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
5,360.00p
16:49 26/04/24
1.32%
70.00p
Banks
4,061.31
16:59 26/04/24
0.92%
36.97
FTSE 250
19,824.16
16:59 26/04/24
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FTSE 350
4,470.09
16:59 26/04/24
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FTSE All-Share
4,423.59
17:14 26/04/24
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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