Bank of Georgia finds market hard to please

Shares in Bank of Georgia Holdings have been in the doghouse since the election upset in Georgia at the beginning of October and Thursday's third quarter figures did little to reverse the trend, despite a solid increase in profits.

Shares in Bank of Georgia Holdings have been in the doghouse since the election upset in Georgia at the beginning of October and Thursday's third quarter figures did little to reverse the trend, despite a solid increase in profits.

Revenue in the first nine months of 2012 rose 16.2% to 370.0m lari (GEL) from GEL.318.3m in the corresponding period of 2011.

Profit before tax from continuing operations of GEL.158.7m were up by GEL.29.8m, or 23.1%.

Post-tax profit from continuing operations rose 16.8% to GEL.132.7m from GEL.113.6m the year before, leading to a 17.1% increase in basic earnings per share to GEL.3.94 from GEL.3.36 a year earlier.

"Despite the combination of a seasonally quiet quarter and the pre-election period, we experienced growing demand for credit, as reflected in the 4.8% q-o-q [quarter-on-quarter] growth of our loan book, and have further improved our efficiency by bringing the Cost to Income ratio down by a further 1.1 percentage points to 44.4%," said Irakli Gilauri, Chief Executive Officer of Bank of Georgia Holdings.

"Following the parliamentary elections in early October, Georgia is currently in the process of what has been a smooth transition to a new government. This has not changed the business priorities and strategies of Bank of Georgia and business trends in October have been consistent with our year-to-date performance," Gilauri added.

JH

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
3 Feb 2023
After slumping 42% last year, what's next for Scottish Mortgage?
Investment trusts

After slumping 42% last year, what's next for Scottish Mortgage?

After a spectacular couple of decades, the Scottish Mortgage Investment Trust fell by 42% last year. We take a look at the trust's performance and dis…
3 Feb 2023