Bank of Georgia Financial Analysis

BANK OF GEORGIA GROUP RESULTS HIGHLIGHTS Income Statement | full-year Bank of Georgia Group Consolidated Change GEL thousands unless otherwise noted 2018 2017 2018 Banking Business* 2017 Discontinued Operations* y-o-y Change y-o-y 2018 2017 Change y-o-y Net interest income Net fee and commission income Net foreign currency gain Net other income Revenue Operating expenses Profit from associates 741,753 672,535 152,662 130,050 10.3% 17.4% 739,604 672,100 10.0% 153,182 131,474 16.5% 128,762 79,106 62.8% 129,437 86,060 50.4% 7,262 1,030,439 (376,852) 1,339 18,645 -61.1% 7,815 19,701 -60.3% 900,336 14.5% 1,030,038 (338,798) 11.2% Operating income before cost of risk 654,926 1,311 562,849 2.1% 16.4% Cost of risk (160,225) (167,296) -4.2% (378,517) 1,339 652,860 (160,225) 909,335 (342,936) 13.3% 10.4% 1,311 2.1% 567,710 15.0% (167,296) -4.2% Profit before non-recurring items and income tax 494,701 395,553 25.1% 492,635 400,414 23.0% Net non-recurring items (57,156) (4,300) NMF (57,328) (4,300) NMF Profit before income tax expense 437,545 391,253 11.8% 435,307 396,114 9.9% Income tax expense (56,665) (26,592) 113.1% Profit from continuing operations 380,880 364,661 4.4% (56,665) (26,592) 378,642 369,522 113.1% 2.5% Profit from discontinued operations Profit Earnings per share (basic) Earnings per share (diluted) Earnings per share (basic) adjusted** Earnings per share (diluted) adjusted** 107,898 98,788 9.2% 488,778 463,449 5.5% 378,642 369,522 2.5% 110,136 110,136 93,927 93,927 17.3% 17.3% 10.78 10.71 11.61 -7.1% 8.72 9.63 -9.4% 11.07 -3.3% 8.66 9.18 -5.7% 9.92 9.63 3.0% 9.86 9.18 7.4% BANK OF GEORGIA * Banking Business and Discontinued Operations financials do not include inter-business eliminations. Detailed financials, including inter-business eliminations are provided on pages 58-60 ** 2018 annual results adjusted for GEL 30.3mln demerger related costs, GEL 8.0mln demerger related corporate income tax gain, and GEL 30.3mln one-off impact of re-measurement of deferred tax balances 7

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