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
4,825.00p
16:45 12/11/24
-0.10%
-5.00p
Banks
4,557.34
17:09 12/11/24
-1.10%
-50.56
FTSE 250
20,427.80
17:09 12/11/24
n/a
n/a
FTSE 350
4,434.53
17:09 12/11/24
n/a
n/a
FTSE All-Share
4,393.14
16:34 12/11/24
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