Bank of Georgia Group PLC (the «Group») has published 1Q22 financial results.
1Q22 results highlights:
- Outstanding profitability
- The Group recorded a profit of GEL 240.6mln in 1Q22 (up 73.2% y-o-y and up 19.9% q-o-q).
- The Group’s ROAE was 30.7% in 1Q22 (21.5% in 1Q21 and 26.4% in 4Q21).
- Solid balance sheet growth. Our net loans to customers and finance lease receivables reached GEL 16,289.4mln at 31 March 2022, up 19.0% y-o-y and up 1.0% q-o-q, on a constant currency basis, primarily driven by strong growth in the consumer, micro and SME portfolios.
- Robust operating income
- The Group’s net interest income was up 27.8% y-o-y and up 0.5% q-o-q in 1Q22. Net interest margin was 5.3% in 1Q22 (up 80bps y-o-y and flat q-o-q). The y-o-y increase in NIM was primarily driven by an increase in loan yield (up 70bps y-o-y) as well as the successful deployment of some excess liquidity.
- Net fee and commission income was GEL 58.8 million, up 20.9% y-o-y and down 8.2% q-o-q in the first quarter of 2022.
- Cost to income ratio improved to 35.0% in 1Q22, from 35.4% in 1Q21 and from 39.8% in 4Q21.
- Resilient loan book
- Cost of credit risk ratio was 0.8% in 1Q22 (cost of credit risk ratio of 0.8% in 1Q21 and a net gain of 0.2% in 4Q21).
- The NPLs to gross loans stood at 2.5% at 31 March 2022 (3.6% at 31 March 2021 and 2.4% at 31 December 2021). The NPL coverage ratio was 97.3% and the NPL coverage ratio adjusted for the discounted value of collateral was 153.0% at 31 March 2022.
- Strong capital position
- The Bank’s Basel III Common Equity Tier 1, Tier 1 and Total capital adequacy ratios stood at 13.7%, 15.4% and 19.7%, respectively, at 31 March 2022, all comfortably above the minimum required levels of 11.8%, 14.1% and 17.6%, respectively.
- At the 2022 Annual General Meeting, the Board intends to recommend a final dividend for 2021 of GEL 2.33 per share payable in Pounds Sterling at the prevailing rate. This will make a total dividend paid in respect of the Group’s 2021 earnings of GEL 3.81 per share.
- Progress in strategic areas
- The number of monthly active users of our retail mobile and internet banking platforms reached 892,316 at 31 March 2022 (up 22.7 y-o-y and up 4.6% q-o-q), with DAU/MAU at 44.6%.
- Product offloading to digital channels was 35.0% in 1Q22, compared with 19.3% in 1Q21 and 28.4% in 4Q21.
- 54% of total POS payment transactions in Georgia went through Bank of Georgia’s POS terminals in 1Q22.
- Net Promoter Score remained at a high level of 54% in 1Q22.
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