Bank of Georgia Group PLC announces its unaudited consolidated financial results for the third quarter of 2024, with a 42.5% year-over-year increase in consolidated profit to GEL 509.3 million. The Groups loan book increased by 63.4% year-over-year, driven by the consolidation of Ameriabank and robust growth in Georgian Financial Services (GFS). GFS, which includes JSC Bank of Georgia and JSC Galt and Taggart, delivered a profit of GEL 411.4 million with a return on equity of 36.7%. Armenian Financial Services (AFS), including CJSC Ameriabank, posted a profit of GEL 91.4 million with a return on equity of 23.1%. The Groups operating income was GEL 937.7 million, with strong growth in net interest income, while operating expenses increased by 76.2% year-over-year due to the consolidation of Ameriabank. The Groups cost-to-income ratio was 34.8% in the third quarter. The Groups profit for the first nine months of 2024, adjusted for one-off items, was GEL 1,308.3 million, with a return on average equity of 30.1%.
| Year | Total Assets | Total Liabilities | Total Equity | Net Interest Income | Net Fee and Commission Income | Net Foreign Currency Gain | Net Other Income | Operating Income | Operating Expenses | Profit Before Tax Expense | Profit |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 47,365,428 | 40,833,886 | 6,531,542 | 641,036 | 134,100 | 153,023 | 9,501 | 937,660 | 326,434 | 606,512 | 509,253 |
| 2023 | 30,849,813 | 26,114,635 | 4,735,178 | 419,976 | 118,949 | 97,790 | 5,738 | 642,453 | 185,314 | 421,694 | 357,364 |
| Change | 53.5% | 56.4% | 37.9% | 52.6% | 12.7% | 56.5% | 65.6% | 45.9% | 76.2% | 43.8% | 42.5% |