Lion Finance Group 4Q24 & FY24 Preliminary Results

About this update from Lion Finance Group Plc

[{"type":"text","content":"\n \n   \n \n \n Contents \n 4Q24 and FY24 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 Delivering on our strategic priorities \n 4Q24 and FY24 unaudited consolidated results \n Business Division results \n Georgian Financial Services (GFS) \n Armenian Financial Services (AFS) \n Ameriabank: standalone financial information (not included in consolidated results) \n Other Businesses \n Unaudited consolidated financial information \n Additional information \n Glossary \n Lion Finance Group PLC profile \n Further information \n Forward-looking statements \n   \n 4Q24 and FY24 preliminary unaudited results \n Lion Finance Group PLC announces the Group's preliminary unaudited consolidated financial results for the fourth quarter and the full year 2024. Unless otherwise noted, numbers in this announcement are given for 4Q24 and FY24, the year-on-year comparisons are with figures of 4Q23 and FY23 that are adjusted for one-off items and the q-o-q comparisons are with 3Q24 figures. \n The information in this Announcement in respect of the full year 2024 preliminary unaudited results, which was approved by the Board of Directors on 24 February 2025, 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 2023 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 2024 will be included in the Annual Report and Accounts expected to be published in April 2025, which will be filed with the Registrar of Companies following Lion Finance Group PLC's Annual General Meeting. \n The results are based on UK adopted international accounting standards, are unaudited and derived from management accounts. \n Earnings call on 25 February 2025, 14:00 GMT \n https://bankofgeorgia.zoom.us/j/98823247870 \n   \n Webinar ID: 988 2324 7870 \n Passcode: 230839 \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 ·      GFS mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and Taggart \n ·      AFS includes Ameriabank CJSC \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 Lion Finance Group PLC delivers 4Q24 adjusted unaudited consolidated profit of GEL 504.7m and FY24 adjusted unaudited consolidated profit of GEL 1,813.0m \n The Group posted adjusted ROAE of 29.6% in 4Q24 and 30.0% for the full year of 2024. \n ·     The Group's loan book increased by 65.9% y-o-y as at 31 December 2024 to GEL 33,558.9m, driven by strong growth of both Georgian and Armenian businesses, as well as the Ameriabank consolidation effect. \n ·    As at 31 December 2024, Bank of Georgia's Digital MAU among retail customers amounted to 1.6 million individuals (up 17.5% y-o-y), while Ameriabank's - 232 thousand individuals (up 54.4% y-o-y). Upside in Armenia remains a top priority. \n ·    The Board intends to recommend a final dividend of GEL 5.62 per share for 2024 at the 2025 Annual General Meeting, bringing the total dividend for 2024 to GEL 9.00 per share - an increase of 12.5% compared with 2023. In addition, the Board has approved a further GEL 107.7m share buyback and cancellation programme.  \n CEO statement \n We have recently changed the Company name from Bank of Georgia Group PLC to Lion Finance Group PLC to better reflect the Group's broader geographical presence, following the acquisition of Armenia's largest bank, Ameriabank, in 2024. While the Company has adopted a new name, its principal operating entities - Bank of Georgia in Georgia and Ameriabank in Armenia -continue to serve customers under their well-recognised top-of-mind banking brands in their respective markets. \n Political developments in Georgia have been top-of-mind recently, but the economy has continued to be robust throughout the uncertainties, and Bank of Georgia continues to operate as usual. Our baseline expectation for real GDP growth remains c.5% for 2025, on top of the 9.5% economic growth achieved in 2024. \n In this environment, Bank of Georgia maintained higher-than-usual liquidity levels, reinforcing resilience while resulting in associated costs, which slightly drove down the net interest margin in the fourth quarter, while the core lending margin remained stable. That said, Georgian Financial Services delivered a strong full-year performance. The loan book grew by 19.3% y-o-y in constant currency, underpinned by sustained demand across segments. Operating income growth was solid at 11.5% y-o-y for the full year. Asset quality remained robust, with cost of credit risk for the full year at 0.4%. This translated into a record profit of GEL 1.6bn (up 14.9% y-o-y), with ROAE standing at 33.5%. Bank of Georgia further strengthened its customer franchise, achieving a 17.5% y-o-y growth in retail Digital MAU and record-high Net Promoter Scores in 2024. \n While the Georgian business had a strong performance, our Armenian business, now accounting for 25.6% of total assets, did even better in terms of customer franchise growth since the consolidation date. The team in Armenia remains focused on expanding its product offerings and accelerating digital transformation, with enhancements in digital channels driving higher digital engagement and a remarkable retail Digital MAU y-o-y growth of 54.4% and q-o-q growth of 23.5%. On a standalone basis, loans were up 31.6% y-o-y and deposits up 22.3% y-o-y in constant currency as at 31 December 2024. Ameriabank's standalone FY24 profit, which is not consolidated into Group results, was GEL 416.1m - this better reflects the full-year performance and scale of the Armenian business. \n We remain optimistic about the Armenian growth story. The recent signing of the Charter on Strategic Partnership between Armenia and the US, ongoing EU visa liberalisation talks, and the Armenian government's approval of a bill to initiate its EU accession bid all reinforce the country's positive outlook. Armenia's real GDP grew by 5.9% in 2024, and with ongoing structural reforms expected to further enhance the resilience and capacity of the Armenian economy, the IMF projects real GDP growth of 4.9% in 2025. \n Overall, the Group achieved a record consolidated profit (adjusted for one-off items) of GEL 1.8 billion for the full year 2024, with an adjusted ROAE of 30.0%. In light of the Group's strong performance, the Board intends to recommend a final dividend of GEL 5.62 per share for 2024 at the 2025 Annual General Meeting, bringing the total dividend for 2024 to GEL 9.00 per share - an increase of 12.5% versus 2023. Additionally, the Board has approved a further share buyback and cancellation programme of GEL 107.7 million. This brings the overall dividend and share buyback payout ratio for 2024 to 31%, calculated on adjusted EPS, in line with our capital distribution policy. \n 2024 was an outstanding year for the Group. Key achievements included the landmark acquisition of Ameriabank, the successful issuance of a US$ 300,000,000 Additional Tier 1 perpetual bond by Bank of Georgia, and Bank of Georgia being named the World's Best Digital Bank 2024 by Global Finance . Moving into 2025, we remain focused on driving strong customer franchise growth and high profitability across our main markets. \n   \n Archil Gachechiladze \n CEO, Lion Finance Group PLC \n 24 February 2025 \n   \n Macroeconomic developments: Georgia \n Strong economic growth \n Economic activity remained strong in 4Q24 with real GDP increasing by 8.4% y-o-y, contributing to a full year expansion of 9.5% y-o-y. Economic growth remained broad-based, with major contributions from the trade, transport, IT and other service sectors. Galt & Taggart forecasts a 5% real GDP growth in 2025, albeit with higher-than-usual uncertainty around the base case. Geopolitical instability in the wider region and domestic political tensions pose downside risks. However, a swift resolution of the political uncertainties could lead to better-than-expected economic outcomes. \n   \n Resilient external sector \n External merchandise trade maintained strong performance in 4Q24, driven by consistently high levels of re-exports and increased commodity prices. During the same period, imports of goods accelerated amid strong consumption spending. Overall, exports and imports increased by 7.8% and 8.5% y-o-y, respectively, in 2024. Tourism revenues continued to grow steadily, delivering a 7.3% y-o-y increase in 2024, with annual tourist visits surpassing the pre-pandemic level for the first time. Proceeds from other service exports, particularly from transport services, also remained strong. Money transfers declined by 18.9% y-o-y in 2024 as migrant-related one-off inflows from Russia during 2023 were eliminated, and were partially substituted by steadily increasing transfers from the EU, US and Israel. Taken together, external sector inflows are expected to remain resilient, supported by diverse income sources and geographical regions. \n   \n Low inflation and prudent monetary policy \n Inflation remained low in 4Q24, supported by subdued domestic price pressures and declining fuel prices in international markets. Headline CPI inflation was 1.9% y-o-y in December 2024, below the National Bank of Georgia's (NBG) 3% target. In 2025, inflation is expected to pick up slightly due to last year's low base and increased exchange rate volatility, but it is projected to return to the target level by the end of the year. The NBG has kept its policy rate at 8.0% since May 2024, as inflationary risks remain. \n   \n Strong fiscal discipline \n In 2024, Georgia's strong budget performance persisted, with tax revenues rising 18.0% y-o-y, driven by robust economic growth and the previous year's amendments to the corporate income tax code. The Government remains committed to fiscal consolidation, with the fiscal deficit planned at 2.5% of GDP in 2025, matching the 2024 level. The government-debt-to-GDP ratio is set to decline further to 35.9% in 2025, providing more fiscal space to respond to potential future shocks. \n   \n Healthy bank lending \n Bank lending remained robust during 2024, driven by business lending and increasing by 17.0% y-o-y on a constant currency basis, following a 17.1% y-o-y growth in the previous year. Loan dollarisation declined further by 1.9 ppts y-o-y to 43.3% at the end of December 2024. However, deposit dollarisation picked up by 2.0 ppts to 52.8% in the same period due to higher exchange rate volatility. The banking sector's credit portfolio remained healthy, with the non-performing loans ratio, according to the IMF, at 1.5% at the end of December 2024. \n   \n Easing pressures on GEL \n The GEL faced depreciation pressures in October 2024 amid pre-election dynamics, with fluctuations continuing in the following months. To support market stability, the NBG sold a net US$ 438m in 4Q24. Consequently, the Georgian currency depreciated by only 4.4% against the US dollar over the course of 2024. Although some volatility persisted in early 2025, the GEL exchange rate remained close to its beginning-of-year level as at 20 February 2025. Importantly, resilient external sector inflows and prudent macroeconomic policies are in place to support the value of the GEL in the medium term. \n   \n More information on the Georgian economy and financial sector can be found at Galt & Taggart . \n   \n \n Macroeconomic developments: A rmenia \n Robust economic growth \n Economic growth continued to moderate in 4Q24 as one-off factors, including migrant inflows and the re-export of precious metals, abated. Meanwhile, a supportive fiscal stance and easing monetary policy continued to support the economy. Real GDP increased by 3.7% y-o-y in 4Q24, following a 6.1% rise in the previous quarter. For the full year 2024, real GDP grew by 5.9%, following the 8.3% expansion recorded in 2023. The IMF projects real GDP growth of 4.9% for 2025. Macroeconomic policies remain prudent, underpinning the resilience of the Armenian economy. \n Resilient external sector and strong Dram \n External trade turnover fell in 4Q24 due to the effects related to a transitory surge in re-exports of precious metals and stones in the previous quarters. As a result, export of goods decreased by 27.1% y-o-y, while imports declined by 13.0% y-o-y in 4Q24. For the full year of 2024, exports and imports rose by 53.1% and 33.8%, respectively. Continued overall strength of external sector inflows and positive growth outlook contributed to the strengthening of the Armenian Dram by 2.0% versus the US dollar during 2024. In January 2025, the value of the Armenian currency versus the US dollar remained broadly stable. \n   \n Low inflation and easing monetary policy \n In 2024, inflation remained low, supported by a strong Dram, declining food and commodity prices. Headline CPI inflation was 1.5% y-o-y in December 2024, below the Central Bank of Armenia's (CBA) 4% target (the target was revised to 3% since January 2025). Amid subdued price pressures, the CBA continued its gradual monetary easing, cutting the refinancing rate by a cumulative 2.25 ppts to 7.0% in 2024, following a reduction of 1.5 ppts in 2023. \n   \n Continued fiscal expansion \n In 2024, fiscal policy was expansionary to accommodate spending on refugees from Nagorno-Karabakh, along with an ambitious pipeline of public infrastructure projects. In 2025, the fiscal deficit is expected to widen further to 5.5% of GDP (vs. 4.8% in 2024) leading to an additional rise in public debt to 55.6% of GDP (vs. 52.3% in 2024). Although the current fiscal expansion is positive for growth, it may be accompanied by risks, which are mitigated by demonstrated fiscal discipline and ongoing IMF stand-by arrangements.   \n Sound banking sector \n The banking sector in Armenia remains highly profitable, with strong capital and liquidity positions. Estimated bank lending growth in 2024 was 25.0% y-o-y on a constant currency basis, following a 21.2% y-o-y growth in the previous year. Lending growth was predominantly driven by local currency loans, leading to a further reduction in loan dollarisation (down 3 ppts y-o-y to 32.7% at the end of December 2024). \n   \n \n \n Delivering on our strategic priorities \n The main bank \n Being the main bank in customers' daily lives by leveraging the digital and payments ecosystems across our core markets. \n Bank of Georgia (BOG) \n In October 2024, JSC Bank of Georgia was recognised as the World's Best Digital Bank 2024 by Global Finance. \n \n \n \n \n Monthly active customers (Retail) \n \n \n Digital MAU (Retail) \n \n \n Payment MAU (Retail) \n \n \n Share of products sold through retail digital channels (Retail) \n \n \n Monthly active customers (Legal entities) \n \n \n Digital MAU (Legal entities) \n \n \n \n \n 2.0 million \n \n \n 1.6 million \n \n \n 1.5 million \n \n \n 62% (4Q24) \n \n \n 116K \n \n \n 94K \n \n \n \n \n +10.7% y-o-y \n \n \n +17.5% y-o-y \n \n \n +16.2% y-o-y \n \n \n -8 ppts y-o-y \n \n \n +18.9% y-o-y \n \n \n +26.2% y-o-y \n \n \n \n \n   \n The share of products sold through retail digital channels stood at 62% in 4Q24, (down 8 ppts y-o-y and up 4 ppts q-o-q). The y-o-y decrease was driven by the gamification campaign conducted in 4Q23, which significantly boosted digital sales last year. \n Bank of Georgia continued to develop its payments acquiring business. The volume of payment transactions in BOG's in-store/online POS terminals was up 26.3% y-o-y and 5.9% q-o-q in the fourth quarter of 2024, to GEL 5.6 bn. In FY24, the volume of payment transactions totalled GEL 19.6bn (up 31.2% y-o-y). BOG's payments acquiring market share stood at 57.1% in December 2024 (up 2.2 ppts y-o-y). \n   \n Ameriabank \n Ameriabank had 357,000 monthly active retail customers as at December 2024 (up 22.4% y-o-y and up 14.5% q-o-q), of which Digital MAU was 232,000 (up 54.4% y-o-y and up 23.5% q-o-q) [1] . \n Excellent customer experience \n Anticipating customer needs and wants, and providing relevant products and services. \n Bank of Georgia's latest Net Promoter Score (NPS), measured by an external party in the third quarter of 2024, stood at 67 (59 at the end of 2023). \n   \n Ameriabank measures its NPS internally on a monthly basis. The average score for 2024 was 77 (79% in 2023). \n Profitable growth \n Growing the balance sheet profitably and focusing on areas with high growth potential . \n ·      Georgian Financial Services' loan book grew 20.5% y-o-y and 4.9% q-o-q, amounting to GEL 23,539.3 million as at 31 December 2024. Growth on a constant currency basis was 19.3% y-o-y and 4.6% q-o-q. \n ·      Armenian Financial Services' loan book grew 16.5% q-o-q (15.5% on a constant currency basis), amounting to GEL 9,265.0 million as at 31 December 2024. \n   \n Our key targets for the medium term are: \n ·      c.15% annual growth of the Group's loan book (the target was revised up from c.10% following the acquisition of Ameriabank in March 2024) \n ·      20%+ return on average equity \n ·      30-50% annual capital distribution ratio (dividends and share buybacks) \n \n \n 4Q24 and FY24 unaudited consolidated results \n Given the first-time consolidation of Ameriabank's P&L in 2Q24, the y-o-y growth rates at the Group level have been significantly impacted by the consolidation. To see the underlying performance of our business in Georgia and Armenia, please see pages 10 to 12 and 13 to 15, respectively.     \n \n \n \n \n GEL thousands \n \n \n 4Q24 \n \n \n 4Q24 \n \n \n 4Q24 \n \n \n 4Q24 \n \n \n \n \n \n 4Q23 \n \n \n 4Q23 \n \n \n 4Q23 \n \n \n 4Q23 \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 \n \n \n GFS \n \n \n AFS \n \n \n OTHER \n \n \n \n \n Interest income  \n \n \n 1,186,258 \n \n \n 879,608 \n \n \n 284,685 \n \n \n 21,965 \n \n \n \n \n \n 744,806 \n \n \n 725,981 \n \n \n -   \n \n \n 18,825 \n \n \n \n \n Interest expense  \n \n \n (522,602) \n \n \n (408,847) \n \n \n (104,643) \n \n \n (9,112) \n \n \n \n \n \n (317,145) \n \n \n (313,330) \n \n \n -   \n \n \n (3,815) \n \n \n \n \n Net interest income  \n \n \n 663,656 \n \n \n 470,761 \n \n \n 180,042 \n \n \n 12,853 \n \n \n   \n \n \n 427,661 \n \n \n 412,651 \n \n \n -   \n \n \n 15,010 \n \n \n \n \n Net fee and commission income  \n \n \n 169,098 \n \n \n 126,923 \n \n \n 39,781 \n \n \n 2,394 \n \n \n \n \n \n 114,066 \n \n \n 113,455 \n \n \n -   \n \n \n 611 \n \n \n \n \n Net foreign currency gain \n \n \n 176,350 \n \n \n 107,776 \n \n \n 50,712 \n \n \n 17,862 \n \n \n \n \n \n 97,251 \n \n \n 86,946 \n \n \n -   \n \n \n 10,305 \n \n \n \n \n Net other income \n \n \n 22,914 \n \n \n 26,030 \n \n \n 1,060 \n \n \n (4,176) \n \n \n \n \n \n 18,260 \n \n \n 16,931 \n \n \n -   \n \n \n 1,329 \n \n \n \n \n Operating income \n \n \n 1,032,018 \n \n \n 731,490 \n \n \n 271,595 \n \n \n 28,933 \n \n \n   \n \n \n 657,238 \n \n \n 629,983 \n \n \n -   \n \n \n 27,255 \n \n \n \n \n Salaries and other employee benefits \n \n \n (231,043) \n \n \n (125,107) \n \n \n (92,590) \n \n \n (13,346) \n \n \n \n \n \n (113,944) \n \n \n (102,615) \n \n \n -   \n \n \n (11,329) \n \n \n \n \n Administrative expenses \n \n \n (88,042) \n \n \n (61,018) \n \n \n (20,458) \n \n \n (6,566) \n \n \n \n \n \n (74,428) \n \n \n (69,227) \n \n \n -   \n \n \n (5,201) \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n (47,299) \n \n \n (31,799) \n \n \n (12,988) \n \n \n (2,512) \n \n \n \n \n \n (35,131) \n \n \n (32,836) \n \n \n -   \n \n \n (2,295) \n \n \n \n \n Other operating expenses  \n \n \n (4,227) \n \n \n (1,636) \n \n \n (2,150) \n \n \n (441) \n \n \n \n \n \n (1,702) \n \n \n (1,514) \n \n \n -   \n \n \n (188) \n \n \n \n \n Operating expenses  \n \n \n (370,611) \n \n \n (219,560) \n \n \n (128,186) \n \n \n (22,865) \n \n \n   \n \n \n (225,205) \n \n \n (206,192) \n \n \n -   \n \n \n (19,013) \n \n \n \n \n Profit from associates \n \n \n 369 \n \n \n 369 \n \n \n -   \n \n \n -   \n \n \n \n \n \n 254 \n \n \n 254 \n \n \n -   \n \n \n -   \n \n \n \n \n Operating income before cost of risk \n \n \n 661,776 \n \n \n 512,299 \n \n \n 143,409 \n \n \n 6,068 \n \n \n   \n \n \n 432,287 \n \n \n 424,045 \n \n \n -   \n \n \n 8,242 \n \n \n \n \n Cost of risk  \n \n \n (49,142) \n \n \n (47,615) \n \n \n (3,533) \n \n \n 2,006 \n \n \n \n \n \n (27,810) \n \n \n (24,077) \n \n \n -   \n \n \n (3,733) \n \n \n \n \n Profit before income tax expense \n \n \n 612,634 \n \n \n 464,684 \n \n \n 139,876 \n \n \n 8,074 \n \n \n   \n \n \n 404,477 \n \n \n 399,968 \n \n \n -   \n \n \n 4,509 \n \n \n \n \n Income tax expense \n \n \n (107,920) \n \n \n (71,415) \n \n \n (31,585) \n \n \n (4,920) \n \n \n \n \n \n (75,891) \n \n \n (73,901) \n \n \n -   \n \n \n (1,990) \n \n \n \n \n Profit adjusted for one-off items \n \n \n 504,714 \n \n \n 393,269 \n \n \n 108,291 \n \n \n 3,154 \n \n \n   \n \n \n 328,586 \n \n \n 326,067 \n \n \n -   \n \n \n 2,519 \n \n \n \n \n One-off items \n \n \n 2,708 \n \n \n -   \n \n \n 2,708 \n \n \n -   \n \n \n \n \n \n 1,524 \n \n \n 1,524 \n \n \n -   \n \n \n -   \n \n \n \n \n Profit  \n \n \n 507,422 \n \n \n 393,269 \n \n \n 110,999 \n \n \n 3,154 \n \n \n   \n \n \n 330,110 \n \n \n 327,591 \n \n \n -   \n \n \n 2,519 \n \n \n \n \n   \n \n \n \n \n GEL thousands \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n Change \n y-o-y \n \n \n 3Q24 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY24 \n \n \n FY23 \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 Net interest income  \n \n \n 663,656 \n \n \n 427,661 \n \n \n 55.2% \n \n \n 641,036 \n \n \n 3.5% \n \n \n \n \n \n 2,360,847 \n \n \n 1,615,446 \n \n \n 46.1% \n \n \n \n \n Net fee and commission income  \n \n \n 169,098 \n \n \n 114,066 \n \n \n 48.2% \n \n \n 134,100 \n \n \n 26.1% \n \n \n \n \n \n 561,662 \n \n \n 434,482 \n \n \n 29.3% \n \n \n \n \n Net foreign currency gain \n \n \n 176,350 \n \n \n 97,251 \n \n \n 81.3% \n \n \n 153,023 \n \n \n 15.2% \n \n \n \n \n \n 571,799 \n \n \n 365,711 \n \n \n 56.4% \n \n \n \n \n Net other income \n \n \n 22,914 \n \n \n 18,260 \n \n \n 25.5% \n \n \n 9,501 \n \n \n 141.2% \n \n \n \n \n \n 68,320 \n \n \n 114,735 \n \n \n -40.5% \n \n \n \n \n Operating income \n \n \n 1,032,018 \n \n \n 657,238 \n \n \n 57.0% \n \n \n 937,660 \n \n \n 10.1% \n \n \n   \n \n \n 3,562,628 \n \n \n 2,530,374 \n \n \n 40.8% \n \n \n \n \n Operating expenses  \n \n \n (370,611) \n \n \n (225,205) \n \n \n 64.6% \n \n \n (326,434) \n \n \n 13.5% \n \n \n \n \n \n (1,222,904) \n \n \n (754,053) \n \n \n 62.2% \n \n \n \n \n Profit from associates \n \n \n 369 \n \n \n 254 \n \n \n 45.3% \n \n \n 502 \n \n \n -26.5% \n \n \n \n \n \n 1,347 \n \n \n 1,456 \n \n \n -7.5% \n \n \n \n \n Operating income before cost of risk \n \n \n 661,776 \n \n \n 432,287 \n \n \n 53.1% \n \n \n 611,728 \n \n \n 8.2% \n \n \n   \n \n \n 2,341,071 \n \n \n 1,777,777 \n \n \n 31.7% \n \n \n \n \n Cost of risk  \n \n \n (49,142) \n \n \n (27,810) \n \n \n 76.7% \n \n \n (5,216) \n \n \n NMF \n \n \n \n \n \n (165,253) \n \n \n (144,064) \n \n \n 14.7% \n \n \n \n \n     Out of which initial ECL related to assets acquired in business combination \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 -   \n \n \n - \n \n \n \n \n Profit before income tax expense and one-off items \n \n \n 612,634 \n \n \n 404,477 \n \n \n 51.5% \n \n \n 606,512 \n \n \n 1.0% \n \n \n   \n \n \n 2,175,818 \n \n \n 1,633,713 \n \n \n 33.2% \n \n \n \n \n Income tax expense \n \n \n (107,920) \n \n \n (75,891) \n \n \n 42.2% \n \n \n (97,259) \n \n \n 11.0% \n \n \n \n \n \n (362,796) \n \n \n (258,971) \n \n \n 40.1% \n \n \n \n \n Profit adjusted for one-off items \n \n \n 504,714 \n \n \n 328,586 \n \n \n 53.6% \n \n \n 509,253 \n \n \n -0.9% \n \n \n   \n \n \n 1,813,022 \n \n \n 1,374,742 \n \n \n 31.9% \n \n \n \n \n One - off items [2] \n \n \n 2,708 \n \n \n 1,524 \n \n \n 77.7% \n \n \n -   \n \n \n - \n \n \n \n \n \n 672,173 \n \n \n 22,585 \n \n \n NMF \n \n \n \n \n Profit  \n \n \n 507,422 \n \n \n 330,110 \n \n \n 53.7% \n \n \n 509,253 \n \n \n -0.4% \n \n \n   \n \n \n 2,485,195 \n \n \n 1,397,327 \n \n \n 77.9% \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 11.75 \n \n \n 7.53 \n \n \n 56.0% \n \n \n 11.71 \n \n \n 0.3% \n \n \n   \n \n \n 56.91 \n \n \n 31.30 \n \n \n 81.8% \n \n \n \n \n Basic earnings per share (adjusted for one-off items) \n \n \n 11.69 \n \n \n 7.49 \n \n \n 56.1% \n \n \n 11.71 \n \n \n -0.2% \n \n \n   \n \n \n 41.46 \n \n \n 30.79 \n \n \n 34.7% \n \n \n \n \n Diluted earnings per share \n \n \n 11.51 \n \n \n 7.31 \n \n \n 57.5% \n \n \n 11.49 \n \n \n 0.2% \n \n \n   \n \n \n 55.75 \n \n \n 30.43 \n \n \n 83.2% \n \n \n \n \n Diluted earnings per share (adjusted for one-off items) \n \n \n 11.44 \n \n \n 7.27 \n \n \n 57.4% \n \n \n 11.49 \n \n \n -0.4% \n \n \n   \n \n \n 40.62 \n \n \n 29.93 \n \n \n 35.7% \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 \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   \n Dec-24 \n \n \n   \n Dec-23 \n \n \n Change \n y-o-y \n \n \n   \n Sep-24 \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 Liquid assets \n \n \n 16,484,035 \n \n \n 9,984,238 \n \n \n 65.1% \n \n \n 14,253,652 \n \n \n 15.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Cash and cash equivalents \n \n \n 3,753,183 \n \n \n 3,101,824 \n \n \n 21.0% \n \n \n 3,413,286 \n \n \n 10.0% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Amounts due from credit institutions \n \n \n 3,278,465 \n \n \n 1,752,657 \n \n \n 87.1% \n \n \n 2,560,821 \n \n \n 28.0% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Investment securities \n \n \n 9,452,387 \n \n \n 5,129,757 \n \n \n 84.3% \n \n \n 8,279,545 \n \n \n 14.2% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans to customers, finance lease and factoring receivables [3] \n \n \n 33,558,874 \n \n \n 20,232,721 \n \n \n 65.9% \n \n \n 31,058,958 \n \n \n 8.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property and equipment \n \n \n 550,097 \n \n \n 436,955 \n \n \n 25.9% \n \n \n 534,234 \n \n \n 3.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining assets \n \n \n 1,614,882 \n \n \n 1,103,644 \n \n \n 46.3% \n \n \n 1,518,584 \n \n \n 6.3% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n 52,207,888 \n \n \n 31,757,558 \n \n \n 64.4% \n \n \n 47,365,428 \n \n \n 10.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Client deposits and notes \n \n \n 33,202,010 \n \n \n 20,522,739 \n \n \n 61.8% \n \n \n 31,872,416 \n \n \n 4.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts owed to credit institutions \n \n \n 8,680,233 \n \n \n 5,156,009 \n \n \n 68.4% \n \n \n 5,701,966 \n \n \n 52.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Borrowings from DFIs \n \n \n 3,301,249 \n \n \n 2,124,264 \n \n \n 55.4% \n \n \n 1,899,130 \n \n \n 73.8% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Short-term loans from the National Bank of Georgia \n \n \n 2,546,574 \n \n \n 2,101,653 \n \n \n 21.2% \n \n \n 1,166,526 \n \n \n 118.3% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Short-term loans from the Central Bank of Armenia \n \n \n 153,588 \n \n \n -   \n \n \n - \n \n \n 164,993 \n \n \n -6.9% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Loans and deposits from commercial banks \n \n \n 2,678,822 \n \n \n 930,092 \n \n \n 188.0% \n \n \n 2,471,317 \n \n \n 8.4% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Debt securities issued \n \n \n 2,255,016 \n \n \n 421,359 \n \n \n NMF \n \n \n 2,220,896 \n \n \n 1.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining liabilities \n \n \n 1,055,402 \n \n \n 637,615 \n \n \n 65.5% \n \n \n 1,038,608 \n \n \n 1.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n 45,192,661 \n \n \n 26,737,722 \n \n \n 69.0% \n \n \n 40,833,886 \n \n \n 10.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity \n \n \n 7,015,227 \n \n \n 5,019,836 \n \n \n 39.8% \n \n \n 6,531,542 \n \n \n 7.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Book value per share \n \n \n 162.77 \n \n \n 114.62 \n \n \n 42.0% \n \n \n 150.46 \n \n \n 8.2% \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 \n   \n KEY RATIOS \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n \n \n \n 3Q24 \n \n \n \n \n \n \n \n \n FY24 \n \n \n FY23 \n \n \n \n \n \n \n \n ROAA (adjusted for one-off items) [4] \n \n \n 4.0% \n \n \n 4.2% \n \n \n \n \n \n 4.4% \n \n \n \n \n \n \n \n \n 4.3% \n \n \n 4.7% \n \n \n \n \n \n \n \n ROAE (adjusted for one-off items) \n \n \n 29.6% \n \n \n 26.7% \n \n \n \n \n \n 32.1% \n \n \n \n \n \n \n \n \n 30.0% \n \n \n 29.9% \n \n \n \n \n \n \n \n Net interest margin 4 \n \n \n 6.0% \n \n \n 6.3% \n \n \n \n \n \n 6.2% \n \n \n \n \n \n \n \n \n 6.3% \n \n \n 6.5% \n \n \n \n \n \n \n \n Loan yield 4 \n \n \n 12.2% \n \n \n 12.4% \n \n \n \n \n \n 12.2% \n \n \n \n \n \n \n \n \n 12.4% \n \n \n 12.5% \n \n \n \n \n \n \n \n Liquid assets yield 4 \n \n \n 4.8% \n \n \n 5.0% \n \n \n \n \n \n 5.1% \n \n \n \n \n \n \n \n \n 5.1% \n \n \n 4.7% \n \n \n \n \n \n \n \n Cost of funds 4 \n \n \n 4.9% \n \n \n 4.9% \n \n \n \n \n \n 4.8% \n \n \n \n \n \n \n \n \n 5.0% \n \n \n 4.7% \n \n \n \n \n \n \n \n Cost of client deposits and notes 4 \n \n \n 4.0% \n \n \n 4.2% \n \n \n \n \n \n 4.0% \n \n \n \n \n \n \n \n \n 4.1% \n \n \n 4.0% \n \n \n \n \n \n \n \n Cost of amounts owed to credit Institutions 4 \n \n \n 7.8% \n \n \n 7.7% \n \n \n \n \n \n 7.7% \n \n \n \n \n \n \n \n \n 7.9% \n \n \n 8.0% \n \n \n \n \n \n \n \n Cost of debt securities issued 4 \n \n \n 7.5% \n \n \n 9.3% \n \n \n \n \n \n 7.4% \n \n \n \n \n \n \n \n \n 8.2% \n \n \n 8.2% \n \n \n \n \n \n \n \n Cost:income ratio (adjusted for one-off items) \n \n \n 35.9% \n \n \n 34.3% \n \n \n \n \n \n 34.8% \n \n \n \n \n \n \n \n \n 34.3% \n \n \n 29.8% \n \n \n \n \n \n \n \n NPLs to gross loans \n \n \n 2.0% \n \n \n 2.3% \n \n \n \n \n \n 1.8% \n \n \n \n \n \n \n \n \n 2.0% \n \n \n 2.3% \n \n \n \n \n \n \n \n NPL coverage ratio \n \n \n 63.0% \n \n \n 69.2% \n \n \n \n \n \n 71.4% \n \n \n \n \n \n \n \n \n 63.0% \n \n \n 69.2% \n \n \n \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 119.6% \n \n \n 117.6% \n \n \n \n \n \n 124.2% \n \n \n \n \n \n \n \n \n 119.6% \n \n \n 117.6% \n \n \n \n \n \n \n \n Cost of credit risk ratio 4 \n \n \n 0.5% \n \n \n 0.4% \n \n \n \n \n \n 0.2% \n \n \n \n \n \n \n \n \n 0.5% \n \n \n 0.7% \n \n \n \n \n \n \n \n   \n Performance highlights \n ·      The Group generated operating income of GEL 1,032.0m in 4Q24 (up 57.0% y-o-y and up 10.1% q-o-q). In FY24, operating income amounted to GEL 3,562.6m (up 40.8% y-o-y). A significant growth driver in the y-o-y perspective was the acquisition of Ameriabank. GFS operating income grew by 16.1% and 11.5% y-o-y in 4Q24 and FY24 respectively. See details in the Business Division discussion on pages 10 to 16.   \n ·      The Group's operating expenses amounted to GEL 370.6m in 4Q24 (up 64.6% y-o-y and up 13.5% q-o-q). The y-o-y growth was mainly driven by the consolidation of Ameriabank. In FY24, operating expenses amounted to GEL 1,222.9m (up 62.2% y-o-y), largely driven by the same reason. Compared with the prior quarter, growth was driven by both GFS and AFS, with significant increases in AFS driven by staff costs as well as higher marketing and consulting expenses. \n ·      The Group posted a one-off item in 4Q24 - a reversal of Ameriabank-acquisition-related costs in the amount of GEL 2.7m . For FY24, one-off items included a gain on bargain purchase (the difference between the fair value of identifiable net assets of Ameriabank acquired and total purchase consideration) and acquisition-related costs, that together amounted to GEL 672.2m. Operating income before cost of risk and subsequent lines as well as ROAE and ROAA were adjusted for these one-offs. \n ·      The Group's profit (adjusted for one-off items) was GEL 504.7m in 4Q24 (up 53.6% y-o-y and down 0.9% q-o-q). The Group's profit (adjusted for one-off items) was GEL 1,813.0m in FY24 (up 31.9% y-o-y). Return on average equity (adjusted for one-off items) was 29.6% in 4Q24 (26.7% in 4Q23 and 32.1% in 3Q24). In FY24, return on average equity (adjusted for one-off items) was 30.0% (29.9% in FY23). \n Asset quality \n ·    Loan portfolio quality has remained healthy. Cost of credit risk ratio was 0.5% in 4Q24 (0.4% in 4Q23 and 0.2% in 3Q24), driven by robust performances in both the Georgian and Armenian operations. In FY24, cost of credit risk ratio was 0.5% vs 0.7% in FY23. \n ·      The NPLs to gross loans ratio stood at 2.0% as at 31 December 2024 (down 30 bps y-o-y and up 20 bps q-o-q). The q-o-q increase was driven by the default of a single corporate borrower at Bank of Georgia, partly offset by improved NPLs in Ameriabank, as well as in RB and SME at GFS.   \n   \n \n \n \n \n GEL thousands, unless otherwise noted \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Change \n y-o-y \n \n \n Sep-24 \n \n \n Change \n q-o-q \n \n \n \n \n NON-PERFORMING LOANS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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 666,859 \n \n \n 467,656 \n \n \n 42.6% \n \n \n 564,429 \n \n \n 18.1% \n \n \n \n \n NPLs to gross loans  \n \n \n 2.0% \n \n \n 2.3% \n \n \n \n \n \n 1.8% \n \n \n \n \n \n \n \n NPL coverage ratio \n \n \n 63.0% \n \n \n 69.2% \n \n \n \n \n \n 71.4% \n \n \n \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 119.6% \n \n \n 117.6% \n \n \n \n \n \n 124.2% \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 2.2% \n \n \n 2.2% \n \n \n \n \n \n 1.9% \n \n \n \n \n \n \n \n NPL coverage ratio \n \n \n 62.1% \n \n \n 68.7% \n \n \n \n \n \n 70.6% \n \n \n \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 115.1% \n \n \n 117.1% \n \n \n \n \n \n 119.4% \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 1.4% \n \n \n   -  \n \n \n \n \n \n 1.6% \n \n \n \n \n \n \n \n NPL coverage ratio \n \n \n 69.1% \n \n \n   -  \n \n \n \n \n \n 78.4% \n \n \n \n \n \n \n \n NPL coverage ratio adjusted for the discounted value of collateral \n \n \n 137.3% \n \n \n   -  \n \n \n \n \n \n 136.9% \n \n \n \n \n \n \n \n   \n   \n Portfolio highlights \n ·      Loans to customers, factoring and finance lease receivables amounted to GEL 33,558.9m as at 31 December 2024, up 65.9% y-o-y and up 8.0% q-o-q in nominal terms. The significant y-o-y increase is attributable to the Ameriabank acquisition, as well as a 20.5% loan growth in GFS. \n ·     Client deposits and notes amounted to GEL 33,202.0m as at 31 December 2024 (up 61.8% y-o-y and up 4.2% q-o-q). The y-o-y growth was driven by the Ameriabank acquisition as well as a 23.1% deposit growth in GFS. \n Capital return \n ·    In August 2024, the Board announced a further share buyback and cancellation programme totalling GEL 73.4 million. The Company completed the share buyback and cancellation programme in January 2025, cancelling 475,433 shares. There are currently 44,351,550 shares in issue. \n ·      At the 2025 Annual General Meeting, the Board intends to recommend for shareholder approval a final dividend for 2024 of GEL 5.62 per share payable in Pounds Sterling at the prevailing rate. This would make a total dividend in respect of the Group's 2024 earnings of GEL 9.00 per share, a 12.5% increase on 2023. \n ·    In addition, the Board has also approved an extension of the share buyback and cancellation programme by an additional GEL 107.7 million. \n   \n Business Division results  \n Following the acquisition of Ameriabank in 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 investment bank JSC Galt and Taggart.   \n   \n \n \n \n \n GEL thousands \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n Change \n y-o-y \n \n \n 3Q24 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY24 \n \n \n FY23 \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 879,608 \n \n \n 725,981 \n \n \n 21.2% \n \n \n 837,908 \n \n \n 5.0% \n \n \n \n \n \n 3,261,442 \n \n \n 2,677,362 \n \n \n 21.8% \n \n \n \n \n Interest expense  \n \n \n (408,847) \n \n \n (313,330) \n \n \n 30.5% \n \n \n (371,324) \n \n \n 10.1% \n \n \n \n \n \n (1,463,591) \n \n \n (1,116,859) \n \n \n 31.0% \n \n \n \n \n Net interest income  \n \n \n 470,761 \n \n \n 412,651 \n \n \n 14.1% \n \n \n 466,584 \n \n \n 0.9% \n \n \n   \n \n \n 1,797,851 \n \n \n 1,560,503 \n \n \n 15.2% \n \n \n \n \n Net fee and commission income  \n \n \n 126,923 \n \n \n 113,455 \n \n \n 11.9% \n \n \n 110,887 \n \n \n 14.5% \n \n \n \n \n \n 465,614 \n \n \n 428,345 \n \n \n 8.7% \n \n \n \n \n Net foreign currency gain \n \n \n 107,776 \n \n \n 86,946 \n \n \n 24.0% \n \n \n 98,214 \n \n \n 9.7% \n \n \n \n \n \n 386,797 \n \n \n 323,136 \n \n \n 19.7% \n \n \n \n \n Net other income \n \n \n 26,030 \n \n \n 16,931 \n \n \n 53.7% \n \n \n 7,919 \n \n \n NMF \n \n \n \n \n \n 53,428 \n \n \n 111,870 \n \n \n -52.2% \n \n \n \n \n Operating income \n \n \n 731,490 \n \n \n 629,983 \n \n \n 16.1% \n \n \n 683,604 \n \n \n 7.0% \n \n \n   \n \n \n 2,703,690 \n \n \n 2,423,854 \n \n \n 11.5% \n \n \n \n \n Salaries and other employee benefits \n \n \n (125,107) \n \n \n (102,615) \n \n \n 21.9% \n \n \n (111,225) \n \n \n 12.5% \n \n \n \n \n \n (443,347) \n \n \n (375,345) \n \n \n 18.1% \n \n \n \n \n Administrative expenses \n \n \n (61,018) \n \n \n (69,227) \n \n \n -11.9% \n \n \n (52,013) \n \n \n 17.3% \n \n \n \n \n \n (204,383) \n \n \n (181,535) \n \n \n 12.6% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n (31,799) \n \n \n (32,836) \n \n \n -3.2% \n \n \n (31,446) \n \n \n 1.1% \n \n \n \n \n \n (121,983) \n \n \n (114,279) \n \n \n 6.7% \n \n \n \n \n Other operating expenses  \n \n \n (1,636) \n \n \n (1,514) \n \n \n 8.1% \n \n \n (1,245) \n \n \n 31.4% \n \n \n \n \n \n (5,744) \n \n \n (3,461) \n \n \n 66.0% \n \n \n \n \n Operating expenses  \n \n \n (219,560) \n \n \n (206,192) \n \n \n 6.5% \n \n \n (195,929) \n \n \n 12.1% \n \n \n   \n \n \n (775,457) \n \n \n (674,620) \n \n \n 14.9% \n \n \n \n \n Profit from associates \n \n \n 369 \n \n \n 254 \n \n \n 45.3% \n \n \n 389 \n \n \n -5.1% \n \n \n \n \n \n 1,347 \n \n \n 984 \n \n \n 36.9% \n \n \n \n \n Operating income before cost of risk \n \n \n 512,299 \n \n \n 424,045 \n \n \n 20.8% \n \n \n 488,064 \n \n \n 5.0% \n \n \n   \n \n \n 1,929,580 \n \n \n 1,750,218 \n \n \n 10.2% \n \n \n \n \n Cost of risk  \n \n \n (47,615) \n \n \n (24,077) \n \n \n 97.8% \n \n \n (2,391) \n \n \n NMF \n \n \n \n \n \n (98,099) \n \n \n (146,155) \n \n \n -32.9% \n \n \n \n \n Profit before income tax expense \n \n \n 464,684 \n \n \n 399,968 \n \n \n 16.2% \n \n \n 485,673 \n \n \n -4.3% \n \n \n   \n \n \n 1,831,481 \n \n \n 1,604,063 \n \n \n 14.2% \n \n \n \n \n Income tax expense \n \n \n (71,415) \n \n \n (73,901) \n \n \n -3.4% \n \n \n (74,259) \n \n \n -3.8% \n \n \n \n \n \n (275,557) \n \n \n (250,496) \n \n \n 10.0% \n \n \n \n \n Profit adjusted for one-off items \n \n \n 393,269 \n \n \n 326,067 \n \n \n 20.6% \n \n \n 411,414 \n \n \n -4.4% \n \n \n   \n \n \n 1,555,924 \n \n \n 1,353,567 \n \n \n 14.9% \n \n \n \n \n One-off items \n \n \n -   \n \n \n 1,524 \n \n \n NMF \n \n \n -   \n \n \n - \n \n \n \n \n \n -   \n \n \n 22,585 \n \n \n NMF \n \n \n \n \n Profit  \n \n \n 393,269 \n \n \n 327,591 \n \n \n 20.0% \n \n \n 411,414 \n \n \n -4.4% \n \n \n   \n \n \n 1,555,924 \n \n \n 1,376,152 \n \n \n 13.1% \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 BALANCE SHEET HIGHLIGHTS \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Change \n y-o-y \n \n \n Sep-24 \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 Cash and cash equivalents \n \n \n 1,832,228 \n \n \n 2,714,174 \n \n \n -32.5% \n \n \n 2,059,303 \n \n \n -11.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts due from credit institutions \n \n \n 2,423,723 \n \n \n 1,733,898 \n \n \n 39.8% \n \n \n 1,797,054 \n \n \n 34.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment securities \n \n \n 7,886,960 \n \n \n 5,052,494 \n \n \n 56.1% \n \n \n 7,048,177 \n \n \n 11.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n 23,539,328 \n \n \n 19,532,803 \n \n \n 20.5% \n \n \n 22,444,065 \n \n \n 4.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Loans to customers, finance lease and factoring receivables, LC \n \n \n 13,580,484 \n \n \n 10,838,243 \n \n \n 25.3% \n \n \n 12,819,317 \n \n \n 5.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Loans to customers, finance lease and factoring receivables, FC \n \n \n 9,958,844 \n \n \n 8,694,560 \n \n \n 14.5% \n \n \n 9,624,748 \n \n \n 3.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property and equipment \n \n \n 462,037 \n \n \n 425,456 \n \n \n 8.6% \n \n \n 443,849 \n \n \n 4.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining assets \n \n \n 1,170,001 \n \n \n 1,027,901 \n \n \n 13.8% \n \n \n 1,111,214 \n \n \n 5.3% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n 37,314,277 \n \n \n 30,486,726 \n \n \n 22.4% \n \n \n 34,903,662 \n \n \n 6.9% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Client deposits and notes \n \n \n 24,052,164 \n \n \n 19,535,071 \n \n \n 23.1% \n \n \n 24,079,718 \n \n \n -0.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Client deposits and notes, LC \n \n \n 11,355,443 \n \n \n 8,889,946 \n \n \n 27.7% \n \n \n 11,999,849 \n \n \n -5.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Client deposits and notes, FC \n \n \n 12,696,721 \n \n \n 10,645,125 \n \n \n 19.3% \n \n \n 12,079,869 \n \n \n 5.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts owed to credit institutions \n \n \n 6,712,420 \n \n \n 5,125,760 \n \n \n 31.0% \n \n \n 4,743,875 \n \n \n 41.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Debt securities issued \n \n \n 1,082,831 \n \n \n 414,549 \n \n \n 161.2% \n \n \n 1,067,012 \n \n \n 1.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining liabilities \n \n \n 475,032 \n \n \n 598,310 \n \n \n -20.6% \n \n \n 423,262 \n \n \n 12.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n 32,322,447 \n \n \n 25,673,690 \n \n \n 25.9% \n \n \n 30,313,867 \n \n \n 6.6% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total equity \n \n \n 4,991,830 \n \n \n 4,813,036 \n \n \n 3.7% \n \n \n 4,589,795 \n \n \n 8.8% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Risk-weighted assets (Bank of Georgia) \n \n \n 29,080,593 \n \n \n 23,061,905 \n \n \n 26.1% \n \n \n 26,635,323 \n \n \n 9.2% \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 KEY RATIOS \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n \n \n \n 3Q24 \n \n \n \n \n \n \n \n \n FY24 \n \n \n FY23 \n \n \n \n \n \n \n \n ROAA (adjusted for one-off items) \n \n \n 4.3% \n \n \n 4.3% \n \n \n \n \n \n 4.8% \n \n \n \n \n \n \n \n \n 4.7% \n \n \n 4.9% \n \n \n \n \n \n \n \n ROAA (unadjusted) \n \n \n 4.3% \n \n \n 4.3% \n \n \n \n \n \n 4.8% \n \n \n \n \n \n \n \n \n 4.7% \n \n \n 4.9% \n \n \n \n \n \n \n \n ROAE (adjusted for one-off items) \n \n \n 32.5% \n \n \n 27.8% \n \n \n \n \n \n 36.7% \n \n \n \n \n \n \n \n \n 33.5% \n \n \n 30.9% \n \n \n \n \n \n \n \n ROAE (unadjusted) \n \n \n 32.5% \n \n \n 27.9% \n \n \n \n \n \n 36.7% \n \n \n \n \n \n \n \n \n 33.5% \n \n \n 31.5% \n \n \n \n \n \n \n \n Net interest margin \n \n \n 5.8% \n \n \n 6.3% \n \n \n \n \n \n 6.1% \n \n \n \n \n \n \n \n \n 6.0% \n \n \n 6.4% \n \n \n \n \n \n \n \n Loan yield \n \n \n 12.5% \n \n \n 12.5% \n \n \n \n \n \n 12.4% \n \n \n \n \n \n \n \n \n 12.5% \n \n \n 12.6% \n \n \n \n \n \n \n \n     Loan yield, LC \n \n \n 15.0% \n \n \n 15.3% \n \n \n \n \n \n 14.9% \n \n \n \n \n \n \n \n \n 15.0% \n \n \n 15.6% \n \n \n \n \n \n \n \n     Loan yield, FC \n \n \n 9.0% \n \n \n 8.9% \n \n \n \n \n \n 9.2% \n \n \n \n \n \n \n \n \n 9.3% \n \n \n 8.8% \n \n \n \n \n \n \n \n Cost of funds \n \n \n 5.2% \n \n \n 5.0% \n \n \n \n \n \n 5.1% \n \n \n \n \n \n \n \n \n 5.2% \n \n \n 4.9% \n \n \n \n \n \n \n \n Cost of client deposits and notes \n \n \n 4.3% \n \n \n 4.4% \n \n \n \n \n \n 4.3% \n \n \n \n \n \n \n \n \n 4.4% \n \n \n 4.2% \n \n \n \n \n \n \n \n     Cost of client deposits and notes, LC \n \n \n 7.6% \n \n \n 8.3% \n \n \n \n \n \n 7.6% \n \n \n \n \n \n \n \n \n 7.8% \n \n \n 8.4% \n \n \n \n \n \n \n \n     Cost of client deposits and notes, FC \n \n \n 1.3% \n \n \n 0.8% \n \n \n \n \n \n 1.2% \n \n \n \n \n \n \n \n \n 1.2% \n \n \n 0.6% \n \n \n \n \n \n \n \n Cost of time deposits \n \n \n 6.6% \n \n \n 6.7% \n \n \n \n \n \n 6.7% \n \n \n \n \n \n \n \n \n 6.8% \n \n \n 6.5% \n \n \n \n \n \n \n \n     Cost of time deposits, LC \n \n \n 10.0% \n \n \n 10.7% \n \n \n \n \n \n 10.2% \n \n \n \n \n \n \n \n \n 10.6% \n \n \n 10.8% \n \n \n \n \n \n \n \n     Cost of time deposits, FC \n \n \n 2.5% \n \n \n 2.0% \n \n \n \n \n \n 1.9% \n \n \n \n \n \n \n \n \n 2.3% \n \n \n 1.7% \n \n \n \n \n \n \n \n Cost of current accounts and demand deposits \n \n \n 2.3% \n \n \n 2.6% \n \n \n \n \n \n 2.3% \n \n \n \n \n \n \n \n \n 2.3% \n \n \n 2.5% \n \n \n \n \n \n \n \n     Cost of current accounts and demand deposits, LC \n \n \n 4.7% \n \n \n 5.9% \n \n \n \n \n \n 4.9% \n \n \n \n \n \n \n \n \n 4.9% \n \n \n 6.0% \n \n \n \n \n \n \n \n     Cost of current accounts and demand deposits, FC \n \n \n 0.6% \n \n \n 0.2% \n \n \n \n \n \n 0.4% \n \n \n \n \n \n \n \n \n 0.0% \n \n \n 0.1% \n \n \n \n \n \n \n \n Cost:income ratio (adjusted for one-off items) \n \n \n 30.0% \n \n \n 32.7% \n \n \n \n \n \n 28.7% \n \n \n \n \n \n \n \n \n 28.7% \n \n \n 27.8% \n \n \n \n \n \n \n \n Cost:income ratio (unadjusted) \n \n \n 30.0% \n \n \n 32.7% \n \n \n \n \n \n 28.7% \n \n \n \n \n \n \n \n \n 28.7% \n \n \n 27.6% \n \n \n \n \n \n \n \n Cost of credit risk ratio \n \n \n 0.6% \n \n \n 0.4% \n \n \n \n \n \n 0.1% \n \n \n \n \n \n \n \n \n 0.4% \n \n \n 0.7% \n \n \n \n \n \n \n \n   \n   \n Performance highlights \n ·      GFS generated operating income of GEL 731.5m in 4Q24 (up 16.1% y-o-y and up 7.0% q-o-q). The y-o-y and q-o-q growth was recorded in each key revenue line. In FY24, operating income amounted to GEL 2,703.7m (up 11.5% y-o-y). Notably, in 2023 the Group posted two significant income items - a GEL 68.7m gain on the sale of repossessed assets and a GEL 25.0m net positive adjustment in net fee and commission income due to changes in the accounting model for payment systems. Excluding these effects, the FY24 y-o-y growth would have been 16.0%. \n ·      The net interest margin decreased during the quarter and stood at 5.8% in 4Q24 (down 50 bps y-o-y and down 30 bps q-o-q). While the core loan NIM was unchanged during the quarter, the overall NIM was depressed due to lower market rates and increased liquidity during the quarter.  For the full year of 2024, NIM stood at 6.0% (down 40 bps y-o-y), mainly driven by a combination of higher cost of funds of 5.2% (up 30 bps y-o-y) and lower loan yield of 12.5% (down 10 bps y-o-y). \n ·      Net fee and commission income amounted to GEL 126.9m in 4Q24 (up 11.9% y-o-y and up 14.5% q-o-q). The y-o-y and q-o-q growth was mainly driven by settlement operations and supported by strong results by Galt & Taggart's brokerage and advisory divisions. For FY24, net fee and commission income was GEL 465.6m (up 8.7% y-o-y) . Notably, in 2023, the Group amended the accounting model for payment systems charges, that resulted in a positive net effect of GEL 25.0m. Excluding this effect, the FY24 y-o-y growth would have been 15.4%.   \n ·      Net other income increased to GEL 26.0m in 4Q24 (up 53.7% y-o-y and up 228.7% q-o-q), mainly driven by a revaluation gain on investment properties. For FY24, net other income was GEL 53.4m (down 52.2% y-o-y) - the decrease was driven by significant net gains on the sale of repossessed assets in 2023. \n ·      Operating expenses amounted to GEL 219.6m in 4Q24 (up 6.5% y-o-y and up 12.1% q-o-q). The y-o-y growth was mainly driven by increased salaries and employee benefits, partly offset by decreased administrative expenses. The q-o-q growth was driven by increased salaries and employee benefits, primarily due to higher bonuses resulting from strong business performance, as well as seasonally high administrative expenses in the fourth quarter. In FY24, operating expenses increased by 14.9% y-o-y to GEL 775.5m . The y-o-y growth in operating expenses in FY24 was mainly driven by increased salaries and other employee benefits, together with higher administrative expenses related to business growth and continuing investments in key strategic areas. \n ·    Cost of credit risk ratio was 0.6% in 4Q24 (0.4% in 4Q23 and 0.1% in 3Q24). The cost of credit risk was mainly driven by the default of a single corporate borrower, partly offset by strong results across the whole portfolio. In FY24, cost of credit risk ratio stood at 0.4% vs 0.7% in FY23. \n ·    Overall, GFS posted a profit of GEL 393.3m in 4Q24 (up 20.6% y-o-y and down 4.4% q-o-q on higher cost of risk charge for the quarter). In FY24, profit amounted to GEL 1,555.9m (up 14.9% y-o-y compared with adjusted profit in FY23). \n   \n Portfolio highlights   \n From 1Q24 the Corporate Center was separated as a new segment of GFS. The Corporate Center mainly includes treasury and custody operations. Previously, the Corporate Center's income and expenses were allocated to the Retail Banking (RB), Small and medium enterprise Banking (SME), and Corporate and Investment Banking (CIB) segments. The previous figures for the RB, SME, and CIB segments have been restated. \n \n \n \n \n \n \n \n Portfolio highlights: Loans to customers, factoring and finance lease receivables \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Change \n y-o-y \n \n \n Change y-o-y (constant currency) \n \n \n Sep-24 \n \n \n Change \n q-o-q \n \n \n Change q-o-q (constant currency) \n \n \n \n \n Total GFS \n \n \n 23,539,328 \n \n \n 19,532,803 \n \n \n 20.5% \n \n \n 19.3% \n \n \n 22,444,065 \n \n \n 4.9% \n \n \n 4.6% \n \n \n \n \n Retail \n \n \n 10,203,425 \n \n \n 8,502,529 \n \n \n 20.0% \n \n \n 19.5% \n \n \n  9,725,127 \n \n \n 4.9% \n \n \n 4.9% \n \n \n \n \n SME \n \n \n 5,011,108 \n \n \n 4,550,840 \n \n \n 10.1% \n \n \n 9.3% \n \n \n  4,900,686 \n \n \n 2.3% \n \n \n 2.3% \n \n \n \n \n CIB \n \n \n 8,324,795 \n \n \n 6,479,434 \n \n \n 28.5% \n \n \n 26.3% \n \n \n  7,818,252 \n \n \n 6.5% \n \n \n 5.8% \n \n \n \n \n Corporate Center \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 \n \n \n \n \n \n Portfolio highlights: client deposits and notes \n \n \n   \n \n \n \n \n \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Change \n y-o-y \n \n \n Change y-o-y (constant currency) \n \n \n Sep-24 \n \n \n Change \n q-o-q \n \n \n Change q-o-q (constant currency) \n \n \n \n \n Total GFS \n \n \n 24,052,164 \n \n \n 19,535,071 \n \n \n 23.1% \n \n \n 21.2% \n \n \n 24,079,718 \n \n \n -0.1% \n \n \n -0.8% \n \n \n \n \n Retail \n \n \n 14,422,359 \n \n \n 12,597,938 \n \n \n 14.5% \n \n \n 12.2% \n \n \n 13,816,179 \n \n \n 4.4% \n \n \n 3.5% \n \n \n \n \n SME \n \n \n 2,146,585 \n \n \n 1,876,967 \n \n \n 14.4% \n \n \n 13.2% \n \n \n 2,083,761 \n \n \n 3.0% \n \n \n 2.7% \n \n \n \n \n CIB \n \n \n 6,578,858 \n \n \n 5,030,564 \n \n \n 30.8% \n \n \n 29.3% \n \n \n 6,324,426 \n \n \n 4.0% \n \n \n 3.5% \n \n \n \n \n Corporate Center \n \n \n 971,961 \n \n \n 218,872 \n \n \n NMF \n \n \n NMF \n \n \n 1,920,096 \n \n \n -49.4% \n \n \n -49.4% \n \n \n \n \n Eliminations \n \n \n (67,599) \n \n \n (189,270) \n \n \n -64.3% \n \n \n \n \n \n (64,744) \n \n \n 4.4% \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 4Q24 \n \n \n 4Q23 \n \n \n   \n \n \n   \n \n \n 3Q24 \n \n \n   \n \n \n \n \n \n \n \n Total GFS \n \n \n 0.6% \n \n \n 0.4% \n \n \n   \n \n \n   \n \n \n 0.1% \n \n \n   \n \n \n   \n \n \n \n \n Retail \n \n \n 0.5% \n \n \n -0.1% \n \n \n \n \n \n \n \n \n 0.1% \n \n \n \n \n \n \n \n \n \n \n SME \n \n \n -0.4% \n \n \n 0.6% \n \n \n \n \n \n \n \n \n 0.3% \n \n \n \n \n \n \n \n \n \n \n CIB \n \n \n 1.3% \n \n \n 1.0% \n \n \n \n \n \n \n \n \n 0.0% \n \n \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 Dec-24 \n \n \n Dec-23 \n \n \n   \n \n \n   \n \n \n Sep-24 \n \n \n   \n \n \n \n \n \n \n \n Total GFS \n \n \n 2.2% \n \n \n 2.2% \n \n \n   \n \n \n   \n \n \n 1.9% \n \n \n   \n \n \n   \n \n \n \n \n Retail \n \n \n 1.6% \n \n \n 1.9% \n \n \n \n \n \n \n \n \n 1.7% \n \n \n \n \n \n \n \n \n \n \n SME \n \n \n 3.5% \n \n \n 3.6% \n \n \n \n \n \n \n \n \n 3.6% \n \n \n \n \n \n \n \n \n \n \n CIB \n \n \n 2.1% \n \n \n 1.7% \n \n \n \n \n \n \n \n \n 1.1% \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 ·      GFS's loans to customers, factoring and finance lease receivables stood at GEL 23,539.3m (up 20.5% y-o-y and up 4.9% q-o-q) as at 31 December 2024. The y-o-y and q-o-q growth was mainly driven by CIB, followed by RB and SME. On a constant currency basis, the loan book increased by 19.3% y-o-y and by 4.6% q-o-q. \n ·      57.7% of the loan book was denominated in GEL as at 31 December 2024 (55.5% as at 31 December 2023 and 57.1% as at 30 September 2024). \n ·      Client deposits and notes stood at GEL 24,052.2m as at 31 December 2024 (up 23.1% y-o-y and down -0.1% q-o-q). Strong y-o-y growth was recorded in CIB, followed by RB and SME segments. The q-o-q decrease was driven by the halving of the portfolio of the Corporate Center as deposits from the Ministry of Finance of Georgia were substituted by short-term loans from the National Bank of Georgia, partly offset by increases in RB, CIB, and SME segments. On a constant currency basis, deposits increased by 21.2% y-o-y and decreased by 0.8% q-o-q. \n ·      The share of GEL-denominated client deposits stood at 47.2% as at 31 December 2024 (45.5% as at 31 December 2023 and 49.8% as at 30 September 2024). \n   \n Liquidity \n \n \n \n \n   \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Sep-24 \n \n \n \n \n \n \n \n \n \n \n \n \n \n NBG Liquidity Coverage Ratio (Bank of Georgia) \n \n \n 138.6% \n \n \n 125.2% \n \n \n 126.3% \n \n \n \n \n \n   \n \n \n \n \n NBG Net Stable Funding Ratio (Bank of Georgia) \n \n \n 130.7% \n \n \n 130.4% \n \n \n 124.9% \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 ·      Bank of Georgia increased its liquidity position during the quarter, with NBG liquidity coverage ratio standing at 138.6% as at 31 December 2024 (125.2% as at 31 December 2023 and 126.3% as at 30 September 2024), and NBG net stable funding ratio at 130.7% as at 31 December 2024 (130.4% as at 31 December 2023 and 124.9% as at 30 September 2024). \n   \n Capital position \n   \n ·    Bank of Georgia continues to operate with robust capital adequacy levels. At 31 December 2024, the Bank's Basel III CET1, Tier1, and Total capital ratios stood at 17.1%, 20.5%, and 22.1%, respectively, all comfortably above the minimum requirements of 14.9%, 17.0%, 19.9%, respectively. The movement in capital adequacy ratios in 4Q24 and the potential impact of a 10% devaluation of GEL is as follows:  \n \n \n \n \n \n \n \n 30 Sep 2024 \n \n \n 4Q24 \n profit \n \n \n Business growth \n \n \n Currency impact \n \n \n Capital distribution \n \n \n Tier 1 - Tier 2 \n \n \n 31 Dec \n 2024 \n \n \n   \n \n \n   \n \n \n   \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 CET1 capital adequacy \n \n \n 17.2% \n \n \n 1.4% \n \n \n -1.5% \n \n \n -0.1% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 17.1% \n \n \n \n \n \n \n \n \n \n \n \n 2.2% \n \n \n -0.8% \n \n \n \n \n Tier1 capital adequacy \n \n \n 20.8% \n \n \n 1.4% \n \n \n -1.8% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 0.0% \n \n \n 20.5% \n \n \n \n \n \n \n \n \n \n \n \n 3.5% \n \n \n -0.7% \n \n \n \n \n Total capital adequacy \n \n \n 23.3% \n \n \n 1.4% \n \n \n -1.9% \n \n \n 0.1% \n \n \n 0.0% \n \n \n -0.8% \n \n \n 22.1% \n \n \n \n \n \n \n \n \n \n \n \n 2.2% \n \n \n -0.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n ·      Bank of Georgia's minimum capital requirements for December 2025 are expected to be 15.2%, 17.3% and 20.2% for CET1, Tier1, and Total capital ratios respectively. \n \n \n Armenian Financial Services (AFS) \n Armenian Financial Services ( AFS ) comprises Ameriabank CJSC \n   \n \n \n \n \n GEL thousands \n \n \n 4Q24 \n \n \n 3Q24 \n \n \n Change \n q-o-q \n \n \n   \n \n \n YTD since consolidation \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 Interest income  \n \n \n 284,685 \n \n \n 256,769 \n \n \n 10.9% \n \n \n \n \n \n 794,616 \n \n \n \n \n Interest expense  \n \n \n (104,643) \n \n \n (95,163) \n \n \n 10.0% \n \n \n \n \n \n (287,585) \n \n \n \n \n Net interest income  \n \n \n 180,042 \n \n \n 161,606 \n \n \n 11.4% \n \n \n   \n \n \n 507,031 \n \n \n \n \n Net fee and commission income  \n \n \n 39,781 \n \n \n 21,104 \n \n \n 88.5% \n \n \n \n \n \n 89,922 \n \n \n \n \n Net foreign currency gain \n \n \n 50,712 \n \n \n 38,744 \n \n \n 30.9% \n \n \n \n \n \n 128,032 \n \n \n \n \n Net other income \n \n \n 1,060 \n \n \n 1,804 \n \n \n -41.2% \n \n \n \n \n \n 3,927 \n \n \n \n \n Operating income \n \n \n 271,595 \n \n \n 223,258 \n \n \n 21.7% \n \n \n   \n \n \n 728,912 \n \n \n \n \n Salaries and other employee benefits \n \n \n (92,590) \n \n \n (80,604) \n \n \n 14.9% \n \n \n \n \n \n (268,547) \n \n \n \n \n Administrative expenses \n \n \n (20,458) \n \n \n (13,829) \n \n \n 47.9% \n \n \n \n \n \n (47,737) \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n (12,988) \n \n \n (13,212) \n \n \n -1.7% \n \n \n \n \n \n (40,818) \n \n \n \n \n Other operating expenses  \n \n \n (2,150) \n \n \n (1,574) \n \n \n 36.6% \n \n \n \n \n \n (5,400) \n \n \n \n \n Operating expenses  \n \n \n (128,186) \n \n \n (109,219) \n \n \n 17.4% \n \n \n   \n \n \n (362,502) \n \n \n \n \n Profit from associates \n \n \n -   \n \n \n -   \n \n \n - \n \n \n \n \n \n -   \n \n \n \n \n Operating income before cost of risk \n \n \n 143,409 \n \n \n 114,039 \n \n \n 25.8% \n \n \n   \n \n \n 366,410 \n \n \n \n \n Cost of risk  \n \n \n (3,533) \n \n \n (3,558) \n \n \n -0.7% \n \n \n \n \n \n (63,182) \n \n \n \n \n Profit before income tax expense \n \n \n 139,876 \n \n \n 110,481 \n \n \n 26.6% \n \n \n   \n \n \n 303,228 \n \n \n \n \n Income tax expense \n \n \n (31,585) \n \n \n (19,078) \n \n \n 65.6% \n \n \n \n \n \n (73,072) \n \n \n \n \n Profit adjusted for one-off items \n \n \n 108,291 \n \n \n 91,403 \n \n \n 18.5% \n \n \n   \n \n \n 230,156 \n \n \n \n \n One-off items \n \n \n 2,708 \n \n \n -   \n \n \n - \n \n \n \n \n \n 672,173 \n \n \n \n \n Profit  \n \n \n 110,999 \n \n \n 91,403 \n \n \n 21.4% \n \n \n   \n \n \n 902,329 \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-24 \n \n \n Sep-24 \n \n \n Change \n q-o-q \n \n \n   \n \n \n   \n \n \n \n \n Cash and cash equivalents \n \n \n 1,409,223 \n \n \n 916,969 \n \n \n 53.7% \n \n \n \n \n \n \n \n \n \n \n Amounts due from credit institutions \n \n \n 821,779 \n \n \n 732,424 \n \n \n 12.2% \n \n \n \n \n \n \n \n \n \n \n Investment securities \n \n \n 1,447,558 \n \n \n 1,041,356 \n \n \n 39.0% \n \n \n \n \n \n \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n 9,265,005 \n \n \n 7,955,714 \n \n \n 16.5% \n \n \n \n \n \n \n \n \n \n \n     Loans to customers, finance lease and factoring receivables, LC \n \n \n 5,457,699 \n \n \n 4,702,686 \n \n \n 16.1% \n \n \n \n \n \n \n \n \n \n \n     Loans to customers, finance lease and factoring receivables, FC \n \n \n 3,807,306 \n \n \n 3,253,028 \n \n \n 17.0% \n \n \n \n \n \n \n \n \n \n \n Property and equipment \n \n \n 74,671 \n \n \n 78,116 \n \n \n -4.4% \n \n \n \n \n \n \n \n \n \n \n All remaining assets \n \n \n 352,476 \n \n \n 317,741 \n \n \n 10.9% \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n 13,370,712 \n \n \n 11,042,320 \n \n \n 21.1% \n \n \n   \n \n \n   \n \n \n \n \n Client deposits and notes \n \n \n 7,949,083 \n \n \n 6,854,363 \n \n \n 16.0% \n \n \n \n \n \n \n \n \n \n \n     Client deposits and notes, LC \n \n \n 4,527,568 \n \n \n 3,672,842 \n \n \n 23.3% \n \n \n \n \n \n \n \n \n \n \n     Client deposits and notes, FC \n \n \n 3,421,515 \n \n \n 3,181,521 \n \n \n 7.5% \n \n \n \n \n \n \n \n \n \n \n Amounts owed to credit institutions \n \n \n 1,956,445 \n \n \n 962,149 \n \n \n 103.3% \n \n \n \n \n \n \n \n \n \n \n Debt securities issued \n \n \n 1,155,679 \n \n \n 1,150,771 \n \n \n 0.4% \n \n \n \n \n \n \n \n \n \n \n All remaining liabilities \n \n \n 541,068 \n \n \n 424,619 \n \n \n 27.4% \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n 11,602,275 \n \n \n 9,391,902 \n \n \n 23.5% \n \n \n   \n \n \n   \n \n \n \n \n Total equity \n \n \n 1,768,437 \n \n \n 1,650,418 \n \n \n 7.2% \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 KEY RATIOS \n \n \n 4Q24 \n \n \n 3Q24 \n \n \n \n \n \n \n \n \n YTD since consolidation \n \n \n \n \n ROAA (adjusted for one-off items) \n \n \n 3.6% \n \n \n 3.3% \n \n \n \n \n \n \n \n \n 2.9% \n \n \n \n \n ROAA (unadjusted) \n \n \n 3.7% \n \n \n 3.3% \n \n \n \n \n \n \n \n \n 11.4% \n \n \n \n \n ROAE (adjusted for one-off items) \n \n \n 25.3% \n \n \n 23.1% \n \n \n \n \n \n \n \n \n 20.6% \n \n \n \n \n ROAE (unadjusted) \n \n \n 26.0% \n \n \n 23.1% \n \n \n \n \n \n \n \n \n 80.7% \n \n \n \n \n Net interest margin \n \n \n 6.8% \n \n \n 6.7% \n \n \n \n \n \n \n \n \n 7.3% \n \n \n \n \n Loan yield \n \n \n 11.6% \n \n \n 11.5% \n \n \n \n \n \n \n \n \n 12.5% \n \n \n \n \n     Loan yield, LC \n \n \n 13.9% \n \n \n 13.9% \n \n \n \n \n \n \n \n \n 15.0% \n \n \n \n \n     Loan yield, FC \n \n \n 8.5% \n \n \n 8.1% \n \n \n \n \n \n \n \n \n 8.9% \n \n \n \n \n Cost of funds \n \n \n 4.2% \n \n \n 4.2% \n \n \n \n \n \n \n \n \n 4.4% \n \n \n \n \n Cost of client deposits and notes \n \n \n 3.3% \n \n \n 3.2% \n \n \n \n \n \n \n \n \n 3.3% \n \n \n \n \n     Cost of client deposits and notes, LC \n \n \n 4.9% \n \n \n 4.8% \n \n \n \n \n \n \n \n \n 5.1% \n \n \n \n \n     Cost of client deposits and notes, FC \n \n \n 1.4% \n \n \n 1.4% \n \n \n \n \n \n \n \n \n 1.5% \n \n \n \n \n Cost of time deposits \n \n \n 6.1% \n \n \n 5.8% \n \n \n \n \n \n \n \n \n 6.0% \n \n \n \n \n     Cost of time deposits, LC \n \n \n 9.5% \n \n \n 9.6% \n \n \n \n \n \n \n \n \n 10.0% \n \n \n \n \n     Cost of time deposits, FC \n \n \n 2.5% \n \n \n 2.4% \n \n \n \n \n \n \n \n \n 2.5% \n \n \n \n \n Cost of current accounts and demand deposits \n \n \n 1.5% \n \n \n 1.5% \n \n \n \n \n \n \n \n \n 1.6% \n \n \n \n \n     Cost of current accounts and demand deposits, LC \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     Cost of current accounts and demand deposits, FC \n \n \n 0.7% \n \n \n 0.7% \n \n \n \n \n \n \n \n \n 0.0% \n \n \n \n \n Cost:income ratio \n \n \n 47.2% \n \n \n 48.9% \n \n \n \n \n \n \n \n \n 49.7% \n \n \n \n \n Cost of credit risk ratio \n \n \n 0.3% \n \n \n 0.3% \n \n \n \n \n \n \n \n \n 1.2% \n \n \n \n \n   \n Ameriabank was consolidated for the first time at the end of March 2024. In 2Q24 AFS Income Statement results were consolidated on the Group level for the first time. In addition, to provide more comparable growth trends with previous periods, the performance of standalone Ameriabank has been disclosed on page 15: Ameriabank: standalone financial information. Ameriabank's standalone financial information is presented for informational purposes only, is different from AFS results due to fair value adjustments and allocation of certain Group expenses to Business Divisions, and is not included in the consolidated results. \n   \n   \n Performance highlights \n ·      In 4Q24 operating income amounted to GEL 271.6m (up 21.7% q-o-q), mainly driven by increased net fee and commission income, also supported by a 11.4% q-o-q growth of net interest income and a 30.9% q-o-q growth of net foreign currency gain. \n o  A very strong 88.5% q-o-q growth in net fee and commission income was mainly driven by a significant advisory fee of GEL c.10.3m and a GEL c.5.6m incentive fee from payment systems.  \n ·      Operating expenses increased by 17.4% q-o-q to GEL 128.2m , mainly driven by increased salaries and other employee benefits due to increased accrued bonuses because of high performance of Ameriabank, and higher administrative expenses, mainly driven by intensive marketing campaigns as well as increased consulting services in IT.  \n ·      Loan portfolio quality remained healthy, with cost of credit risk ratio at 0.3% in 4Q24. \n ·      Overall, AFS generated GEL 108.3m in adjusted profit in 4Q24, with adjusted ROAE standing at 25.3% . Since consolidation at the end of March 2024, AFS recorded an adjusted profit of GEL 230.2m . The standalone profit of Ameriabank for the full year 2024 was GEL 416.1m. This figure better reflects the underlying performance and scale of the Armenian business. \n Portfolio highlights           \n ·      Loans to customers, factoring and finance lease receivables stood at GEL 9,265.0m as at 31 December 2024 (up 16.5% q-o-q). The q-o-q growth was driven by both Corporate and Retail divisions. Growth on a constant currency basis was 15.5% q-o-q . 58.9% of the loan book was denominated in Armenian Drams as at 31 December 2024 (59.1% as at 30 September 2024). \n ·      Ameriabank had the highest market share in Armenia by total loans - 20.9% as at 31 December 2024 (19.6% as at 31 December 2023 and 19.6% as at 30 September 2024) [5] . \n ·      Client deposits and notes stood at GEL 7,949.1m as at 31 December 2024 (up 16.0% q-o-q). On a constant currency basis, deposits were up 15.0% q-o-q . 57.0% of client deposits and notes were denominated in Armenian Drams as at 30 December 2024 (53.6% as at 30 September 2024). \n ·      Ameriabank had the second highest market share by total deposits in Armenia - 18.5% as at 31 December 2024 (17.3% as at 31 December 2023 and 17.8% as at 30 September 2024) 5, [6] . \n   \n Liquidity \n ·      Ameriabank has maintained a strong liquidity position, having CBA LCR of 195.7% and CBA NSFR of 128.8% as at 31 December 2024, well above the minimum regulatory requirements of 100%. \n Capital position \n ·      At 31 December 2024, Ameriabank's CET1, Tier1, and Total capital ratios stood at 14.4%, 14.4%, and 16.6%, respectively, all above the minimum requirements of 11.7%, 13.8%, 16.5%, respectively. \n ·      The decrease of capital adequacy ratios during the quarter was driven by strong loan growth coupled with the devaluation of AMD in December 2024. Notably, as at 31 January 2025, the buffer on total capital ratio increased to 0.4%. Internal capital generation as well as other measures including additional capital instruments are expected to support healthy capital levels in the near future. \n \n \n \n \n \n \n \n 30 Sep 2024 \n \n \n 4Q24 \n profit \n \n \n Business growth \n \n \n Currency impact \n \n \n Regulatory deductions \n \n \n Other \n \n \n 31 Dec \n 2024 \n \n \n   \n \n \n   \n \n \n   \n \n \n Buffer above min requirement \n \n \n Potential impact \n 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 CET1 capital adequacy \n \n \n 15.0% \n \n \n 1.1% \n \n \n -1.5% \n \n \n -0.1% \n \n \n -0.2% \n \n \n 0.0% \n \n \n 14.4% \n \n \n \n \n \n \n \n \n \n \n \n 2.7% \n \n \n -0.7% \n \n \n   \n \n \n \n \n Tier1 capital adequacy \n \n \n 15.0% \n \n \n 1.1% \n \n \n -1.5% \n \n \n -0.1% \n \n \n -0.2% \n \n \n 0.0% \n \n \n 14.4% \n \n \n \n \n \n \n \n \n \n \n \n 0.6% \n \n \n -0.7% \n \n \n   \n \n \n \n \n Total capital adequacy \n \n \n 17.4% \n \n \n 1.1% \n \n \n -1.6% \n \n \n -0.1% \n \n \n -0.2% \n \n \n -0.1% \n \n \n 16.6% \n \n \n \n \n \n \n \n \n \n \n \n 0.1% \n \n \n -0.7% \n \n \n   \n \n \n \n \n   \n   \n   \n Ameriabank: unaudited standalone financial information (not included in the consolidated results) \n The following table is presented for information purposes only to show the 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 \n GEL thousands \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n Change \n y-o-y \n \n \n 3Q24 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY24 \n \n \n FY23 \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 282,463 \n \n \n 214,716 \n \n \n 31.6% \n \n \n 252,723 \n \n \n 11.8% \n \n \n \n \n \n 992,762 \n \n \n 767,428 \n \n \n 29.4% \n \n \n \n \n Interest expense  \n \n \n (101,267) \n \n \n (74,101) \n \n \n 36.7% \n \n \n (91,178) \n \n \n 11.1% \n \n \n \n \n \n (354,468) \n \n \n (274,607) \n \n \n 29.1% \n \n \n \n \n Net interest income  \n \n \n 181,196 \n \n \n 140,615 \n \n \n 28.9% \n \n \n 161,545 \n \n \n 12.2% \n \n \n   \n \n \n 638,294 \n \n \n 492,821 \n \n \n 29.5% \n \n \n \n \n Net fee and commission income  \n \n \n 39,547 \n \n \n 16,872 \n \n \n 134.4% \n \n \n 21,342 \n \n \n 85.3% \n \n \n \n \n \n 108,282 \n \n \n 65,441 \n \n \n 65.5% \n \n \n \n \n Net foreign currency gain \n \n \n 52,959 \n \n \n 46,512 \n \n \n 13.9% \n \n \n 36,247 \n \n \n 46.1% \n \n \n \n \n \n 162,184 \n \n \n 158,409 \n \n \n 2.4% \n \n \n \n \n Net other income \n \n \n 897 \n \n \n 2,428 \n \n \n -63.1% \n \n \n 1,795 \n \n \n -50.0% \n \n \n \n \n \n 5,423 \n \n \n 7,477 \n \n \n -27.5% \n \n \n \n \n Operating income \n \n \n 274,599 \n \n \n 206,427 \n \n \n 33.0% \n \n \n 220,929 \n \n \n 24.3% \n \n \n   \n \n \n 914,183 \n \n \n 724,148 \n \n \n 26.2% \n \n \n \n \n Salaries and other employee benefits \n \n \n (78,944) \n \n \n (62,352) \n \n \n 26.6% \n \n \n (67,366) \n \n \n 17.2% \n \n \n \n \n \n (290,364) \n \n \n (217,592) \n \n \n 33.4% \n \n \n \n \n Administrative expenses \n \n \n (19,864) \n \n \n (17,789) \n \n \n 11.7% \n \n \n (13,509) \n \n \n 47.0% \n \n \n \n \n \n (59,212) \n \n \n (52,169) \n \n \n 13.5% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n (9,825) \n \n \n (7,436) \n \n \n 32.1% \n \n \n (9,211) \n \n \n 6.7% \n \n \n \n \n \n (35,831) \n \n \n (28,657) \n \n \n 25.0% \n \n \n \n \n Other operating expenses  \n \n \n (2,066) \n \n \n (715) \n \n \n 189.0% \n \n \n (1,572) \n \n \n 31.4% \n \n \n \n \n \n (6,421) \n \n \n (4,580) \n \n \n 40.2% \n \n \n \n \n Operating expenses  \n \n \n (110,699) \n \n \n (88,292) \n \n \n 25.4% \n \n \n (91,658) \n \n \n 20.8% \n \n \n   \n \n \n (391,828) \n \n \n (302,998) \n \n \n 29.3% \n \n \n \n \n Profit from associates \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 Operating income before cost of risk \n \n \n 163,900 \n \n \n 118,135 \n \n \n 38.7% \n \n \n 129,271 \n \n \n 26.8% \n \n \n   \n \n \n 522,355 \n \n \n 421,150 \n \n \n 24.0% \n \n \n \n \n Cost of risk  \n \n \n (2,344) \n \n \n (16,811) \n \n \n -86.1% \n \n \n (6,716) \n \n \n -65.1% \n \n \n \n \n \n (9,842) \n \n \n (37,214) \n \n \n -73.6% \n \n \n \n \n Net operating income before non-recurring items \n \n \n 161,556 \n \n \n 101,324 \n \n \n 59.4% \n \n \n 122,555 \n \n \n 31.8% \n \n \n   \n \n \n 512,513 \n \n \n 383,936 \n \n \n 33.5% \n \n \n \n \n Net non-recurring items  \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 Profit before income tax expense \n \n \n 161,556 \n \n \n 101,324 \n \n \n 59.4% \n \n \n 122,555 \n \n \n 31.8% \n \n \n   \n \n \n 512,513 \n \n \n 383,936 \n \n \n 33.5% \n \n \n \n \n Income tax expense \n \n \n (32,327) \n \n \n (22,918) \n \n \n 41.1% \n \n \n (22,292) \n \n \n 45.0% \n \n \n \n \n \n (96,383) \n \n \n (75,425) \n \n \n 27.8% \n \n \n \n \n Profit  \n \n \n 129,229 \n \n \n 78,406 \n \n \n 64.8% \n \n \n 100,263 \n \n \n 28.9% \n \n \n   \n \n \n 416,130 \n \n \n 308,511 \n \n \n 34.9% \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 BALANCE SHEET HIGHLIGHTS \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Change \n y-o-y \n \n \n Sep-24 \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 Liquid assets \n \n \n 3,678,577 \n \n \n 2,517,735 \n \n \n 46.1% \n \n \n 2,690,749 \n \n \n 36.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Cash and cash equivalents \n \n \n 1,409,223 \n \n \n 886,111 \n \n \n 59.0% \n \n \n 916,969 \n \n \n 53.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Amounts due from credit institutions \n \n \n 821,795 \n \n \n 714,963 \n \n \n 14.9% \n \n \n 732,424 \n \n \n 12.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Investment securities \n \n \n 1,447,559 \n \n \n 916,661 \n \n \n 57.9% \n \n \n 1,041,356 \n \n \n 39.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans to customers and finance lease and factoring receivables \n \n \n 9,278,814 \n \n \n 6,551,322 \n \n \n 41.6% \n \n \n 7,970,091 \n \n \n 16.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property and equipment \n \n \n 66,857 \n \n \n 60,247 \n \n \n 11.0% \n \n \n 68,345 \n \n \n -2.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining assets \n \n \n 310,311 \n \n \n 248,358 \n \n \n 24.9% \n \n \n 256,631 \n \n \n 20.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n 13,334,559 \n \n \n 9,377,662 \n \n \n 42.2% \n \n \n 10,985,816 \n \n \n 21.4% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Client deposits and notes \n \n \n 7,949,083 \n \n \n 6,039,076 \n \n \n 31.6% \n \n \n 6,854,363 \n \n \n 16.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts owed to credit institutions \n \n \n 1,966,451 \n \n \n 904,645 \n \n \n 117.4% \n \n \n 972,890 \n \n \n 102.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Debt securities issued \n \n \n 1,155,679 \n \n \n 785,491 \n \n \n 47.1% \n \n \n 1,150,771 \n \n \n 0.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining liabilities \n \n \n 447,950 \n \n \n 345,916 \n \n \n 29.5% \n \n \n 328,840 \n \n \n 36.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n 11,519,163 \n \n \n 8,075,128 \n \n \n 42.6% \n \n \n 9,306,864 \n \n \n 23.8% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total equity \n \n \n 1,815,396 \n \n \n 1,302,534 \n \n \n 39.4% \n \n \n 1,678,952 \n \n \n 8.1% \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 KEY RATIOS [7] \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n \n \n \n 3Q24 \n \n \n \n \n \n \n \n \n FY24 \n \n \n FY23 \n \n \n \n \n \n \n \n ROAA \n \n \n 4.2% \n \n \n 3.4% \n \n \n \n \n \n 3.6% \n \n \n \n \n \n \n \n \n 3.8% \n \n \n 3.5% \n \n \n \n \n \n \n \n ROAE \n \n \n 29.4% \n \n \n 24.1% \n \n \n \n \n \n 24.2% \n \n \n \n \n \n \n \n \n 26.5% \n \n \n 25.5% \n \n \n \n \n \n \n \n Loan yield \n \n \n 11.4% \n \n \n 11.7% \n \n \n \n \n \n 11.2% \n \n \n \n \n \n \n \n \n 11.2% \n \n \n 11.2% \n \n \n \n \n \n \n \n Net interest margin \n \n \n 6.8% \n \n \n 7.0% \n \n \n \n \n \n 6.6% \n \n \n \n \n \n \n \n \n 6.7% \n \n \n 6.4% \n \n \n \n \n \n \n \n Cost of funds \n \n \n 4.0% \n \n \n 3.8% \n \n \n \n \n \n 4.0% \n \n \n \n \n \n \n \n \n 3.9% \n \n \n 3.7% \n \n \n \n \n \n \n \n Cost:income ratio \n \n \n 40.3% \n \n \n 42.8% \n \n \n \n \n \n 41.5% \n \n \n \n \n \n \n \n \n 42.9% \n \n \n 41.8% \n \n \n \n \n \n \n \n Cost of credit risk ratio \n \n \n 0.2% \n \n \n 0.9% \n \n \n \n \n \n 0.4% \n \n \n \n \n \n \n \n \n 0.2% \n \n \n 0.6% \n \n \n \n \n \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 \n GEL thousands \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n Change \n y-o-y \n \n \n 3Q24 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY24 \n \n \n FY23 \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 21,965 \n \n \n 18,825 \n \n \n 16.7% \n \n \n 20,771 \n \n \n 5.7% \n \n \n \n \n \n 83,842 \n \n \n 70,899 \n \n \n 18.3% \n \n \n \n \n Interest expense  \n \n \n (9,112) \n \n \n (3,815) \n \n \n 138.8% \n \n \n (7,925) \n \n \n 15.0% \n \n \n \n \n \n (27,877) \n \n \n (15,956) \n \n \n 74.7% \n \n \n \n \n Net interest income  \n \n \n 12,853 \n \n \n 15,010 \n \n \n -14.4% \n \n \n 12,846 \n \n \n 0.1% \n \n \n   \n \n \n 55,965 \n \n \n 54,943 \n \n \n 1.9% \n \n \n \n \n Net fee and commission income  \n \n \n 2,394 \n \n \n 611 \n \n \n NMF \n \n \n 2,109 \n \n \n 13.5% \n \n \n \n \n \n 6,126 \n \n \n 6,137 \n \n \n -0.2% \n \n \n \n \n Net foreign currency gain \n \n \n 17,862 \n \n \n 10,305 \n \n \n 73.3% \n \n \n 16,065 \n \n \n 11.2% \n \n \n \n \n \n 56,970 \n \n \n 42,575 \n \n \n 33.8% \n \n \n \n \n Net other income \n \n \n (4,176) \n \n \n 1,329 \n \n \n NMF \n \n \n (222) \n \n \n NMF \n \n \n \n \n \n 10,965 \n \n \n 2,865 \n \n \n NMF \n \n \n \n \n Operating income \n \n \n 28,933 \n \n \n 27,255 \n \n \n 6.2% \n \n \n 30,798 \n \n \n -6.1% \n \n \n   \n \n \n 130,026 \n \n \n 106,520 \n \n \n 22.1% \n \n \n \n \n Salaries and other employee benefits \n \n \n (13,346) \n \n \n (11,329) \n \n \n 17.8% \n \n \n (11,655) \n \n \n 14.5% \n \n \n \n \n \n (46,096) \n \n \n (44,109) \n \n \n 4.5% \n \n \n \n \n Administrative expenses \n \n \n (6,566) \n \n \n (5,201) \n \n \n 26.2% \n \n \n (6,686) \n \n \n -1.8% \n \n \n \n \n \n (27,077) \n \n \n (23,833) \n \n \n 13.6% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n (2,512) \n \n \n (2,295) \n \n \n 9.5% \n \n \n (2,627) \n \n \n -4.4% \n \n \n \n \n \n (10,336) \n \n \n (10,444) \n \n \n -1.0% \n \n \n \n \n Other operating expenses  \n \n \n (441) \n \n \n (188) \n \n \n 134.6% \n \n \n (318) \n \n \n 38.7% \n \n \n \n \n \n (1,436) \n \n \n (1,047) \n \n \n 37.2% \n \n \n \n \n Operating expenses  \n \n \n (22,865) \n \n \n (19,013) \n \n \n 20.3% \n \n \n (21,286) \n \n \n 7.4% \n \n \n   \n \n \n (84,945) \n \n \n (79,433) \n \n \n 6.9% \n \n \n \n \n Profit from associates \n \n \n -   \n \n \n -   \n \n \n - \n \n \n 113 \n \n \n   \n NMF \n \n \n \n \n \n -   \n \n \n 472 \n \n \n   \n NMF \n \n \n \n \n Operating income before cost of risk \n \n \n 6,068 \n \n \n 8,242 \n \n \n -26.4% \n \n \n 9,625 \n \n \n -37.0% \n \n \n   \n \n \n 45,081 \n \n \n 27,559 \n \n \n 63.6% \n \n \n \n \n Cost of risk  \n \n \n 2,006 \n \n \n (3,733) \n \n \n NMF \n \n \n 733 \n \n \n 173.7% \n \n \n \n \n \n (3,972) \n \n \n 2,091 \n \n \n NMF \n \n \n \n \n Profit before income tax expense \n \n \n 8,074 \n \n \n 4,509 \n \n \n 79.1% \n \n \n 10,358 \n \n \n -22.1% \n \n \n   \n \n \n 41,109 \n \n \n 29,650 \n \n \n 38.6% \n \n \n \n \n Income tax expense \n \n \n (4,920) \n \n \n (1,990) \n \n \n 147.2% \n \n \n (3,922) \n \n \n 25.4% \n \n \n \n \n \n (14,167) \n \n \n (8,475) \n \n \n 67.2% \n \n \n \n \n Profit  \n \n \n 3,154 \n \n \n 2,519 \n \n \n 25.2% \n \n \n 6,436 \n \n \n -51.0% \n \n \n   \n \n \n 26,942 \n \n \n 21,175 \n \n \n 27.2% \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 BALANCE SHEET HIGHLIGHTS \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Change \n y-o-y \n \n \n Sep-24 \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 Cash and cash equivalents \n \n \n 511,732 \n \n \n 387,650 \n \n \n 32.0% \n \n \n 437,014 \n \n \n 17.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts due from credit institutions \n \n \n 32,963 \n \n \n 18,759 \n \n \n 75.7% \n \n \n 31,343 \n \n \n 5.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment securities \n \n \n 117,869 \n \n \n 77,263 \n \n \n 52.6% \n \n \n 190,012 \n \n \n -38.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n 754,541 \n \n \n 699,918 \n \n \n 7.8% \n \n \n 659,179 \n \n \n 14.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property and equipment \n \n \n 13,389 \n \n \n 11,499 \n \n \n 16.4% \n \n \n 12,269 \n \n \n 9.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining assets \n \n \n 92,405 \n \n \n 75,743 \n \n \n 22.0% \n \n \n 89,629 \n \n \n 3.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n 1,522,899 \n \n \n 1,270,832 \n \n \n 19.8% \n \n \n 1,419,446 \n \n \n 7.3% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Client deposits and notes \n \n \n 1,200,763 \n \n \n 987,668 \n \n \n 21.6% \n \n \n 938,335 \n \n \n 28.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts owed to credit institutions \n \n \n 11,368 \n \n \n 30,249 \n \n \n -62.4% \n \n \n (4,058) \n \n \n NMF \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Debt securities issued \n \n \n 16,506 \n \n \n 6,810 \n \n \n 142.4% \n \n \n 3,113 \n \n \n NMF \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All remaining liabilities \n \n \n 39,302 \n \n \n 39,305 \n \n \n 0.0% \n \n \n 190,727 \n \n \n -79.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n 1,267,939 \n \n \n 1,064,032 \n \n \n 19.2% \n \n \n 1,128,117 \n \n \n 12.4% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total equity \n \n \n 254,960 \n \n \n 206,800 \n \n \n 23.3% \n \n \n 291,329 \n \n \n -12.5% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n   \n   \n In 4Q24 Other Businesses recorded a GEL 3.2m profit (up 25.2% y-o-y and down 51.0% q-o-q). In FY24, Other Businesses posted a profit of a GEL 26.9m (up 27.2% y-o-y). \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 2024: Tier1 capital adequacy ratio at 10.7% (minimum requirement of 7.0%) and Total capital adequacy ratio at 17.2% (minimum requirement of 12.5%). \n   \n   \n \n Unaudited consolidated financial information   \n   \n \n \n \n \n GEL thousands \n \n \n 4Q24 \n \n \n 4Q23 \n \n \n Change \n y-o-y \n \n \n 3Q24 \n \n \n Change \n q-o-q \n \n \n \n \n \n FY24 \n \n \n FY23 \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 1,186,258 \n \n \n 744,806 \n \n \n 59.3% \n \n \n 1,115,448 \n \n \n 6.3% \n \n \n \n \n \n 4,139,900 \n \n \n 2,748,261 \n \n \n 50.6% \n \n \n \n \n Interest expense  \n \n \n (522,602) \n \n \n (317,145) \n \n \n 64.8% \n \n \n (474,412) \n \n \n 10.2% \n \n \n \n \n \n (1,779,053) \n \n \n (1,132,815) \n \n \n 57.0% \n \n \n \n \n Net interest income  \n \n \n 663,656 \n \n \n 427,661 \n \n \n 55.2% \n \n \n 641,036 \n \n \n 3.5% \n \n \n   \n \n \n 2,360,847 \n \n \n 1,615,446 \n \n \n 46.1% \n \n \n \n \n Fee and commission income  \n \n \n 277,667 \n \n \n 185,957 \n \n \n 49.3% \n \n \n 237,407 \n \n \n 17.0% \n \n \n \n \n \n 937,777 \n \n \n 707,765 \n \n \n 32.5% \n \n \n \n \n Fee and commission expense  \n \n \n (108,569) \n \n \n (71,891) \n \n \n 51.0% \n \n \n (103,307) \n \n \n 5.1% \n \n \n \n \n \n (376,115) \n \n \n (273,283) \n \n \n 37.6% \n \n \n \n \n Net fee and commission income  \n \n \n 169,098 \n \n \n 114,066 \n \n \n 48.2% \n \n \n 134,100 \n \n \n 26.1% \n \n \n   \n \n \n 561,662 \n \n \n 434,482 \n \n \n 29.3% \n \n \n \n \n Net foreign currency gain \n \n \n 176,350 \n \n \n 97,251 \n \n \n 81.3% \n \n \n 153,023 \n \n \n 15.2% \n \n \n   \n \n \n 571,799 \n \n \n 365,711 \n \n \n 56.4% \n \n \n \n \n Net other income without one-offs \n \n \n 22,914 \n \n \n 18,260 \n \n \n 25.5% \n \n \n 9,501 \n \n \n 141.2% \n \n \n \n \n \n 68,320 \n \n \n 114,735 \n \n \n -40.5% \n \n \n \n \n One-off other income \n \n \n -   \n \n \n 1,524 \n \n \n   \n NMF \n \n \n -   \n \n \n - \n \n \n \n \n \n -   \n \n \n 22,585 \n \n \n   \n NMF \n \n \n \n \n Net other income \n \n \n 22,914 \n \n \n 19,784 \n \n \n 15.8% \n \n \n 9,501 \n \n \n 141.2% \n \n \n   \n \n \n 68,320 \n \n \n 137,320 \n \n \n -50.2% \n \n \n \n \n Operating income \n \n \n 1,032,018 \n \n \n 658,762 \n \n \n 56.7% \n \n \n 937,660 \n \n \n 10.1% \n \n \n   \n \n \n 3,562,628 \n \n \n 2,552,959 \n \n \n 39.5% \n \n \n \n \n Salaries and other employee benefits \n \n \n (231,043) \n \n \n (113,944) \n \n \n 102.8% \n \n \n (203,484) \n \n \n 13.5% \n \n \n \n \n \n (757,990) \n \n \n (419,454) \n \n \n 80.7% \n \n \n \n \n Administrative expenses \n \n \n (88,042) \n \n \n (74,428) \n \n \n 18.3% \n \n \n (72,528) \n \n \n 21.4% \n \n \n \n \n \n (279,197) \n \n \n (205,368) \n \n \n 35.9% \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n (47,299) \n \n \n (35,131) \n \n \n 34.6% \n \n \n (47,285) \n \n \n 0.0% \n \n \n \n \n \n (173,137) \n \n \n (124,723) \n \n \n 38.8% \n \n \n \n \n Other operating expenses  \n \n \n (4,227) \n \n \n (1,702) \n \n \n 148.4% \n \n \n (3,137) \n \n \n 34.7% \n \n \n \n \n \n (12,580) \n \n \n (4,508) \n \n \n 179.1% \n \n \n \n \n Operating expenses  \n \n \n (370,611) \n \n \n (225,205) \n \n \n 64.6% \n \n \n (326,434) \n \n \n 13.5% \n \n \n   \n \n \n (1,222,904) \n \n \n (754,053) \n \n \n 62.2% \n \n \n \n \n Gain on bargain purchase \n \n \n -   \n \n \n -   \n \n \n - \n \n \n -   \n \n \n - \n \n \n \n \n \n 685,888 \n \n \n -   \n \n \n - \n \n \n \n \n Acquisition related costs \n \n \n 2,708 \n \n \n -   \n \n \n - \n \n \n -   \n \n \n - \n \n \n \n \n \n (13,715) \n \n \n -   \n \n \n - \n \n \n \n \n Profit from associates \n \n \n 369 \n \n \n 254 \n \n \n 45.3% \n \n \n 502 \n \n \n -26.5% \n \n \n \n \n \n 1,347 \n \n \n 1,456 \n \n \n -7.5% \n \n \n \n \n Operating income before cost of risk \n \n \n 664,484 \n \n \n 433,811 \n \n \n 53.2% \n \n \n 611,728 \n \n \n 8.6% \n \n \n   \n \n \n 3,013,244 \n \n \n 1,800,362 \n \n \n 67.4% \n \n \n \n \n Expected credit loss on loans to customers and factoring receivables \n \n \n (38,220) \n \n \n (18,546) \n \n \n 106.1% \n \n \n (12,363) \n \n \n NMF \n \n \n \n \n \n (147,399) \n \n \n (124,298) \n \n \n 18.6% \n \n \n \n \n Expected credit loss on finance lease receivables \n \n \n (125) \n \n \n (1,513) \n \n \n -91.7% \n \n \n 428 \n \n \n NMF \n \n \n \n \n \n (1,409) \n \n \n (2,762) \n \n \n -49.0% \n \n \n \n \n Other expected credit loss and impairment charge on other assets and provisions  \n \n \n (10,797) \n \n \n (7,751) \n \n \n 39.3% \n \n \n 6,719 \n \n \n NMF \n \n \n \n \n \n (16,445) \n \n \n (17,004) \n \n \n -3.3% \n \n \n \n \n Cost of risk  \n \n \n (49,142) \n \n \n (27,810) \n \n \n 76.7% \n \n \n (5,216) \n \n \n NMF \n \n \n   \n \n \n (165,253) \n \n \n (144,064) \n \n \n 14.7% \n \n \n \n \n Profit before income tax expense \n \n \n 615,342 \n \n \n 406,001 \n \n \n 51.6% \n \n \n 606,512 \n \n \n 1.5% \n \n \n   \n \n \n 2,847,991 \n \n \n 1,656,298 \n \n \n 71.9% \n \n \n \n \n Income tax expense \n \n \n (107,920) \n \n \n (75,891) \n \n \n 42.2% \n \n \n (97,259) \n \n \n 11.0% \n \n \n \n \n \n (362,796) \n \n \n (258,971) \n \n \n 40.1% \n \n \n \n \n Profit  \n \n \n 507,422 \n \n \n 330,110 \n \n \n 53.7% \n \n \n 509,253 \n \n \n -0.4% \n \n \n   \n \n \n 2,485,195 \n \n \n 1,397,327 \n \n \n 77.9% \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 Attributable to: \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 - shareholders of the Group \n \n \n 505,492 \n \n \n 328,623 \n \n \n 53.8% \n \n \n 507,272 \n \n \n -0.4% \n \n \n \n \n \n 2,476,943 \n \n \n 1,391,277 \n \n \n 78.0% \n \n \n \n \n - non-controlling interests \n \n \n 1,930 \n \n \n 1,487 \n \n \n 29.8% \n \n \n 1,981 \n \n \n -2.6% \n \n \n \n \n \n 8,252 \n \n \n 6,050 \n \n \n 36.4% \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 11.75 \n \n \n 7.53 \n \n \n 56.0% \n \n \n 11.71 \n \n \n 0.3% \n \n \n   \n \n \n 56.91 \n \n \n 31.30 \n \n \n 81.8% \n \n \n \n \n Diluted earnings per share \n \n \n 11.51 \n \n \n 7.31 \n \n \n 57.5% \n \n \n 11.49 \n \n \n 0.2% \n \n \n   \n \n \n 55.75 \n \n \n 30.43 \n \n \n 83.2% \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 BALANCE SHEET HIGHLIGHTS \n \n \n Dec-24 \n \n \n Dec-23 \n \n \n Change \n y-o-y \n \n \n Sep-24 \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 Cash and cash equivalents \n \n \n 3,753,183 \n \n \n 3,101,824 \n \n \n 21.0% \n \n \n 3,413,286 \n \n \n 10.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts due from credit institutions \n \n \n 3,278,465 \n \n \n 1,752,657 \n \n \n 87.1% \n \n \n 2,560,821 \n \n \n 28.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment securities \n \n \n 8,968,721 \n \n \n 5,129,757 \n \n \n 74.8% \n \n \n 8,054,364 \n \n \n 11.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment securities pledged under sale and repurchase agreements and securities lending \n \n \n 483,666 \n \n \n -   \n \n \n - \n \n \n 225,181 \n \n \n 114.8% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans to customers, finance lease and factoring receivables \n \n \n 33,558,874 \n \n \n 20,232,721 \n \n \n 65.9% \n \n \n 31,058,958 \n \n \n 8.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accounts receivable and other loans \n \n \n 8,811 \n \n \n 47,562 \n \n \n -81.5% \n \n \n 7,193 \n \n \n 22.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Prepayments \n \n \n 88,950 \n \n \n 37,511 \n \n \n 137.1% \n \n \n 119,292 \n \n \n -25.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreclosed assets \n \n \n 378,642 \n \n \n 271,712 \n \n \n 39.4% \n \n \n 324,558 \n \n \n 16.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Right-of-use assets \n \n \n 257,896 \n \n \n 138,695 \n \n \n 85.9% \n \n \n 239,299 \n \n \n 7.8% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment properties \n \n \n 134,338 \n \n \n 124,068 \n \n \n 8.3% \n \n \n 112,400 \n \n \n 19.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property and equipment \n \n \n 550,097 \n \n \n 436,955 \n \n \n 25.9% \n \n \n 534,234 \n \n \n 3.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill \n \n \n 41,253 \n \n \n 41,253 \n \n \n 0.0% \n \n \n 41,253 \n \n \n 0.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n 322,250 \n \n \n 167,862 \n \n \n 92.0% \n \n \n 301,086 \n \n \n 7.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax assets \n \n \n 48,114 \n \n \n 2,520 \n \n \n NMF \n \n \n 43,523 \n \n \n 10.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other assets \n \n \n 314,620 \n \n \n 245,072 \n \n \n 28.4% \n \n \n 277,803 \n \n \n 13.3% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Assets held for sale \n \n \n 20,008 \n \n \n 27,389 \n \n \n -26.9% \n \n \n 52,177 \n \n \n -61.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n 52,207,888 \n \n \n 31,757,558 \n \n \n 64.4% \n \n \n 47,365,428 \n \n \n 10.2% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Client deposits and notes \n \n \n 33,202,010 \n \n \n 20,522,739 \n \n \n 61.8% \n \n \n 31,872,416 \n \n \n 4.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amounts owed to credit institutions \n \n \n 8,680,233 \n \n \n 5,156,009 \n \n \n 68.4% \n \n \n 5,701,966 \n \n \n 52.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Debt securities issued \n \n \n 2,255,016 \n \n \n 421,359 \n \n \n NMF \n \n \n 2,220,896 \n \n \n 1.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Lease liability \n \n \n 274,435 \n \n \n 141,934 \n \n \n 93.4% \n \n \n 249,929 \n \n \n 9.8% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accruals and deferred income \n \n \n 338,734 \n \n \n 129,355 \n \n \n 161.9% \n \n \n 249,187 \n \n \n 35.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax liabilities \n \n \n 88,431 \n \n \n 199,058 \n \n \n -55.6% \n \n \n 68,504 \n \n \n 29.1% \n \n \n \n \n \n \n \n \n ...

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