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Bank of Georgia Hldg (BGEO)

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Tuesday 29 May, 2012

Bank of Georgia Hldg

Trading Statement

RNS Number : 3251E
Bank of Georgia Holdings PLC
29 May 2012
 



London, 29 May 2012

 

Update on Current Strong Financial Performance

 

                                                                                                                                                                                  

Bank of Georgia Holdings plc. ("BGH") (LSE: BGEO LN), the holding company of JSC Bank of Georgia (the "Bank"), Georgia's leading bank, announced today that during the first five months of 2012, the Bank has continued to deliver strong financial performance throughout the business. In April and May 2012, the Bank has built on the performance trends delivered in the first quarter of the year and, in particular, has continued to substantially reduce its cost of deposits leading to an increased net interest margin, which is currently running over the 8% level. 

 

Operating costs continue to be well controlled and impairments are currently trending at similar levels to those in the first quarter of 2012. As a result, the Bank believes that it will deliver an earnings performance for 2012 above our previous expectations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About Bank of Georgia Holdings plc

Bank of Georgia Holdings plc is a UK-incorporated holding company of Bank of Georgia. Bank of Georgia is the leading Georgian bank, based on total assets (with a 34% market share), total loans (with a 35% market share) and client deposits (with a 36% market share) as of 31 March 2012, all data based on standalone financial information filed by banks in Georgia with the National Bank of Georgia. The Bank offers a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients.

 

Bank of Georgia has, as of the date hereof, the following credit ratings:

Standard & Poor's

'BB-/B'


FitchRatings

'BB-/B'


Moody's

'B1/NP' (FC) & 'Ba3/NP' (LC)


For further information, please visit www.bog.ge/ir or contact: 

Irakli Gilauri

Macca Ekizashvili


Chief Executive Officer

Head of Investor Relations


+995 322 444 109

+995 322 444 256


igilauri@bog.ge

ir@bog.ge


 

      This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any  securities.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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