Strategy & Governance
Summary
* Operating environment in Georgia is improving and 2010 looks promising for Bank
of Georgia:
NPLs stabilized - 0.1% q-o-q decrease in Q4 2009
* Consumer confidence and economic activity is increasing with a 16% increase
in client deposits in Q3 2009 and 8% q-o-q increase in client deposits in Q4
2009
National Bank of Georgia has highest FX reserves in Georgia's history – US$2+
bn, a 56% increase in FX reserves YTD
A 12% y-o-y growth of VAT, a highly correlated measure to GDP, in January,
suggests a healthy economic growth trend, that may result in higher than
estimated 2% growth of 2010 GDP
We came out strong from the downturn and are well positioned to take advantage of
our high liquidity and strong capital to achieve growth at the right price....
*.....by implementing our strategy to become more efficient, deposit funded lending
machine
Lobko
BANK OF GEORGIA
www.bog.ge/ir
Page 35
March 2010
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