The BGEO Group, formerly known as Bank of Georgia, has reported a large rise in profits in its third quarter earnings, jumping nearly 30%. The bank stated a rise to GEL80.9m ($33.9m) as well as a 39.4% rise in the banking division.
BGEO chief executive officer Irakli Gilauri believed a lot of the growth could be credited to the group’s banking activities.
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"Within our banking business, revenue growth was 39.4% year on year, and 4.1% quarter on quarter. This reflected strong growth in net interest income, up 43.6% year on year, as a result of a 37.7% increase in customer lending over the last 12 months, as well as the acquisition and full integration of Privatbank," he said.
The bank recently completed a rebranding and restructuring that saw its name change to BGEO only this week. The group’s performance was well received against what has been a volatile currency situation in Georgia which contributed to the devaluation of the Georgian Lari by 26% against the dollar over the last year. The company noted that the Lari has seen greater stability during the last few months.
"Against the challenging regional macroeconomic backdrop, the group has continued to perform very well. We believe we remain well positioned to deliver a strong performance for the full year and beyond," said Gilauri in a statement.
