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Bank of Georgia

Bank of Georgia's net interest margin fell 18.6% yoy to 3.73% in 4Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's net interest margin amounted to 3.73% in the fourth quarter of 2020, down from 4.05% when compared to the prev...

Bank of Georgia's customer loans rose 24.9% yoy to GEL 6,648 mil in 4Q2016

By Helgi Analytics - March 24, 2021

Bank of Georgia's customer loans reached GEL 6,648 mil in 2016-12-31, up 17.1% compared to the previous year. Georgian banking ...

Bank of Georgia's customer deposits rose 13.3% yoy to GEL 5,383 mil in 4Q2016

By Helgi Analytics - March 24, 2021

Bank of Georgia's customer deposits reached GEL 5,383 mil in 2016-12-31, up 14.5% compared to the previous year. Georgian banki...

Profit Statement 2018 2019 2020
Net Interest Income GEL mil 742 789 778
Net Fee Income GEL mil 153 180 166
Other Income GEL mil 212 245 256
Total Revenues GEL mil 1,107 1,214 1,200
Staff Cost GEL mil 215 244 240
Operating Profit GEL mil 709 787 744
Provisions GEL mil 139 94.2 237
Net Profit GEL mil 390 525 364
Balance Sheet 2018 2019 2020
Interbank Loans GEL mil 1,305 1,619 2,016
Customer Loans GEL mil 9,398 11,931 14,192
Investments GEL mil 2,170 2,012 2,776
Total Assets GEL mil 14,798 18,570 22,036
Shareholders' Equity GEL mil 1,798 2,151 2,550
Interbank Borrowing GEL mil 2,861 3,900 3,336
Customer Deposits GEL mil 8,134 10,077 14,020
Issued Debt Securities GEL mil 1,864 2,249 1,681
Ratios 2018 2019 2020
ROE % 17.2 26.6 15.5
ROA % 2.60 3.15 1.79
Costs (As % Of Assets) % 2.65 2.56 2.24
Costs (As % Of Income) % 35.9 35.2 38.0
Capital Adequacy Ratio % 16.6 18.1 17.6
Net Interest Margin % 4.95 4.73 3.83
Loans (As % Of Deposits) % 116 118 101
NPLs (As % Of Loans) % 3.28 2.08 ...
Provisions (As % Of NPLs) % 98.5 90.0 ...
Valuation 2018 2019 2020
Market Capitalisation USD mil 836 1,018 819
Number Of Shares mil 43.8 47.7 47.6
Share Price GEL 1,377 1,625 1,220
Price/Earnings (P/E) 15.4 14.8 16.0
Price/Book Value (P/BV) 0.987 0.959 0.511
Dividend Yield % 1.85 0 0
Earnings Per Share (EPS) GEL 8.97 11.0 7.65
Book Value Per Share GEL 139 169 239
Dividend Per Share GEL 2.55 0 0

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summary Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                      
Net Interest Income GEL mil         351 502 552 673 742    
Total Revenues GEL mil         645 813 910 961 1,107    
Operating Profit GEL mil         365 524 567 610 709    
Net Profit GEL mil         238 284 356 342 390    
balance sheet                      
Interbank Loans GEL mil         418 731 1,055 1,226 1,305    
Customer Loans GEL mil         4,348 5,322 6,648 7,690 9,398    
Investments GEL mil         961 1,150 1,574 1,918 2,170    
Total Assets GEL mil         7,579 10,079 12,954 15,169 14,798    
                         
Shareholders' Equity GEL mil         1,634 2,042 2,388 2,732 1,798    
Interbank Borrowing GEL mil         1,409 1,789 3,470 3,156 2,861    
Customer Deposits GEL mil         3,339 4,751 5,383 6,712 8,134    
Issued Debt Securities GEL mil         857 1,040 1,256 1,709 1,864    
ratios                      
ROE % ...       16.5 15.4 16.1 13.4 17.2    
ROA % ...       3.37 3.21 3.09 2.43 2.60    
Costs (As % Of Assets) % ...       3.97 3.28 2.98 2.50 2.65    
Costs (As % Of Income) %         43.4 35.6 37.7 36.5 35.9    
Capital Adequacy Ratio %         14.1 16.7 14.4 17.9 16.6    
Net Interest Margin % ...       4.98 5.68 4.79 4.78 4.95    
Interest Income (As % Of Revenues) %         54.4 61.7 60.6 70.0 67.0    
Fee Income (As % Of Revenues) %         15.5 14.5 13.5 13.5 13.8    
Staff Cost (As % Of Total Cost) %         55.0 55.1 53.4 55.9 54.0    
Equity (As % Of Assets) %         21.6 20.3 18.4 18.0 12.2    
Loans (As % Of Deposits) %         130 112 124 115 116    
Loans (As % Assets) %         57.4 52.8 51.3 50.7 63.5    
NPLs (As % Of Loans) % ...       3.45 4.37 4.27 3.78 3.28   ...
Provisions (As % Of NPLs) % ...       68.0 83.4 86.6 92.7 98.5   ...
valuation                      
Market Capitalisation USD mil ... ...     1,228 1,065 1,387 1,785 836    
Number Of Shares mil         34.6 38.3 39.5 39.5 43.8    
Share Price GEL ... ...     1,404 1,288 2,019 2,406 1,377    
Earnings Per Share (EPS) GEL         6.87 7.40 9.30 9.08 8.97    
Book Value Per Share GEL         137 189 197 242 139    
Dividend Per Share GEL         2.10 2.40 2.60 2.60 2.55    
Price/Earnings (P/E) ... ...     20.4 17.4 21.7 26.5 15.4    
Price/Book Value (P/BV) ... ...     1.03 0.681 1.02 0.994 0.987    
Dividend Yield % ... ...     1.50 1.86 1.29 1.08 1.85    
Earnings Per Share Growth % ...       15.9 7.66 25.6 -2.39 -1.23    
Book Value Per Share Growth % ...       30.8 38.4 4.13 22.9 -42.4    
income statement Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                      
Interest Income GEL mil         595 860 930 1,132 1,322    
Interest Cost GEL mil         244 358 378 459 581    
Net Interest Income GEL mil         351 502 552 673 742    
Net Fee Income GEL mil         99.8 118 122 130 153    
Fee Income GEL mil         132 158 170 190 229    
Fee Expense GEL mil         32.6 39.7 47.1 60.3 76.1    
Other Income GEL mil         194 193 236 158 212    
Total Revenues GEL mil         645 813 910 961 1,107    
Staff Cost GEL mil         154 159 183 196 215    
Depreciation GEL mil   ... ... ... 31.5 ... ... 28.6 34.9   ...
Other Cost GEL mil   ... ... ... 94.5 ... ... 126 148   ...
Operating Cost GEL mil         280 289 343 351 398    
Operating Profit GEL mil         365 524 567 610 709    
Provisions GEL mil         45.1 143 159 155 139    
Extra and Other Cost GEL mil         37.0 40.1 35.6 59.0 95.9    
Pre-Tax Profit GEL mil         283 341 373 396 474    
Tax GEL mil         37.2 50.2 -13.5 27.4 63.5    
Minorities GEL mil         8.26 7.25 30.0 25.8 19.8    
Net Profit GEL mil         238 284 356 342 390    
Net Profit Avail. to Common GEL mil         238 284 356 342 390    
Dividends GEL mil         79.8 91.1 97.9 96.5 121    
growth rates                      
Net Interest Income Growth % ...       11.7 42.9 9.95 21.9 10.3    
Net Fee Income Growth % ...       14.8 18.3 3.71 6.18 17.4    
Total Revenue Growth % ...       12.5 26.0 11.9 5.55 15.2    
Operating Cost Growth % ...       13.9 3.25 18.5 2.38 13.3    
Operating Profit Growth % ...       11.5 43.4 8.30 7.47 16.3    
Pre-Tax Profit Growth % ...       15.5 20.4 9.35 6.08 19.7    
Net Profit Growth % ...       18.0 19.3 25.7 -3.93 14.0    
market share                      
Market Share in Revenues %         40.8 42.8 43.3 39.6 ... ... ...
Market Share in Net Profit %         50.1 52.8 52.5 39.3 ... ... ...
balance sheet Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                      
Cash & Cash Equivalents GEL mil         710 1,433 1,574 1,582 1,216    
Interbank Loans GEL mil         418 731 1,055 1,226 1,305    
Customer Loans GEL mil         4,348 5,322 6,648 7,690 9,398    
Retail Loans GEL mil         1,406 1,979 2,601 3,464 4,426   ...
Mortgage Loans GEL mil         604 814 1,234 1,713 2,549   ...
Consumer Loans GEL mil         801 1,165 1,367 1,751 1,877   ...
Corporate Loans GEL mil         2,181 2,398 2,700 2,594 2,956   ...
Investments GEL mil         961 1,150 1,574 1,918 2,170    
Property and Equipment GEL mil         589 758 1,289 988 344    
Intangible Assets GEL mil         84.1 114 166 116 117    
Goodwill GEL mil         49.6 73.0 107 55.3 33.4    
Total Assets GEL mil         7,579 10,079 12,954 15,169 14,798    
                         
Shareholders' Equity GEL mil         1,634 2,042 2,388 2,732 1,798    
Of Which Minority Interest GEL mil         60.0 221 256 312 7.90    
Liabilities GEL mil         5,945 8,037 10,566 12,436 13,000    
Interbank Borrowing GEL mil         1,409 1,789 3,470 3,156 2,861    
Customer Deposits GEL mil         3,339 4,751 5,383 6,712 8,134    
Sight Deposits GEL mil         1,446 2,153 2,521 3,316 4,072   ...
Term Deposits GEL mil         1,893 2,598 2,862 3,396 4,062   ...
Issued Debt Securities GEL mil         857 1,040 1,256 1,709 1,864    
Other Liabilities GEL mil         340 457 458 859 141    
asset quality                      
Non-Performing Loans GEL mil ...       154 241 295 301 318    
Gross Loans GEL mil         4,452 5,523 6,904 7,970 9,711   ...
Risk-Weighted Assets GEL mil         6,719 8,363 9,790 9,192 11,339   ...
Total Provisions GEL mil         105 201 255 279 313   ...
growth rates                      
Customer Loan Growth % ...       25.0 22.4 24.9 15.7 22.2    
Retail Loan Growth % ...       26.9 40.8 31.4 33.1 27.8   ...
Mortgage Loan Growth % ...       35.1 34.8 51.6 38.8 48.9   ...
Consumer Loan Growth % ...       21.4 45.4 17.3 28.1 7.18   ...
Corporate Loan Growth % ...       17.1 9.92 12.6 -3.89 14.0   ...
Total Asset Growth % ...       16.2 33.0 28.5 17.1 -2.44    
Shareholders' Equity Growth % ...       31.7 25.0 16.9 14.4 -34.2    
Customer Deposit Growth % ...       7.09 42.3 13.3 24.7 21.2    
market share                      
Market Share in Customer Loans %         33.1 32.9 34.8 34.2 ... ... ...
Market Share in Corporate Loans %         32.1 28.4 28.1 23.8 ... ... ...
Market Share in Retail Loans %         18.6 26.6 24.7 27.7 ... ... ...
Market Share in Consumer Loans %         19.8 22.9 23.8 27.0 ... ... ...
Market Share in Mortgage Loans %         21.6 19.1 22.9 26.3 ... ... ...
Market Share in Total Assets %         36.8 40.1 43.0 43.8 ... ... ...
Market Share in Customer Deposits %         30.0 34.3 32.6 35.4 ... ... ...
ratios Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                       
ROE % ...       16.5 15.4 16.1 13.4 17.2    
ROTE % ...       17.5 16.3 17.2 14.1 18.2    
ROE (@ 15% of RWA) % ...       26.9 25.1 26.2 24.0 25.3   ...
ROA % ...       3.37 3.21 3.09 2.43 2.60    
Return on Loans % ...       6.08 5.87 5.95 4.77 4.57    
Operating Profit (As % of RWA) % ...       6.19 6.95 6.25 6.42 6.91   ...
Costs (As % Of Assets) % ...       3.97 3.28 2.98 2.50 2.65    
Costs (As % Of Income) %         43.4 35.6 37.7 36.5 35.9    
Costs (As % Of Loans) % ...       7.16 5.98 5.73 4.89 4.65    
Costs (As % Of Loans & Deposits) % ...       3.92 3.26 3.10 2.65 2.49    
Capital Adequacy Ratio %         14.1 16.7 14.4 17.9 16.6    
Tier 1 Ratio %         11.1 10.9 9.10 12.4 12.2    
Net Interest Margin % ...       4.98 5.68 4.79 4.78 4.95    
Interest Spread % ...       4.10 4.62 4.01 4.06 4.26    
Asset Yield % ...       8.44 9.74 8.07 8.05 8.83    
Revenues (As % of RWA) % ...       10.9 10.8 10.0 10.1 10.8   ...
Cost Of Liabilities % ...       4.34 5.13 4.06 3.99 4.56    
Payout Ratio %         33.5 32.1 27.5 28.2 31.1    
Interest Income (As % Of Revenues) %         54.4 61.7 60.6 70.0 67.0    
Fee Income (As % Of Revenues) %         15.5 14.5 13.5 13.5 13.8    
Other Income (As % Of Revenues) %         30.1 23.8 25.9 16.5 19.2    
Staff Cost (As % Of Total Cost) %         55.0 55.1 53.4 55.9 54.0    
Equity (As % Of Assets) %         21.6 20.3 18.4 18.0 12.2    
Equity (As % Of Loans) %         37.6 38.4 35.9 35.5 19.1    
Loans (As % Of Deposits) %         130 112 124 115 116    
Loans (As % Assets) %         57.4 52.8 51.3 50.7 63.5    
NPLs (As % Of Loans) % ...       3.45 4.37 4.27 3.78 3.28   ...
Provisions (As % Of NPLs) % ...       68.0 83.4 86.6 92.7 98.5   ...
Provisions (As % Of Loans) %         2.40 3.78 3.84 3.63 3.34   ...
Cost of Provisions (As % Of Loans) % ...       1.15 2.95 2.65 2.16 1.63    
other data Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                       
Employees         12,734 15,955 20,755 25,795 7,416   ...
Cost Per Employee USD per month         557 389 291 242 916   ...
Cost Per Employee (Local Currency) GEL per month         1,009 833 734 633 2,413   ...
Women (As % of Workforce) % ... ...     73.1 73.4 67.0 67.6 66.2   ...
Women (As % of Management) % ... ...     41.3 40.3 21.3 29.0 14.8   ...
customer breakdown Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                       
Customers mil ... ... ... ... ... ... ... 2.32 2.44    
Number of Primary Customers mil ... ... ... ... ... ... ... ... ...    
Payment Cards mil ... ... ... ... ... ... ... ... 2.20    
Debit Cards mil ... ... ... ... ... ... ... ... 1.90    
Credit Cards mil ... ... ... ... ... ... ... ... 0.300    
Number of Mortgages mil ... ... ... ... ... ... ... 0.027 0.039    
Number of Consumer Loans mil ... ... ... ... ... ... ... 0.739 0.567    
Average Size of Mortgage Loan GEL ... ... ... ... ... ... ... 64,276 65,359   ...
Average Size of Consumer Loan GEL ... ... ... ... ... ... ... 2,371 3,312   ...
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ...    
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... 1.15 1.60    
Consumer Loans (As % of Total Clients) % ... ... ... ... ... ... ... 31.9 23.2    
Payments Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... 90.1    
Debit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... 77.8    
Credit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... 12.3    
                         
Market Value per Customer (Local Currency) GEL ... ... ... ... ... ... ... 1,999 917    
Revenue per Customer (Local Currency) GEL ... ... ... ... ... ... ... 415 453    
Net Profit per Customer (Local Currency) GEL ... ... ... ... ... ... ... 148 160    
Loan per Customer (Local Currency) GEL ... ... ... ... ... ... ... 3,322 3,850    
Deposit per Customer (Local Currency) GEL ... ... ... ... ... ... ... 2,900 3,333    
Market Value per Customer USD ... ... ... ... ... ... ... 771 342    
Revenue per Customer USD ... ... ... ... ... ... ... 158 172    
Net Profit per Customer USD ... ... ... ... ... ... ... 56.4 60.7    
Loan per Customer USD ... ... ... ... ... ... ... 1,282 1,439    
Deposit per Customer USD ... ... ... ... ... ... ... 1,119 1,245    

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Bank of Georgia's net profit fell 17.2% yoy to GEL 131 mil in 4Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia made a net profit of GEL 131 mil in the fourth quarter of 2020, down 17.2% when compared to the same period of last year. This implies a return on equity of 21.3%. Historically, the bank’s net profit reached an all time high of GEL 158 mil in 4Q20...

Bank of Georgia's npls (as % of loans) fell 14.4% yoy to 2.72% in 2Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's non-performing loans reached 2.72% of total loans at the end of 2020-06-30, down from 3.18% compared to the previous year. Historically, the NPL ratio hit an all time high of 4.48% in 2017-06-30 and an all time low of 2.08% in 2019-12-31. ...

Bank of Georgia's corporate loans rose 23.4% yoy to GEL 4,417 mil in 2Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's loans reached GEL 13,040 mil in the second quarter of 2020, down from when compared to the previous quarter and up from GEL 10,916 mil when compared to the same period of last year. Historically, the bank’s loans reached an all ti...

Bank of Georgia's net interest income fell 2.65% yoy to GEL 202 mil in 4Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia generated total banking revenues of GEL 330 mil in the fourth quarter of 2020, down 2.86% when compared to the same period of last year and up 9.15% when compared to the previous quarter. Historically, the bank’s revenues containin...

Bank of Georgia's capital adequacy ratio fell 2.76% yoy to 17.6% in 4Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's capital adequacy ratio reached 17.6% at the end of fourth quarter of 2020, up from 17.3% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 29.7% in 1Q2012 and an all time low of 14.1% in 4Q2014. ...

Bank of Georgia's retail loan growth fell 47.8% yoy to 14.1% in 2Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's retail loans reached GEL 5,461 mil at the end of 2020-06-30, down 0% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 43.3% of the bank's loan book at the...

Bank of Georgia's equity (as % of assets) fell 0.098% yoy to 11.6% in 4Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's Equity reached 11.6% of total assets in the 4Q2020, down from 11.6% for the previous year. As a share of net customer loans, the ratio amounted to 18.0% at the end of the fourth quarter of 2020. ...

Bank of Georgia's customer loan growth fell 29.7% yoy to 18.9% in 4Q2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's customer loan growth reached 18.9% in 2020-12-31, down from 27.0% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 48.1% in 2015-03-31 and an all time low of 3.94% in 2016-03-31. In the las...

Bank of Georgia's npls (as % of loans) fell 36.6% yoy to 2.08% in 2019

By Helgi Analytics - March 24, 2021

Bank of Georgia's non-performing loans reached 2.08% of total loans at the end of 2019, down from 3.28% compared to the previous year. Historically, the NPL ratio hit an all time high of 4.37% in 2015 and an all time low of 2.08% in 2019. Provision coverage...

Bank of Georgia's net interest margin fell 19.1% yoy to 3.83% in 2020

By Helgi Analytics - March 24, 2021

Bank of Georgia's net interest margin amounted to 3.83% in 2020, down from 4.73% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 5.68% in 2015 and an all time low of 3.83% in 2020. The average marg...

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Finance

Bank of Georgia has been growing its revenues and asset by 8.09% and 16.9% a year on average in the last 5 years. Its loans and deposits have grown by 21.7% and 24.2% a year during that time and loans to deposits ratio reached 101% at the end of 2020. The company achieved an average return on equity of 17.7% in the last five years with net profit growing 5.11% a year on average. In terms of operating efficiency, its cost to income ratio reached 38.0% in 2020, compared to 36.6% average in the last five years.

Equity represented 11.6% of total assets or 18.0% of loans at the end of 2020. Bank of Georgia's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2020.

Valuation

Bank of Georgia stock traded at per share at the end of 2020 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 19.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 16.0x and price to book value (PBV) of 0.511x in 2020.