Lion Finance Group PLC · LSE:BGEO
Lion Finance — Bank of Georgia — H1 2007 Earnings Presentation
68 slides from Lion Finance's earnings presentation, October 2007
Slide 1: Bank of Georgia 1H 2007 Results Overview
Standard & Poor’s: ‘B+/B’ Stable Moody’s: ‘B3/NP’ (FC) & ‘Ba1/P-3’ (LC); Stable Fitch Ratings: ‘B+/B’ Stable LSE: BGEO GSE: GEB Berlin-Bremen Boerse: B7D1 Reuters: BGEO.L Bloomberg: BGEO.LI Bank of Georgia 1H 2007 Results Overview October 2007
Slide 2: Introduction To Bank of Georgia
Introduction To Bank of Georgia Market Leader In All The leading universal bank in Georgia Six Business Lines No.1 by assets (circa 34.0%),(1) loans (circa 30.8%),(1) deposits (circa 31.4%)(1) Investment Highlights • Retail Banking and equity (circa 33.6%)(1) • Corporate & A „leveraged play‟ on Geor
Slide 3: 1H 2007 Results Overview
Bank of Georgia 1H 2007 Results Overview Page 3 October 2007 www.bog.ge/ir
Slide 4: 1H 2007 Results Highlights
1H 2007 Results Highlights Millions, unless otherwise noted 1H 2007 1H 2006 Growth, Y-O-Y1 Bank of Georgia (Consolidated, IFRS Based) GEL US$ GEL US$ Unaudited Unaudited Net Interest Income 56.9 34.1 25.9 14.6 120% Net Non-Interest Income 36.3 21.7 19.1 10.8 90% Increasing Total Operating Income (Re
Slide 5: 1H 2007 Performance
1H 2007 Performance Composition of Revenue (GEL mln) Revenue Market Share* GEL mln 100 +107% 93.2 40% 38% 95 90 85 35% 80 75 +120% 70 30% 65 56.9 60 25% 55 50 20% 45.0 45 20% 40 35 30 25.9 +60% 11.5 15% 25 2.0 20 +25% 15 7.2 10.3 10% +122% 10 1.6 4.7 5 5.6 +121% 12.4 5% 0 1H 2006 1H 2007 0% Net Inte
Slide 6: 1H 2007 Performance cont'd
1H 2007 Performance cont’d Operating Cost Structure Normalised Net Operating Income GEL 'mln GEL mln 60 +128% 56.2 40 37.0 +83% 35 50 30 +74% 17.5 40 25 20.3 30 20 24.7 15 10.0 +103% 9.9 20 10 4.9 +108% 4.5 10 5 2.2 68% 4.2 2.5 0 0 0.7 +29% 0.9 1H 2006 1H 2007 1H 2006 1H 2007 Personnel Costs Selling
Slide 7: Composition of the Balance Sheet
Composition of the Balance Sheet Assets, +168% y-o-y (+58% YTD) Liabilities & Shareholders’ Equity GEL million GEL million 2,000 +58% 1,918 2,000 +58% 1,900 1,918 97 1,900 828 1,800 CIB +74% YTD 1,800 493 1,700 250 1,700 1,600 +111% y-o-y 1,036 1,600 1,500 CIB 558 1,500 RB +33% YTD 1,400 273 1,400 1
Slide 8: Diversified Loan Book
Diversified Loan Book... Gross Loans, 1H 2007 (+48% YTD & +123% y-o-y) Gross RB Loans, 1H 2007 (+56% YTD & +156% y-o-y) RB & WM Account for 45% CC GEL 16.8 mln of Gross Loans (-3% YTD) Card Overdrafts & Credit Card Balances Consumer Loans Legacy Retail Loans GEL 22.6 mln RB GEL 92.8 mln Other RB Loa
Slide 9: And Conservative Provisioning Policy
And Conservative Provisioning Policy Loan Book Collateralization NPLs/Gross Loans To Clients NPL Coverage Ratio 93.3% in 1H 2007 140% 129.9% 128.6% 6% 5.7% 120% 5% 100% 89.7% 4% 80% 3% 2.3% 60% 2% 1.7% 40% 1% 20% 0% 0% 1H 2006 2006 1H 2007 1H 2006 2006 1H 2007 Top Ten & Top 20 Borrower Concentration
Slide 10: Diversified Funding Base
Diversified Funding Base Funding Sources, 1H 2007 Deposits, 1H 2007 (+48% YTD & +86% y-o-y) Individual Demand Other Liabilities Deposits Interbank Loans Corporate Demand Demand 7% Deposits 1% Deposits Corporate Time 3% Deposits 3% 10% International 5% Borrowings Individual Current 27% Accounts 6% Ti
Slide 11: Business Overview
Business Overview Page 11 October 2007 www.bog.ge/ir
Slide 12: 1H 2007 Business Unit Results
50,000 40,000 30,000 20,000 10,000 GEL Bank of Georgia 1H 2007 Business Unit Results Total Operating Income (Revenue) Pre-Bonus Result Net Income (GEL, ‘000) 1H 07 Y-O-Y Growth 1H 06 1H 07 Y-O-Y 1H 06 1H 07 Y-O-Y 1H 06 Growth Growth CIB 31,512 102% 15,621 22,776 181% 8,110 15,337 133% 6,569 RB 42,14
Slide 13: 1H 2007 Business Unit Results cont'd
50,000 40,000 30,000 20,000 10,000 GEL Bank of Georgia 1H 2007 Business Unit Results cont’d Total Assets Total Liabilities (GEL, ‘000) 30 June 2007 YTD Growth YE 2006 30 June 2007 YTD Growth YE 2006 CIB 968,859 81% 535,026 786,613 73% 455,616 RB 740,564 98% 373,462 498,748 90% 263,057 WM 55,125 364%
Slide 14: Business Unit Highlights
Business Unit Highlights Corporate & Investment Banking (CIB) Major new corporate client acquisitions include Heidelberg Cement Georgia and Coca-Cola Bottlers Georgia Group Companies. Increased the number of corporate clients using the bank‟s payroll services from 480 at the end of 2006 to over 621
Slide 15: Business Unit Highlights cont'd
Business Unit Highlights cont’d Insurance Completed the merger of BCI and Aldagi on 22 June 2007. Combined market share of Aldagi and BCI by Gross Premiums Written amounted in 1H 2007 to approximately 36%. Wealth Management (WM) The number of private banking clients grew from 873 at the beginning of
Slide 16: 1H 2007 Business Unit Results cont'd
Bank of Georgia 1H 2007 Business Unit Results cont’d CIB Revenue, PBR & Net Income RB Revenue, PBR & Net Income GEL '000s GEL '000s 35,000 45,000 30,000 40,000 42,143 31,512 35,000 25,000 30,000 20,000 22,776 25,000 15,000 20,000 21,850 15,621 15,337 15,000 10,000 16,046 14,749 10,000 5,000 8,110 4,
Slide 17: 1H 2007 Business Unit Results cont'd
Bank of Georgia 1H 2007 Business Unit Results cont’d GEL '000s CIB Total Assets & Liabilities GEL '000s RB Total Assets & Liabilities 1,200,000 800,000 1,000,000 700,000 740,564 968,859 600,000 800,000 786,613 500,000 600,000 498,748 400,000 400,000 535,026 300,000 373,462 455,616 200,000 263,057 20
Slide 18: Retail Banking – No. 1 Retail Bank In Georgia
100.0 US$ mln Retail Banking – No. 1 Retail Bank In Georgia New Retail Retail Loans Originated RB Loan Portfolio & Client Deposits (June 30, 2007) Sub-brand GEL mln 200.0 Other Car Loans 177.5 180.0 160.0 Legacy 5% Retail 5% Current 140.0 Loans 7% Micro 122.1 Accounts & 120.0 114.0 Loans Demand POS
Slide 19: RB & WM - Continuous Increase In Loan Origination Capacity
RB & WM - Continuous Increase In Loan Origination Capacity Mortgage Loans Originated Consumer Loans Originated GEL million GEL million 80.0 1,400 100.0 35,000 +175% 71.4 +208% 88.7 70.0 90.0 1,133 1,200 80.0 27,973 28,000 60.0 1,000 70.0 50.0 60.0 21,000 800 40.0 50.0 600 40.0 14,000 30.0 513 400 30
Slide 20: RB Cross-Selling Gaining Momentum
RB Cross-Selling Gaining Momentum Product/Client Ratio RB Loans Penetration Rate 1,400,000 3.0 40% 37.4% 1,200,000 35% 2.5 28.0% 29.1% 2.20 2.22 2.41 30% 27.5% 1,000,000 1.80 2.0 25% 21.4% 800,000 20% 17.6% 15.8% 1.5 15% 600,000 10% 7.3% 1.0 400,000 1.8% 1.9% 2.0% 5% 200,000 0.5 0% 1.7% 0.5% 0.5% 0.
Slide 21: Leadership In Card Processing
Leadership In Card Processing Client Banks Number of Cards Serviced by Georgian Card '000s 700 600 575 • 56% ownership of Georgian Card 500 456 138 • Migration to TietoEnator 370 400 119 Transmaster in 2005 • Enhanced functionality 275 84 300 and new product support 186 72 200 437 139 337 91 66 286
Slide 22: Superior Retail Footprint & Consumer Reach
Superior Retail Footprint & Consumer Reach 2005/Ongoing Investment Focus 109 Branches POS Internet Call Center 185 ATMs SMS Banking Banking Service Delivery • 33 flagship (full • Utility & other • Visa/MasterCard • Full transactional • 24/7 • Balances Channels service) branches payments (20 Mercha
Slide 23: Extensive Distribution Network Of Branches
Extensive Distribution Network Of 105 Branches As of June 30, 2007 Page 23 October 2007 www.bog.ge/ir
Slide 24: Corporate & Investment Banking
Corporate & Investment Banking Integrated client Overview Corporate Loan Portfolio & Client Deposits (June 30, 2007) coverage in the following key No.1 corporate and investment bank in Georgia Pharmaceuticals Other & Healthcare sectors Circa 35% market share based on customer deposits(1) Circa 30% m
Slide 25: Insurance: Aldagi BCI
Aldagi BCI (Insurance) Size of the Georgian Overview Georgian Insurance by GPW (1H 2007) Insurance Market Small insurance market (US$41 mln GPW in 2006)(1)(2), but Market shares (%) Product Breakdown (%) rapidly growing due to low insurance services penetration of circa Personal Pensions Other GEL m
Slide 26: Georgian Insurance Market vs. EU & CEE/CIS
Georgian Insurance Market vs. EU & CEE/CIS Insurance Premiums Per Capita vs. GDP Per Capita 800 Insurance Premium Per Capita (US$) 600 Czech Republic 400 Hungary Slovakia Poland Croatia 200 Bulgaria Russia Ukra ine Romania Popula tion: 10 million Georgia Serbia (2006E) 0 0 5,000 10,000 15,000 GDP Pe
Slide 27: Wealth Management (WM) Performance Review
Wealth Management (WM) Performance Review Private Banking Clients and Client Assets Private Banking Products Penetration US$ mln 140% 65 1,081 1200 120% 120% 943 106% 52 873 1000 100% 92% 800 80% 83% 82% 39 80% 66% 63% 83% 80% 460 600 60% 64% 26 42% 48.2 48.3 63.4 400 40% 22% 22% 13 20% 16% 14% 200
Slide 28: Asset Management Review
Asset Management Review Asset Management Overview GTC Share Price Performance & MCAP Galt & Taggart Capital (GSE: GTC) 500 MCAP GEL 93 mln as of 30 June 2007 MCAP GEL 94.4 mln MCAP GEL 121.8mln 450 MCAP GEL 109.1 mln Consumer goods, retail, business support services, TMT 400 SB Real Estate 350 MCAP
Slide 29: Galt & Taggart Securities
Galt & Taggart Securities Client Assets Under Custody Revenue, Pre-Bonus Result & Net Income US$ mln 1 Placement of 250 GEL 000s 226 12,495,519 shares 14,000 & 200 200 11,819 Introduction to the 12,000 Georgian Stock 10,512 Exchange 10,000 150 7,713 Sole Placement Agent 8,000 100 6,000 May 2007 4,00
Slide 30: Selected Transactions 2006
Selected Transactions 2006 GEL 13,200,000 Acquisition of assets and liabilities of GEL 2,570,052 US$159,843,723 Acquisition of a 100% Admission to trading on equity interest in Block Trade the Georgian Stock Initial Public Offering Exchange on the London Stock Exchange 8,880,207 shares in the form o
Slide 31: Contact
Contact Lado Gurgenidze Chairman of the Supervisory Board +995 32 444 103 lgurgenidze@bog.ge Nick Enukidze Vice- Chairman of the Supervisory Board + 995 32 444 800 nicholas.enukidze@bog.ge Irakli Gilauri Chief Executive Officer +995 32 444 109 igilauri@bog.ge Macca Ekizashvili Head of Investor Relat
Slide 32: Appendices
Appendices Page 32 October 2007 www.bog.ge/ir
Slide 33: Bank of Georgia Overview
Bank of Georgia Overview Page 33 October 2007 www.bog.ge/ir
Slide 34: Development Milestones
Bank of Georgia Development Milestones Development Period 2000-3Q 2004 4Q2004 2005 2006 2007 YTD Growth Since YE 2003 New Management Team Takes Over The bank has tripled IFRS Consolidated (1) FY 2003 FY 2004 FY 2005 FY 2006 30 June 2007 in size under new Total Assets (e-o-p) US$111 mln US$199 mln US
Slide 35: Our Vision & Mission
Bank Of Georgia – Our Vision & Mission One Firm Our vision is to be recognized as the best financial services company in Georgia Strong Our mission is to create long-term value by building a relationship-driven, client-facing integrated financial management Shared expertise services company based on
Slide 36: Price Performance
Bank of Georgia Price Performance Page 36 October 2007 www.bog.ge/ir
Slide 37: Ownership Structure & Share Price Performance
Ownership Structure & Share Price Performance 30-Jun-07 GDRs* Local Shares Total % Ownership structure, 1H 2007 Institutional Shareholders 15,890,158 5,744,295 21,634,453 85.5% Individual Shareholders - 2,027,311 2,027,311 8.0% Management and Employees 850,000 792,323 1,642,323 6.5% Management & Emp
Slide 38: 2006-2007YTD Price Performance
2006-2007YTD Price Performance Bank of Georgia Price vs. CIS Banks YTD Price Bank of Georgia Price vs. Selected MSCI Indices, 2006 Performance Bank Bank of of GeorgiaPrice Georgia Price (US$) BankofofGeorgia Bank Georgia MSCI EM Russia Price Index (US$) Ukrgazbank MSCI EM Eastern Europe Price Index
Slide 39: Analyst Coverage
Analyst Coverage Date of Analyst Email Recommendation Recommendation Milena Ivanova ivanovam@ca-ib.com BUY/US$47.9 22 August 2007 Date of Analyst Email Recommendation Recommendation Andrzej Nowaczek andrzej.nowaczek@uk.ing.com BUY/US$43.0 14 August 2007 Date of Analyst Email Recommendation Recommend
Slide 40: Georgian Banking Sector – Key Trends 2006/2007
Georgian Banking Sector – Key Trends 2006/2007 Page 40 October 2007 www.bog.ge/ir
Slide 41: Georgian Banking Sector – Key Trends 2006/2007
Georgian Banking Sector – Key Trends 2006/2007 GEL/US$ Growth Market Share (YE 2006) Market Share (1H 2007) US$ mln YE 2005 YE 2006 1H 2007 As % of GDP* 2006 Y-O-Y 1H 2007 YTD Top 5 Banks Bank of Georgia Top 5 Banks Bank of Georgia Period End Total Assets 1,421 2,467 3,354 30.8% 65.9% 32.4% 80.1% 27
Slide 42: Market Share Evolution
Bank of Georgia Market Share Evolution Total Assets Loans Deposits Equity 1H 2007 32.2% 1H 2007 30.0% 1H 2007 27.7% 1H 2007 36.4% YE 2006 27.9% YE 2006 26.5% YE 2006 24.5% YE 2006 39.9% YE 2005 17.8% YE 2005 18.2% YE 2005 19.0% YE 2005 18.7% 0% 20% 40% 0% 20% 40% 0% 10% 20% 30% 0% 10% 20% 30% 40% No
Slide 43: Peer Group's Market Share In Total Assets
Peer Group’s Market Share In Total Assets Peer Group’s market shares in Total Assets, 1H 2007 +53%(3) +34% +6% +4% +36% +15% +39% Total asset growth in 1H 2007 35% 32.2% GEL/US$ 30% 27.9% Period End 25% 22.5%22.9% YE 2005= 1.79 20% YE 2006 = 1.71 15% 12.6% 13.2% 1H 2007=1.67 11.1% 10.2% 10% 8.9% 8.0
Slide 44: Peer Group's Market Share In Gross Loans
Peer Group’s Market Share In Gross Loans Peer Group’s market shares in Gross Loans, 1H 2007 35.0% Gross loan growth in 1H 2007 +48%(3) +43% +5% +2% +21% +6% +53% 30.0% 30.0% GEL/US$ 26.5% 25.0% 24.3% Period End 22.2% YE 2005= 1.79 20.0% 14.0% YE 2006 = 1.71 15.0% 11.8% 11.2% 11.2% 9.2% 8.8% 8.2% 9.5
Slide 45: Peer Group's Market Share In Total Deposits
Peer Group’s Market Share In Total Deposits Peer Group’s market shares in Total Deposits, 1H 2007 Total deposits growth in 1H 2007 +44% +21% +34% +12% +5% -0.2% +41% GEL/US$ 30.0% 27.7% Period End 24.5% 24.8% YE 2005= 1.79 25.0% 23.5% YE 2006 = 1.71 20.0% 1H 2007=1.67 15.7% 15.0% 14.2% 11.9% 12.0% 1
Slide 46: The Georgian Financial Services Sector – Overview cont'd
The Georgian Financial Services Sector – Overview cont’d Banking Sector Assets & ROA All other segments of the financial services sector small GEL million 6,000 3.9% 3.9% 5,599 4.0% and dominated by banks, very open to foreign 3.4% 5,000 3.1% 2.8% 3.5% ownership 3.0% 4,000 1.9% 3.0% 2.4% 2.5% Insura
Slide 47: Market Potential And High Degree Of Concentration
Market Potential And High Degree Of Concentration The highest degree Market Shares of Top 5 & Top 3 Banks by Assets (2006) Gross Loans to GDP (%, 2006) of market 90% 80% 80% Israel 104% concentration in 80% South Africa 89% CEE benefits 70% 64% 65% 63% 61% 58% 55% 58% 57% Chile 75% large, entrenched
Slide 48: Georgian Banking Sector vs. Peer Countries
Georgian Banking Sector vs. Peer Countries Market Shares of Top 5 & Top 3 Banks by Loans (2006) Debit Cards Per Thousands Of People (2006) 90% 83% 800 733 74% 698 80% 659 66% 64% 64% 700 632 70% 58% 57% 55% 60% 49% 52% 52% 48% 47% 600 50% 39% 43% 41% 41% 504 40% 33% 37% 29% 500 445 30% 378 20% 400 1
Slide 49: The Georgian Banking Sector In The Regional Context
The Georgian Banking Sector In The Regional Context Banking Assets Per Capita Gross Loans Per Capita Deposits Per Capita YE 2006E (US$) YE 2006E (US$) YE 2006E (US$) Czech Republic 8,472 Czech Republic 14,685 Czech Republic 5,726 Georgia Georgia 292 Georgia Georgia 531 Georgia Georgia 337 Greece 26,
Slide 50: The Georgian Economy
The Georgian Economy Page 50 October 2007 www.bog.ge/ir
Slide 51: The Georgian Economy – Key Numbers
The Georgian Economy – Key Numbers 0% Import tariff on almost all goods #1 Reformer in the world in 2006 (according to World Bank) 4.4 Million people, plus approximately another 1 mln living and working abroad 6% Remittances as % of GDP 8.8% YOY CPI in 2006 9.4% Real GDP growth in 2006 9.4% Stock ma
Slide 52: The Georgian Economy At A Glance
The Georgian Economy At A Glance 2003 2004 2005 2006 Economic Activity Nominal GDP (US$ mln) 3,995 5,166 6,401 7,778 Nominal GDP (GEL mln) 8,582 9,846 11,629 13,784 Real GDP Growth (y-o-y; %) 11.1 5.9 9.3 9.4 GDP per Capita (US$) 877 1,139 1,416 1,763 Population (e-o-p; mln) 4.6 4.5 4.5 4.4 Unemploy
Slide 53: The Georgian Economy cont'd
The Georgian Economy cont’d Gross Domestic Product Components of GDP, 2006 17,000 12% CAGR 21% 10% Trade 13,600 15.6% 8% Other GEL mln 10,200 Percent 23.2% 6% Financial Intermediation 2.6% Transport & 6,800 Communications 4% 13.2% 3,400 Construction 2% 7.8% Agriculture 11.3% 0 0% Education & 2002 20
Slide 54: The Georgian Economy cont'd
The Georgian Economy cont’d Privatization, 2000-2006 FDI, 2000-2007F 1,600 18 300 272 16 1,400 1,500 250 225 1,200 14 1,147 12 200 1,000 10 800 150 8 600 6 100 400 499 4 450 200 340 48 2 50 25 22 0 0 13 3 0 2003 2004 2005 2006 2007F 2000 2001 2002 2003 2004 2005 2006 FDI, GEL mln (LHS) FDI as % of G
Slide 55: Trade Structure
Trade Structure WTO member Import Structure by Country, 1H 2007 Export Structure by Country, 1H 2007 since 2001 Kazakhstan, Armenia, 1% Other , 6% United Arab China, 1% Other , 5% No quantitative 1% Turkmenistan, Emirates, 2% restrictions on Kazakhstan, 2% trade Bulgaria, 3% 3% Simplified Turkmenist
Slide 56: Key Drivers Of Economic Growth
Key Drivers Of Economic Growth Export-led growth with sufficient diversity Rapidly increasing domestic consumption Agricultural product exports of estimated US$136m in 2006 High consumer confidence (US$143m in 2005) Consumer spending in 2005 - US$3.2bn Ferroalloy exports of US$305m in 2005 and estim
Slide 57: The Georgian Economy – Key Risks & Challenges
The Georgian Economy – Key Risks & Challenges Key risks Complacency and hubris – so much has been accomplished in such a short period; sustained reform drive is key Overheating – tight monetary policy and fiscal discipline are key to steering the economy through the current high growth phase Key cha
Slide 58: Equity Market Structures – GTI vs. MSCI Index Composition
Equity Market Structures – GTI vs. MSCI Index Composition Banking is Galt & Taggart Index – Sector Split MSCI Emerging Europe - Sector Split the only Listed Private Equity Telecoms 2.9% Other 5.4% 1.3% investable Consumer Other 3.0% 12% sector in Materials 8% Energy Georgia, with 6.2% Consumer Goods
Slide 59: 1H 2007 Financials
Bank of Georgia 1H 2007 Financials Page 59 October 2007 www.bog.ge/ir
Slide 60: Income Statement Data
Income Statement Data Period Ended 1H 2007 1H 2006 Change3 Consolidated, IFRS Based US$1 GEL US$2 GEL Y-O-Y 000s, unless otherwise noted (Unaudited) (Unaudited) Interest Income 59,377 99,130 21,655 38,393 158.2% Interest Expense 25,267 42,183 7,049 12,498 237.5% Net Interest Income 34,110 56,946 14,
Slide 61: Balance Sheet Data
Balance Sheet Data 30-Jun-07 Growth2 31-Dec-06 Growth4 30-Jun-06 Consolidated, IFRS Based US$1 GEL YTD US$3 GEL Y-O-Y US$5 GEL 000s, unless otherwise noted (Unaudited) (Audited) (Unaudited) Cash & Cash Equivalents 58,055 96,922 -10.1% 62,917 107,809 5.3% 51,897 92,014 Loans & Advances To Credit Inst
Slide 62: Key Ratios
Key Ratios 1H 2007 2006 1H 2006 Profitability Ratios ROAA, 1 Annualised for 1H ................................................................................................................................. 3.9% 3.4% 3.5% ROA, Annualised for 1H .....................................................
Slide 63: Key Ratios cont'd
Key Ratios cont’d 1H 2007 2006 1H 2006 Liquidity Ratios Net Loans To Total Assets 20................................................................................................................... 54.0% 57.2% 63.0% Average Net Loans To Average Total Assets.........................................
Slide 64: Key Ratios cont'd
Key Ratios cont’d 1H 2007 2006 1H 2006 Capital Adequacy: Equity To Total Assets............................................................................................................................. 21.1% 30.9% 14.9% BIS Tier I Capital Adequacy Ratio 32.........................................
Slide 65: Key Ratios cont'd
Key Ratios cont’d 1H 2007 2006 1H 2006 Per Share Values: Basic EPS (GEL) 36 .......................................................................................................... 1.28 1.62 0.72 Basic EPS (US$) ......................................................................................
Slide 66: Ratio Definitions
Ratio Definitions Page 66 October 2007 www.bog.ge/ir
Slide 67: Ratio Definitions
Ratio Definitions 1 Return On Average Total Assets (ROAA) equals Net Income of the period divided by quarterly Average Total Assets for the same period; 2 Return On Average Total Equity (ROAE) equals Net Income of the period divided by quarterly Average Total Equity for the same period; 3 Average In
Slide 68: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements This presentation contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to the implementation of strategic initiatives and other statements relating to our business development and financial p