Investor Presentaiton
Listed
portfolio
BANK OF GEORGIA
BANK OF GEORGIA OVERVIEW
http://bankofgeorgiagroup.com/
INVESTMENT RATIONALE
Market opportunity
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 23.7%
Leading market position¹ in Georgia by assets (35.3%), loans (36.0%), client deposits (36.1%)
and equity (32.4%) as at 30 September 2021.
70
60
GEORGIA
CAPITAL
Growing market: The banking sector's assets growth rate at 23.7% (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 30-50%.
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%
58.6
56.9
47.2
50
39.7
41.0
38.2
40
34.6
31.9
30.1
30
25.2
26.6
22.3
34.6 35.9
20.6
17.3
18.9
20
12.7
14.4
16.0
26.2
13.0
23.0
10.6
8.9
7.2
8.3
10
0.8
1.3
1.7 0.9 2.5 1.7 4.2 2.7
6.0
4.6
5.2
6.3
8.7
7.7
10.5
19.8
17.0
14.3
0.7
1.0 1.3 2.1 3.2
3.6 4.0 5.5
6.7 7.6 9.7
11.6
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
Maintain regular progressive semi-annual dividend payouts: aiming 30-50%
dividend/share buyback payout ratio
Given higher levels of lending growth in the near term, the Board currently expects
the payout ratio to be approximately 35-40% over the next two years
GEL 648mln+ cash dividend paid during 2013-2019
An interim dividend of GEL 1.48 per ordinary share was paid on 5 November
2021
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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