Bank of Georgia Growth and Reform Strategy
RETAIL BANKING HIGHLIGHTS
Income Statement Highlights*
GEL thousands unless otherwise noted
Net interest income
Net fee and commission income
Net foreign currency gain
Net other income / (expense)
4Q19
4Q18
Change
y-o-y
Change
Change
3Q19
2019
2018
9-0-9
y-o-y
134,839
32,775
136,895
-1.5%
142,202
-5.2%
545,701
546,873
-0.2%
32,915
-0.4%
36,696
-10.7%
136,510
118,858
14.9%
14,795
24,047
-38.5%
14,410
2.7%
51,009
56,357
-9.5%
9,233
(5,420)
NMF
581
NMF
8,230
1,372
NMF
Operating income
191,642
188,437
1.7%
193,889
-1.2%
741,450
723,460
2.5%
Salaries and other employee benefits
(39,683)
(37,052)
7.1%
(37,732)
5.2%
(147,982)
(138,635)
6.7%
Administrative expenses
(22,593)
(21,620)
4.5%
(17,585)
28.5%
(70,968)
(84,323)
-15.8%
Depreciation, amortisation and impairment
(20,383)
(9,857)
Other operating expenses
(625)
Operating expenses
Profit from associate
(83,284)
153
Operating income before cost of risk
108,511
(639)
(69,168)
318
119,587
106.8%
-2.2%
20.4%
-51.9%
-9.3%
(17,973)
13.4%
(66,136)
(39,134)
69.0%
(379)
(73,669)
194
64.9%
(2,286)
(2,332)
-2.0%
13.1%
(287,372)
(264,424)
8.7%
-21.1%
120,414
-9.9%
Cost of risk
(7,118)
(37,486)
-81.0%
(16,831)
-57.7%
789
454,867
(89,879)
1,339
460,375
-41.1%
-1.2%
(130,715)
-31.2%
Net operating income before non-recurring items
101,393
82,101
23.5%
103,583
-2.1%
364,988
329,660
10.7%
Net non-recurring items
68
(779)
NMF
(575)
NMF
(846)
(13,529)
-93.7%
Profit before income tax expense and one-off costs
101,461
81,322
24.8%
Income tax expense
(8,910)
(6,155)
44.8%
Profit adjusted for one off costs
92,551
75,167
One-off costs (after tax)
(2,939)
Profit
92,551
72,228
23.1%
NMF
28.1%
103,008
(14,060)
88,948
-1.5%
-36.6%
364,142
(35,396)
316,131
15.2%
(21,389)
65.5%
4.1%
328,746
294,742
11.5%
(10,142)
(36,483)
-72.2%
88,948
4.1%
318,604
258,259
23.4%
Loan Yield
Deposit Cost
120%
16.8%
16.1%
15.1%
18%
120%
4%
12.9%
3.3%
2.9%
2.9%
2.6%
100%
15%
100%
3%
80%
48.8%
50.3%
43.7%
12%
80%
60.8%
60%
9%
60%
75.0%
72.1%
69.7%
68.0%
2%
40%
6%
40%
1%
51.2%
49.7%
56.3%
20%
39.2%
3%
20%
25.0%
27.9%
30.3%
32.0%
0%
0%
0%
0%
2016
2017
2018
2019
2016
2017
2018
2019
I Net loans, RB, FC
Net loans, RB, GEL
I Client deposits, RB, FC
Client deposits, RB, GEL
BANK OF GEORGIA
Currency-blended loan yield, RB
Currency-blended cost of client deposits, RB
The full year 2019 income statement adjusted profit excludes GEL 10.1mln one-off employee costs (net of income tax) related to the former CEO and executive management termination
benefits. The amount is comprised of GEL 8.6mln (gross of income tax) excluded from salaries and other employee benefits and GEL 2.9mln (gross of income tax) excluded from non-
recurring items. The income statement adjusted profit in 4Q18 excludes GEL 2.9mln one-off employee costs (net-off income tax) related to the former CEO termination benefits, which is
comprised of GEL 3.3mln (gross of income tax) excluded from non-recurring items. In addition to this, the full year 2018 income statement adjusted profit excludes GEL 33.5min demerger
related expenses (net of income tax) and one-off impact of re-measurement of deferred tax balances
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