Investor Presentaiton
Listed
portfolio
BANK OF GEORGIA
BANK OF GEORGIA OVERVIEW
http://bankofgeorgiagroup.com/
Market opportunity
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.
Banking sector assets, loans and deposits
CAGR 24.7%
High standards of transparency and governance.
Leading market position¹ in Georgia by assets (35.6%), loans (34.9%), client deposits (38.9%)
and equity (32.0%) as of 31 December 2020.
Growing market: The banking sector's assets growth rate at 16.2% (10-year CAGR).
Strongest retail 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 15%-20%
Maintenance of dividend pay-out ratio within 25-40%
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 to long term targets
60
GEORGIA
CAPITAL
56.9
50
47.2
39.7
38.2
40
34.6
31.9
30.1
30
26.6
25.2
34.6
22.3
20.6
20
17.3
18.9
16.0
26.2
12.7
14.4
13.0
23.0
10.6
10.5
19.8
8.9
10
7.2
8.3
0.8
1.3
0.7
1.7 0.9 2.5 1.7 4.2 2.7
1.0
6.0
4.6
5.2
6.3
8.7
7.7
17.0
14.3
11.6
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 2011 2012
2013 2014 2015 2016 2017 2018 2019
2020
Assets, GEL bln
Deposits, GEL bln
Loans, GEL bln
Source: NBG
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
ROAE
20%+
Loan book
growth
c. 15%
Due to the COVID-19 related uncertainties, BOG has decided against distributing a 2019 dividend to
shareholders; however, BoG's dividend policy remains unchanged, and the Bank plans to return to a
targeted payout ratio range of 25-40% as soon as practically possible.
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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