(Alliance News) - Bank of Georgia Group PLC on Thursday said its performance in 2020 was affected by Covid-19 pandemic.
The Tbilisi, Georgia-based bank said net interest income for 2020 was GEL777.6 million - about GBP165.3 million - down 1.5% when compared to 2019. Net fee and commission income fell by 8.1% year-on-year to GEL165.5 million.
The bank reported a net foreign currency gain of GEL99.0 million, 17% lower than GEL119.4 million a year earlier. Net other income totalled GEL48.5 million, up from GEL21.5 million the year before.
Operating expense, meanwhile, came in at GEL432.6 million, up 3.0% year-on-year.
Pretax profit before one-off costs was GEL316.4 million, 45% lower than in 2019.
The bank said its loan book increased by 19% year-on-year to GEL14.19 billion, reflecting continued strong loan origination levels in Corporate, MSME and the mortgage segments during the pre-Covid-19 period. MSME refers to micro, small and medium sized enterprises.
The ratio of net loans to customer funds plus development finance institution borrowings stood at 89.4% at the end of 2020 compared to 103.2% at the end of 2019.
Bank of Georgia shares were trading 1.0% lower in London on Thursday morning at 1,042.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Bank Of Georgia Group (BGEO)