGIA
CAPITALView entire presentation