BGEO Group Financial Update
Income Statement | Quarterly
BGEO Consolidated
Banking Business
Investment Business
Eliminations
INCOME STATEMENT QUARTERLY
03 2015
Q3 2014
Change
Y-O-Y
Q2 2015
Change
Q-O-Q
Q3 2015
Q3 2014
Change
Y-O-Y
Q2 2015
Change
Q-O-Q
Q3 2015
Q3 2014
Change
Y-O-Y
Q2 2015
Change
Q-O-Q
Q3 2015
Q3 2014
Q2 2015
Banking interest income
219,999
148,330
48.3%
211,869
3.8%
223,800
150,084
49.1%
215,313
3.9%
Banking interest expense
(93,821)
(59,953)
56.5% (89,080)
5.3%
(94,551)
(60,107)
57.3%
(88,910)
6.3%
(3,801)
730
(1,754)
154
(3,444)
(170)
Net banking interest income
126,178
88,377
42.8% 122,789
2.8%
129,249
89,977
43.6%
126,403
2.3%
(3,071)
(1,600)
(3,614)
Fee and commission income
41,114
35,151
17.0% 38,944
5.6%
41.532
35,578
16.7%
40,160
3.4%
(418)
(427)
(1,216)
Fee and commission expense
(10,323)
(7,780)
32.7% (9,823)
5.1%
(10,471)
(7,780) 34.6%
(9,988)
4.8%
148
165
Net fee and commission income
30,791
27.371
12.5% 29,121
5.7%
31,061
27,798
11.7%
30,172
2.9%
(270)
(427)
(1,051)
Net banking foreign currency gain
18,675
13,431
39.0% 19,765
-5.5%
18,675
13,431
39.0%
19,765
-5.5%
Net other banking income
4,938
1,291
NMF
2,481
99.0%
5,231
1,324 295.1%
2,810
86.2%
(293)
(33)
(329)
Net insurance premiums earned
24,151
23,331
3.5%
22,566
7.0%
10,332
7,349
40.6%
9,777
5.7%
14,363
Net insurance claims incurred
(14,368)
(13,647)
5.3%
(16,749)
-14.2%
(4,503)
Gross insurance profit
Healthcare revenue
9,783
49,670
9,684
1.0%
5,817
68.2%
5,829
(3,592)
3,757
25.4%
55.2%
(6,304)
3,473
-28.6%
(9,865)
67.8%
4,498
16,444
(10,055)
6,389
-12.7%
13.244
8.4%
(544)
(462)
(455)
-1.9%
-29.6%
(10,445)
-5.6%
2,799
60.7%
(544)
(462)
(455)
33,090
50.1% 41,217
20.5%
49,670
33,090
50.1%
41,217
20.5%
Cost of healthcare services.
(27,552)
(18,853)
46.1% (23,118)
19.2%
(27,552)
(18,853)
46.1%
(23,118)
19.2%
Gross healthcare profit
22,118
14,237
55.4%
18,099
22.2%
22,118
14,237
55.4%
18,099
22.2%
Real estate revenue
981
17,160
-94.3%
1,716
-42.8%
981
17,160
-94.3%
1,716
-42.8%
Cost of real estate
(230)
(15,906)
-98.6%
(1,757)
-86.9%
(230)
(15,906)
-98.6%
(1,757)
-86.9%
Gross real estate profit
Gross other investment profit
751
3,373
1,254
3,577
-40.1%
-5.7%
(41)
4,734
NMF
751
1,254
-40.1%
(41)
NMF
-28.7%
3,229
3,580
-9.8%
4,709
-31.4%
144
(3)
25
Revenue
216,607
159,222
36.0% 202,765
6.8%
Salaries and other employee benefits
(47,385)
(40,341)
17.5% (45,044)
5.2%
Administrative expenses
(21,044)
(17,937)
17.3% (22,102)
-4.8%
Banking depreciation and amortisation
(8,505)
(6,408)
32.7% (8,338)
2.0%
Other operating expenses
(628)
Operating expenses
(77,562)
Operating income before cost of credit risk/
EBITDA
139,045
(877)
(65,563)
93,659
-28.4% (1,364)
-54.0%
190.045
(39,768)
(17,320)
(8,505)
(574)
136,287
(33,630)
39.4%
18.3%
182,623
4.1%
30,596
25,460
20.2%
25.566
19.7%
(4,034)
(2,525)
(5,424)
(38,066)
4.5%
(8,143)
(7,183)
13.4%
(7,460)
9.2%
526
472
482
18.3% (76,848)
0.9%
Profit from associates
1,444
48.5% 125,917
1,979
10.4%
-27.0%
(66,167)
123,878
(14,079) 23.0% (17,899)
(6,408) 32.7%
(8,338)
(601) -4.5%
(941)
(54,718) 20.9% (65,244)
-3.2%
(4,047)
(4,025)
0.5%
(4,498)
-10.0%
323
167
295
2.0%
,
-39.0%
(54)
1.4%
(12,244)
(276)
(11,484)
-80.4%
(423)
-87.2%
6.6%
(12,381)
-1.1%
849
639
777
81,569
51.9%
117,379
5.5%
18,352
1,444
13,976
31.3%
13,185
39.2%
(3,185)
(1,886)
(4,647)
1,979
-27.0%
Depreciation and amortization of investment.
business
(4,227)
(2,352)
79.7%
(2,579)
63.9%
(4,227)
(2,352)
79.7%
(2,579)
63.9%
Net foreign currency gain from investment business
(2,311)
Interest income from investment business.
499
Interest expense from investment business.
(2,080)
(281)
252
(1,872)
NMF
98.0%
2,689
622
NMF
(2,311)
(281)
NMF
2,689
NMF
-19.8%
719
406
77.1%
844
-14.8%
(220)
(154)
(222)
11.1% (2,632)
-21.0%
(5,485)
(3,912)
40.2%
(7,501)
-26.9%
3.405
2.040
4,869
Operating income before cost of credit risk
132,370
89,406
48.1% 125,996
5.1%
Impairment charge on loans to customers
(34,857)
(15,852)
119.9% (35,105)
-0.7%
123.878
(34,857)
81,569
51.9%
(15,852) 119.9%
117.379
5.5%
8,492
7,837
8.4%
8.617
-1.5%
(35,105)
-0.7%
Impairment charge on finance lease receivables.
Impairment charge on other assets and provisions
156
17
NMF (1,779)
NMF
156
17
NMF
(1,779)
NMF
(946)
530
NMF (4,983)
-81.0%
(51)
972
NMF
(3,880)
-98.7%
(895)
(442)
102.5%
(1,103)
-18.9%
Cost of credit risk
(35,647)
(15,305)
132.9% (41,867)
-14.9%
(34,752)
Net operating income before non-recurring items
96,723
74,101
30.5% 84,129
15.0%
89,126
Net non-recurring items
(5,489)
(727)
NMF
(413)
NMF
(4,967)
Profit before income tax.
91,234
73,374
24.3%
83,716
9.0%
84,159
(14,863)
66,706
(718)
65,988
133.8%
(40,764)
-14.7%
(895)
(442)
102.5%
(1,103)
-18.9%
33.6%
76,615
16.3%
7,597
7,395
2.7%
7,514
1.1%
NMF
(3,409)
45.7%
(522)
(9)
NMF
2,996
NMF
27.5%
73,206
15.0%
7,075
7.386
-4.2%
10,510
-32.7%
Income tax expense
(10,329)
(11,066)
-6.7% (11,686)
-11.6%
Profit
80,905
62,308
29.8%
72,030
12.3%
(10,757)
73,402
(10,353)
3.9% (11,753)
-8.5%
428
(713)
NMF
67
NMF
55,635
31.9%
61,453
19.4%
7,503
6,673
12.4%
10.577
-29.1%
Attributable to:
-shareholders of the Group
78,167
59.937
30.4%
70,601
10.7%
71,830
54,740
31.2%
60,963
17.8%
6,337
5,197
21.9%
9,638
-34.2%
-non-controlling interests
2,738
2.371
15.5%
1,429
91.6%
1,572
895
75.6%
490
NMF
1,166
1,476
-21.0%
939
24.2%
Earnings per share (basic)
2.04
1.74
17.2%
1.84
10.9%
Holding company of BANK OF GEORGIA
BGEO www.bgeo.com
GROUP
November 2015
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