Bank of Georgia shares surge on share buyback, H1 profits up 33.5%
Bank of Georgia on Thursday reported a 33.5% jump in half year profits, driven by a sharp rise in net interest income and also unveiled a share buyback of 62m Georgian lari (GEL).
Bank of Georgia Group
4,650.00p
16:50 03/01/25
-0.32%
-15.00p
Banks
4,917.32
16:54 03/01/25
-0.20%
-9.83
FTSE 250
20,591.40
17:00 03/01/25
n/a
n/a
FTSE 350
4,534.15
16:54 03/01/25
n/a
n/a
FTSE All-Share
4,490.88
17:14 03/01/25
n/a
n/a
The bank posted a GEL 688.8m (£207m) profit, adjusted for one-off income compared with GEL 516m a year ago. First-half net interest income rose 39% to GEL 767.8mn. Shares in the company rose 14% on the London Stock Exchange.
Net interest margin, a key measure of profitability and the difference between the rates on savings and loans, rose to 6.5% from 5.3%.
Reporting by Frank Prenesti for Sharecast.com