Investor Presentaiton
Listed
portfolio
BANK OF GEORGIA
BANK OF GEORGIA OVERVIEW
http://bankofgeorgiagroup.com/
INVESTMENT RATIONALE
Market opportunity
GEORGIA
CAPITAL
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.
Banking sector assets, loans and deposits
High standards of transparency and governance.
CAGR 23.8%
Leading market position¹ in Georgia by assets (36.0%), loans (35.6%), client deposits (38.9%)
and equity (32.6%) as at 30 June 2021.
60
50
Growing market: The banking sector's assets growth rate at 23.8% (CAGR during 2003-2021
years).
Strong retail and corporate banking franchise.
Leader in payments and financial mobile app.
Sustainable growth combined with strong capital, liquidity and robust profitability.
Outstanding ROAE performance.
Dividend per share growing at 34.3% CAGR over 2010-2018
VALUE CREATION POTENTIAL
Loan book growth c.10%.
Restoration of dividend pay-out ratio within 25-40%.
20%+ ROAE.
OWNERSHIP
Georgia Capital owns 19.9% of Bank of Georgia Group PLC. As long as Georgia Capital's stake
in BoG is greater than 9.9%, it will exercise its voting rights in Bank of Georgia Group in
accordance with the votes cast by all other shareholders on all shareholder votes at any
general meeting.
Banking business key medium-term targets
ROAE
20%+
Loan book
growth
c. 10%
56.9
56.0
47.2
39.7
38.2 39.2
40
34.6
31.9
30.1
30
25.2
26.6
34.6 34.5
22.3
20.6
20
17.3
18.9
14.4
16.0
26.2
12.7
13.0
23.0
10.6
8.9
10.5
19.8
10
7.2
8.3
7.7 8.7
17.0
0.8
1.3
1.7 0.9 2.5 1.7 4.2 2.7
6.0
4.6
5.2
6.3
14.3
11.6
0.7
1.0
1.3 2.1
3.2
3.6 4.0 5.5 6.7 7.6 9.7
0
2003 2004 2005 2006
2007 2008 2009 2010
Assets, GEL bln
2011 2012 2013
Deposits, GEL bln
2014 2015 2016
2017 2018 2019 2020 2021
Loans, GEL bln
Source: NBG
Robust capital management track record
Capital repatriation policy: In the light of the evolving macroeconomic situation and
expected levels of medium-term growth, the Board will formally review the Group's capital
repatriation policy in the second half of 2021
Regular dividends: Aiming 25-40% dividend payout ratio. Resuming dividend payout
depends on new capital requirements schedule to be released by the NBG
Cash dividend paid GEL 648mln+ during 2013-2019, within the targeted payout
range
Georgia Capital PLC | 1. Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge
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