Georgia Capital 3Q23 & 9M23 Performance Overview
Listed
Portfolio
BANK OF GEORGIA
BANK OF GEORGIA OVERVIEW
http://bankofgeorgiagroup.com/
INVESTMENT RATIONALE
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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 (38.5%), loans (36.8%), client deposits (42.3%)
and equity (74.8%) as at 30 September 2023.
Growing market: The banking sector's assets growth rate at 22.6% (CAGR over 2003-3Q23).
Strongest retail banking franchise: 45.5% market share in deposits of individuals, 39.6% market
share in individual loans, as of 30-Sep-23.
Sustainable growth combined with strong capital, liquidity and robust profitability, with ROAE
above 20%.
VALUE CREATION POTENTIAL
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Loan book y-o-y growth c.10%.
Regular progressive semi-annual capital distribution with 30-50% dividend/share buyback
payout ratio.
20%+ ROAE.
OWNERSHIP
Georgia Capital owns 19.62% 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%
Market opportunity
Banking sector assets, loans and deposits
CAGR 22.6%
GEORGIA
CAPITAL
74.8
70.0
60.6
56.9
50.1
47.2
43.0
44.7
39.7
38.2
34.6
49.4
31.9
30.1
44.3
25.2
26.6
37.2
20.6
22.3
34.6
17.3
1.3
0.8
1.7 0.9 2.51.7 4.22.7
7.2
8.9
10.6
12.7
14.4
13.0
8.3
4.6
6.0
5.2
6.3
7.7 8.7
10.5
0.7
1.0 1.3 2.1 3.2
3.6
4.0 5.5
7.6 9.7
11.6
GA
18.9
16.0
26.2
23.0
19.8
17.0
14.3
Deposits, GEL bln
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source: NBG
Assets, GEL bln
Loans, GEL bln
Robust capital management track record
Maintain regular progressive semi-annual dividend payouts: aiming 30%-50% dividend/share
buyback payout ratio.
In 3Q23, GCAP received GEL 52.8 million final dividends (declared and accrued in 1H23) and GEL
11.8 million buyback dividends from participation in the Bank's buyback programme,
corresponding to c.100,000 shares sold.
Subsequent to 3Q23, GCAP received additional GEL 27.6 million interim dividends from BoG, up
52.3% compared to interim dividends received in 2022, notwithstanding the sale of c.775,000
BOG shares through the participation in the Bank's buyback programme since its resumption.
Georgia Capital PLC | 1. Market data based on standalone accounts as published by the NBG www.nbg.gov.ge
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