Portfolio and Acquisitions Summary 2019
Listed
portfolio
Bank of Georgia (BOG) Overview
http://bankofgeorgiagroup.com/
Investment rationale
■ The first entity from Georgia to be listed on the premium segment of the Main Market of the
London Stock Exchange (LSE:BGEO) since February 2012
High standards of transparency and governance
Leading market position¹ in Georgia by assets (36.3%), loans (34.9%), client deposits (36.3%)
and equity (29.8%) as of 31 December 2019
■Market with stable growth perspectives
■ Strong brand name recognition and retail banking franchise
Sustainable growth combined with strong capital, liquidity and robust profitability
Outstanding ROAE performance
"
Dividend per share growing at 30.7% CAGR in 2010-2019 years
Value creation potential
■Loan book growth c.15%
■ Maintenance of dividend pay-out ratio within 25-40%
Banking business key targets
ROAE
20%+
Loan book
growth c.15%
(1)Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge
BANK OF GEORGIA
Market opportunity
Banking sector assets, loans and deposits
CAGR 25.0%
GEORGIA
CAPITAL
50
40
30
47.2
39.7
34.6
30.1
31.9
25.2
26.6
20.6
22.3
26.2
20
8.9
10 1.3
0.8
1.7 2.5
0.9
1.0
0.7
4.2 7.2
4.6
1.7
2.7
8.3 10.6
6.3
12.7 14.4
17.3
18.9
23.0
16.0
19.8
13.0
1.3
2.1
6.0
76.7 8.7
5.2
7.6 97
3.2 3.6 4.0 5.5
10.5
17.0
14.3
11.6
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: NBG
Assets, GEL bln
Loans, GEL bln
Deposits, GEL bln
Robust capital management track record
Capital position: aiming to maintain +200bps buffer for CET1 and Tier 1 capital
ratios over minimum regulatory requirement during the medium term
➤ Regular dividends: Aiming 25-40% dividend payout ratio
➤ Cash dividend paid GEL 648mln + during 2013-2019, within the targeted payout
range over past 7 years
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