Bank of Georgia reports record first half, as profits grow 10%

22nd Aug 2014 08:54

Bank of Georgia hailed a record first half with revenues and profits improving over the year.The bank, which has more than a third of the market share in Georgia based on total assets, said revenue rose 7.3% to 281.5m lari (GEL) in the six months to 30 June, equal to around £98m.Meanwhile pre-tax profit was 10.3% higher at GEL122.8m (£43m)."I am pleased to report another set of record half-year results that reflect the solid performance of our banking operations and the increasing impact from our diversified revenue sources," said chief executive Irakli Gilauri.Gilauri said the main drivers of growth were the decline in the cost of funding, which supported net interest margins at healthy levels, and an improvement in asset quality.The loan book, which rose 17.2% year-on-year to GEL3.66bn, was helped by the pick-up in lending at the corporate banking division and growth of the retail banking loan book.The stock was up 0.4% at 2,511p by 08:34.BC