3rd Quarter Results

Summary by AI ^BETAClose X

Lion Finance Group PLC reported a 3Q25 consolidated profit of GEL 547.2 million, a 7.5% year-on-year increase, with nine-month profit before one-off items reaching GEL 1,573.5 million, up 20.3% year-on-year. Operating income before cost of risk grew 14.8% year-on-year to GEL 702.4 million, and return on average equity was 27.8% for the quarter. The company declared a quarterly dividend of GEL 2.65 per share and approved a GEL 51.5 million share buyback program. Loan book growth was robust at 21.7% year-on-year in constant currency, and customer deposits increased by 18.0% year-on-year. The non-performing loan ratio stood at 2.1% as of September 30, 2025.

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Lion Finance Group PLC (BGEO)

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•	GFS mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and Taggart.
•	AFS includes Ameriabank CJSC
•	Other Businesses: includes JSC Belarusky Narodny Bank (BNB), which serves retail and SME clients in Belarus; JSC Digital Area, a digital ecosystem in Georgia including e-commerce, ticketing, and inventory management SaaS; Lion Finance Group PLC, the holding company; and other small entities and intragroup eliminations.

•	The Group continued to demonstrate robust customer franchise growth. On a year-on-year basis, Bank of Georgia's Retail Digital Monthly Active Users (Digital MAU) grew by 14.7% to surpass 1.7 million individuals, while Ameriabank's Retail Digital MAU surged by 62.7%, reaching 305 thousand individuals. On a quarter-on-quarter basis, these figures increased by 2.8% and 14.4% at Bank of Georgia and Ameriabank, respectively.
•	Bank of Georgia's customer Net Promoter Score (NPS), measured by a third party, registered a new record of 74 in 3Q25 (67 in 3Q24 and 73 in 2Q25). Ameriabank measures its NPS internally, with an average score of 81 for 3Q25 (76 in 3Q24 and 75 in 2Q25).
•	The Group's loan book reached GEL 37,927.2m as at 30 September 2025, up 21.7% y-o-y in constant currency (cc). The growth was fuelled by strong loan book expansion across both the Georgian (GFS) and Armenian (AFS) operations, which recorded year-on-year constant currency increases of 16.1% and 36.5%, respectively. Compared with 30 June 2025, the GFS loan book was up 3.6%, while the AFS loan book increased by 5.6%, resulting in a total Group loan growth of 4.1% (in cc).
•	Client deposits and notes totalled GEL 37,657.6m as at 30 September 2025, reflecting an 18.0% y-o-y increase in constant currency (cc). GFS deposits rose by 14.0% y-o-y, while AFS deposits increased by 28.6% y-o-y. Compared with 30 June 2025, GFS deposits were up 10.3%, while AFS deposits increased by 5.7%, resulting in a total Group deposit growth of 8.6% (in cc).
•	Asset quality remained strong across the Group, with the Group cost of credit risk ratio at 0.5% in 3Q25 (0.2% in 3Q24 and 0.5% in 2Q25) and the NPL ratio at 2.1% as at 30 September 2025 (1.8% as at 30 September 2024 and 1.9% as at 30 June 2025).
•	In 3Q25, operating income was up 15.6% y-o-y to GEL 1,084.2m. The annual top-line growth was primarily driven by higher net interest income generated by both GFS and AFS.
	•	In 3Q25, net interest income was up 21.1% y-o-y to GEL 776.3m, fuelled by robust loan book growth and supported by a stable net interest margin at the Group level.
	•	In 3Q25, non-interest income was up 3.8% y-o-y to GEL 307.9m. On a y-o-y basis, this muted growth was attributable to lower net foreign currency gains across both GFS and AFS, coupled with a decrease in net fee and commission income at AFS. The decline in net fee and commission income at AFS was a result of incentives offered to acquire new customers as part of Ameriabank's market expansion strategy (see details on page 11).
•	The Group's operating expenses increased by 17.1% y-o-y to GEL 382.2m in 3Q25. The y-o-y growth was driven primarily by GFS, which saw expenses rise 15.4% y-o-y to GEL 226.2m, largely due to increased staff costs. Additionally, a GEL 4.4 million contribution from Bank of Georgia to the Resolution Fund, in accordance with the regulatory requirement introduced by the NBG for all commercial banks effective from January 2025[1], was also recorded this quarter.
•	As at 30 September 2025, Bank of Georgia's CET 1, Tier 1 and Total capital ratios stood at 17.4%, 20.5%, and 22.1%, respectively, comfortably above the minimum requirements of 15.3%, 17.5%, and 20.4%, respectively. Ameriabank's CET 1, Tier 1 and Total capital ratios stood at 14.5%, 14.5%, and 17.2% respectively, above the minimum requirements of 12.0%, 14.1%, and 16.8%, respectively.

•	c.15% annual growth of the Group's loan book.
•	20%+ return on average equity.
•	30-50% payout ratio (dividends and share buyback and cancellation programme).

GEL thousands	9M25	9M25	9M25	9M25	9M24	9M24	9M24	9M24
INCOME STATEMENT HIGHLIGHTS	Group	GFS	AFS	Other	Group[4]	GFS	AFS4	Other
Interest income	3,923,202	2,867,000	973,723	82,479	2,953,642	2,381,834	509,931	61,877
Interest expense	(1,747,356)	(1,318,451)	(380,824)	(48,081)	(1,256,451)	(1,054,744)	(182,942)	(18,765)
Net interest income	2,175,846	1,548,549	592,899	34,398	1,697,191	1,327,090	326,989	43,112
Net fee and commission income	431,239	359,399	61,748	10,092	392,564	338,691	50,141	3,732
Net foreign currency gain	450,377	268,983	110,298	71,096	395,449	279,021	77,320	39,108
Net other income	44,499	29,881	8,426	6,192	45,406	27,398	2,867	15,141
Operating income	3,101,961	2,206,812	773,371	121,778	2,530,610	1,972,200	457,317	101,093
Salaries and other employee benefits	(697,388)	(376,318)	(276,103)	(44,967)	(526,947)	(318,240)	(175,957)	(32,750)
Administrative expenses	(222,717)	(143,940)	(52,094)	(26,683)	(191,155)	(143,365)	(27,279)	(20,511)
Depreciation, amortisation and impairment	(161,759)	(107,828)	(44,527)	(9,404)	(125,838)	(90,184)	(27,830)	(7,824)
Other operating expenses	(22,052)	(18,752)	(2,266)	(1,034)	(8,353)	(4,108)	(3,250)	(995)
Operating expenses	(1,103,916)	(646,838)	(374,990)	(82,088)	(852,293)	(555,897)	(234,316)	(62,080)
Profit from associates	1,205	1,205	-	-	978	978	-	-
Operating income before cost of risk (2024: adjusted)	1,999,250	1,561,179	398,381	39,690	1,679,295*	1,417,281	223,001*	39,013
Cost of risk	(133,087)	(111,236)	(16,812)	(5,039)	(116,111)	(50,484)	(59,649)	(5,978)
Out of which initial ECL related to assets acquired in business combination^{^[5]}	-	-	-	-	(49,157)	-	(49,157)	-
Profit before income tax expense (2024: adjusted)	1,866,163	1,449,943	381,569	34,651	1,563,184*	1,366,797	163,352*	33,035
Income tax expense	(292,656)	(201,198)	(78,793)	(12,665)	(254,876)	(204,142)	(41,487)	(9,247)
Profit before one-off items	1,573,507	1,248,745	302,776	21,986	1,308,308*	1,162,655	121,865*	23,788
One-off items^{^[6]}	-	-	-	-	669,465	-	669,465	-
Profit	1,573,507	1,248,745	302,776	21,986	1,977,773	1,162,655	791,330	23,788

GEL thousands	3Q25	3Q24	Change y-o-y	2Q25	Change q-o-q	9M25	9M244		Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Net interest income	776,300	641,036	21.1%	715,845	8.4%	2,175,846	1,697,191		28.2%
Net fee and commission income	140,552	134,100	4.8%	152,615	-7.9%	431,239	392,564		9.9%
Net foreign currency gain	152,186	153,023	-0.5%	152,597	-0.3%	450,377	395,449		13.9%
Net other income	15,137	9,501	59.3%	18,077	-16.3%	44,499	45,406		-2.0%
Operating income	1,084,175	937,660	15.6%	1,039,134	4.3%	3,101,961	2,530,610		22.6%
Operating expenses	(382,227)	(326,434)	17.1%	(378,796)	0.9%	(1,103,916)	(852,293)		29.5%
Profit from associates	469	502	-6.6%	465	0.9%	1,205	978		23.2%
Operating income before cost of risk (2024: adjusted)	702,417	611,728	14.8%	660,803	6.3%	1,999,250	1,679,295*		19.1%
Cost of risk	(55,378)	(5,216)	NMF	(50,796)	9.0%	(133,087)	(116,111)		14.6%
Out of which initial ECL related to assets acquired in business combination5	-	-	-	-	-	-	(49,157)		NMF
Profit before income tax expense and one-off items (2024: adjusted)	647,039	606,512	6.7%	610,007	6.1%	1,866,163	1,563,184*		19.4%
Income tax expense	(99,843)	(97,259)	2.7%	(96,760)	3.2%	(292,656)	(254,876)		14.8%
Profit before one-off items	547,196	509,253	7.5%	513,247	6.6%	1,573,507	1,308,308*		20.3%
One-off items6	-	-	-	-	-	-	669,465		NMF
Profit	547,196	509,253	7.5%	513,247	6.6%	1,573,507	1,977,773		-20.4%

Basic earnings per share	12.75	11.71	8.9%	11.89	7.2%	36.45	45.12	-19.2%
Diluted earnings per share	12.58	11.49	9.5%	11.75	7.1%	35.99	44.29	-18.7%
Basic earnings per share adjusted for one-offs	12.75	11.71	8.9%	11.89	7.2%	36.45	29.80	22.3%
Diluted earnings per share adjusted for one-offs	12.58	11.49	9.5%	11.75	7.1%	35.99	29.25	23.0%
* This figure differs from the corresponding amount in the unaudited consolidated financial statements, as it excludes a one-off item of GEL 669.5m (see footnote 6) in 9M24, to better illustrate underlying performance. For the full unaudited consolidated financial information, please refer to page 13.

BALANCE SHEET HIGHLIGHTS	Sep-25	Sep-24	Change y-o-y	Jun-25	Change q-o-q
Liquid assets	17,882,228	14,253,652	25.5%	16,333,288	9.5%
Cash and cash equivalents	5,049,905	3,413,286	47.9%	4,022,221	25.6%
Amounts due from credit institutions	3,125,753	2,560,821	22.1%	3,194,606	-2.2%
Investment securities	9,706,570	8,279,545	17.2%	9,116,461	6.5%
Loans to customers, finance lease and factoring receivables^{^[7]}	37,927,219	31,058,958	22.1%	36,530,447	3.8%
Property and equipment	603,448	534,234	13.0%	578,502	4.3%
All remaining assets	1,718,290	1,518,584	13.2%	1,649,833	4.1%
Total assets	58,131,185	47,365,428	22.7%	55,092,070	5.5%
Client deposits and notes	37,657,572	31,872,416	18.2%	34,789,736	8.2%
Amounts owed to credit institutions	8,637,788	5,701,966	51.5%	8,927,118	-3.2%
Borrowings from DFIs	2,795,403	1,899,130	47.2%	2,918,362	-4.2%
Short-term loans from the National Bank of Georgia	2,146,297	1,166,526	84.0%	2,552,236	-15.9%
Short-term loans from the Central Bank of Armenia	143,168	164,993	-13.2%	142,743	0.3%
Loans and deposits from commercial banks	3,552,920	2,471,317	43.8%	3,313,777	7.2%
Debt securities issued	2,539,696	2,220,896	14.4%	2,445,652	3.8%
All remaining liabilities	1,398,612	1,038,608	34.7%	1,310,432	6.7%
Total liabilities	50,233,668	40,833,886	23.0%	47,472,938	5.8%
Total equity	7,897,517	6,531,542	20.9%	7,619,132	3.7%
Book value per share	184.46	150.46	22.6%	176.81	4.3%

KEY RATIOS	3Q25	3Q24	2Q25		9M25	9M244
ROAA (adjusted for one-off items)6^,8	3.9%	4.4%	3.8%	3.9%		4.3%
ROAA (adjusted for one-off items and Ameriabank initial ECL)5^,6^,8	3.9%	4.4%	3.8%	3.9%		4.5%
ROAE (adjusted for one-off items)6^,8	27.8%	32.1%	27.2%	27.9%		30.1%
ROAE (adjusted for one-off items and Ameriabank initial ECL)5^,6^,8	27.8%	32.1%	27.2%	27.9%		31.2%
Net interest margin^{^[8]}	6.2%	6.2%	6.0%	6.0%		6.4%
Loan yield8	12.4%	12.2%	12.3%	12.3%		12.5%
Liquid assets yield8	5.2%	5.1%	5.0%	5.0%		5.2%
Cost of funds8	5.1%	4.8%	5.1%	5.1%		4.9%
Cost of client deposits and notes8	4.5%	4.0%	4.3%	4.3%		4.1%
Cost of amounts owed to credit Institutions8	7.1%	7.7%	7.4%	7.4%		8.1%
Cost of debt securities issued8	7.4%	7.4%	7.5%	7.5%		8.2%
Cost:income ratio	35.3%	34.8%	36.5%	35.6%		33.7%
NPLs to gross loans	2.1%	1.8%	1.9%	2.1%		1.8%
NPL coverage ratio	64.4%	71.4%	63.5%	64.4%		71.4%
NPL coverage ratio adjusted for the discounted value of collateral	117.7%	124.2%	119.2%	117.7%		124.2%
Cost of credit risk ratio8	0.5%	0.2%	0.5%	0.4%		0.6%
Cost of credit risk ratio (adjusted for Ameriabank initial ECL)5^,8	0.5%	0.2%	0.5%	0.4%		0.3%

GEL thousands, unless otherwise noted	Sep-25	Sep-24	Change y-o-y	Jun-25	Change q-o-q
NON-PERFORMING LOANS
Group (consolidated)
NPLs (in GEL thousands)	803,774	564,429	42.4%	717,493	12.0%
NPLs to gross loans	2.1%	1.8%		1.9%
NPL coverage ratio	64.4%	71.4%		63.5%
NPL coverage ratio adjusted for the discounted value of collateral	117.7%	124.2%		119.2%
Georgian Financial Services (GFS)
NPLs to gross loans	2.3%	1.9%		2.2%
NPL coverage ratio	59.7%	70.6%		61.7%
NPL coverage ratio adjusted for the discounted value of collateral	112.2%	119.4%		113.6%
Ameriabank (standalone figures)
NPLs to gross loans	1.5%	1.6%		1.4%
NPL coverage ratio	87.3%	78.4%		75.5%
NPL coverage ratio adjusted for the discounted value of collateral	145.8%	136.9%		144.5%

•	In August 2025, the Board took the decision to move to a quarterly distribution schedule, with the Group's total capital repatriation policy unchanged at a target payout range of 30-50% of annual Group profits. Considering the strong performance of the Group during the third quarter of 2025 and robust capital levels, today the Board declared an interim dividend of GEL 2.65 per ordinary share in respect of the third quarter of 2025, payable according to the following timetable:
	•	Ex-Dividend Date: 18 December 2025
	•	Record Date: 19 December 2025
	•	Currency Conversion Date: 19 December 2025
	•	Payment Date: 9 January 2026
•	The NBG's Lari/Pounds Sterling average exchange rate for the period of 15 December to 19 December 2025 will be used as the exchange rate on the Currency Conversion Date and will be announced in due course.
•	In addition, today the Board has approved an extension to the share buyback and cancellation programme of a further GEL 51.5 million.
•	The previous GEL 98 million extension of the share buyback and cancellation programme has been completed. As a result of this extension, since August 2025, 349,887 shares have been purchased. Following the cancellation of the remainder of these repurchased shares, the total number of shares with voting rights will be 43,513,689.

•	GFS delivered operating income of GEL 775.4m in 3Q25, up 13.4% y-o-y and up 4.0% q-o-q. The y-o-y growth was primarily driven by higher net interest income, supported by a modest contribution from net fee and commission income. On a q-o-q basis, the increase was mainly attributable to strong net interest income generation, complemented by growth in net foreign currency gain, partly offset by a decline in net fee and commission income and net other income. In 9M25, operating income reached GEL 2,206.8m (up 11.9% y-o-y), underpinned by solid net interest income growth, complemented by modest increases in net fee and commission income and net other income, and partially offset by a decline in net foreign currency gain.
•	Net interest income stood at GEL 552.2m in 3Q25, up 18.4% y-o-y and up 7.3% q-o-q. The y-o-y and the q-o-q increases were mainly driven by strong loan growth and higher net interest margin. In 9M25, net interest income amounted to GEL 1,548.5m (up 16.7% y-o-y).
	•	In 3Q25, NIM stood at 6.2%, up 0.1 pp y-o-y and up 0.3 pp q-o-q. The q-o-q NIM expansion was driven by a higher loan yield and the growing share of loans in interest-earning assets. We expect GFS NIM to remain broadly stable.
•	Net fee and commission income reached GEL 120.4m in 3Q25, an increase of 8.6% y-o-y but a decrease of 3.7% q-o-q. The quarterly decline was primarily due to seasonal expenses related to the 'PLUS birthday' loyalty campaign in July.
•	Net foreign currency (FX) gain was GEL 94.9m in 3Q25, down 3.3% y-o-y but up 4.0% q-o-q. In 9M25, net FX gain amounted to GEL 269.0m, down 3.6% y-o-y. Compared with the prior year, this revenue line is broadly flat on the back of relatively stable currency and increased market competition.
•	Operating expenses amounted to GEL 226.2m in 3Q25 (up 15.4% y-o-y and up 1.0% q-o-q). In 9M25, operating expenses increased by 16.4% y-o-y to GEL 646.8m.
	•	In 3Q25, the y-o-y operating expense growth was primarily driven by higher staff costs, slightly offset by lower administrative expenses. Additionally, Bank of Georgia's contribution to the Resolution Fund in the amount of GEL 4.4m, in accordance with the regulatory requirement introduced by NBG for all commercial banks effective from January 2025,1 was posted again this quarter. Excluding the impact of resolution fund expenses, operating expenses at GFS would have increased by 13.2% y-o-y.
•	The cost of credit risk ratio was 0.6% in 3Q25 (0.1% in 3Q24 and 0.7% in 2Q25). In 9M25, the cost of credit risk was 0.5% (0.3% in 9M24). The portfolio quality overall remained healthy, with NPL ratio at 2.3% as at 30 September 2025 (1.9% as at 30 September 2024 and 2.2% as at 30 June 2025). The y-o-y increase in the GFS NPL ratio was mainly driven by a single CB client default in 4Q24.

	Portfolio highlights: loans to customers, finance lease and factoring receivables
	Sep-25			Sep-24		Change y-o-y		Change y-o-y (constant currency)		Jun-25		Change q-o-q		Change q-o-q (constant currency)
Total GFS			26,150,474	22,444,065		16.5%		16.10%		25,306,909		3.3%		3.6%
Retail			11,571,767	9,725,127		19.0%		18.80%		11,028,623		4.9%		5.0%
Mortgages			4,915,696	4,355,068		12.9%		12.50%		4,754,810		3.4%		3.5%
Consumer loans			5,856,880	4,696,736		24.7%		24.90%		5,517,428		6.2%		6.2%
Other loans			799,191	673,323		18.7%		16.30%		756,385		5.7%		5.7%
SME			5,317,970	4,900,686		8.5%		7.90%		5,227,172		1.7%		1.9%
CIB			9,260,737	7,818,252		18.5%		18.10%		9,051,114		2.3%		2.7%
			Portfolio highlights: customer deposits and notes
	Sep-25				Sep-24		Change y-o-y		Change y-o-y (constant currency)		Jun-25		Change q-o-q	Change q-o-q (constant currency)
Total GFS		27,487,750			24,079,718		14.2%		14.0%		24,979,831		10.0%	10.3%
Retail		15,589,366			13,816,179		12.8%		12.7%		15,169,685		2.8%	3.1%
SME		2,344,438			2,083,761		12.5%		12.2%		2,231,309		5.1%	5.3%
CIB		7,613,923			6,324,426		20.4%		20.5%		6,278,743		21.3%	21.6%
Corporate Center		2,021,083			1,920,096		5.3%				1,374,967		47.0%
Eliminations		(81,060)			(64,744)		25.2%				(74,873)		8.3%
	Loan portfolio quality: cost of credit risk ratio
	3Q25				3Q24				2Q25
Total GFS	0.6%				0.1%				0.7%
Retail	0.8%				0.1%				0.8%
SME	0.3%				0.3%				1.1%
CIB	0.7%				0.0%				0.6%
	Loan portfolio quality: NPL ratio
	Sep-25				Sep-24				Jun-25
Total GFS	2.3%				1.9%				2.2%
Retail	1.5%				1.7%				1.5%
SME	4.0%				3.6%				3.6%
CIB	2.3%				1.1%				2.1%

•	Customer lending continued to expand, with GFS's net loans, factoring, and finance lease receivables reaching GEL 26,150.5m as at 30 September 2025, up 16.1% y-o-y and up 3.6% q-o-q in cc. The y-o-y growth was broad-based, led almost equally by RB and CIB, with SME also contributing.
	•	Within the RB segment, growth was primarily driven by consumer lending, which increased by 24.9% y-o-y in cc. Mortgage lending also grew by 12.5% y-o-y in cc, now accounting for 42.5% of the retail loan book - below the share of consumer loans at 50.6%.
	•	58.2% of the loan book was in GEL as at 30 September 2025 (57.1% at 30 September 2024 and 57.7% at 30 June 2025).
•	As at 30 September 2025, client deposits and notes stood at GEL 27,487.8m, up 14.0% y-o-y and up 10.3% q-o-q in cc. The y-o-y growth was broad-based across business segments and deposit types. As at 30 September 2025, current & demand deposits and time deposits accounted for 53.0% and 47.0% of the total deposit portfolio, respectively.
	•	Retail Banking remained the key contributor to the y-o-y deposit growth (up GEL 1,773.2m, or by 12.7% y-o-y in cc), now comprising 56.7% of total client deposits. CIB posted the fastest y-o-y growth - up GEL 1,289.5m, that is 20.5% in cc - raising its share to 27.7% of the total portfolio. The SME segment also supported overall growth with a solid 12.2% increase y-o-y in cc, up GEL 260.7m).
	•	The deposit base continued to de-dollarise, with GEL-denominated deposits rising to 52.9% as at 30 September 2025, compared with 49.8% a year earlier and 50.6% at the end of 2Q25.

	30 Jun 2025	3Q25 profit	Business growth	Currency impact	Dividend payment	Tier 1- Tier 2	30 Sep 2025	Min requirement	Buffer above min requirement		Potential impact of a 10% GEL devaluation

CET 1 capital adequacy	17.3%	1.4%	-0.2%	0.0%	-1.1%	0.0%	17.4%	15.3%	2.1%	-0.8%
Tier 1 capital adequacy	20.4%	1.4%	-0.2%	0.0%	-1.1%	0.0%	20.5%	17.5%	3.0%	-0.7%
Total capital adequacy	21.8%	1.4%	-0.2%	0.0%	-1.1%	0.2%	22.1%	20.4%	1.7%	-0.6%

BALANCE SHEET HIGHLIGHTS	Sep-25	Sep -24	Change y-o-y	Jun-25	Change q-o-q
Cash and cash equivalents	1,211,626	916,969	32.1%	1,271,871	-4.7%
Amounts due from credit institutions	942,877	732,424	28.7%	831,897	13.3%
Investment securities	1,455,992	1,041,356	39.8%	1,463,753	-0.5%
Loans to customers, finance lease and factoring receivables	10,890,803	7,955,714	36.9%	10,341,990	5.3%
Loans to customers, finance lease and factoring receivables, LC	6,258,037	4,702,686	33.1%	5,999,058	4.3%
Loans to customers, finance lease and factoring receivables, FC	4,632,766	3,253,028	42.4%	4,342,932	6.7%
Property and equipment	84,829	78,116	8.6%	79,912	6.2%
All remaining assets	396,708	317,741	24.9%	365,377	8.6%
Total assets	14,982,835	11,042,320	35.7%	14,354,800	4.4%
Client deposits and notes	8,827,419	6,854,363	28.8%	8,379,668	5.3%
Client deposits and notes, LC	5,227,233	3,672,842	42.3%	4,772,660	9.5%
Client deposits and notes, FC	3,600,186	3,181,521	13.2%	3,607,008	-0.2%
Amounts owed to credit institutions	2,382,530	962,149	147.6%	2,430,196	-2.0%
Debt securities issued	1,207,757	1,150,771	5.0%	1,171,408	3.1%
All remaining liabilities	444,191	424,619	4.6%	403,860	10.0%
Total liabilities	12,861,897	9,391,902	36.9%	12,385,132	3.8%
Total equity	2,120,938	1,650,418	28.5%	1,969,668	7.7%
Risk-weighted assets (Ameriabank CJSC standalone)	14,099,398	10,492,132	34.4%	13,200,273	6.8%

•	In 3Q25, operating income amounted to GEL 270.7m, up 21.3% y-o-y and up 6.4% q-o-q. Both the y-o-y and the q-o-q expansion was predominantly driven by strong net interest income generation.
•	Net interest income totalled GEL 210.0m in 3Q25, up 30.0% y-o-y and up 9.2% q-o-q. Although interest income grew robustly, it was outpaced by interest expense growth. This was due to a combination of rising interest-bearing liabilities and a higher cost of deposits, driven by an increased share of time and local currency deposits attracted to support growth.
	•	In 3Q25, NIM stood at 6.5% (6.7% in 3Q24 and 6.4% in 2Q25). On a y-o-y basis, a 0.1 pp increase in loan yield to 11.6% was offset by a 0.4 pp rise in the cost of funds to 4.6%. This increase in funding costs was primarily driven by the higher cost of customer deposits (up 0.5 pp to 3.7%).
•	Net fee and commission income was GEL 17.4m in 3Q25, down 17.8% y-o-y and down 27.4% q-o-q. This decline is attributable to fee and commission expenses rising in line with increased card transaction volumes (which more than doubled y-o-y), while income growth was constrained by customer incentives. These incentives are a key part of Ameriabank's market expansion strategy for its payments business.
•	Net foreign currency gains stood at GEL 38.4m in 3Q25, broadly flat compared with 3Q24 and 2Q25.
•	In 3Q25, operating expenses stood at GEL 127.4m, up 16.6% y-o-y and up 0.2% q-o-q. The y-o-y increase came mainly from higher staff costs (up 22.5% y-o-y), driven by increasing staff count as well as the revision of salaries. Administrative expenses rose 7.5% y-o-y, mainly reflecting business growth and active marketing campaigns.
•	In 3Q25, the cost of credit risk ratio stood at 0.0% (0.3% in 3Q24 and 0.3% in 2Q25). The low cost of credit risk ratio for the quarter reflects a recalibration of the write-off methodology. Excluding this effect, the underlying cost of credit risk ratio would have been around 0.5%.
•	Overall, AFS generated GEL 111.5m in profit in 3Q25, up 22.0% y-o-y and up 16.4% q-o-q. ROAE stood at 21.8% in 3Q25 (vs. 23.1% in 3Q24 and 20.1% in 2Q25).

	Sep-25	Sep-24	Jun-25
IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia)	126.2%	126.3%	125.9%
IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia)	127.4%	124.9%	127.4%

GEL thousands	3Q25	3Q24	Change y-o-y	2Q25	Change q-o-q	9M25	9M24	Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income	349,757	252,723	38.4%	316,741	10.4%	970,545	710,299	36.6%
Interest expense	(136,292)	(91,178)	49.5%	(122,973)	10.8%	(371,632)	(253,201)	46.8%
Net interest income	213,465	161,545	32.1%	193,768	10.2%	598,913	457,098	31.0%
Net fee and commission income	17,356	21,342	-18.7%	23,901	-27.4%	61,749	68,735	-10.2%
Net foreign currency gain	37,924	36,247	4.6%	36,395	4.2%	107,042	109,225	-2.0%
Net other income	4,895	1,795	172.7%	379	NMF	8,425	4,526	86.1%
Operating income	273,640	220,929	23.9%	254,443	7.5%	776,129	639,584	21.3%
Salaries and other employee benefits	(83,932)	(67,366)	24.6%	(73,697)	13.9%	(226,213)	(211,421)	7.0%
Administrative expenses	(14,530)	(13,509)	7.6%	(18,625)	-22.0%	(51,006)	(39,348)	29.6%
Depreciation, amortisation and impairment	(12,217)	(9,211)	32.6%	(11,759)	3.9%	(34,793)	(26,006)	33.8%
Other operating expenses	779	(1,572)	NMF	(1,038)	NMF	(2,265)	(4,355)	-48.0%
Operating expenses	(109,900)	(91,658)	19.9%	(105,119)	4.5%	(314,277)	(281,130)	11.8%
Operating income before cost of risk	163,740	129,271	26.7%	149,324	9.7%	461,852	358,454	28.8%
Cost of risk	(3,427)	(6,716)	-49.0%	(5,783)	-40.7%	(19,087)	(7,497)	154.6%
Profit before income tax expense	160,313	122,555	30.8%	143,541	11.7%	442,765	350,957	26.2%
Income tax expense	(29,523)	(22,292)	32.4%	(26,781)	10.2%	(81,318)	(64,056)	26.9%
Profit	130,790	100,263	30.4%	116,760	12.0%	361,447	286,901	26.0%

	Sep-25	Sep-24	Change y-o-y	Jun-25	Change q-o-q
Retail:
Monthly active customers:
Bank of Georgia (standalone)	2,130.2	1,947.9	9.4%	2,077.5	2.5%
Ameriabank (standalone)	435.3	311.8	39.6%	407.9	6.7%
Digital MAU:
Bank of Georgia (standalone)	1,744.5	1,520.5	14.7%	1,696.2	2.8%
Ameriabank (standalone)	305.1	187.5	62.7%	266.7	14.4%
Digital DAU:
Bank of Georgia (standalone)	896.8	735.5	21.9%	874.4	2.6%
Ameriabank (standalone)	127.5	77.5	64.4%	110.0	15.9%
Share of products sold through retail digital channels:
Bank of Georgia (standalone)	70%	58%		69%

	Sep-25	Sep-24	Change y-o-y	Jun-25	Change q-o-q
Businesses:
Monthly active customers:
Bank of Georgia (standalone)	125.4	109.9	14.0%	122.3	2.5%
Ameriabank (standalone)	36.3	31.0	17.2%	36.1	0.5%
Digital MAU:
Bank of Georgia (standalone)	103.5	87.0	19.0%	100.0	3.5%
Ameriabank (standalone)	29.4	23.8	23.9%	28.1	4.8%

	3Q25	3Q24	Change y-o-y	2Q25	Change q-o-q
Volume of payment transactions (acquiring)[11] (millions):	6,060.4	4,999.9	21.2%	5,431.2	11.6%
POS	3,980.2	3,303.0	20.5%	3,451.9	15.3%
E-comm	2,080.1	1,696.9	22.5%	1,979.2	5.1%

•	Loans to customers, factoring and finance lease receivables stood at GEL 10,890.8m as at 30 September 2025, up 36.5% y-o-y and up 5.6% q-o-q in cc, with broad-based growth across both Corporate and Retail segments. In Retail, consumer loans continue to grow at the highest pace, posting a 63.1% y-o-y and an 11.9% q-o-q growth in cc.
	•	57.5% of the loan book was denominated in Armenian Drams as at 30 September 2025 (59.1% as at 30 September 2024 and 58.0% as at 30 June 2025).
	•	Ameriabank maintained its leading position in Armenia's loan market with the highest market share of 21.2% as at 30 September 2025 (up 1.6 pp y-o-y and up 0.1 pp q-o-q).
•	Client deposits and notes stood at GEL 8,827.4m as at 30 September 2025, up 28.6% y-o-y and up 5.7% q-o-q in cc. The share of time deposits in total deposits increased to 42.7%, up from 39.1% as at 30 September 2024 and 41.6% as at 30 June 2025.
	•	59.2% of client deposits and notes were denominated in Armenian Drams as at 30 September 2025 (53.6% as at 30 September 2024 and 57.0% as at 30 June 2025).
	•	Ameriabank's market share by total deposits (including issued local bonds) was up 1.6 pp y-o-y to 19.4% as at 30 September 2025 (up 0.3% q-o-q).
•	Armenian Financial Services maintains a diversified funding structure with customer deposits and local debt securities representing 77.0% of total liabilities, and the ratio of net loans, factoring and finance lease receivables to customer deposits and notes, local debt securities and DFI funding standing at 100.7% as at 30 September 2025.

•	As at 30 September 2025, Ameriabank's CET 1, Tier 1, and Total capital ratios stood at 14.5%, 14.5%, and 17.2%, respectively, all above the minimum requirements of 12.0%, 14.1%, and 16.8%, respectively. Following a decision by the CBA on 23 September 2025 (published on 6 October and effective from 15 October 2025), the regulatory framework was expanded to recognise Additional Tier 1 (AT1) capital instruments as an eligible component of bank capital. This change is expected to enable greater capital flexibility for Ameriabank moving forward. The movement in capital adequacy ratios in 3Q25 and the potential impact of a 10% devaluation of AMD is as follows.
	30 Jun 2025	3Q25 profit	Business growth	Currency impact	Dividend payment	Regulatory deductions	Tier 1 - Tier 2	30 Sep 2025	Minimum requirement	Buffer above min requirement	Potential impact of a 10% AMD devaluation

CET 1 capital adequacy	14.9%	0.6%	-1.0%	0.0%	0.0%	0.0%	0.0%	14.5%	12.0%	2.5%	-0.6%
Tier 1 capital adequacy	14.9%	0.6%	-1.0%	0.0%	0.0%	0.0%	0.0%	14.5%	14.1%	0.4%	-0.6%
Total capital adequacy	16.9%	0.6%	-1.1%	0.0%	0.0%	0.0%	0.8%	17.2%	16.8%	0.4%	-0.5%

KEY RATIOS^{^[10]}	3Q25	3Q24	2Q25	9M25	9M24
ROAA	3.5%	3.6%	3.4%	3.5%	3.7%
ROAE	24.6%	24.2%	23.6%	24.3%	25.4%
Net interest margin	6.5%	6.6%	6.4%	6.5%	6.7%
Loan yield	11.5%	11.2%	11.3%	11.4%	11.3%
Cost of funds	4.4%	4.0%	4.3%	4.3%	3.9%
Cost:income ratio	40.2%	41.5%	41.3%	40.5%	44.0%
Cost of credit risk ratio	0.1%	0.4%	0.3%	0.2%	0.2%

BALANCE SHEET HIGHLIGHTS	Sep25	Sep-24	Change y-o-y	Jun-25	Change q-o-q
Cash and cash equivalents	611,475	437,014	39.9%	641,614	-4.7%
Amounts due from credit institutions	22,204	31,343	-29.2%	23,173	-4.2%
Investment securities	176,085	190,012	-7.3%	124,767	41.1%
Loans to customers, finance lease and factoring receivables	885,942	659,179	34.4%	881,548	0.5%
Property and equipment	17,389	12,269	41.7%	15,657	11.1%
All remaining assets	98,505	89,629	9.9%	99,238	-0.7%
Total assets	1,811,600	1,419,446	27.6%	1,785,997	1.4%
Client deposits and notes	1,342,403	938,335	43.1%	1,430,237	-6.1%
Amounts owed to credit institutions	30,122	(4,058)	NMF	(15,834)	NMF
Debt securities issued	11,774	3,113	NMF	12,700	-7.3%
All remaining liabilities	43,521	190,727	-77.2%	8,571	NMF
Total liabilities	1,427,820	1,128,117	26.6%	1,435,674	-0.5%
Total equity	383,780	291,329	31.7%	350,323	9.6%

•	In 3Q25, Other Businesses recorded a profit of GEL 1.9m (down 70.5% y-o-y and down 75.0% q-o-q).
•	BNB's capital ratios, calculated in accordance with the National Bank of the Republic of Belarus' standards, were above the minimum requirements as at 30 September 2025: Tier 1 capital adequacy ratio at 10.8% (minimum requirement of 7.0%) and Total capital adequacy ratio at 16.0% (minimum requirement of 12.5%).

Branch-network	Sep-25	Sep-24	Change y-o-y	Jun-25	Change q-o-q
Bank of Georgia	185	185	0.0%	187	-1.1%
Of which:
Full-scale branches	99	95	4.2%	99	0.0%
Transactional branches	86	90	-4.4%	88	-2.3%
Ameriabank	27	26	3.8%	26	3.8%

Unadjusted ratios of the Group	3Q25	3Q24	2Q25	9M25	9M24
ROAA	3.9%12	4.4%12	3.8%^{^[12]}	3.9%12	6.5%
ROAE	27.8%12	32.1%12	27.2%12	27.9%12	45.6%

FX rates	Sep-25	Sep-24	Jun-25
GEL/USD exchange rate (period-end)	2.71	2.73	2.72
GEL/GBP exchange rate (period-end)	3.64	3.66	3.74
GEL/1000AMD exchange rate (period-end)	7.06	7.05	7.07

Shares Outstanding	Sep-25	Sep-24	Change y-o-y	Jun-25	Change q-o-q
Ordinary shares outstanding (period-end)	42,807,308	43,249,397	-1.0%	43,083,953	-0.6%
Treasury shares outstanding (period-end)	919,155	1,477,586	-37.8%	827,573	11.1%
Total shares outstanding (period-end)	43,726,463	44,726,983	-2.2%	43,911,526	-0.4%

•	MAC (Monthly active customer - retail or business) Number of customers who satisfied pre-defined activity criteria within the past month.
•	Digital monthly active user (Digital MAU) Number of retail customers who logged into our mobile or internet banking channels at least once within a given month; when referring to business customers, Digital MAU means number of business customers who logged into our business mobile or internet banking channels at least once within a given month.
•	Digital daily active user (Digital DAU) Average daily number of retail customers who logged into our mobile or internet banking channels within a given month.
•	Payment MAU Number of retail customers who made at least one payment with a BOG card within the past month.
•	Net Promoter Score (NPS) NPS asks: on a scale of 0-10, how likely is it that you would recommend an entity to a friend or a colleague? The responses: 9 and 10 - are promoters; 7 and 8 - are neutral; 1 to 6 - are detractors. The final score equals the percentage of the promoters minus the percentage of the detractors.

3rd Quarter Results

Summary by AI BETAClose X

3Q25 and 9M25 results

Earnings call on 20 November 2025, 14:00 GMT

Segmentation guide

Lion Finance Group PLC delivered a 3Q25 consolidated profit of GEL 547.2 million, up 7.5% year-on-year and 6.6% quarter-on-quarter, resulting in a nine-month cumulative profit before one-off items of GEL 1,573.5 million, a year-on-year increase of 20.3%.

Operating income before cost of risk for 3Q25 grew by 14.8% y-o-y and 6.3% q-o-q to GEL 702.4 million.

Profitability remained strong, with a return on average equity of 27.8% for 3Q25 and 27.9% for 9M25.

The Company today declared a quarterly dividend of GEL 2.65 per share, coupled with a GEL 51.5 million share buyback and cancellation programme.

Group performance highlights

CEO statement

Our key targets for the medium term remain:

Macroeconomic developments: Georgia

Sustained economic growth momentum

Robust external flows

Temporary inflation uptick and prudent monetary policy

Strong fiscal discipline

Healthy bank lending

Stable GEL and continued reserve accumulation

Macroeconomic developments: Armenia

Robust economic growth

Continued normalisation of external demand and strong Dram

Near-target inflation and neutral monetary policy

Continued fiscal expansion

Sound banking sector

3Q25 and 9M25 consolidated results

Returns to shareholders (dividends and share buyback and cancellation programme)

Business Division results

Georgian Financial Services (GFS)

Performance highlights

Portfolio highlights

Liquidity

Capital position

Armenian Financial Services (AFS)

Performance highlights

Portfolio highlights[9]

Liquidity

Capital position

Ameriabank: unaudited standalone financial information (not included in the consolidated results)

Other businesses

Consolidated financial information

Non-financial information

Customer engagement

Payments business (Bank of Georgia standalone)

Additional information

Glossary

Operational terms

Ratio definitions and abbreviations

Constant currency basis

Lion Finance Group PLC profile

Further information

Forward-looking statements

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

•	Alternative performance measures (APMs) In this announcement the management uses various APMs, which we believe provide additional useful information for understanding the financial performance of the Group. These APMs are not defined by International Financial Reporting Standards, and also may not be directly comparable with other companies who use similar measures. We believe that these APMs provide the best representation of our financial performance as these measures are used by the management to evaluate the Group's operating performance and make day-to-day operating decisions.
•	Basic earnings per share Profit for the period attributable to shareholders of the Group divided by the weighted average number of outstanding ordinary shares over the same period.
•	Book value per share Total equity attributable to shareholders of the Group divided by ordinary shares outstanding at period-end; Ordinary shares outstanding at period-end equals number of ordinary shares at period-end less number of treasury shares at period-end.
•	CBA Central Bank of Armenia.
•	CBA Common Equity Tier 1 (CET 1) capital adequacy ratio Common Equity Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBA. Calculations are made for Ameriabank standalone.
•	CBA Tier 1 capital adequacy ratio Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBA. Calculations are made for Ameriabank standalone.
•	CBA Total capital adequacy ratio Total regulatory capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBA. Calculations are made for Ameriabank standalone.
•	CBA Liquidity coverage ratio (LCR) High-quality liquid assets divided by net cash outflows over the next 30 days (as defined by the CBA). Calculations are made for Ameriabank standalone.
•	CBA Net stable funding ratio (NSFR) Available amount of stable funding divided by the required amount of stable funding (as defined by the CBA). Calculations are made for Ameriabank standalone.
•	Cost of credit risk ratio Expected loss on loans to customers, factoring and finance lease receivables for the period divided by monthly average gross loans to customers, finance lease and factoring over the same period (annualised where applicable).
•	Cost of deposits Interest expense on client deposits and notes for the period divided by monthly average client deposits and notes over the same period (annualised where applicable).
•	Cost of funds Interest expense for the period divided by monthly average interest-bearing liabilities over the same period (annualised where applicable).
•	Cost to income ratio Operating expenses divided by operating income.
•	FC Foreign currency.
•	Full-scale branch A banking branch that provides all banking services.
•	Interest-bearing liabilities Amounts owed to credit institutions, client deposits and notes, and debt securities issued.
•	Interest-earning assets (excluding cash) Amounts due from credit institutions, investment securities (but excluding corporate shares) and loans to customers, factoring and finance lease receivables.
•	NBG Liquidity coverage ratio (LCR) High-quality liquid assets divided by net cash outflows over the next 30 days (as defined by the NBG). Calculations are made for Bank of Georgia standalone, based on IFRS.
•	NBG Net stable funding ratio (NSFR) Available amount of stable funding divided by the required amount of stable funding (as defined by the NBG). Calculations are made for Bank of Georgia standalone, based on IFRS.
•	LC Local currency.
•	Leverage (times) Total liabilities divided by total equity.
•	Liquid assets Cash and cash equivalents, amounts due from credit institutions and investment securities.
•	Loan yield Interest income from loans to customers, factoring and finance lease receivables for the period divided by monthly average gross loans to customers, factoring and finance lease receivables over the same period (annualised where applicable).
•	NBG National Bank of Georgia.
•	NBG (Basel III) Common Equity Tier 1 (CET 1) capital adequacy ratio Common Equity Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG. Calculations are made for Bank of Georgia standalone, based on IFRS.
•	NBG (Basel III) Tier 1 capital adequacy ratio Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG. Calculations are made for Bank of Georgia standalone, based on IFRS.
•	NBG (Basel III) Total capital adequacy ratio Total regulatory capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG. Calculations are made for Bank of Georgia standalone, based on IFRS.
•	Net interest margin (NIM) Net interest income for the period divided by monthly average interest earning assets excluding cash and cash equivalents and corporate shares over the same period (annualised where applicable).
•	Non-performing loans (NPLs) The principal and/or interest payments on loans overdue for more than 90 days; or the exposures experiencing substantial deterioration of their creditworthiness and the debtors assessed as unlikely to pay their credit obligation(s) in full without realisation of collateral.
•	NPL coverage ratio Allowance for expected credit loss for loans to customers, finance lease and factoring receivables divided by NPLs.
•	NPL coverage ratio adjusted for discounted value of collateral Allowance for expected credit loss on loans to customers, finance lease and factoring receivables, plus the discounted value of collateral for the NPL portfolio (capped at the respective loan amount), divided by total NPLs.
•	One-off items Significant items that do not arise during the ordinary course of business.
•	Operating leverage Percentage change in operating income less percentage change in operating expenses.
•	Return on average total assets (ROAA) Profit for the period divided by monthly average total assets for the same period (annualised where applicable).
•	Return on average total equity (ROAE) Profit for the period attributable to shareholders of the Group divided by monthly average equity attributable to shareholders of the Group for the same period (annualised where applicable).
•	Transactional branch Bank branch that is mostly used for transactional services by clients. Such branches do not provide complex banking services, such as issuing mortgages, services to legal clients, etc.
•	NMF Not meaningful; used when percentage changes are distorted by zero or missing comparatives, or when the resulting change is above 200 percent.