Healthcare, banking boost BGEO full year profits

Bank of Georgia holding company, BGEO posted a 29% rise in 2015 profits to £87.6m boosted by a record revenues from its healthcare and banking businesses.

Revenues were up 39.6% to 751.3m Georgian laris (GEL), or £202m, while earnings per share rose 18% to GEL 7.93 (223p).

BGEO said strong interest income performance was a result of robust growth in its average interest earning assets and improved loan yield, which was primarily driven by the acquisition of Privatbank acquisition.

Banking net interest income jumped 43.% to GEL 501.3M (£138M).

Year-on-year growth in interest earning assets was driven by the weakening lari, which increased the lari value of BGEO's foreign currency denominated interest earning assets, the Privatbank acquisition and a slight 1.5% year-on-y growth in the net loan book on a constant currency basis