4Q25 and FY25 Preliminary Results

About this update from Lion Finance Group Plc

[{"type":"text","content":"\n \n   \n Contents \n 4Q25 and FY25 preliminary unaudited results \n Earnings call on 25 February 2025, 14:00 GMT \n Segmentation guide \n CEO statement \n Macroeconomic developments: Georgia \n Macroeconomic developments: Armenia \n 4Q25 and FY25 preliminary unaudited consolidated results . \n Business Division results \n Georgian Financial Services (GFS) \n Armenian Financial Services (AFS) \n Ameriabank CJSC: unaudited standalone financial information (not included in the consolidated results) \n Other businesses \n Preliminary unaudited consolidated financial information \n Non-financial information \n Additional information \n Glossary \n Lion Finance Group PLC profile \n Further information \n Forward-looking statements \n   \n 4Q25 and FY25 preliminary unaudited results \n The information in this Announcement in respect of the full-year 2025 preliminary unaudited results, which was approved by the Board of Directors on 24 February 2026, does not constitute statutory accounts within the meaning of Section 434 of the UK Companies Act 2006. The statutory accounts for the year ended 31 December 2024 have been filed with the Registrar of Companies, and the audit reports were unqualified and contained no statements in respect of Sections 498 (2) or (3) of the UK Companies Act 2006. The audited consolidated financial statements for the year ended 31 December 2025 will be included in the Annual Report and Accounts expected to be published in March 2026, which will be filed with the Registrar of Companies following Lion Finance Group PLC's Annual General Meeting. \n The results are prepared in accordance with UK-adopted international accounting standards, are unaudited and derived from management accounts. \n Earnings call on 25 February 2025, 14:00 GMT \n https://zoom.us/webinar/register/WN_TI8FAqC2RJqqxcQmZt21_Q \n Webinar ID: 993 0141 6934 | Passcode: 331608 \n Segmentation guide \n Following the acquisition of Ameriabank at the end of March 2024, the Group's results are presented by the following Business Divisions: 1) Georgian Financial Services (GFS) , 2) Armenian Financial Services (AFS) , and 3) Other Businesses. \n \n \n \n \n •  \n \n \n GFS mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and Taggart. \n \n \n \n \n •  \n \n \n AFS includes Ameriabank CJSC \n \n \n \n \n •  \n \n \n Other Businesses: includes JSC Belarusky Narodny Bank (BNB), which serves retail and SME clients in Belarus; JSC Digital Area, a digital ecosystem in Georgia including e-commerce, ticketing, and inventory management SaaS; Lion Finance Group PLC, the holding company; and other small entities and intragroup eliminations. \n \n \n \n \n Lion Finance Group PLC delivered consolidated unaudited profit before one-off items [*] of GEL 619.3 million in 4Q25 (+22.7% y-o-y), and GEL 2,192.8 million for the full year of 2025 (+20.9% y-o-y). \n Continued strength in Group profitability, with return on average equity (adjusted for one-offs * ) of 30.1% for 4Q25 and 28.4% for FY25. \n The Company today declared a quarterly dividend of GEL 2.75 per share, bringing the total dividend in respect of the FY25 to GEL 10.50 per share. Additionally, a further share buyback and cancellation programme of GEL 53.5m was announced, resulting in the total buyback in respect of FY25 to GEL 203m. \n Group performance highlights \n The Group income statement highlights present year-on-year comparisons for 4Q25 (not FY25) because Ameriabank's income statement was consolidated only from 1 April 2024, making FY growth non-representative of underlying performance. \n \n \n \n \n • \n \n \n The Group delivered robust results in FY25, with profit before one-offs of GEL 2,192.8m and adjusted ROAE of 28.4% , while 4Q25 profit before one-offs grew 22.7% y-o-y, driven by strong loan book expansion, customer franchise growth, and sustained profitability across all core business divisions. \n \n \n \n \n • \n \n \n The Group's loan book reached GEL 40,065.7m as at 31 December 2025, up 19.7% y-o-y in constant currency (cc). The growth was fuelled by strong loan book expansion across both the Georgian (GFS) and Armenian (AFS) operations, which recorded year-on-year constant currency increases of 16.1% and 28.0%, respectively. Compared with 30 September 2025, the GFS loan book was up 4.5%, while the AFS loan book increased by 8.5%, resulting in a total Group loan growth of 5.8% (in cc).  \n \n \n \n \n • \n \n \n Client deposits and notes totalled GEL 38,630.0m as at 31 December 2025, reflecting a 17.3% y-o-y increase in constant currency (cc). GFS deposits rose by 14.3% y-o-y, while AFS deposits increased by 21.9% y-o-y. Compared with 30 September 2025, GFS deposits were down 0.5% (attributable to a reduction in the Corporate Center mainly due to Ministry of Finance deposits), while AFS deposits increased by 9.1%, resulting in a total Group deposit growth of 2.7% (in cc). \n \n \n \n \n • \n \n \n Asset quality remained robust across the Group, with the Group cost of credit risk ratio down to 0.3% in 4Q25 (0.5% in 4Q24 and 0.5% in 3Q25) and the NPL ratio stable at 2.1% as at 31 December 2025 (2.0% as at 31 December 2024 and 2.1% as at 30 September 2025). \n \n \n \n \n • \n \n \n Operating income was up 16.4% y-o-y to GEL 1,201.3m in 4Q25. The annual top-line growth was primarily driven by strong net interest income generated by both GFS and AFS, complemented by solid fee and commission income generation across both operations. \n \n \n \n \n \n \n \n • \n \n \n In 4Q25, non-interest income increased by 10.1% y-o-y to GEL 405.4m , driven by growth in net fee and commission income. GFS delivered a 33.8% y-o-y growth in 4Q25 attributable to lower fee expenses due to renegotiated payment systems terms for both 2025 and future periods (see page 9), while AFS contributed with a 34.1% y-o-y growth, benefiting from the reclassification of GEL 7.1m in currency conversion fees to align with the Group's accounting policies (previously reported in FX gains) as well as a significant GEL 13.7m advisory fee booked in the quarter. \n \n \n \n \n • \n \n \n The Group's operating expenses increased by 14.0% y-o-y to GEL 422.6m in 4Q25. The y-o-y growth was driven primarily by GFS, which saw expenses rise by 18.5% y-o-y, mainly driven by higher staff and administrative expense s (see details on page 9) .   \n \n \n \n \n • \n \n \n Capital adequacy and liquidity positions for both Bank of Georgia and Ameriabank remained above the minimum regulatory requirements (for details, see pages 10 and 13). \n \n \n \n \n • \n \n \n The Group continued to demonstrate robust customer franchise growth. On a year-on-year basis, Bank of Georgia's Retail Digital Monthly Active Users (Digital MAU) grew by 15.0% to surpass 1.8 million individuals , while Ameriabank's Retail Digital MAU surged by 45.3%, reaching 336 thousand individuals . On a quarter-on-quarter basis, these figures increased by 5.1% and 10.3% at Bank of Georgia and Ameriabank, respectively. \n \n \n \n \n CEO statement \n 2025 was a year of strong performance for the Group, marked by robust growth in our core operations and notable momentum in Armenia driven by the continued enhancement of our retail banking capabilities. During 2025, we also continued to elevate the quality of our banking franchises, expand the balance sheet, and sustain high profitability. As a result, we delivered a record GEL 2.2 billion in Group net profit before one-offs (up 20.9% year-on-year), a return on average equity of 28.4%, and a 21.6% growth in our book value per share to GEL 197.85. \n Favourable macroeconomic conditions in Georgia and Armenia supported our businesses in 2025, as both economies delivered substantial growth underpinned by solid domestic demand and resilient external inflows. Macroeconomic policies remained agile, helping international reserves reach record levels. Looking ahead, we are optimistic about continued momentum and project real GDP growth of about 6.0% in Georgia within the range of 5.5-6.0% in Armenia for 2026. Further upside potential for the region may emerge from the ongoing implementation of the Armenia-Azerbaijan peace agreement. \n Throughout 2025, Bank of Georgia reinforced its market leadership as the main bank in our customers' daily lives. Retail digital monthly active users (Digital MAU) grew 15.0% year-on year to over 1.8 million individuals at year-end, with digital daily active users approaching 1 million. This engagement validates our customer-centric and innovation-focused strategy launched in 2019, when Digital MAU stood at just 355,000. \n For the second consecutive year, Bank of Georgia earned Global Finance's \"World's Best Digital Bank\" recognition. Meanwhile, our Net Promoter Score (NPS) remained consistently above 70 throughout the year, hitting a record 76 points in the fourth quarter. This success has been reflected in strong balance sheet growth and financial performance. Loans and deposits in Georgian Financial Services (GFS) were up 16.1% and 14.3% year-on-year in constant currency. Overall, GFS recorded a full-year profit before one-offs of GEL 1.7 billion, an increase of almost 10% from 2024 - and an adjusted return on average equity of 32.0%. \n GFS profitability remained solid throughout 2025, despite some headwinds. On the revenue side, we successfully addressed challenges in our net fee and commission income by securing better terms from international payment systems for 2025 and onwards, while strengthening our FX income remains a key area of focus. Although the net interest margin declined quarter-on-quarter by 30 bps to 5.9%, reflecting higher client deposit costs and the GEL 450m Eurobond issuance, we expect the net interest margin to remain broadly stable, with scope for slight upside, in 2026.   \n Ameriabank made significant progress in 2025, advancing its strategic priorities by strengthening its retail customer value proposition with new products. Digital monthly active users surged by 45.3% year-on-year to 336 thousand, representing 70% of our total monthly active retail customers (up from 65% in 2024). With Ameriabank's digital penetration at just c.11% of Armenia's population versus c.47% in Georgia, we see a substantial runway for continued growth in this dynamic market. In Armenian Financial Services (AFS), net loans and deposits increased by 28.0% and 21.9% year-on-year in constant currency, reinforcing Ameriabank's market leadership. AFS delivered GEL 452.4m in profit for FY25 and achieved a 22.6% return on average equity. Ameriabank's standalone profit grew by 23.6% year-on-year on a comparable full-year basis. \n Considering the Group's performance, the Board declared a quarterly dividend of GEL 2.75, bringing the total cash dividend for 2025 to GEL 10.50 per share - a 16.7% increase year-on-year. Additionally, the Board has approved a further share buyback and cancellation programme of GEL 53.5 million, bringing the total buyback amount for 2025 to GEL 203 million. These combined distributions result in a total 2025 payout ratio of 30%, in line with our distribution policy. \n Georgia and Armenia continue to be among the wider region's fastest-growing economies, and our presence in both markets positions us well for the opportunities ahead. We entered the new year with clear priorities: deepening customer relationships, driving digital innovation, and building on the record profit achieved in 2025. I thank our colleagues for their dedication and our stakeholders for their continued confidence and support. \n Archil Gachechiladze                                                                                                       \n CEO, Lion Finance Group PLC \n 24 February 2026 \n Our key targets for the medium term remain: \n \n \n \n \n • \n \n \n c.15% annual growth of the Group's loan book . \n \n \n \n \n • \n \n \n 20%+ return on average equity . \n \n \n \n \n • \n \n \n 30-50% payout ratio (dividends and share buyback and cancellation programme) . \n \n \n \n \n Macroeconomic developments: Georgia \n Sustained economic growth momentum \n Georgia's economy maintained strong momentum in 4Q25, with preliminary real GDP expanding by 6.8% y-o-y. This brought the full-year 2025 preliminary growth to 7.5%. The expansion was broad-based, driven primarily by the information and communication, education, financial services, and real estate sectors. We forecast real GDP growth of about 6.0% in 2026, supported by robust consumption, resilient external inflows, and sustained public capital expenditure. Downside risks persist, including global trade tensions, regional geopolitical instability, and domestic political challenges. However, Georgia's structural resilience and sound macroeconomic policies are expected to continue underpinning growth. \n Robust external flows \n External inflows remained solid, supported by diversified markets and income sources. In 4Q25, merchandise exports increased by a strong 20.7% y-o-y (up 11.2% for the full year), while imports rose by only 4.2% y-o-y (up 9.7% for the full year), contributing to a narrower trade deficit. International tourism revenues grew by 9.2% y-o-y in 4Q25 (up 6.0% for the full year), driven by a sustained increase in tourist arrivals, which reached a record high of 5.5 million in 2025. Inbound money transfers also accelerated, increasing by 14.6% y-o-y (up 8.5% for the full year), which reflects robust remittance inflows from the US and the EU. \n Stable GEL and record-high reserves \n In 2025, the Georgian Lari (GEL) appreciated by 4.0% against the US dollar but depreciated by 8.3% against the euro and by 3.1% against the pound sterling. The GEL's strength against the US dollar was supported by robust external inflows, deposit de-dollarisation, and prudent macroeconomic policy. With this favourable backdrop, the National Bank of Georgia (NBG) continued its foreign currency purchases, lifting international reserves to a record USD 6.2 billion by the end of 2025. We expect the GEL to remain broadly stable medium term, underpinned by solid macroeconomic fundamentals. \n Easing inflation and prudent monetary policy \n Inflation started to ease in 4Q25 after a temporary mid-year uptick driven mainly by food and healthcare prices. Headline CPI inflation fell to 4.0% y-o-y in December 2025, down from 4.8% in September. Although still above the NBG's 3% target, inflation is expected to continue moderating throughout 2026, supported by well-anchored inflation expectations, a stable GEL, and prudent monetary policy. The NBG has maintained its refinancing rate at 8.0% since May 2024, reflecting a cautious stance. We expect approximately 50 basis points (bps) of policy rate cuts during 2026 as inflation moves towards its target. \n Strong fiscal discipline \n Strong economic activity supported fiscal performance, with consolidated budget tax revenues rising by 10.2% y-o-y in 4Q25. The government remains committed to fiscal consolidation and is targeting a fiscal deficit of 2.5% of GDP in 2026, unchanged from 2025. The government's debt-to-GDP ratio is projected to decline from 34.3% at end-2025 to 33.5% by end-2026, underscoring sustained fiscal discipline and strengthening buffers for future spending needs . \n Healthy bank lending \n Bank lending remained robust and broadly aligned with nominal economic growth, expanding by 14.0% y-o-y in 4Q25 on a constant currency basis, following a 13.3% y-o-y growth in the previous quarter. Business and consumer lending continued to be the main drivers of credit expansion. Loan dollarisation stood at 42.4% at the end of December 2025, broadly unchanged from the previous quarter. Deposit dollarisation declined further to 47.7%, a decrease of 1.5 percentage points (pp) over the same period. \n   \n More information on the Georgian economy and financial sector can be found at Galt & Taggart , the Group's investment banking and brokerage subsidiary. \n To address questions raised by our investors on Georgian macro and the banking sector, we have published a Q&A document, which can be found at Top Questions & Answers on Georgian Macro . \n Macroeconomic developments: Armenia \n Robust economic growth \n Economic activity remained strong in 4Q25, supported by robust consumption, expansionary fiscal policy, and solid credit growth amid eased monetary conditions. Manufacturing, construction, and services were the main contributors to the 9.8% y-o-y real GDP expansion in 4Q25, following a 6.2% increase in the previous quarter. Overall, GDP growth reached 7.2% in 2025, exceeding earlier expectations, while growth in 2026 is projected to be in the range of 5.5-6.0%. The outlook is supported by continued fiscal expansion, sustained strength in the services sector, and the planned commissioning of a new gold mine, which is expected to provide an additional boost to industrial output and export capacity. \n Prudent macroeconomic policies and ongoing structural reforms underpin Armenia's economic resilience. While regional geopolitical tensions continue to pose downside risks, further medium-term growth upside could arise from the durable implementation of the historic 2025 peace accord with Azerbaijan and the opening of the land border with Türkiye. \n Resumed growth in external inflows and strong Dram \n Following a normalisation from the one-off highs of the previous year, external trade resumed growth in 4Q25. Goods exports increased by 8.5% y-o-y (down 36.1% for the full year), while imports rose by 10.0% y-o-y (down 23.6% for the full year). Non-commercial money transfers remained strong, rising by 15.6% y-o-y in 4Q25, following a 24.2% growth in the previous quarter. \n The resilience of these external inflows, alongside prudent macroeconomic policies, contributed to a 3.8% appreciation of the Armenian Dram (AMD) against the US dollar in 2025, building on a 2.0% gain in 2024. Over the same period, the AMD remained broadly stable against the GEL, depreciating by only 0.2%, after a 6.5% appreciation in 2024. The Central Bank of Armenia (CBA) continued foreign currency purchases, increasing gross reserves by 38.0% y-o-y to a record USD 5.1 billion by the end of December 2025. \n Near-target inflation and neutral monetary policy \n Inflation remained broadly stable in 4Q25, driven mainly by food and service prices. Headline CPI reached 3.3% y-o-y in December 2025, close to the CBA's 3% target. Inflation is expected to remain stable in 2026 as temporary food-related price pressures subside. The CBA delivered a 25 bps cut in December 2025, bringing the refinancing rate to 6.5%. We expect the policy rate to remain unchanged in 2026, as the current policy stance is assessed to be broadly neutral. \n Continued fiscal expansion \n Fiscal policy remained expansionary in 2025, driven by increased spending on national security, public infrastructure, and social support programmes. As a result, the fiscal deficit stood at 3.7% of GDP in 2025, unchanged from 2024, reflecting balanced revenue performance and restrained expenditure execution toward year-end. The government debt-to-GDP ratio remained broadly stable at 47.3% at end-2025, supported by solid nominal GDP growth and prudent debt management. Fiscal policy is expected to remain growth-supportive in 2026, with a planned fiscal deficit of 4.5% of GDP. \n Sound banking sector \n Armenia's banking sector remains robust, with strong capital and liquidity buffers. Bank lending grew by an estimated 24.7% y-o-y in 4Q25 on a constant currency basis, following a 27.1% y-o-y growth in the previous quarter. Loan dollarisation was broadly stable at 34.0% at the end of December 2025, following significant declines in prior years. Meanwhile, deposit dollarisation continued to decrease, reaching 43.9%, down 1.2 pp q-o-q. \n 4Q25 and FY25 preliminary unaudited consolidated results \n The comparability of full-year 2025 results is impacted by the consolidation of Ameriabank's income statement from 1 April 2024, as the 2024 baseline includes only nine months of its performance. For a like-for-like analysis, please see Ameriabank's standalone financials on page 14. \n \n \n \n \n GEL thousands \n \n \n FY25 \n \n \n FY25 \n \n \n FY25 \n \n \n FY25 \n \n \n   \n \n \n FY24 \n \n \n FY24 \n \n \n FY24 \n \n \n FY24 \n \n \n \n \n INCOME STATEMENT HIGHLIGHTS \n \n \n Group \n \n \n GFS \n \n \n AFS \n \n \n Other \n \n \n   \n \n \n Group [1] \n \n \n GFS \n \n \n AFS 1 \n \n \n Other \n \n \n \n \n Interest income \n \n \n  5,371,115 \n \n \n  3,907,286 \n \n \n 1,348,723 \n \n \n  115,106 \n \n \n \n \n \n  4,139,900 \n \n \n  3,261,442 \n \n \n  794,616 \n \n \n  83,842 \n \n \n \n \n Interest expense \n \n \n  (2,399,374) \n \n \n (1,804,626) \n \n \n (530,468) \n \n \n  (64,280) \n \n \n \n \n \n (1,779,053) \n \n \n (1,463,591) \n \n \n (287,585) \n \n \n (27,877) \n \n \n \n \n Net interest income \n \n \n  2,971,741 \n \n \n  2,102,660 \n \n \n  818,255 \n \n \n  50,826 \n \n \n   \n \n \n  2,360,847 \n \n \n  1,797,851 \n \n \n  507,031 \n \n \n  55,965 \n \n \n \n \n Net fee and commission income \n \n \n  657,487 \n \n \n  529,209 \n \n \n  115,091 \n \n \n  13,187 \n \n \n \n \n \n  561,662 \n \n \n  465,614 \n \n \n  89,922 \n \n \n  6,126 \n \n \n \n \n Net foreign currency gain \n \n \n  601,003 \n \n \n  360,878 \n \n \n  145,340 \n \n \n  94,785 \n \n \n \n \n \n  571,799 \n \n \n  386,797 \n \n \n  128,032 \n \n \n  56,970 \n \n \n \n \n Net other income \n \n \n  73,025 \n \n \n  50,834 \n \n \n  12,132 \n \n \n  10,059 \n \n \n \n \n \n  68,320 \n \n \n  53,428 \n \n \n  3,927 \n \n \n  10,965 \n \n \n \n \n Operating income \n \n \n  4,303,256 \n \n \n  3,043,581 \n \n \n 1,090,818 \n \n \n  168,857 \n \n \n   \n \n \n  3,562,628 \n \n \n  2,703,690 \n \n \n  728,912 \n \n \n 130,026 \n \n \n \n \n Salaries and other employee benefits (2025: adjusted) \n \n \n  (948,793)* \n \n \n  (516,693)* \n \n \n (369,010) \n \n \n  (63,090)* \n \n \n \n \n \n  (757,990) \n \n \n  (443,347) \n \n \n (268,547) \n \n \n (46,096) \n \n \n \n \n Administrative expenses \n \n \n  (325,159) \n \n \n  (215,390) \n \n \n  (71,415) \n \n \n  (38,354) \n \n \n \n \n \n  (279,197) \n \n \n  (204,383) \n \n \n  (47,737) \n \n \n (27,077) \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n  (221,652) \n \n \n  (148,485) \n \n \n  (59,887) \n \n \n  (13,280) \n \n \n \n \n \n  (173,137) \n \n \n  (121,983) \n \n \n  (40,818) \n \n \n (10,336) \n \n \n \n \n Other operating expenses \n \n \n  (30,893) \n \n \n  (26,355) \n \n \n  (3,186) \n \n \n  (1,352) \n \n \n \n \n \n  (12,580) \n \n \n  (5,744) \n \n \n  (5,400) \n \n \n  (1,436) \n \n \n \n \n Operating expenses (2025: adjusted) \n \n \n (1,526,497)* \n \n \n  (906,923)* \n \n \n (503,498) \n \n \n (116,076)* \n \n \n   \n \n \n (1,222,904) \n \n \n  (775,457) \n \n \n (362,502) \n \n \n (84,945) \n \n \n \n \n Gain on bargain purchase [2] \n \n \n  1,488 \n \n \n  -   \n \n \n  -   \n \n \n  1,488 \n \n \n \n \n \n  -*   \n \n \n  -   \n \n \n  -*   \n \n \n  -   \n \n \n \n \n Profit from associates \n \n \n  1,316 \n \n \n  1,316 \n \n \n  -   \n \n \n  -   \n \n \n \n \n \n  1,347 \n \n \n  1,347 \n \n \n  -   \n \n \n  -   \n \n \n \n \n Operating income before cost of risk (2024 & 2025: adjusted) \n \n \n  2,779,563* \n \n \n 2,137,974* \n \n \n  587,320 \n \n \n  54,269* \n \n \n   \n \n \n 2,341,071* \n \n \n  1,929,580 \n \n \n 366,410* \n \n \n  45,081 \n \n \n \n \n Cost of risk \n \n \n  (169,497) \n \n \n  (141,510) \n \n \n  (22,982) \n \n \n  (5,005) \n \n \n \n \n \n  (165,253) \n \n \n  (98,099) \n \n \n  (63,182) \n \n \n  (3,972) \n \n \n \n \n  Out of which initial ECL related to assets acquired in business combination [3] \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n   \n \n \n  (49,157) \n \n \n  -   \n \n \n  (49,157) \n \n \n  -   \n \n \n \n \n Profit before income tax expense (2024 & 2025: adjusted) \n \n \n  2,610,066* \n \n \n 1,996,464* \n \n \n  564,338 \n \n \n  49,264* \n \n \n   \n \n \n 2,175,818* \n \n \n  1,831,481 \n \n \n 303,228* \n \n \n  41,109 \n \n \n \n \n Income tax expense \n \n \n  (417,245) \n \n \n  (287,781) \n \n \n (111,974) \n \n \n  (17,490) \n \n \n \n \n \n  (362,796) \n \n \n  (275,557) \n \n \n  (73,072) \n \n \n (14,167) \n \n \n \n \n Profit before one-off items \n \n \n  2,192,821* \n \n \n 1,708,683* \n \n \n  452,364 \n \n \n  31,774* \n \n \n   \n \n \n 1,813,022* \n \n \n  1,555,924 \n \n \n 230,156* \n \n \n  26,942 \n \n \n \n \n One-off items [4] \n \n \n  (29,590) \n \n \n  (29,094) \n \n \n  -   \n \n \n  (496) \n \n \n \n \n \n  672,173 \n \n \n  -   \n \n \n  672,173 \n \n \n  -   \n \n \n \n \n Profit \n \n \n  2,163,231 \n \n \n  1,679,589 \n \n \n  452,364 \n \n \n  31,278 \n \n \n   \n \n \n  2,485,195 \n \n \n  1,555,924 \n \n \n  902,329 \n \n \n  26,942 \n \n \n \n \n   \n \n \n \n \n GEL thousands \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n Change \n y-o-y \n \n \n 3Q25 \n \n \n Change \n q-o-q \n \n \n   \n \n \n FY25 \n \n \n FY24 1 \n \n \n Change \n y-o-y \n \n \n   \n \n \n \n \n INCOME STATEMENT HIGHLIGHTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Net interest income  \n \n \n  795,895 \n \n \n  663,656 \n \n \n 19.9% \n \n \n  776,300 \n \n \n 2.5% \n \n \n \n \n \n  2,971,741 \n \n \n  2,360,847 \n \n \n 25.9% \n \n \n   \n \n \n \n \n Net fee and commission income  \n \n \n  226,248 \n \n \n  169,098 \n \n \n 33.8% \n \n \n  140,552 \n \n \n 61.0% \n \n \n \n \n \n  657,487 \n \n \n  561,662 \n \n \n 17.1% \n \n \n   \n \n \n \n \n Net foreign currency gain \n \n \n  150,626 \n \n \n  176,350 \n \n \n -14.6% \n \n \n  152,186 \n \n \n -1.0% \n \n \n \n \n \n  601,003 \n \n \n  571,799 \n \n \n 5.1% \n \n \n   \n \n \n \n \n Net other income \n \n \n  28,526 \n \n \n  22,914 \n \n \n 24.5% \n \n \n  15,137 \n \n \n 88.5% \n \n \n \n \n \n  73,025 \n \n \n  68,320 \n \n \n 6.9% \n \n \n   \n \n \n \n \n Operating income \n \n \n   1,201,295 \n \n \n 1,032,018 \n \n \n 16.4% \n \n \n 1,084,175 \n \n \n 10.8% \n \n \n   \n \n \n  4,303,256 \n \n \n  3,562,628 \n \n \n 20.8% \n \n \n   \n \n \n \n \n Operating expenses (2025: adjusted) \n \n \n (422,581)* \n \n \n (370,611) \n \n \n 14.0% \n \n \n (382,227) \n \n \n 10.6% \n \n \n \n \n \n (1,526,497)* \n \n \n  (1,222,904) \n \n \n 24.8% \n \n \n   \n \n \n \n \n Gain on bargain purchase 2 \n \n \n  1,488 \n \n \n  -   \n \n \n NMF \n \n \n  -   \n \n \n NMF \n \n \n \n \n \n  1,488 \n \n \n  -*   \n \n \n NMF \n \n \n   \n \n \n \n \n Profit from associates \n \n \n  111 \n \n \n  369 \n \n \n -69.9% \n \n \n  469 \n \n \n -76.3% \n \n \n \n \n \n  1,316 \n \n \n  1,347 \n \n \n -2.3% \n \n \n   \n \n \n \n \n Operating income before cost of risk (2024 & 2025: adjusted) \n \n \n   780,313* \n \n \n  661,776* \n \n \n 17.9% \n \n \n  702,417 \n \n \n 11.1% \n \n \n   \n \n \n  2,779,563* \n \n \n  2,341,071* \n \n \n 18.7% \n \n \n   \n \n \n \n \n Cost of risk  \n \n \n  (36,410) \n \n \n  (49,142) \n \n \n -25.9% \n \n \n  (55,378) \n \n \n -34.3% \n \n \n \n \n \n  (169,497) \n \n \n  (165,253) \n \n \n 2.6% \n \n \n   \n \n \n \n \n  Out of which initial ECL related to assets acquired in business combination 3 \n \n \n  -   \n \n \n  -   \n \n \n - \n \n \n  -   \n \n \n - \n \n \n \n \n \n  -   \n \n \n  (49,157) \n \n \n NMF \n \n \n   \n \n \n \n \n Profit before income tax expense and one-off items (2024 & 2025: adjusted) \n \n \n   743,903* \n \n \n  612,634* \n \n \n 21.4% \n \n \n  647,039 \n \n \n 15.0% \n \n \n   \n \n \n  2,610,066* \n \n \n  2,175,818* \n \n \n 20.0% \n \n \n   \n \n \n \n \n Income tax expense \n \n \n  (124,589) \n \n \n (107,920) \n \n \n 15.4% \n \n \n  (99,843) \n \n \n 24.8% \n \n \n \n \n \n  (417,245) \n \n \n  (362,796) \n \n \n 15.0% \n \n \n   \n \n \n \n \n Profit before one-off items \n \n \n  619,314* \n \n \n  504,714* \n \n \n 22.7% \n \n \n  547,196 \n \n \n 13.2% \n \n \n   \n \n \n  2,192,821* \n \n \n  1,813,022* \n \n \n 20.9% \n \n \n   \n \n \n \n \n One-off items 4 \n \n \n  (29,590) \n \n \n  2,708 \n \n \n NMF \n \n \n  -   \n \n \n NMF \n \n \n \n \n \n  (29,590) \n \n \n  672,173 \n \n \n NMF \n \n \n   \n \n \n \n \n Profit  \n \n \n  589,724 \n \n \n  507,422 \n \n \n 16.2% \n \n \n  547,196 \n \n \n 7.8% \n \n \n   \n \n \n  2,163,231 \n \n \n  2,485,195 \n \n \n -13.0% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n  13.84 \n \n \n  11.75 \n \n \n 17.8% \n \n \n  12.75 \n \n \n 8.5% \n \n \n   \n \n \n  50.27 \n \n \n  56.91 \n \n \n -11.7% \n \n \n   \n \n \n \n \n Diluted earnings per share \n \n \n  13.62 \n \n \n  11.51 \n \n \n 18.3% \n \n \n  12.58 \n \n \n 8.3% \n \n \n   \n \n \n  49.52 \n \n \n  55.75 \n \n \n -11.2% \n \n \n   \n \n \n \n \n Basic earnings per share adjusted for one-offs \n \n \n  14.53 \n \n \n  11.69 \n \n \n 24.3% \n \n \n  12.75 \n \n \n 14.0% \n \n \n   \n \n \n  50.96 \n \n \n  41.46 \n \n \n 22.9% \n \n \n   \n \n \n \n \n Diluted earnings per share adjusted for one-offs \n \n \n  14.30 \n \n \n  11.44 \n \n \n 25.0% \n \n \n  12.58 \n \n \n 13.7% \n \n \n   \n \n \n  50.19 \n \n \n  40.62 \n \n \n 23.6% \n \n \n   \n \n \n \n \n *These figures differ from the unaudited consolidated financial statements as they exclude one-off items to better illustrate underlying performance. The excluded items are: GEL 29.6m in 4Q25 and FY25; GEL 2.7m in 4Q24 and GEL 672.2m in FY24 (see endnote 4). The FY24 figure primarily consists of a significant one-off gain on bargain purchase associated with the acquisition of Ameriabank, which boosted reported earnings in 2024. For the full unaudited consolidated financial information, please refer to page 16. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n BALANCE SHEET HIGHLIGHTS \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change y-o-y \n \n \n Sep-25 \n \n \n Change q-o-q \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liquid assets \n \n \n 18,318,956 \n \n \n 16,484,035 \n \n \n 11.1% \n \n \n 17,882,228 \n \n \n 2.4% \n \n \n \n \n  Cash and cash equivalents \n \n \n  4,395,270 \n \n \n  3,753,183 \n \n \n 17.1% \n \n \n 5,049,905 \n \n \n -13.0% \n \n \n \n \n  Amounts due from credit institutions \n \n \n  3,729,033 \n \n \n  3,278,465 \n \n \n 13.7% \n \n \n 3,125,753 \n \n \n 19.3% \n \n \n \n \n  Investment securities \n \n \n 10,194,653 \n \n \n  9,452,387 \n \n \n 7.9% \n \n \n 9,706,570 \n \n \n 5.0% \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n 40,065,664 \n \n \n 33,558,874 \n \n \n 19.4% \n \n \n 37,927,219 \n \n \n 5.6% \n \n \n \n \n Property and equipment \n \n \n  616,839 \n \n \n  550,097 \n \n \n 12.1% \n \n \n 603,448 \n \n \n 2.2% \n \n \n \n \n All remaining assets \n \n \n 1,868,397  \n \n \n  1,614,882 \n \n \n 15.7% \n \n \n 1,718,290 \n \n \n 8.7% \n \n \n \n \n Total assets \n \n \n 60,869,856 \n \n \n 52,207,888 \n \n \n 16.6% \n \n \n 58,131,185 \n \n \n 4.7% \n \n \n \n \n Client deposits and notes \n \n \n 38,629,974 \n \n \n 33,202,010 \n \n \n 16.3% \n \n \n 37,657,572 \n \n \n 2.6% \n \n \n \n \n Amounts owed to credit institutions \n \n \n  9,499,106 \n \n \n  8,680,233 \n \n \n 9.4% \n \n \n 8,637,788 \n \n \n 10.0% \n \n \n \n \n  Borrowings from DFIs \n \n \n  3,708,770 \n \n \n  3,301,249 \n \n \n 12.3% \n \n \n 2,795,403 \n \n \n 32.7% \n \n \n \n \n  Short-term loans from the National Bank of Georgia \n \n \n  2,667,471 \n \n \n  2,546,574 \n \n \n 4.7% \n \n \n 2,146,297 \n \n \n 24.3% \n \n \n \n \n  Short-term loans from the Central Bank of Armenia \n \n \n  136,912 \n \n \n  153,588 \n \n \n -10.9% \n \n \n 143,168 \n \n \n -4.4% \n \n \n \n \n Loans and deposits from commercial banks \n \n \n  2,985,953 \n \n \n  2,678,822 \n \n \n 11.5% \n \n \n 3,552,920 \n \n \n -16.0% \n \n \n \n \n Debt securities issued \n \n \n  2,999,871 \n \n \n  2,255,016 \n \n \n 33.0% \n \n \n 2,539,696 \n \n \n 18.1% \n \n \n \n \n All remaining liabilities \n \n \n  1,318,662 \n \n \n  1,055,402 \n \n \n 24.9% \n \n \n 1,398,612 \n \n \n -5.7% \n \n \n \n \n Total liabilities \n \n \n 52,447,613 \n \n \n 45,192,661 \n \n \n 16.1% \n \n \n 50,233,668 \n \n \n 4.4% \n \n \n \n \n Total equity \n \n \n  8,422,243 \n \n \n  7,015,227 \n \n \n 20.1% \n \n \n 7,897,517 \n \n \n 6.6% \n \n \n \n \n Book value per share \n \n \n  197.85 \n \n \n  162.77 \n \n \n 21.6% \n \n \n 184.46 \n \n \n 7.3% \n \n \n \n \n   \n \n \n \n \n KEY RATIOS \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n   \n \n \n 3Q25 \n \n \n   \n \n \n   \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ROAA (adjusted for one-off items) 4 , 5 \n \n \n 4.2% \n \n \n 4.0% \n \n \n \n \n \n 3.9% \n \n \n \n \n \n \n \n \n 4.0% \n \n \n 4.3% \n \n \n \n \n ROAE (adjusted for one-off items) 4 , 5 \n \n \n 30.1% \n \n \n 29.6% \n \n \n \n \n \n 27.8% \n \n \n \n \n \n \n \n \n 28.4% \n \n \n 30.0% \n \n \n \n \n Net interest margin [5] \n \n \n 6.1% \n \n \n 6.0% \n \n \n \n \n \n 6.2% \n \n \n \n \n \n \n \n \n 6.1% \n \n \n 6.3% \n \n \n \n \n Loan yield 5 , [6] \n \n \n 12.4% \n \n \n 12.2% \n \n \n \n \n \n 12.4% \n \n \n \n \n \n \n \n \n 12.3% \n \n \n 12.4% \n \n \n \n \n Liquid assets yield 5 \n \n \n 5.1% \n \n \n 4.8% \n \n \n \n \n \n 5.2% \n \n \n \n \n \n \n \n \n 5.1% \n \n \n 5.1% \n \n \n \n \n Cost of funds 5 \n \n \n 5.2% \n \n \n 4.9% \n \n \n \n \n \n 5.1% \n \n \n \n \n \n \n \n \n 5.1% \n \n \n 5.0% \n \n \n \n \n Cost of client deposits and notes 5 \n \n \n 4.6% \n \n \n 4.0% \n \n \n \n \n \n 4.5% \n \n \n \n \n \n \n \n \n 4.4% \n \n \n 4.1% \n \n \n \n \n Cost of amounts owed to credit institutions 5 \n \n \n 7.0% \n \n \n 7.8% \n \n \n \n \n \n 7.1% \n \n \n \n \n \n \n \n \n 7.3% \n \n \n 7.9% \n \n \n \n \n Cost of debt securities issued 5 \n \n \n 7.7% \n \n \n 7.5% \n \n \n \n \n \n 7.4% \n \n \n \n \n \n \n \n \n 7.5% \n \n \n 8.2% \n \n \n \n \n Cost:income ratio (adjusted for one-off items) 4 \n \n \n 35.2% \n \n \n 35.9% \n \n \n \n \n \n 35.3% \n \n \n \n \n \n \n \n \n 35.5% \n \n \n 34.3% \n \n \n \n \n NPLs to gross loans \n \n \n 2.1% \n \n \n 2.0% \n \n \n \n \n \n 2.1% \n \n \n \n \n \n \n \n \n 2.1% \n \n \n 2.0% \n \n \n \n \n NPL coverage ratio \n \n \n 57.8% \n \n \n 63.0% \n \n \n \n \n \n 64.4% \n \n \n \n \n \n \n \n \n 57.8% \n \n \n 63.0% \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 116.3% \n \n \n 119.6% \n \n \n \n \n \n 117.7% \n \n \n \n \n \n \n \n \n 116.3% \n \n \n 119.6% \n \n \n \n \n Cost of credit risk ratio 5 \n \n \n 0.3% \n \n \n 0.5% \n \n \n \n \n \n 0.5% \n \n \n \n \n \n \n \n \n 0.4% \n \n \n 0.5% \n \n \n \n \n   \n   \n \n \n \n \n GEL thousands \n NON-PERFORMING LOANS \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change \n y-o-y \n \n \n Sep-25 \n \n \n Change \n q-o-q \n \n \n \n \n Group (consolidated) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NPLs (in GEL thousands) \n \n \n  869,446 \n \n \n  666,859 \n \n \n 30.4% \n \n \n  803,774 \n \n \n 8.2% \n \n \n \n \n NPLs to gross loans  \n \n \n 2.1% \n \n \n 2.0% \n \n \n \n \n \n 2.1% \n \n \n \n \n \n \n \n NPL coverage ratio \n \n \n 57.8% \n \n \n 63.0% \n \n \n \n \n \n 64.4% \n \n \n \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 116.3% \n \n \n 119.6% \n \n \n \n \n \n 117.7% \n \n \n \n \n \n \n \n Georgian Financial Services (GFS) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NPLs to gross loans \n \n \n 2.1% \n \n \n 2.2% \n \n \n \n \n \n 2.3% \n \n \n \n \n \n \n \n NPL coverage ratio \n \n \n 54.8% \n \n \n 62.1% \n \n \n \n \n \n 59.7% \n \n \n \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 114.6% \n \n \n 115.1% \n \n \n \n \n \n 112.2% \n \n \n \n \n \n \n \n Ameriabank (standalone figures) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NPLs to gross loans \n \n \n 2.1% \n \n \n 1.4% \n \n \n \n \n \n 1.5% \n \n \n \n \n \n \n \n NPL coverage ratio \n \n \n 68.5% \n \n \n 69.1% \n \n \n \n \n \n 87.3% \n \n \n \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 125.5% \n \n \n 137.3% \n \n \n \n \n \n 145.8% \n \n \n \n \n \n \n \n Returns to shareholders (dividends and share buyback and cancellation programme) \n \n \n \n \n • \n \n \n In August 2025, the Board took the decision to move to a quarterly distribution schedule, with the Group's total capital repatriation policy unchanged at a target payout range of 30-50% of annual Group profits. Considering the strong performance of the Group during the fourth quarter of 2025 and robust capital levels, today the Board declared an interim dividend of GEL 2.75 per ordinary share in respect of the fourth quarter of 2025, payable according to the following timetable: \n \n \n \n \n \n \n \n • \n \n \n Ex-Dividend Date: 26 March 2026 \n \n \n \n \n \n \n \n • \n \n \n Record Date: 27 March 2026 \n \n \n \n \n \n \n \n • \n \n \n Currency Conversion Date: 27 March 2026 \n \n \n \n \n \n \n \n • \n \n \n Payment Date: 14 April 2026 \n \n \n \n \n • \n \n \n The NBG's Lari/Pound Sterling average exchange rate for the period of 23 March to 27 March 2026 will be used as the exchange rate on the Currency Conversion Date and will be announced in due course. \n \n \n \n \n • \n \n \n In addition, today the Board has approved an extension to the share buyback and cancellation programme of GEL 53.5 million. \n \n \n \n \n • \n \n \n The previous GEL 51.5 million share buyback and cancellation programme, announced on 20 November 2025, is completed. As a result, the total number of voting rights in issue following the cancellation of shares is 43,365,907 as of 24 February 2026. \n \n \n \n \n Business Division results \n Following the acquisition of Ameriabank at the end of March 2024, the Group results are presented by the following Business Divisions: 1) Georgian Financial Services (GFS), 2) Armenian Financial Services (AFS), and 3) Other Businesses. \n Georgian Financial Services (GFS) \n Georgian Financial Services ( GFS ) mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and Taggart. GFS is organised across the following business segments: Retail Banking (RB), Small and Medium Enterprise (SME) Banking, Corporate and Investment Banking (CIB), and Corporate Center (CC). \n \n \n \n \n GEL thousands \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n Change \n y-o-y \n \n \n 3Q25 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n Change \n y-o-y \n \n \n \n \n INCOME STATEMENT HIGHLIGHTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income \n \n \n  1,040,286 \n \n \n  879,608 \n \n \n 18.3% \n \n \n 1,007,375 \n \n \n 3.3% \n \n \n \n \n \n  3,907,286 \n \n \n  3,261,442 \n \n \n 19.8% \n \n \n \n \n Interest expense \n \n \n  (486,175) \n \n \n  (408,847) \n \n \n 18.9% \n \n \n (455,157) \n \n \n 6.8% \n \n \n \n \n \n (1,804,626) \n \n \n (1,463,591) \n \n \n 23.3% \n \n \n \n \n Net interest income \n \n \n  554,111 \n \n \n  470,761 \n \n \n 17.7% \n \n \n 552,218 \n \n \n 0.3% \n \n \n   \n \n \n  2,102,660 \n \n \n  1,797,851 \n \n \n 17.0% \n \n \n \n \n Net fee and commission income \n \n \n  169,810 \n \n \n  126,923 \n \n \n 33.8% \n \n \n 120,379 \n \n \n 41.1% \n \n \n \n \n \n  529,209 \n \n \n  465,614 \n \n \n 13.7% \n \n \n \n \n Net foreign currency gain \n \n \n  91,895 \n \n \n  107,776 \n \n \n -14.7% \n \n \n 94,932 \n \n \n -3.2% \n \n \n \n \n \n  360,878 \n \n \n  386,797 \n \n \n -6.7% \n \n \n \n \n Net other income \n \n \n  20,953 \n \n \n  26,030 \n \n \n -19.5% \n \n \n 7,916 \n \n \n 164.7% \n \n \n \n \n \n  50,834 \n \n \n  53,428 \n \n \n -4.9% \n \n \n \n \n Operating income \n \n \n  836,769 \n \n \n  731,490 \n \n \n 14.4% \n \n \n 775,445 \n \n \n 7.9% \n \n \n   \n \n \n  3,043,581 \n \n \n  2,703,690 \n \n \n 12.6% \n \n \n \n \n Salaries and other employee benefits (2025: adjusted) \n \n \n (140,375)* \n \n \n  (125,107) \n \n \n 12.2% \n \n \n (130,380) \n \n \n 7.7% \n \n \n   \n \n \n  (516,693)* \n \n \n  (443,347) \n \n \n 16.5% \n \n \n \n \n Administrative expenses \n \n \n  (71,450) \n \n \n  (61,018) \n \n \n 17.1% \n \n \n (51,194) \n \n \n 39.6% \n \n \n \n \n \n  (215,390) \n \n \n  (204,383) \n \n \n 5.4% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n  (40,657) \n \n \n  (31,799) \n \n \n 27.9% \n \n \n (38,430) \n \n \n 5.8% \n \n \n \n \n \n  (148,485) \n \n \n  (121,983) \n \n \n 21.7% \n \n \n \n \n Other operating expenses \n \n \n  (7,603) \n \n \n  (1,636) \n \n \n NMF \n \n \n (6,171) \n \n \n 23.2% \n \n \n \n \n \n  (26,355) \n \n \n  (5,744) \n \n \n NMF \n \n \n \n \n Operating expenses (2025: adjusted) \n \n \n (260,085)* \n \n \n  (219,560) \n \n \n 18.5% \n \n \n (226,175) \n \n \n 15.0% \n \n \n   \n \n \n   (906,923)* \n \n \n  (775,457) \n \n \n 17.0% \n \n \n \n \n Profit from associates \n \n \n  111 \n \n \n  369 \n \n \n -69.9% \n \n \n 469 \n \n \n -76.3% \n \n \n \n \n \n  1,316 \n \n \n  1,347 \n \n \n -2.3% \n \n \n \n \n Operating income before cost of risk (2025: adjusted) \n \n \n  576,795* \n \n \n  512,299 \n \n \n 12.6% \n \n \n 549,739 \n \n \n 4.9% \n \n \n   \n \n \n 2,137,974* \n \n \n  1,929,580 \n \n \n 10.8% \n \n \n \n \n Cost of risk \n \n \n  (30,274) \n \n \n  (47,615) \n \n \n -36.4% \n \n \n (47,398) \n \n \n -36.1% \n \n \n \n \n \n  (141,510) \n \n \n  (98,099) \n \n \n 44.3% \n \n \n \n \n Profit before income tax expense (2025: adjusted) \n \n \n  546,521* \n \n \n  464,684 \n \n \n 17.6% \n \n \n 502,341 \n \n \n 8.8% \n \n \n   \n \n \n 1,996,464* \n \n \n  1,831,481 \n \n \n 9.0% \n \n \n \n \n Income tax expense \n \n \n  (86,583) \n \n \n  (71,415) \n \n \n 21.2% \n \n \n (68,515) \n \n \n 26.4% \n \n \n \n \n \n  (287,781) \n \n \n  (275,557) \n \n \n 4.4% \n \n \n \n \n Profit before for one-off items \n \n \n  459,938* \n \n \n  393,269 \n \n \n 17.0% \n \n \n 433,826 \n \n \n 6.0% \n \n \n   \n \n \n 1,708,683* \n \n \n  1,555,924 \n \n \n 9.8% \n \n \n \n \n One-off items 4 \n \n \n  (29,094) \n \n \n  -   \n \n \n NMF \n \n \n - \n \n \n NMF \n \n \n \n \n \n  (29,094) \n \n \n  -   \n \n \n NMF \n \n \n \n \n Profit \n \n \n  430,844 \n \n \n  393,269 \n \n \n 9.6% \n \n \n 433,826 \n \n \n -0.7% \n \n \n   \n \n \n  1,679,589 \n \n \n  1,555,924 \n \n \n 7.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n *These figures exclude a one-off item of GEL 29.1m in 4Q25 and FY25 to better illustrate underlying performance (see endnote 4). \n   \n \n \n \n \n BALANCE SHEET HIGHLIGHTS \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change \n y-o-y \n \n \n Sep-25 \n \n \n Change \n q-o-q \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n  2,720,691 \n \n \n  1,832,228 \n \n \n 48.5% \n \n \n  3,226,804 \n \n \n -15.7% \n \n \n \n \n Amounts due from credit institutions \n \n \n  2,139,551 \n \n \n  2,423,723 \n \n \n -11.7% \n \n \n  2,160,672 \n \n \n -1.0% \n \n \n \n \n Investment securities \n \n \n  8,236,145 \n \n \n  7,886,960 \n \n \n 4.4% \n \n \n  8,074,493 \n \n \n 2.0% \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n 27,288,607 \n \n \n 23,539,328 \n \n \n 15.9% \n \n \n 26,150,474 \n \n \n 4.4% \n \n \n \n \n  Loans to customers, finance lease and factoring receivables, LC \n \n \n 15,822,353 \n \n \n 13,580,484 \n \n \n 16.5% \n \n \n 15,210,055 \n \n \n 4.0% \n \n \n \n \n  Loans to customers, finance lease and factoring receivables, FC \n \n \n 11,466,254 \n \n \n  9,958,844 \n \n \n 15.1% \n \n \n 10,940,419 \n \n \n 4.8% \n \n \n \n \n Property and equipment \n \n \n  519,892 \n \n \n  462,037 \n \n \n 12.5% \n \n \n  501,230 \n \n \n 3.7% \n \n \n \n \n All remaining assets \n \n \n  1,225,254 \n \n \n  1,170,001 \n \n \n 4.7% \n \n \n  1,223,077 \n \n \n 0.2% \n \n \n \n \n Total assets \n \n \n 42,130,140 \n \n \n 37,314,277 \n \n \n 12.9% \n \n \n 41,336,750 \n \n \n 1.9% \n \n \n \n \n Client deposits and notes \n \n \n 27,312,550 \n \n \n 24,052,164 \n \n \n 13.6% \n \n \n 27,487,750 \n \n \n -0.6% \n \n \n \n \n  Client deposits and notes, LC \n \n \n 14,595,833 \n \n \n 11,355,443 \n \n \n 28.5% \n \n \n 14,551,630 \n \n \n 0.3% \n \n \n \n \n  Client deposits and notes, FC \n \n \n 12,716,717 \n \n \n 12,696,721 \n \n \n 0.2% \n \n \n 12,936,120 \n \n \n -1.7% \n \n \n \n \n Amounts owed to credit institutions \n \n \n  6,562,242 \n \n \n  6,712,420 \n \n \n -2.2% \n \n \n  6,225,136 \n \n \n 5.4% \n \n \n \n \n Debt securities issued \n \n \n  1,800,502 \n \n \n  1,082,831 \n \n \n 66.3% \n \n \n  1,320,165 \n \n \n 36.4% \n \n \n \n \n All remaining liabilities \n \n \n  769,455 \n \n \n 475,032 \n \n \n 62.0% \n \n \n 910,900 \n \n \n -15.5% \n \n \n \n \n Total liabilities \n \n \n 36,444,749 \n \n \n 32,322,447 \n \n \n 12.8% \n \n \n 35,943,951 \n \n \n 1.4% \n \n \n \n \n Total equity \n \n \n  5,685,391 \n \n \n  4,991,830 \n \n \n 13.9% \n \n \n  5,392,799 \n \n \n 5.4% \n \n \n \n \n Risk-weighted assets (JSC Bank of Georgia standalone) \n \n \n 32,187,358 \n \n \n 29,080,593 \n \n \n 10.7% \n \n \n 30,835,359 \n \n \n 4.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n KEY RATIOS \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n   \n \n \n 3Q25 \n \n \n   \n \n \n   \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n ROAA (adjusted for one-off items) 4 \n \n \n 4.4% \n \n \n 4.3% \n \n \n \n \n \n 4.3% \n \n \n   \n \n \n   \n \n \n 4.3% \n \n \n 4.7% \n \n \n \n \n ROAA (unadjusted) \n \n \n 4.1% \n \n \n 4.3% \n \n \n \n \n \n 4.3% \n \n \n   \n \n \n   \n \n \n 4.3% \n \n \n 4.7% \n \n \n \n \n ROAE (adjusted for one-off items) 4 \n \n \n 32.7% \n \n \n 32.5% \n \n \n \n \n \n 32.2% \n \n \n   \n \n \n   \n \n \n 32.0% \n \n \n 33.5% \n \n \n \n \n ROAE (unadjusted) \n \n \n 30.7% \n \n \n 32.5% \n \n \n \n \n \n 32.2% \n \n \n   \n \n \n   \n \n \n 31.5% \n \n \n 33.5% \n \n \n \n \n Net interest margin \n \n \n 5.9% \n \n \n 5.8% \n \n \n \n \n \n 6.2% \n \n \n   \n \n \n   \n \n \n 5.9% \n \n \n 6.0% \n \n \n \n \n Loan yield \n \n \n 12.8% \n \n \n 12.5% \n \n \n \n \n \n 12.8% \n \n \n   \n \n \n   \n \n \n 12.7% \n \n \n 12.5% \n \n \n \n \n  Loan yield, GEL \n \n \n 15.5% \n \n \n 15.0% \n \n \n   \n \n \n 15.4% \n \n \n   \n \n \n   \n \n \n 15.3% \n \n \n 15.0% \n \n \n \n \n  Loan yield, FC \n \n \n 8.9% \n \n \n 9.0% \n \n \n   \n \n \n 9.3% \n \n \n   \n \n \n   \n \n \n 9.1% \n \n \n 9.3% \n \n \n \n \n Cost of funds \n \n \n 5.5% \n \n \n 5.2% \n \n \n \n \n \n 5.3% \n \n \n   \n \n \n   \n \n \n 5.4% \n \n \n 5.2% \n \n \n \n \n Cost of client deposits and notes \n \n \n 4.9% \n \n \n 4.3% \n \n \n \n \n \n 4.7% \n \n \n   \n \n \n   \n \n \n 4.7% \n \n \n 4.4% \n \n \n \n \n  Cost of client deposits and notes, GEL \n \n \n 7.9% \n \n \n 7.6% \n \n \n   \n \n \n 7.8% \n \n \n   \n \n \n   \n \n \n 7.9% \n \n \n 7.8% \n \n \n \n \n  Cost of client deposits and notes, FC \n \n \n 1.5% \n \n \n 1.3% \n \n \n   \n \n \n 1.4% \n \n \n   \n \n \n   \n \n \n 1.5% \n \n \n 1.2% \n \n \n \n \n Cost of time deposits \n \n \n 7.2% \n \n \n 6.6% \n \n \n \n \n \n 7.0% \n \n \n   \n \n \n   \n \n \n 7.0% \n \n \n 6.8% \n \n \n \n \n  Cost of time deposits, GEL \n \n \n 10.3% \n \n \n 10.0% \n \n \n   \n \n \n 9.9% \n \n \n   \n \n \n   \n \n \n 10.3% \n \n \n 10.6% \n \n \n \n \n  Cost of time deposits, FC \n \n \n 2.6% \n \n \n 2.5% \n \n \n   \n \n \n 2.7% \n \n \n   \n \n \n   \n \n \n 2.7% \n \n \n 2.3% \n \n \n \n \n Cost of current accounts and demand deposits \n \n \n 2.9% \n \n \n 2.3% \n \n \n \n \n \n 2.7% \n \n \n   \n \n \n   \n \n \n 2.6% \n \n \n 2.3% \n \n \n \n \n  Cost of current accounts and demand deposits, GEL \n \n \n 5.3% \n \n \n 4.7% \n \n \n   \n \n \n 5.3% \n \n \n   \n \n \n   \n \n \n 5.2% \n \n \n 4.9% \n \n \n \n \n  Cost of current accounts and demand deposits, FC \n \n \n 0.7% \n \n \n 0.6% \n \n \n   \n \n \n 0.6% \n \n \n   \n \n \n   \n \n \n 0.6% \n \n \n 0.4% \n \n \n \n \n Cost:income ratio (adjusted for one-off items) 4 \n \n \n 31.1% \n \n \n 30.0% \n \n \n \n \n \n 29.2% \n \n \n   \n \n \n   \n \n \n 29.8% \n \n \n 28.7% \n \n \n \n \n Cost:income ratio (unadjusted) \n \n \n 34.6% \n \n \n 30.0% \n \n \n \n \n \n 29.2% \n \n \n   \n \n \n   \n \n \n 30.8% \n \n \n 28.7% \n \n \n \n \n Cost of credit risk ratio \n \n \n 0.4% \n \n \n 0.6% \n \n \n \n \n \n 0.6% \n \n \n   \n \n \n   \n \n \n 0.5% \n \n \n 0.4% \n \n \n \n \n Performance highlights \n \n \n \n \n • \n \n \n GFS delivered 14.4% y-o-y growth in 4Q25 operating income, driven by increases in net interest income and net fee and commission income. QoQ growth of 7.9% resulted primarily from strong fee and commission performance. For FY25, operating income rose 12.6%, with strong net interest income complemented by growth in fee and commission income and partially offset by a decline in net foreign currency gain and net other income. \n \n \n \n \n • \n \n \n Double digit net interest income growth in 4Q25 on a y-o-y basis resulted from sustained strong loan book growth, combined with 10 bps net interest margin expansion to 5.9%. On a q-o-q basis, the net interest margin declined by 30 bps - whilst the loan yield remained flat, this was driven by a 20 bps increase in the cost of funds, attributable to higher client deposit and note costs (up 20 bps q-o-q) along with the impact from the GEL-denominated 450m Eurobond placement in November 2025. For FY25, NIM declined 10 bps to 5.9%. \n \n \n \n \n • \n \n \n Net fee and commission income increased by 33.8% y-o-y and 41.1% q-o-q in 4Q25. While fee and commission income grew by 13.7% y-o-y, this strong performance was primarily driven by a 17.7% y-o-y reduction in fee and commission expenses as we negotiated better terms from international payment systems for all of 2025 and going forward. The normalised net fee and commission income y-o-y growth would have been c.15%. For FY25, net fee and commission income reached GEL 529.2m (+13.7%). \n \n \n \n \n • \n \n \n Net foreign currency (FX) gain was down 14.7% y-o-y in 4Q25 and down 6.7% y-o-y for the full year, adversely impacted by increased competition and lower currency volatility throughout the year. \n \n \n \n \n • \n \n \n In 4Q25, operating expenses increased by 18.5% y-o-y with growth broad-based across all expense lines. Staff costs included accelerated recognition of unvested, previously granted share-based awards due to the voluntary departure of an executive manager. Administrative expense growth was mainly driven by higher marketing and technology investments supporting business growth. Additionally, Bank of Georgia recorded a GEL 4.4m contribution to the Resolution Fund, a regulatory requirement introduced by NBG for all commercial banks effective from January 2025 [7] . Excluding accelerated recognition of unvested share-based awards and the Resolution Fund payment, operating expenses at GFS would have increased by 14.5% y-o-y. \n \n \n \n \n • \n \n \n The portfolio quality remained healthy across the board, with the cost of credit risk ratio standing at 0.4% in 4Q25 and 0.5% in FY25, and the NPL ratio declining to 2.1% as at 31 December 2025. \n \n \n \n \n Portfolio highlights \n \n \n \n \n \n \n \n Portfolio highlights: loans to customers, finance lease and factoring receivables \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change \n y-o-y \n \n \n Change y-o-y \n (constant currency) \n \n \n Sep-25 \n \n \n Change \n q-o-q \n \n \n Change q-o-q (constant currency) \n \n \n   \n \n \n \n \n Total GFS \n \n \n 27,288,607 \n \n \n 23,539,328 \n \n \n 15.9% \n \n \n 16.1% \n \n \n 26,150,474 \n \n \n 4.4% \n \n \n 4.5% \n \n \n   \n \n \n \n \n Retail \n \n \n 12,190,163 \n \n \n 10,203,425 \n \n \n 19.5% \n \n \n 19.4% \n \n \n 11,571,767 \n \n \n 5.3% \n \n \n 5.4% \n \n \n   \n \n \n \n \n  Mortgages \n \n \n  5,139,094 \n \n \n  4,498,321 \n \n \n 14.2% \n \n \n 14.2% \n \n \n 4,915,696 \n \n \n 4.5% \n \n \n 4.8% \n \n \n   \n \n \n \n \n  Consumer loans \n \n \n  6,190,599 \n \n \n  4,987,399 \n \n \n 24.1% \n \n \n 24.4% \n \n \n 5,856,880 \n \n \n 5.7% \n \n \n 5.7% \n \n \n   \n \n \n \n \n  Other loans \n \n \n  860,470 \n \n \n  717,705 \n \n \n 19.9% \n \n \n 17.8% \n \n \n 799,191 \n \n \n 7.7% \n \n \n 8.0% \n \n \n   \n \n \n \n \n SME \n \n \n 5,447,299 \n \n \n 5,011,108 \n \n \n 8.7% \n \n \n 8.2% \n \n \n 5,317,970 \n \n \n 2.4% \n \n \n 2.6% \n \n \n   \n \n \n \n \n CIB \n \n \n 9,651,145 \n \n \n 8,324,795 \n \n \n 15.9% \n \n \n 16.8% \n \n \n 9,260,737 \n \n \n 4.2% \n \n \n 4.5% \n \n \n   \n \n \n \n \n \n \n \n   \n Portfolio highlights: customer deposits and notes \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change \n y-o-y \n \n \n Change y-o-y \n (constant currency) \n \n \n Sep-25 \n \n \n Change q-o-q \n \n \n Change q-o-q (constant currency) \n \n \n   \n \n \n \n \n Total GFS \n \n \n  27,312,550 \n \n \n  24,052,164 \n \n \n 13.6% \n \n \n 14.3% \n \n \n 27,487,750 \n \n \n -0.6% \n \n \n -0.5% \n \n \n   \n \n \n \n \n Retail \n \n \n  16,385,011 \n \n \n  14,422,359 \n \n \n 13.6% \n \n \n 14.8% \n \n \n 15,589,366 \n \n \n 5.1% \n \n \n 5.4% \n \n \n   \n \n \n \n \n SME \n \n \n  2,526,790 \n \n \n  2,146,585 \n \n \n 17.7% \n \n \n 17.9% \n \n \n 2,344,438 \n \n \n 7.8% \n \n \n 7.9% \n \n \n   \n \n \n \n \n CIB \n \n \n  8,081,092 \n \n \n  6,578,858 \n \n \n 22.8% \n \n \n 23.4% \n \n \n 7,613,923 \n \n \n 6.1% \n \n \n 6.3% \n \n \n   \n \n \n \n \n Corporate Center \n \n \n  421,957 \n \n \n  971,961 \n \n \n -56.6% \n \n \n \n \n \n 2,021,083 \n \n \n -79.1% \n \n \n \n \n \n   \n \n \n \n \n Eliminations \n \n \n  (102,300) \n \n \n  (67,599) \n \n \n 51.3% \n \n \n \n \n \n (81,060) \n \n \n 26.2% \n \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n Loan portfolio quality: cost of credit risk ratio \n   \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n   \n \n \n   \n \n \n 3Q25 \n \n \n FY25 \n \n \n FY24 \n \n \n   \n \n \n \n \n Total GFS \n \n \n 0.4% \n \n \n 0.6% \n \n \n   \n \n \n   \n \n \n 0.6% \n \n \n 0.5% \n \n \n  0.4% \n \n \n   \n \n \n \n \n Retail \n \n \n 0.7% \n \n \n 0.5% \n \n \n   \n \n \n   \n \n \n 0.8% \n \n \n 0.6% \n \n \n 0.4% \n \n \n   \n \n \n \n \n SME \n \n \n 0.0% \n \n \n -0.4% \n \n \n   \n \n \n   \n \n \n 0.3% \n \n \n 0.4% \n \n \n 0.3% \n \n \n   \n \n \n \n \n CIB \n \n \n 0.2% \n \n \n 1.3% \n \n \n   \n \n \n   \n \n \n 0.7% \n \n \n 0.3% \n \n \n 0.4% \n \n \n   \n \n \n \n \n \n \n \n   \n Loan portfolio quality: NPL ratio \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n   \n \n \n   \n \n \n Sep-25 \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Total GFS \n \n \n 2.1% \n \n \n 2.2% \n \n \n   \n \n \n   \n \n \n 2.3% \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Retail \n \n \n 1.4% \n \n \n 1.6% \n \n \n \n \n \n \n \n \n 1.5% \n \n \n \n \n \n \n \n \n   \n \n \n \n \n SME \n \n \n 4.0% \n \n \n 3.5% \n \n \n \n \n \n \n \n \n 4.0% \n \n \n \n \n \n \n \n \n   \n \n \n \n \n CIB \n \n \n 2.0% \n \n \n 2.1% \n \n \n \n \n \n \n \n \n 2.3% \n \n \n \n \n \n \n \n \n   \n \n \n \n \n • \n \n \n Customer lending continued to expand, driven primarily by RB and CIB, with SME also contributing \n \n \n \n \n \n \n \n • \n \n \n Within the RB segment, consumer lending showed particularly strong growth, rising by 24.4% y-o-y and 5.7% q-o-q in cc. Mortgage lending grew by 14.2% y-o-y and 4.8% q-o-q in cc, now accounting for 42.2% of the retail loan book - below the share of consumer loans at 50.8%. \n \n \n \n \n • \n \n \n Client deposits and notes demonstrated strong y-o-y growth, driven by RB and CIB segments, with SME also contributing. The y-o-y growth was well-diversified across business segments and deposit types. As at 31 December 2025, current & demand deposits and time deposits accounted for 56.0% and 44.0% of the total deposit portfolio, respectively. Notably, the share of GEL deposits in total deposits increased significantly y-o-y from 47.2% to 53.4%. Deposits were broadly flat q-o-q due to a reduction in the Corporate Center (mainly the Ministry of Finance deposits used mainly for liquidity management). \n \n \n \n \n • \n \n \n Additionally, our funding mix was strengthened by the successful issuance of a GEL 450m senior unsecured Eurobond by Bank of Georgia - the largest local-currency Eurobond by a private-sector entity in the Caucasus, Turkey and Central Asia region for 2025.  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liquidity \n \n \n \n \n   \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Sep-25 \n \n \n \n \n IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia) \n \n \n 147.7% \n \n \n 138.6% \n \n \n 126.2% \n \n \n \n \n IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia) \n \n \n 134.1% \n \n \n 130.7% \n \n \n 127.4% \n \n \n \n \n Both our Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) were well above the regulatory minimum requirements of 100%. \n Capital position \n Bank of Georgia maintains robust levels of capital, with all ratios comfortably above the minimum regulatory requirements. The movement in capital adequacy ratios in 4Q25 and the potential impact of a 10% devaluation of GEL is as follows: \n \n \n \n \n \n \n \n 30 Sep \n 2025 \n \n \n 4Q25 \n profit \n \n \n Business growth \n \n \n Currency impact \n \n \n Dividend payment \n \n \n Tier 1- Tier 2 \n \n \n 31 Dec \n 2025 \n \n \n   \n \n \n   \n \n \n   \n \n \n Min requirement \n \n \n Buffer above min requirement \n \n \n Potential impact \n of a 10% GEL devaluation \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n CET 1 capital adequacy \n \n \n 17.4% \n \n \n 1.4% \n \n \n -0.7% \n \n \n 0.0% \n \n \n -0.6% \n \n \n 0.0% \n \n \n 17.6% \n \n \n \n \n \n \n \n \n \n \n \n 15.2% \n \n \n 2.4% \n \n \n -0.8% \n \n \n \n \n Tier 1 capital adequacy \n \n \n 20.5% \n \n \n 1.4% \n \n \n -0.8% \n \n \n 0.0% \n \n \n -0.6% \n \n \n 0.0% \n \n \n 20.5% \n \n \n \n \n \n \n \n \n \n \n \n 17.3% \n \n \n 3.2% \n \n \n -0.7% \n \n \n \n \n Total capital adequacy \n \n \n 22.1% \n \n \n 1.4% \n \n \n -0.9% \n \n \n 0.0% \n \n \n -0.6% \n \n \n 0.0% \n \n \n 22.0% \n \n \n \n \n \n \n \n \n \n \n \n 20.2% \n \n \n 1.8% \n \n \n -0.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Armenian Financial Services (AFS) \n Ameriabank CJSC was acquired and consolidated on the Group's books at the end of March 2024, with its income statement included in the Group's results starting from 1 April 2024. Standalone financial information for Ameriabank is provided on page 14 for reference. It differs from AFS results due to fair value adjustments and the allocation of certain Group expenses to Business Divisions and is not included in the consolidated results. \n Year-on-year AFS segment comparisons are not representative of underlying performance because FY24 results include only nine months of Ameriabank's performance post-acquisition (income statement consolidated from 1 April 2024). Ameriabank's standalone full-year results, which differ from segment reporting due to internal adjustments, are available on page 14. \n \n \n \n \n GEL thousands \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n Change \n y-o-y \n \n \n 3Q25 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY25 \n \n \n FY24 1 \n \n \n Change \n y-o-y \n \n \n \n \n INCOME STATEMENT HIGHLIGHTS \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income \n \n \n  375,000 \n \n \n 284,685 \n \n \n 31.7% \n \n \n 349,416 \n \n \n 7.3% \n \n \n \n \n \n  1,348,723 \n \n \n 794,616 \n \n \n 69.7% \n \n \n \n \n Interest expense \n \n \n (149,644) \n \n \n (104,643) \n \n \n 43.0% \n \n \n (139,374) \n \n \n 7.4% \n \n \n \n \n \n  (530,468) \n \n \n (287,585) \n \n \n 84.5% \n \n \n \n \n Net interest income \n \n \n  225,356 \n \n \n 180,042 \n \n \n 25.2% \n \n \n 210,042 \n \n \n 7.3% \n \n \n   \n \n \n  818,255 \n \n \n 507,031 \n \n \n 61.4% \n \n \n \n \n Net fee and commission income \n \n \n  53,343 \n \n \n 39,781 \n \n \n 34.1% \n \n \n 17,356 \n \n \n NMF \n \n \n \n \n \n  115,091 \n \n \n 89,922 \n \n \n 28.0% \n \n \n \n \n Net foreign currency gain \n \n \n  35,042 \n \n \n 50,712 \n \n \n -30.9% \n \n \n 38,428 \n \n \n -8.8% \n \n \n \n \n \n  145,340 \n \n \n 128,032 \n \n \n 13.5% \n \n \n \n \n Net other income \n \n \n  3,706 \n \n \n 1,060 \n \n \n NMF \n \n \n 4,896 \n \n \n -24.3% \n \n \n \n \n \n  12,132 \n \n \n 3,927 \n \n \n NMF \n \n \n \n \n Operating income \n \n \n  317,447 \n \n \n 271,595 \n \n \n 16.9% \n \n \n 270,722 \n \n \n 17.3% \n \n \n   \n \n \n  1,090,818 \n \n \n 728,912 \n \n \n 49.7% \n \n \n \n \n Salaries and other employee benefits \n \n \n  (92,907) \n \n \n (92,590) \n \n \n 0.3% \n \n \n (98,731) \n \n \n -5.9% \n \n \n \n \n \n  (369,010) \n \n \n (268,547) \n \n \n 37.4% \n \n \n \n \n Administrative expenses \n \n \n  (19,321) \n \n \n (20,458) \n \n \n -5.6% \n \n \n (14,860) \n \n \n 30.0% \n \n \n \n \n \n  (71,415) \n \n \n (47,737) \n \n \n 49.6% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n  (15,360) \n \n \n (12,988) \n \n \n 18.3% \n \n \n (14,569) \n \n \n 5.4% \n \n \n \n \n \n  (59,887) \n \n \n (40,818) \n \n \n 46.7% \n \n \n \n \n Other operating expenses \n \n \n  (920) \n \n \n (2,150) \n \n \n -57.2% \n \n \n 778 \n \n \n NMF \n \n \n \n \n \n  (3,186) \n \n \n (5,400) \n \n \n -41.0% \n \n \n \n \n Operating expenses \n \n \n (128,508) \n \n \n (128,186) \n \n \n 0.3% \n \n \n (127,382) \n \n \n 0.9% \n \n \n   \n \n \n  (503,498) \n \n \n (362,502) \n \n \n 38.9% \n \n \n \n \n Profit from associates \n \n \n  -   \n \n \n - \n \n \n NMF \n \n \n - \n \n \n         NMF \n \n \n   \n \n \n  -   \n \n \n - \n \n \n - \n \n \n \n \n Operating income before cost of risk (2024: adjusted) \n \n \n 188,939 \n \n \n 143,409* \n \n \n 31.7% \n \n \n 143,340 \n \n \n 31.8% \n \n \n   \n \n \n  587,320 \n \n \n 366,410* \n \n \n 60.3% \n \n \n \n \n Cost of risk \n \n \n  (6,170) \n \n \n (3,533) \n \n \n 74.6% \n \n \n (2,872) \n \n \n 114.8% \n \n \n \n \n \n  (22,982) \n \n \n (63,182) \n \n \n -63.6% \n \n \n \n \n  Out of which initial ECL related to assets acquired in business combination 3 \n \n \n  -   \n \n \n - \n \n \n NMF \n \n \n - \n \n \n            NMF \n \n \n   \n \n \n  -   \n \n \n (49,157) \n \n \n NMF \n \n \n \n \n Profit before income tax expense (2024: adjusted) \n \n \n 182,769 \n \n \n 139,876* \n \n \n 30.7% \n \n \n 140,468 \n \n \n 30.1% \n \n \n   \n \n \n  564,338 \n \n \n 303,228* \n \n \n NMF \n \n \n \n \n Income tax expense \n \n \n  (33,181) \n \n \n (31,585) \n \n \n 5.1% \n \n \n (28,997) \n \n \n 14.4% \n \n \n \n \n \n  (111,974) \n \n \n (73,072) \n \n \n 53.2% \n \n \n \n \n Profit before one-off items \n \n \n 149,588 \n \n \n 108,291* \n \n \n 38.1% \n \n \n 111,471 \n \n \n 34.2% \n \n \n   \n \n \n  452,364 \n \n \n 230,156* \n \n \n 96.5% \n \n \n \n \n One-off items 4 \n \n \n  -   \n \n \n 2,708 \n \n \n NMF \n \n \n - \n \n \n NMF \n \n \n \n \n \n  -   \n \n \n 672,173 \n \n \n NMF \n \n \n \n \n Profit \n \n \n   149,588 \n \n \n 110,999 \n \n \n 34.8% \n \n \n 111,471 \n \n \n 34.2% \n \n \n   \n \n \n  452,364 \n \n \n 902,329 \n \n \n -49.9% \n \n \n \n \n * These figures exclude a one-off item of GEL 2.7m in 4Q24 and GEL 672.2m in FY24 to better illustrate underlying performance (see endnote 4). \n \n \n \n \n BALANCE SHEET HIGHLIGHTS \n \n \n Dec-25 \n \n \n Dec -24 \n \n \n Change y-o-y \n \n \n Sep-25 \n \n \n Change q-o-q \n \n \n \n \n Cash and cash equivalents \n \n \n  773,802 \n \n \n  1,409,223 \n \n \n -45.1% \n \n \n  1,211,626 \n \n \n -36.1% \n \n \n \n \n Amounts due from credit institutions \n \n \n  1,566,220 \n \n \n  821,779 \n \n \n 90.6% \n \n \n  942,877 \n \n \n 66.1% \n \n \n \n \n Investment securities \n \n \n  1,794,826 \n \n \n  1,447,558 \n \n \n 24.0% \n \n \n  1,455,992 \n \n \n 23.3% \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n  11,818,695 \n \n \n  9,265,005 \n \n \n 27.6% \n \n \n 10,890,803 \n \n \n 8.5% \n \n \n \n \n  Loans to customers, finance lease and factoring receivables, LC \n \n \n  6,770,754 \n \n \n  5,457,699 \n \n \n 24.1% \n \n \n  6,258,037 \n \n \n 8.2% \n \n \n \n \n  Loans to customers, finance lease and factoring receivables, FC \n \n \n  5,047,941 \n \n \n  3,807,306 \n \n \n 32.6% \n \n \n  4,632,766 \n \n \n 9.0% \n \n \n \n \n Property and equipment \n \n \n  78,285 \n \n \n  74,671 \n \n \n 4.8% \n \n \n  84,829 \n \n \n -7.7% \n \n \n \n \n All remaining assets \n \n \n  520,440 \n \n \n  352,476 \n \n \n 47.7% \n \n \n  396,708 \n \n \n 31.2% \n \n \n \n \n Total assets \n \n \n  16,552,268 \n \n \n 13,370,712 \n \n \n 23.8% \n \n \n 14,982,835 \n \n \n 10.5% \n \n \n \n \n Client deposits and notes \n \n \n  9,630,051 \n \n \n  7,949,083 \n \n \n 21.1% \n \n \n  8,827,419 \n \n \n 9.1% \n \n \n \n \n  Client deposits and notes, LC \n \n \n  5,832,351 \n \n \n  4,527,568 \n \n \n 28.8% \n \n \n  5,227,233 \n \n \n 11.6% \n \n \n \n \n  Client deposits and notes, FC \n \n \n  3,797,700 \n \n \n  3,421,515 \n \n \n 11.0% \n \n \n  3,600,186 \n \n \n 5.5% \n \n \n \n \n Amounts owed to credit institutions \n \n \n  2,909,876 \n \n \n  1,956,445 \n \n \n 48.7% \n \n \n  2,382,530 \n \n \n 22.1% \n \n \n \n \n Debt securities issued \n \n \n  1,186,478 \n \n \n  1,155,679 \n \n \n 2.7% \n \n \n  1,207,757 \n \n \n -1.8% \n \n \n \n \n All remaining liabilities \n \n \n  496,458 \n \n \n  541,068 \n \n \n -8.2% \n \n \n  444,191 \n \n \n 11.8% \n \n \n \n \n Total liabilities \n \n \n  14,222,863 \n \n \n 11,602,275 \n \n \n 22.6% \n \n \n 12,861,897 \n \n \n 10.6% \n \n \n \n \n Total equity \n \n \n  2,329,405 \n \n \n  1,768,437 \n \n \n 31.7% \n \n \n  2,120,938 \n \n \n 9.8% \n \n \n \n \n Risk-weighted assets (Ameriabank CJSC standalone) \n \n \n  15,054,624 \n \n \n 11,685,845 \n \n \n 28.8% \n \n \n 14,099,398 \n \n \n 6.8% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n KEY RATIOS \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n   \n \n \n 3Q25 \n \n \n   \n \n \n   \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n ROAA (adjusted for one-off items) 4 \n \n \n 3.8% \n \n \n 3.6% \n \n \n \n \n \n 3.0% \n \n \n \n \n \n \n \n \n 3.2% \n \n \n 2.9% \n \n \n \n \n ROAA (adjusted for one-off items and Ameriabank initial ECL) 3 , 4 \n \n \n 3.8% \n \n \n 3.6% \n \n \n \n \n \n 3.0% \n \n \n \n \n \n \n \n \n 3.2% \n \n \n 3.5% \n \n \n \n \n ROAA (unadjusted) \n \n \n 3.8% \n \n \n 3.7% \n \n \n \n \n \n 3.0% \n \n \n \n \n \n \n \n \n 3.2% \n \n \n 11.4% \n \n \n \n \n ROAE (adjusted for one-off items) 4 \n \n \n 26.8% \n \n \n 25.3% \n \n \n \n \n \n 21.8% \n \n \n \n \n \n \n \n \n 22.6% \n \n \n 20.6% \n \n \n \n \n ROAE (adjusted for one-off items and Ameriabank initial ECL) 3 , 4 \n \n \n 26.8% \n \n \n 25.3% \n \n \n \n \n \n 21.8% \n \n \n \n \n \n \n \n \n 22.6% \n \n \n 25.0% \n \n \n \n \n ROAE (unadjusted) \n \n \n 26.8% \n \n \n 26.0% \n \n \n \n \n \n 21.8% \n \n \n \n \n \n \n \n \n 22.6% \n \n \n 80.7% \n \n \n \n \n Net interest margin \n \n \n 6.3% \n \n \n 6.8% \n \n \n \n \n \n 6.5% \n \n \n \n \n \n \n \n \n 6.4% \n \n \n 7.3% \n \n \n \n \n Loan yield \n \n \n 11.5% \n \n \n 11.6% \n \n \n \n \n \n 11.6% \n \n \n \n \n \n \n \n \n 11.5% \n \n \n 12.5% \n \n \n \n \n  Loan yield, AMD \n \n \n 14.1% \n \n \n 13.9% \n \n \n   \n \n \n 14.2% \n \n \n   \n \n \n   \n \n \n 14.0% \n \n \n 15.0% \n \n \n \n \n  Loan yield, FC \n \n \n 8.0% \n \n \n 8.5% \n \n \n   \n \n \n 7.9% \n \n \n   \n \n \n   \n \n \n 8.1% \n \n \n 8.9% \n \n \n \n \n Cost of funds \n \n \n 4.6% \n \n \n 4.2% \n \n \n \n \n \n 4.6% \n \n \n \n \n \n \n \n \n 4.5% \n \n \n 4.4% \n \n \n \n \n Cost of client deposits and notes \n \n \n 3.9% \n \n \n 3.3% \n \n \n \n \n \n 3.7% \n \n \n \n \n \n \n \n \n 3.6% \n \n \n 3.3% \n \n \n \n \n  Cost of client deposits and notes, AMD \n \n \n 5.5% \n \n \n 4.9% \n \n \n   \n \n \n 5.3% \n \n \n   \n \n \n   \n \n \n 5.2% \n \n \n 5.1% \n \n \n \n \n  Cost of client deposits and notes, FC \n \n \n 1.5% \n \n \n 1.4% \n \n \n   \n \n \n 1.6% \n \n \n   \n \n \n   \n \n \n 1.5% \n \n \n 1.5% \n \n \n \n \n Cost of time deposits \n \n \n 6.8% \n \n \n 6.1% \n \n \n \n \n \n 6.5% \n \n \n \n \n \n \n \n \n 6.4% \n \n \n 6.0% \n \n \n \n \n  Cost of time deposits, AMD \n \n \n 9.9% \n \n \n 9.5% \n \n \n   \n \n \n 9.8% \n \n \n   \n \n \n   \n \n \n 9.8% \n \n \n 10.0% \n \n \n \n \n  Cost of time deposits, FC \n \n \n 2.6% \n \n \n 2.5% \n \n \n   \n \n \n 2.6% \n \n \n   \n \n \n   \n \n \n 2.5% \n \n \n 2.5% \n \n \n \n \n Cost of current accounts and demand deposits \n \n \n 1.7% \n \n \n 1.5% \n \n \n \n \n \n 1.7% \n \n \n \n \n \n \n \n \n 1.7% \n \n \n 1.6% \n \n \n \n \n  Cost of current accounts and demand deposits, AMD \n \n \n 2.3% \n \n \n 2.1% \n \n \n   \n \n \n 2.3% \n \n \n   \n \n \n   \n \n \n 2.3% \n \n \n 2.3% \n \n \n \n \n  Cost of current accounts and demand deposits, FC \n \n \n 0.7% \n \n \n 0.7% \n \n \n   \n \n \n 0.7% \n \n \n   \n \n \n   \n \n \n 0.7% \n \n \n 0.8% \n \n \n \n \n Cost:income ratio \n \n \n 40.5% \n \n \n 47.2% \n \n \n \n \n \n 47.1% \n \n \n \n \n \n \n \n \n 46.2% \n \n \n 49.7% \n \n \n \n \n Cost of credit risk ratio 3 \n \n \n 0.2% \n \n \n 0.3% \n \n \n \n \n \n 0.0% \n \n \n \n \n \n \n \n \n 0.2% \n \n \n 1.2% \n \n \n \n \n Performance highlights \n \n \n \n \n • \n \n \n In 4Q25, AFS delivered operating income growth of 16.9% y-o-y and 17.3% q-o-q. The y-o-y increase was primarily driven by strong net interest income, supported by net fee and commission income. The q-o-q growth was led by a substantial increase in net fee and commission income, complemented by robust growth in net interest income. \n \n \n \n \n • \n \n \n In 4Q25, NIM stood at 6.3% (6.8% in 4Q24 and 6.5% in 3Q25). On a y-o-y basis, a 10 bps decrease in the loan yield was coupled with a 40 bps rise in the cost of funds. This funding cost increase was primarily driven by higher cost of customer deposits (up 60 bps to 3.9%), mainly due to increased share of AMD and time deposits in the mix as well as higher cost of AMD deposits. \n \n \n \n \n • \n \n \n Net fee and commission income increased by 34.1% y-o-y in 4Q25. This quarter's result included a net GEL 7.1m reclassification of currency conversion fees to align with the Group's accounting policies (previously reported in FX gain). Excluding this effect, net fee and commission would have increased by c.16%. Furthermore, growth was supported by a significant GEL 13.7m advisory fee booked in the fourth quarter. \n \n \n \n \n • \n \n \n Net foreign currency gain was down 30.9% y-o-y in 4Q25, reflecting both the reclassification of GEL 7.1m to net fee and commission income and heightened market competition on the back of relatively stable currency environment. \n \n \n \n \n • \n \n \n In 4Q25, operating expenses stood broadly flat y-o-y. Salaries and other employee benefits also stood flat y-o-y as Group level-adjustments related to management retention bonus elevated the base in 2024. On a standalone basis (see page 14), operating expenses were up 10.4% y-o-y in 4Q25, mainly driven by a 13.8% y-o-y growth in staff costs.   \n \n \n \n \n Portfolio highlights [8] \n \n \n \n \n \n \n \n Portfolio highlights: loans to customers, finance lease and factoring receivables \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change \n y-o-y \n \n \n Change y-o-y \n (constant currency) \n \n \n Sep-25 \n \n \n Change q-o-q \n \n \n Change q-o-q (constant currency) \n \n \n \n \n Total AFS \n \n \n 11,818,695 \n \n \n 9,265,005 \n \n \n 27.6% \n \n \n 28.0% \n \n \n 10,890,803 \n \n \n 8.5% \n \n \n 8.5% \n \n \n \n \n Retail \n \n \n 5,281,641 \n \n \n 4,193,063 \n \n \n 26.0% \n \n \n 26.4% \n \n \n 4,944,013 \n \n \n 6.8% \n \n \n 6.8% \n \n \n \n \n Mortgages \n \n \n 2,759,125 \n \n \n 2,461,083 \n \n \n 12.1% \n \n \n 12.5% \n \n \n 2,617,178 \n \n \n 5.4% \n \n \n 5.4% \n \n \n \n \n Consumer loans \n \n \n 1,862,265 \n \n \n 1,180,493 \n \n \n 57.8% \n \n \n 57.9% \n \n \n 1,701,662 \n \n \n 9.4% \n \n \n 9.4% \n \n \n \n \n Retail SME \n \n \n 660,251 \n \n \n 551,487 \n \n \n 19.7% \n \n \n 20.8% \n \n \n 625,173 \n \n \n 5.6% \n \n \n 5.6% \n \n \n \n \n Corporate \n \n \n 6,537,054 \n \n \n 5,071,942 \n \n \n 28.9% \n \n \n 29.4% \n \n \n 5,946,790 \n \n \n 9.9% \n \n \n 10.0% \n \n \n \n \n \n \n \n   \n Portfolio highlights: customer deposits and notes \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change \n y-o-y \n \n \n Change y-o-y (constant currency) \n \n \n Sep-25 \n \n \n Change q-o-q \n \n \n Change q-o-q (constant currency) \n \n \n   \n \n \n \n \n Total AFS \n \n \n 9,630,051 \n \n \n 7,949,083 \n \n \n 21.1% \n \n \n 21.9% \n \n \n 8,827,419 \n \n \n 9.1% \n \n \n 9.1% \n \n \n   \n \n \n \n \n Retail \n \n \n 5,183,973 \n \n \n 4,298,868 \n \n \n 20.6% \n \n \n 21.4% \n \n \n 4,842,429 \n \n \n 7.1% \n \n \n 7.1% \n \n \n   \n \n \n \n \n Corporate \n \n \n 4,446,078 \n \n \n 3,650,215 \n \n \n 21.8% \n \n \n 22.4% \n \n \n 3,984,990 \n \n \n 11.6% \n \n \n 11.6% \n \n \n   \n \n \n \n \n \n \n \n   \n Loan portfolio quality: cost of credit risk ratio \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n   \n \n \n   \n \n \n 3Q25 \n \n \n FY25 \n \n \n FY24 \n \n \n   \n \n \n \n \n Total AFS \n \n \n 0.2% \n \n \n 0.3% \n \n \n   \n \n \n   \n \n \n 0.0% \n \n \n 0.2% \n \n \n 1.1% \n \n \n   \n \n \n \n \n Retail \n \n \n 0.8% \n \n \n 0.4% \n \n \n   \n \n \n \n \n \n 0.5% \n \n \n 0.8% \n \n \n 0.9% \n \n \n   \n \n \n \n \n Corporate \n \n \n -0.3% \n \n \n 0.1% \n \n \n   \n \n \n \n \n \n -0.3% \n \n \n -0.3% \n \n \n 1.3% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n • \n \n \n Customer loans grew strongly by 28.0% y-o-y and 8.5% q-o-q in cc, with broad-based growth across both Corporate and Retail segments. Within the Retail portfolio, consumer loans maintained the strongest growth trajectory, posting 57.9% y-o-y and 9.4% q-o-q growth in cc. Mortgage lending grew by 12.5% y-o-y and 5.4% q-o-q in cc, now representing 52.2% of the total retail loan book. Ameriabank strengthened its market leadership, with its lending share rising to a dominant 21.7% at year-end, up 0.9pp y-o-y and 0.5pp q-o-q. \n \n \n \n \n • \n \n \n Client deposits and notes also grew strongly, rising by 21.9% y-o-y and by 9.1% q-o-q in cc. The share of time deposits increased over the year to 41.5% of the total (37.8% as at 31 December 2024 and 42.7% as at 30 September 2025). The bank's deposit market share (including local bonds) expanded by 1.0 pp y-o-y to reach 19.5% at year-end (up 0.1pp q-o-q). \n \n \n \n \n • \n \n \n AFS maintains a diversified funding structure with customer deposits and local debt securities representing 76.1% of total liabilities, and the ratio of net loans, factoring and finance lease receivables to customer deposits and notes, local debt securities and DFI funding standing at 97.5% as at 31 December 2025. \n \n \n \n \n Liquidity \n \n \n \n \n • \n \n \n Ameriabank has maintained a strong liquidity position, with CBA LCR at 249.9% and CBA NSFR at 127.3% as at 31 December 2025, well above the minimum regulatory requirements of 100%. \n \n \n \n \n Capital position \n \n \n \n \n • \n \n \n As at 31 December 2025, Ameriabank's CET 1, Tier 1, and Total capital ratios stood at 14.4%, 14.4%, and 17.0%, respectively, all above the minimum requirements of 12.0%, 14.1%, and 16.8%, respectively. \n Total capital was enhanced in early 2026. In mid-December 2025, Ameriabank secured EUR 30 million in subordinated debt (with CBA approval received in January 2026), and the Total capital ratio increased to 17.5% at the end of January. \n Additionally, in February Ameriabank successfully placed inaugural USD 50m Additional Tier 1 capital notes. These perpetual notes, which carry an 8.5% coupon rate, are expected to be listed on the Armenia Securities Exchange and have added approximately 0.86 pp to both Tier 1 and Total Capital ratios. \n The movement in capital adequacy ratios in 4Q25 and the potential impact of a 10% devaluation of AMD is as follows. \n \n \n   \n \n \n \n \n \n \n \n 30 Sep 2025 \n \n \n 4Q25 profit \n \n \n Business growth \n \n \n Currency impact \n \n \n Dividend payment \n \n \n Regulatory deductions \n \n \n Tier 1 - Tier 2 \n \n \n 31 Dec 2025 \n \n \n   \n \n \n Minimum requirement \n \n \n Buffer above min requirement \n \n \n Potential impact of a 10% AMD devaluation \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CET 1 capital adequacy \n \n \n 14.5% \n \n \n 0.9% \n \n \n -1.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 14.4% \n \n \n \n \n \n 12.0% \n \n \n 2.4% \n \n \n -0.6% \n \n \n   \n \n \n \n \n Tier 1 capital adequacy \n \n \n 14.5% \n \n \n 0.9% \n \n \n -1.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 14.4% \n \n \n \n \n \n 14.1% \n \n \n 0.3% \n \n \n -0.6% \n \n \n   \n \n \n \n \n Total capital adequacy \n \n \n 17.2% \n \n \n 0.9% \n \n \n -1.1% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 17.0% \n \n \n \n \n \n 16.8% \n \n \n 0.2% \n \n \n -0.5% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ameriabank CJSC: unaudited standalone financial information (not included in the consolidated results) \n The following table is presented for information purposes only to show the standalone performance of Ameriabank. It has been prepared consistently with the accounting policies adopted by the Group in preparing its consolidated financial statements. \n \n \n \n \n GEL thousands \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n Change \n y-o-y \n \n \n 3Q25 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n Change \n y-o-y \n \n \n \n \n INCOME STATEMENT HIGHLIGHTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income  \n \n \n  373,941 \n \n \n  282,463 \n \n \n 32.4% \n \n \n 349,757 \n \n \n 6.9% \n \n \n \n \n \n 1,344,486 \n \n \n  992,762 \n \n \n 35.4% \n \n \n \n \n Interest expense  \n \n \n  (147,242) \n \n \n  (101,267) \n \n \n 45.4% \n \n \n (136,292) \n \n \n 8.0% \n \n \n \n \n \n (518,874) \n \n \n (354,468) \n \n \n 46.4% \n \n \n \n \n Net interest income  \n \n \n  226,699 \n \n \n  181,196 \n \n \n 25.1% \n \n \n 213,465 \n \n \n 6.2% \n \n \n   \n \n \n  825,612 \n \n \n  638,294 \n \n \n 29.3% \n \n \n \n \n Net fee and commission income  \n \n \n  53,343 \n \n \n  39,547 \n \n \n 34.9% \n \n \n 17,356 \n \n \n NMF \n \n \n \n \n \n  115,092 \n \n \n  108,282 \n \n \n 6.3% \n \n \n \n \n Net foreign currency gain \n \n \n  34,568 \n \n \n  52,959 \n \n \n -34.7% \n \n \n 37,924 \n \n \n -8.8% \n \n \n \n \n \n  141,610 \n \n \n  162,184 \n \n \n -12.7% \n \n \n \n \n Net other income \n \n \n  3,706 \n \n \n  897 \n \n \n NMF \n \n \n 4,895 \n \n \n -24.3% \n \n \n \n \n \n  12,131 \n \n \n  5,423 \n \n \n 123.7% \n \n \n \n \n Operating income \n \n \n  318,316 \n \n \n  274,599 \n \n \n 15.9% \n \n \n 273,640 \n \n \n 16.3% \n \n \n   \n \n \n 1,094,445 \n \n \n  914,183 \n \n \n 19.7% \n \n \n \n \n Salaries and other employee benefits \n \n \n  (89,877) \n \n \n  (78,944) \n \n \n 13.8% \n \n \n (83,932) \n \n \n 7.1% \n \n \n   \n \n \n (316,089) \n \n \n (290,364) \n \n \n 8.9% \n \n \n \n \n Administrative expenses \n \n \n  (18,632) \n \n \n  (19,864) \n \n \n -6.2% \n \n \n (14,530) \n \n \n 28.2% \n \n \n \n \n \n  (69,638) \n \n \n  (59,212) \n \n \n 17.6% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n  (12,816) \n \n \n  (9,825) \n \n \n 30.4% \n \n \n (12,217) \n \n \n 4.9% \n \n \n \n \n \n  (47,609) \n \n \n  (35,831) \n \n \n 32.9% \n \n \n \n \n Other operating expenses  \n \n \n  (920) \n \n \n  (2,066) \n \n \n -55.5% \n \n \n 779 \n \n \n NMF \n \n \n \n \n \n  (3,186) \n \n \n  (6,421) \n \n \n -50.4% \n \n \n \n \n Operating expenses  \n \n \n  (122,245) \n \n \n  (110,699) \n \n \n 10.4% \n \n \n (109,900) \n \n \n 11.2% \n \n \n   \n \n \n (436,522) \n \n \n (391,828) \n \n \n 11.4% \n \n \n \n \n Operating income before cost of risk \n \n \n  196,071 \n \n \n  163,900 \n \n \n 19.6% \n \n \n 163,740 \n \n \n 19.7% \n \n \n   \n \n \n  657,923 \n \n \n  522,355 \n \n \n 26.0% \n \n \n \n \n Cost of risk  \n \n \n  (9,397) \n \n \n  (2,344) \n \n \n NMF \n \n \n (3,427) \n \n \n 174.2% \n \n \n \n \n \n  (28,485) \n \n \n  (9,842) \n \n \n 189.4% \n \n \n \n \n Profit before income tax expense \n \n \n  186,674 \n \n \n  161,556 \n \n \n 15.5% \n \n \n 160,313 \n \n \n 16.4% \n \n \n   \n \n \n  629,438 \n \n \n  512,513 \n \n \n 22.8% \n \n \n \n \n Income tax expense \n \n \n  (33,898) \n \n \n  (32,327) \n \n \n 4.9% \n \n \n (29,523) \n \n \n 14.8% \n \n \n \n \n \n (115,216) \n \n \n  (96,383) \n \n \n 19.5% \n \n \n \n \n Profit  \n \n \n  152,776 \n \n \n  129,229 \n \n \n 18.2% \n \n \n 130,790 \n \n \n 16.8% \n \n \n   \n \n \n  514,222 \n \n \n  416,130 \n \n \n 23.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n BALANCE SHEET HIGHLIGHTS \n \n \n Dec-25 \n \n \n Dec -24 \n \n \n Change y-o-y \n \n \n Sep-25 \n \n \n Change q-o-q \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liquid assets \n \n \n  4,134,857 \n \n \n  3,678,577 \n \n \n 12.4% \n \n \n  3,610,494 \n \n \n 14.5% \n \n \n \n \n  Cash and cash equivalents \n \n \n  773,801 \n \n \n  1,409,223 \n \n \n -45.1% \n \n \n  1,211,626 \n \n \n -36.1% \n \n \n \n \n  Amounts due from credit institutions \n \n \n  1,566,220 \n \n \n  821,795 \n \n \n 90.6% \n \n \n  942,877 \n \n \n 66.1% \n \n \n \n \n  Investment securities \n \n \n  1,794,826 \n \n \n  1,447,559 \n \n \n 24.0% \n \n \n  1,455,991 \n \n \n 23.3% \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n  11,822,756 \n \n \n  9,278,814 \n \n \n 27.4% \n \n \n 10,899,134 \n \n \n 8.5% \n \n \n \n \n Property and equipment \n \n \n  78,285 \n \n \n  66,857 \n \n \n 18.1% \n \n \n 79,898 \n \n \n -1.2% \n \n \n \n \n All remaining assets \n \n \n  468,808 \n \n \n  310,311 \n \n \n 50.9% \n \n \n  351,379 \n \n \n 33.2% \n \n \n \n \n Total assets \n \n \n  16,504,696 \n \n \n 13,334,559 \n \n \n 23.8% \n \n \n 14,940,905 \n \n \n 10.5% \n \n \n \n \n Client deposits and notes \n \n \n  9,630,051 \n \n \n  7,949,083 \n \n \n 21.1% \n \n \n  8,827,419 \n \n \n 9.1% \n \n \n \n \n Amounts owed to credit institutions \n \n \n  2,916,753 \n \n \n  1,966,451 \n \n \n 48.3% \n \n \n  2,390,184 \n \n \n 22.0% \n \n \n \n \n Debt securities issued \n \n \n  1,186,478 \n \n \n  1,155,679 \n \n \n 2.7% \n \n \n  1,207,757 \n \n \n -1.8% \n \n \n \n \n All remaining liabilities \n \n \n  389,494 \n \n \n  447,950 \n \n \n -13.0% \n \n \n  341,531 \n \n \n 14.0% \n \n \n \n \n Total liabilities \n \n \n  14,122,776 \n \n \n 11,519,163 \n \n \n 22.6% \n \n \n 12,766,891 \n \n \n 10.6% \n \n \n \n \n Total equity \n \n \n  2,381,920 \n \n \n  1,815,396 \n \n \n 31.2% \n \n \n  2,174,014 \n \n \n 9.6% \n \n \n \n \n   \n \n \n \n \n KEY RATIOS [9] \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n   \n \n \n 3Q25 \n \n \n   \n \n \n   \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ROAA \n \n \n 3.9% \n \n \n 4.2% \n \n \n \n \n \n 3.5% \n \n \n \n \n \n \n \n \n 3.6% \n \n \n 3.8% \n \n \n \n \n ROAE \n \n \n 26.6% \n \n \n 29.4% \n \n \n \n \n \n 24.6% \n \n \n \n \n \n \n \n \n 24.9% \n \n \n 26.5% \n \n \n \n \n Net interest margin \n \n \n 6.3% \n \n \n 6.8% \n \n \n \n \n \n 6.5% \n \n \n \n \n \n \n \n \n 6.4% \n \n \n 6.7% \n \n \n \n \n Loan yield \n \n \n 11.4% \n \n \n 11.4% \n \n \n \n \n \n 11.5% \n \n \n \n \n \n \n \n \n 11.4% \n \n \n 11.2% \n \n \n \n \n Cost of funds \n \n \n 4.4% \n \n \n 4.0% \n \n \n \n \n \n 4.4% \n \n \n \n \n \n \n \n \n 4.3% \n \n \n 3.9% \n \n \n \n \n Cost:income ratio \n \n \n 38.4% \n \n \n 40.3% \n \n \n \n \n \n 40.2% \n \n \n \n \n \n \n \n \n 39.9% \n \n \n 42.9% \n \n \n \n \n Cost of credit risk ratio \n \n \n 0.3% \n \n \n 0.2% \n \n \n \n \n \n 0.1% \n \n \n \n \n \n \n \n \n 0.2% \n \n \n 0.2% \n \n \n \n \n Other Businesses \n The Business Division ' Other Businesses ' includes JSC Belarusky Narodny Bank (BNB) serving retail and SME clients in Belarus, JSC Digital Area - a digital ecosystem in Georgia including e-commerce, ticketing, and inventory management SaaS, Lion Finance Group PLC - the holding company, and other small entities and intragroup eliminations. \n \n \n \n \n GEL thousands \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n Change \n y-o-y \n \n \n 3Q25 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n Change y-o-y \n \n \n \n \n INCOME STATEMENT HIGHLIGHTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income  \n \n \n  32,627 \n \n \n  21,965 \n \n \n 48.5% \n \n \n 29,863 \n \n \n 9.3% \n \n \n \n \n \n  115,106 \n \n \n  83,842 \n \n \n 37.3% \n \n \n \n \n Interest expense  \n \n \n  (16,199) \n \n \n  (9,112) \n \n \n 77.8% \n \n \n (15,823) \n \n \n 2.4% \n \n \n \n \n \n  (64,280) \n \n \n (27,877) \n \n \n 130.6% \n \n \n \n \n Net interest income  \n \n \n  16,428 \n \n \n  12,853 \n \n \n 27.8% \n \n \n 14,040 \n \n \n 17.0% \n \n \n   \n \n \n  50,826 \n \n \n  55,965 \n \n \n -9.2% \n \n \n \n \n Net fee and commission income  \n \n \n  3,095 \n \n \n  2,394 \n \n \n 29.3% \n \n \n 2,817 \n \n \n 9.9% \n \n \n \n \n \n  13,187 \n \n \n  6,126 \n \n \n 115.3% \n \n \n \n \n Net foreign currency gain \n \n \n  23,689 \n \n \n  17,862 \n \n \n 32.6% \n \n \n 18,826 \n \n \n 25.8% \n \n \n \n \n \n  94,785 \n \n \n  56,970 \n \n \n 66.4% \n \n \n \n \n Net other income \n \n \n  3,867 \n \n \n  (4,176) \n \n \n NMF \n \n \n 2,325 \n \n \n 66.3% \n \n \n \n \n \n  10,059 \n \n \n  10,965 \n \n \n -8.3% \n \n \n \n \n Operating income \n \n \n  47,079 \n \n \n  28,933 \n \n \n 62.7% \n \n \n 38,008 \n \n \n 23.9% \n \n \n   \n \n \n  168,857 \n \n \n 130,026 \n \n \n 29.9% \n \n \n \n \n Salaries and other employee benefits (2025: adjusted) \n \n \n  (18,123)* \n \n \n  (13,346) \n \n \n 35.8% \n \n \n (15,173) \n \n \n 19.4% \n \n \n \n \n \n  (63,090)* \n \n \n (46,096) \n \n \n 36.9% \n \n \n \n \n Administrative expenses \n \n \n  (11,671) \n \n \n  (6,566) \n \n \n 77.7% \n \n \n (9,638) \n \n \n 21.1% \n \n \n \n \n \n  (38,354) \n \n \n (27,077) \n \n \n 41.6% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n  (3,876) \n \n \n  (2,512) \n \n \n 54.3% \n \n \n (3,500) \n \n \n 10.7% \n \n \n \n \n \n  (13,280) \n \n \n (10,336) \n \n \n 28.5% \n \n \n \n \n Other operating expenses  \n \n \n  (318) \n \n \n  (441) \n \n \n -27.9% \n \n \n (359) \n \n \n -11.4% \n \n \n \n \n \n  (1,352) \n \n \n  (1,436) \n \n \n -5.8% \n \n \n \n \n Operating expenses (2025: adjusted) \n \n \n  (33,988)* \n \n \n  (22,865) \n \n \n 48.6% \n \n \n (28,670) \n \n \n 18.5% \n \n \n   \n \n \n (116,076)* \n \n \n (84,945) \n \n \n 36.6% \n \n \n \n \n Gain on bargain purchase 2 \n \n \n  1,488 \n \n \n - \n \n \n NMF \n \n \n - \n \n \n NMF \n \n \n \n \n \n  1,488 \n \n \n -   \n \n \n - \n \n \n \n \n Profit from associates \n \n \n  -   \n \n \n  -   \n \n \n NMF \n \n \n - \n \n \n                      NMF \n \n \n   \n \n \n  -   \n \n \n  -   \n \n \n NMF \n \n \n \n \n Operating income before cost of risk (2025: adjusted)  \n \n \n  14,579* \n \n \n  6,068 \n \n \n 140.3% \n \n \n 9,338 \n \n \n 56.1% \n \n \n   \n \n \n  54,269* \n \n \n  45,081 \n \n \n 20.4% \n \n \n \n \n Cost of risk  \n \n \n  34 \n \n \n  2,006 \n \n \n -98.3% \n \n \n (5,108) \n \n \n NMF \n \n \n \n \n \n  (5,005) \n \n \n  (3,972) \n \n \n 26.0% \n \n \n \n \n Profit before income tax expense (2025: adjusted) \n \n \n  14,613* \n \n \n  8,074 \n \n \n 81.0% \n \n \n 4,230 \n \n \n NMF \n \n \n   \n \n \n  49,264* \n \n \n  41,109 \n \n \n 19.8% \n \n \n \n \n Income tax expense \n \n \n  (4,825) \n \n \n  (4,920) \n \n \n -1.9% \n \n \n (2,331) \n \n \n 107.0% \n \n \n \n \n \n  (17,490) \n \n \n (14,167) \n \n \n 23.5% \n \n \n \n \n Profit before one-off items \n \n \n  9,788* \n \n \n  3,154 \n \n \n NMF \n \n \n 1,899 \n \n \n NMF \n \n \n   \n \n \n  31,774* \n \n \n  26,942 \n \n \n 17.9% \n \n \n \n \n One-off items 4 \n \n \n  (496) \n \n \n - \n \n \n NMF \n \n \n - \n \n \n NMF \n \n \n \n \n \n  (496) \n \n \n  -   \n \n \n NMF \n \n \n \n \n Profit \n \n \n  9,292 \n \n \n  3,154 \n \n \n 194.6% \n \n \n 1,899 \n \n \n 389.3% \n \n \n   \n \n \n  31,278 \n \n \n  26,942 \n \n \n 16.1% \n \n \n \n \n * This figure differs from the corresponding amount in the unaudited consolidated financial statements, as it excludes a one-off item of GEL 0.5m (see endnote 4) in 4Q25 and FY25, to better illustrate underlying performance. \n \n \n \n \n BALANCE SHEET HIGHLIGHTS \n \n \n Dec-25 \n \n \n Dec-24 \n \n \n Change \n y-o-y \n \n \n Sep-25 \n \n \n Change \n q-o-q \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n  900,777 \n \n \n  511,732 \n \n \n 76.0% \n \n \n 611,475 \n \n \n 47.3% \n \n \n \n \n Amounts due from credit institutions \n \n \n  23,262 \n \n \n  32,963 \n \n \n -29.4% \n \n \n 22,204 \n \n \n 4.8% \n \n \n \n \n Investment securities \n \n \n  163,682 \n \n \n  117,869 \n \n \n 38.9% \n \n \n 176,085 \n \n \n -7.0% \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n  958,362 \n \n \n  754,541 \n \n \n 27.0% \n \n \n 885,942 \n \n \n 8.2% \n \n \n \n \n Property and equipment \n \n \n  18,662 \n \n \n  13,389 \n \n \n 39.4% \n \n \n 17,389 \n \n \n 7.3% \n \n \n \n \n All remaining assets \n \n \n  122,703 \n \n \n  92,405 \n \n \n 32.8% \n \n \n 98,505 \n \n \n 24.6% \n \n \n \n \n Total assets \n \n \n   2,187,448 \n \n \n  1,522,899 \n \n \n 43.6% \n \n \n 1,811,600 \n \n \n 20.7% \n \n \n \n \n Client deposits and notes \n \n \n  1,687,373 \n \n \n  1,200,763 \n \n \n 40.5% \n \n \n 1,342,403 \n \n \n 25.7% \n \n \n \n \n Amounts owed to credit institutions \n \n \n  26,988 \n \n \n  11,368 \n \n \n 137.4% \n \n \n 30,122 \n \n \n -10.4% \n \n \n \n \n Debt securities issued \n \n \n  12,891 \n \n \n  16,506 \n \n \n -21.9% \n \n \n 11,774 \n \n \n 9.5% \n \n \n \n \n All remaining liabilities \n \n \n  52,749 \n \n \n  39,302 \n \n \n 34.2% \n \n \n 43,521 \n \n \n 21.2% \n \n \n \n \n Total liabilities \n \n \n  1,780,001 \n \n \n  1,267,939 \n \n \n 40.4% \n \n \n 1,427,820 \n \n \n 24.7% \n \n \n \n \n Total equity \n \n \n  407,447 \n \n \n  254,960 \n \n \n 59.8% \n \n \n 383,780 \n \n \n 6.2% \n \n \n \n \n   \n \n \n \n \n • \n \n \n In 4Q25, Other Businesses delivered operating income growth of 62.7% y-o-y. This significant increase was primarily driven by higher net other income, which benefited from a low comparative base in 4Q24 that included a GEL 5.4 million revaluation loss on startup investments. Growth was further supported by BNB, which generated strong net foreign currency gains and robust net interest income growth. \n \n \n \n \n • \n \n \n Other Businesses recorded a GEL 1.5m gain on bargain purchase, resulting from Digital Area's acquisition of Fina Ltd., an enterprise resource planning and business management platform. This acquisition was completed to expand Digital Area's product offerings to SME and food service and hospitality sector and to strengthen its business management solutions portfolio alongside its existing Optimo platform. \n \n \n \n \n • \n \n \n BNB's capital ratios, calculated in accordance with the National Bank of the Republic of Belarus' standards, were above the minimum requirements as at 31 December 2025: Tier 1 capital adequacy ratio at 9.1% (minimum requirement of 7.0%) and Total capital adequacy ratio at 14.7% (minimum requirement of 12.5%). \n \n \n \n \n Preliminary unaudited consolidated financial information \n \n \n \n \n GEL thousands \n \n \n 4Q25 \n \n \n 4Q24 \n \n \n Change y-o-y \n \n \n 3Q25 \n \n \n Change q-o-q \n \n \n   \n \n \n FY25 \n \n \n FY24 \n \n \n Change y-o-y \n \n \n \n \n INCOME STATEMENT HIGHLIGHTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income \n \n \n  1,447,913 \n \n \n  1,186,258 \n \n \n 22.1% \n \n \n 1,386,654 \n \n \n 4.4% \n \n \n \n \n \n  5,371,115 \n \n \n  4,139,900 \n \n \n 29.7% \n \n \n \n \n Inte...

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