Bgeo Group reports impressive first quarter profit

UK-incorporated holding company of JSC Bank of Georgia and other Georgia-focussed investment platforms Bgeo Group updated the market on its first quarter of trading on Wednesday, with profit up 24.3% year-on-year to GEL 108.2m.

The FTSE 250 company said basic earnings per share were GEL 2.64, up 25.7%, while its book value per share was GEL 58.0, up 15.5%.

Total equity attributable to shareholders was GEL 2,208.9mln, a year-on-year improvement of 14.2%, and total assets increased 25.1% to GEL 12,606.5m.

As at 5 May, GEL 321.1mln1 liquid assets were held at the holding company level, of which GEL 173.7mln was unallocated, the board reported.

In Georgia, first quarter GDP growth was 5.0%, while inflation was 4.2% and the lari appreciated by 7.6% against the dollar.

“Supported by the improving macroeconomic performance in Georgia and the group's continued focus on implementing its key strategic priorities, we remain well positioned to deliver good levels of earnings momentum from both the organic business growth in each of our banking and investment businesses, and from the benefits of recent strategic initiatives and acquisitions,” commented Bgeo group CEO Irakli Gilauri.