REG - Lion Finance Grp PLC - 1st Quarter Results
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RNS Number : 3188D Lion Finance Group PLC 07 May 2026
Contents
1Q26 consolidated unaudited results (#_Toc228898248)
Earnings call on 7 May 2026, 14:00 BST (#_Toc228898249)
Segmentation guide (#_Toc228898250)
CEO statement (#_Toc228898252)
Macroeconomic developments: Georgia (#_Toc228898253)
Macroeconomic developments: Armenia (#_Toc228898254)
1Q26 unaudited consolidated results (#_Toc228898255)
Business Division results (#_Toc228898256)
Georgian Financial Services (GFS) (#_Toc228898257)
Armenian Financial Services (AFS) (#_Toc228898258)
Other Businesses (#_Toc228898259)
Unaudited consolidated financial information (#_Toc228898260)
Non-financial information (#_Toc228898261)
Additional information (#_Toc228898262)
Glossary (#_Toc228898263)
Lion Finance Group PLC profile (#_Toc228898264)
Further information (#_Toc228898265)
Forward-looking statements (#_Toc228898266)
1Q26 consolidated unaudited results
Lion Finance Group PLC announces its unaudited consolidated financial results
for the first quarter of 2026 (1Q26). Unless otherwise noted, 1Q26 results are
compared year-on-year with 1Q25 results and quarter-on-quarter with 4Q25
results adjusted for one-off items.
The results are prepared in accordance with UK-adopted international
accounting standards, are unaudited and derived from management accounts.
Earnings call on 7 May 2026, 14:00 BST
https://zoom.us/webinar/register/WN_iPgFBAz5Sbe6lUYzqfdr7w
(https://zoom.us/webinar/register/WN_iPgFBAz5Sbe6lUYzqfdr7w)
Webinar ID: 983 6026 0923 | Passcode: 331608
Segmentation guide
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.
• GFS mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and
Taggart.
• AFS includes Ameriabank CJSC.
• 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.
Lion Finance Group PLC delivered consolidated 1Q26 profit of GEL 585.0 million (+14.0% y-o-y), with return on average equity of 27.4%.
The Company declared a quarterly dividend of GEL 2.85 per share in respect of 1Q26 and announced a further GEL 55.0m share buyback and cancellation programme.
Group performance highlights
• Driven by the sustained expansion of our customer franchises in Georgia and
Armenia, the Group delivered another set of strong results in the first
quarter of 2026. This expansion, reflected in a growing active customer base
and a larger balance sheet, supported a 15.7% increase in operating income
before cost of risk to GEL 735.9m and a 14.0% y-o-y increase in profit to GEL
585.0 million. Consequently, the Group achieved a high return on average
equity (ROAE) of 27.4% for the period.
• The Group's loan book reached GEL 41,881.9m as at 31 March 2026, up 23.1%
y-o-y in constant currency (cc). The growth was fuelled by loan book expansion
across both the Georgian (GFS) and Armenian (AFS) operations, which recorded
year-on-year constant currency increases of 17.8% and 34.6%, respectively.
Compared with 31 December 2025, the GFS loan book was up 3.8%, while the AFS
loan book increased by 6.2%, resulting in a total Group loan growth of 4.4%
(in cc).
• Client deposits and notes totalled GEL 39,699.0m as at 31 March 2026,
reflecting a 17.5% y-o-y increase in constant currency (cc). GFS deposits rose
by 13.0% y-o-y, while AFS deposits increased by 29.7% y-o-y. Compared with 31
December 2025, GFS deposits were up 2.4%, while AFS deposits increased by
5.7%, resulting in a total Group deposit growth of 2.6% (in cc).
• The Group maintained healthy asset quality, with the cost of credit risk ratio
at 0.3% in 1Q26 (0.2% in 1Q25 and 0.3% in 4Q25), while the NPL ratio was
stable at 2.1% as at 31 March 2026 (2.0% as at 31 March 2025 and 2.1% as at 31
December 2025).
• Operating income was up 15.0% y-o-y to GEL 1,125.8m in 1Q26. The annual
top-line growth was primarily driven by net interest income generated by both
GFS and AFS, complemented by net fee and commission income generation across
both operations.
• In 1Q26, non-interest income increased by 7.2% y-o-y to GEL 316.2m, driven by
net fee and commission income growth across both GFS and AFS. GFS delivered a
25.4% y-o-y growth in net fee and commission income. At AFS, net fee and
commission income rose by 46.4% y-o-y, supported by significant items in 1Q26
(a GEL 5.5m advisory fee and a GEL 2.0m currency conversion fee
reclassification from net FX income aligned with Group accounting policies;
see details on pages 11 to 12). Net foreign currency gains declined across the
board, reflecting lower income at GFS on the back of lower currency volatility
and the reclassification effect mentioned above at AFS.
• The Group's operating expenses increased by 13.8% y-o-y to GEL 390.3m in 1Q26.
The y-o-y growth was driven primarily by GFS, which saw expenses rise by 16.6%
y-o-y, mainly driven by higher staff costs (see details on page 9).
• Capital adequacy and liquidity positions for both Bank of Georgia and
Ameriabank remained comfortably above the minimum regulatory requirements (for
details, see pages 10 and 12).
• The Group continued to demonstrate sustained customer franchise growth. On a
year-on-year basis, Bank of Georgia's Retail Digital Monthly Active Users
(Digital MAU) grew by 13.6% to 1.9 million individuals, while Ameriabank's
Retail Digital MAU surged by 47.8%, reaching over 362 thousand individuals. On
a quarter-on-quarter basis, these figures increased by 1.9% and 7.7% at Bank
of Georgia and Ameriabank, respectively.
CEO statement
This quarter was marked by a historic event for the Group: our inclusion into
the FTSE 100 index, validating two decades of consistent execution. Over this
period, we have built a highly profitable regional banking platform, expanding
our total assets more than fifty-fold as we deepened customer relationships,
strengthened digital capabilities, and established leading market positions.
The sustained track record of strong performance that has defined the last two
decades has continued into the first quarter of 2026. The Group delivered an
ROAE of 27.4% on profits of GEL 585.0 million (an increase of 14.0%
year-on-year), driven by customer franchise growth and a 23.1% year-on-year
expansion of our loan book in constant currency. Consequently, our book value
per share rose by 21.5% year-on-year to GEL 207.82.
Macroeconomic conditions in Georgia and Armenia remained strong in early 2026,
underpinned by solid domestic demand and resilient external inflows.
Reflecting the sustained resilience of both economies and their strong
early-year performance, we have revised our 2026 real GDP growth forecasts
upward, to 7.0% for Georgia and 6.0% for Armenia. Although conflict escalation
in the Middle East may weigh on the near-term outlook primarily through energy
market volatility and higher inflation, both economies remain well positioned,
supported by ample reserves, prudent fiscal policies, and credible monetary
management. A prolonged conflict could also create upside through the Middle
Corridor and shifting capital and tourism flows.
In Georgia, our business delivered a solid first-quarter, driven by a deeply
embedded customer-centric approach and our continued focus on being the main
bank in customers' daily lives. This focus is clearly evidenced by our
customer Net Promoter Score of 75, maintaining the momentum from 2025. Our
digital leadership also advanced, with Retail Digital Monthly Active Users
rising by 13.6% year-on-year to 1.9 million individuals. Importantly, digital
engagement stood at 52.7%, meaning that, on average, over half of our
digitally active users interact with our platforms daily. Overall, on the
financial front, our loan book grew by 17.8% year-on-year in constant
currency, while profit reached GEL 452.1m, up 11.6% year-on-year, with an ROAE
of 31.5%.
Amidst energy price volatility and subsequent inflationary pressures in
Georgia, we expect the National Bank to maintain a moderately tight monetary
policy stance throughout the year. Ongoing strong loan demand in key segments
positions us to capitalise on this favorable rate environment, which will
support our net interest income. At the same time, we see lower currency
volatility translating into reduced foreign exchange gains. Beyond our core
activities, we continue to experiment and deploy different AI applications,
including personalised product recommendations and process automations, to
improve customer experience and operational efficiency. While it is too early
to exactly pinpoint the financial impact of these initiatives, we are focused
on developing technologies that create tangible value for both our customers
and investors.
In Armenia, Ameriabank continued to build on its established market position
while advancing its strategic priorities in retail banking. The franchise
demonstrated sustained momentum throughout the quarter, with retail Digital
MAU surpassing 362 thousand individuals - a 47.8% increase year-on-year. This
digital adoption reflects the successful rollout of enhanced capabilities
across our MyAmeria platform, including a loyalty programme and product and
user experience improvements. The loan book expanded by 34.6% year-on-year in
constant currency, while deposits grew by 29.7%, reinforcing Ameriabank's
market leadership. This performance generated a profit of GEL 129.4m, up 35.5%
year-on-year, with an ROAE of 21.8%. Armenia's vibrant economy and the
substantial runway for retail banking development position AFS as an important
growth engine for the Group in the years ahead.
Reflecting our continued financial strength and commitment to shareholder
returns, the Board today declared a quarterly dividend of GEL 2.85 per share
in respect of 1Q26 and approved a further GEL 55.0m share buyback and
cancellation programme.
Georgia and Armenia remain among the broader region's fastest-growing
economies, solidifying their reputations as stable, business-friendly markets
and emerging regional hubs for technology, transport, and services. The
economic resilience and prudent macroeconomic management demonstrated by both
nations provide a strong foundation for growth as regional connectivity
improves. Our established presence and customer loyalty in both markets place
us in an excellent position to benefit from their continued economic
expansion.
I thank our colleagues for their continued commitment and all our stakeholders
for their ongoing support.
Archil
Gachechiladze
CEO, Lion Finance Group PLC
6 May 2026
Our key targets for the medium term remain:
• c.15% annual growth of the Group's loan book.
• 20%+ return on average equity.
• 30-50% payout ratio (dividends and share buyback and cancellation programme).
Macroeconomic developments: Georgia
Sustained economic growth momentum
Georgia's economy demonstrated a strong start to 2026, with real GDP
expanding, according to preliminary data, by 9.1% y-o-y in the first quarter,
driven mainly by services. We have therefore revised our full-year real GDP
growth forecast upward, from 6.0% to 7.0%. This outlook is supported by
consumption, resilient external inflows, and a projected rebound in public
capital spending.
While the recent escalation in the Middle East has introduced downside risks
mainly via higher energy prices, Georgia's direct exposure to the region is
limited. The country's diversified external inflows and ample policy buffers
provide resilience against potential shocks. Furthermore, the conflict could
create upside potential through the diversion of capital and tourism flows
towards Georgia.
Strong external flows
External inflows remained strong and diversified in 1Q26. The trade deficit
narrowed as merchandise exports increased by 23.4% y-o-y, while imports
declined by 7.1% y-o-y (or grew 5.0% excluding prior year's one-offs).
International tourism revenues grew modestly by 0.5% y-o-y, with increased
arrivals from Europe offsetting a decline from the Middle East and South Asia.
Inbound money transfers remained robust, rising by 14.2% y-o-y, reflecting
strong remittance inflows from the EU, the US, and Russia.
Stable GEL and ample international reserves
1Q26, the Georgian Lari (GEL) remained stable against the US dollar, while
appreciating by 2.2% against the Euro and by 2.0% against the Pound Sterling.
The GEL's resilience against the US dollar was underpinned by strong external
inflows, deposit de-dollarisation, and prudent macroeconomic policies. The
National Bank of Georgia (NBG) continued its foreign currency purchases in
January and February and was broadly neutral in March, supporting a robust
level of international reserves at USD 6.3 billion by the end of March 2026
(up 2.6% q-o-q). We expect the GEL to remain broadly stable in the medium
term, supported by sound macroeconomic fundamentals and external liquidity
buffers.
Above-target inflation and moderately tight monetary policy
Inflationary pressures persisted in early 2026, primarily due to rising food
prices and emerging fuel price pressures. This drove headline CPI inflation to
5.9% year-over-year in April 2026, up from 4.0% in December 2025. We expect
inflation to average 4.8% for the year, remaining above the NBG's 3% target,
before returning to target next year provided that supply-side pressures ease.
In May 2026, the NBG raised its refinancing rate by 25 bps to 8.25% to keep inflation expectations well-anchored amid elevated inflation risks from global energy markets. We expect the NBG to maintain a moderately tight monetary policy stance throughout 2026.
Strong fiscal discipline
Georgia's fiscal position remains strong, supported by sustained economic
activity. The government remains committed to fiscal discipline, targeting a
fiscal deficit of 2.5% of GDP in 2026, unchanged from 2025. The government's
debt-to-GDP ratio is projected to decline further from 34.1% at end-2025 to
33.5% by end-2026. The successful rollover of the USD 500 million Government
Eurobond in January highlights strong investor confidence in the country's
macroeconomic stability and policy framework.
Healthy bank lending
The banking sector continues to demonstrate sound fundamentals, high
liquidity, and strong capitalisation. Lending growth remained broadly in line
with nominal economic activity, expanding by 14.9% y-o-y in 1Q26 on a constant
currency basis, following a 14.0% growth in the previous quarter. Business and
consumer lending continued to drive credit expansion. Loan dollarisation stood
at 42.5% at end-March 2026, broadly unchanged from the previous quarter.
Deposit dollarisation declined further by 1.1 pp over the same period to
46.6%.
More information on the Georgian economy and financial sector can be found at
Galt & Taggart (https://galtandtaggart.com/en) , the Group's investment
banking and brokerage subsidiary.
Macroeconomic developments: Armenia
Strong economic growth
The Armenian economy sustained its strong growth momentum in early 2026, with
the preliminary economic activity indicator increasing by 7.1% y-o-y in 1Q26,
supported by resilient consumption, expansionary fiscal policy, and healthy
credit growth. Considering this strong performance, we have revised our
full-year real GDP growth forecast to 6.0%, the upper end of our previously
expected range. Economic activity is expected to be driven by continued growth
in services, ongoing fiscal stimulus, and a planned new gold mine that should
boost industrial output.
The escalation in the Middle East has also increased downside risks for the
Armenian economy. Despite limited direct exposure to the region, economic
performance could be adversely affected via higher inflation, weaker external
demand, and elevated geopolitical risks. However, prudent macroeconomic
policies and ongoing structural reforms underpin Armenia's economic
resilience. The medium-term outlook remains positive, with significant upside
potential from the historic 2025 peace accord with Azerbaijan and the
normalisation of relations with Türkiye, which could unlock further growth.
Resilient external inflows and strong Dram
Following a previous surge in re-exports of precious metals and stones,
Armenia's external trade continued to normalise, with goods exports and
imports growing by 4.5% and 4.6% y-o-y in 1Q26, respectively. Inflows remained
resilient, supported by strong growth in non-commercial money transfers (15.5%
y-o-y) and international tourist arrivals (18.3% y-o-y).
Supported by these inflows and prudent macroeconomic policies, the Armenian
Dram (AMD) appreciated by an additional 1.0% against the US dollar in 1Q26,
building on a 3.8% gain in 2025. Over the same period, the AMD remained
broadly stable against the GEL, appreciating by a modest 0.6%. The Central
Bank of Armenia (CBA) continued its foreign exchange purchases, lifting its
gross reserves by 41.3% y-o-y to a record USD 5.5 billion by end-March 2026.
Above-target inflation and neutral monetary stance
Inflation edged up in early 2026, driven mainly by food prices. Headline CPI
reached 4.5% y-o-y in March, up from 3.3% in December 2025. Although inflation
is expected to remain elevated in 2026 until food and fuel pressures ease,
expectations appear anchored, evidenced by lower services inflation and slow
wage growth. The CBA has kept its policy rate at 6.5% following a 25 bps cut
in December 2025, and it is expected to hold this rate through 2026,
reflecting a broadly neutral monetary policy stance.
Continued fiscal expansion
In 2026, fiscal policy is set to remain growth-supportive, as the deficit is
planned to widen to 4.5% of GDP from 3.7% in 2025. Despite higher spending,
strong tax revenues are expected to limit the rise in public debt to
approximately 49.0% of GDP, up from 47.3% in 2025. The country's IMF Stand-By
Arrangement continues to anchor fiscal discipline.
Sound banking sector
The Armenian banking sector remains sound, with strong capital and liquidity
buffers. Bank lending grew by an estimated 22.9% y-o-y in 1Q26 on a constant
currency basis, following a 24.7% growth in the previous quarter. Consumer and
business lending were the primary drivers of credit expansion. Loan
dollarisation remained broadly stable at 34.2% at end-March 2026, following
significant declines in prior years. Meanwhile, deposit dollarisation
continued to decrease, reaching 43.4%, down 0.5 pp q-o-q.
1Q26 unaudited consolidated results
GEL thousands 1Q26 1Q26 1Q26 1Q26 1Q25 1Q25 1Q25 1Q25
INCOME STATEMENT HIGHLIGHTS Group GFS AFS Other Group GFS AFS Other
Interest income 1,466,122 1,042,379 388,682 35,061 1,237,407 907,259 305,924 24,224
Interest expense (656,510) (471,492) (162,881) (22,137) (553,706) (425,453) (115,409) (12,844)
Net interest income 809,612 570,887 225,801 12,924 683,701 481,806 190,515 11,380
Net fee and commission income 176,049 142,859 29,995 3,195 138,072 113,955 20,491 3,626
Net foreign currency gain 130,124 75,954 33,435 20,735 145,594 82,730 34,018 28,846
Net other income 9,978 2,778 3,570 3,630 11,285 6,975 3,150 1,160
Operating income 1,125,763 792,478 292,801 40,484 978,652 685,466 248,174 45,012
Salaries and other employee benefits (252,077) (140,892) (93,395) (17,790) (213,075) (113,596) (85,796) (13,683)
Administrative expenses (73,619) (45,499) (17,406) (10,714) (70,109) (43,244) (18,138) (8,727)
Depreciation, amortisation and impairment (57,050) (36,948) (15,883) (4,219) (51,167) (33,788) (14,554) (2,825)
Other operating expenses (7,540) (6,130) (1,081) (329) (8,542) (6,194) (2,006) (342)
Operating expenses (390,286) (229,469) (127,765) (33,052) (342,893) (196,822) (120,494) (25,577)
Profit from associates 386 386 - - 271 271 - -
Operating income before cost of risk 735,863 563,395 165,036 7,432 636,030 488,915 127,680 19,435
Cost of risk (38,840) (32,266) (5,804) (770) (26,913) (17,990) (8,173) (750)
Profit before income tax expense 697,023 531,129 159,232 6,662 609,117 470,925 119,507 18,685
Income tax expense (112,035) (79,078) (29,804) (3,153) (96,053) (65,856) (23,993) (6,204)
Profit before one-off items 584,988 452,051 129,428 3,509 513,064 405,069 95,514 12,481
One-off items - - - - - - - -
Profit 584,988 452,051 129,428 3,509 513,064 405,069 95,514 12,481
GEL thousands 1Q26 1Q25 Change 4Q25 Change
y-o-y q-o-q
INCOME STATEMENT HIGHLIGHTS
Net interest income 809,612 683,701 18.4% 795,895 1.7%
Net fee and commission income 176,049 138,072 27.5% 226,248 -22.2%
Net foreign currency gain 130,124 145,594 -10.6% 150,626 -13.6%
Net other income 9,978 11,285 -11.6% 28,526 -65.0%
Operating income 1,125,763 978,652 15.0% 1,201,295 -6.3%
Operating expenses (2025: adjusted) (390,286) (342,893) 13.8% (422,581)* -7.6%
Gain on bargain purchase 1 - - NMF 1,488 NMF
Profit from associates 386 271 42.4% 111 NMF
Operating income before cost of risk (2025: adjusted) 735,863 636,030 15.7% 780,313* -5.7%
Cost of risk (38,840) (26,913) 44.3% (36,410) 6.7%
Profit before income tax expense and one-off items (2025: adjusted) 697,023 609,117 14.4% 743,903* -6.3%
Income tax expense (112,035) (96,053) 16.6% (124,589) -10.1%
Profit before one-off items 584,988 513,064 14.0% 619,314* -5.5%
One-off items 2 - - NMF (29,590) NMF
Profit 584,988 513,064 14.0% 589,724 -0.8%
Basic earnings per share 13.72 11.81 16.2% 13.84 -0.9%
Diluted earnings per share 13.61 11.73 16.0% 13.62 -0.1%
Basic earnings per share adjusted for one-offs 13.72 11.81 16.2% 14.53 -5.6%
Diluted earnings per share adjusted for one-offs 13.61 11.73 16.0% 14.30 -4.8%
*These figures differ from the unaudited consolidated financial information
(on page 14) as they exclude a one-off item to better illustrate underlying
performance. The excluded item is GEL 29.6m in 4Q25 (see endnote 2).
BALANCE SHEET HIGHLIGHTS Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Liquid assets 16,530,688 17,490,685 -5.5% 18,318,956 -9.8%
Cash and cash equivalents 3,440,364 4,151,524 -17.1% 4,572,046 -24.8%
Amounts due from credit institutions 3,764,046 3,596,111 4.7% 3,552,257 6.0%
Investment securities 9,326,278 9,743,050 -4.3% 10,194,653 -8.5%
Loans to customers, finance lease and factoring receivables 41,881,946 34,137,143 22.7% 40,065,664 4.5%
Property and equipment 616,135 554,208 11.2% 616,839 -0.1%
All remaining assets 1,953,033 1,617,265 20.8% 1,868,397 4.5%
Total assets 60,981,802 53,799,301 13.4% 60,869,856 0.2%
Client deposits and notes 39,699,016 33,969,258 16.9% 38,629,974 2.8%
Amounts owed to credit institutions 7,722,100 9,006,255 -14.3% 9,499,106 -18.7%
Borrowings from DFIs 3,545,490 3,322,500 6.7% 3,708,770 -4.4%
Short-term loans from the National Bank of Georgia 1,130,502 3,426,723 -67.0% 2,667,471 -57.6%
Short-term loans from the Central Bank of Armenia 135,054 144,536 -6.6% 136,912 -1.4%
Loans and deposits from commercial banks 2,911,054 2,112,496 37.8% 2,985,953 -2.5%
Debt securities issued 3,298,758 2,257,270 46.1% 2,999,871 10.0%
All remaining liabilities 1,392,258 1,145,023 21.6% 1,318,662 5.6%
Total liabilities 52,112,132 46,377,806 12.4% 52,447,613 -0.6%
Total equity 8,869,670 7,421,495 19.5% 8,422,243 5.3%
Book value per share 207.82 170.99 21.5% 197.85 5.0%
KEY RATIOS 1Q26 1Q25 4Q25
ROAA (adjusted for one-off items)2 3.9% 3.9% 4.2%
ROAE (adjusted for one-off items)2 27.4% 28.7% 30.1%
Net interest margin 6.1% 5.9% 6.1%
Loan yield 3 12.3% 12.2% 12.4%
Liquid assets yield 5.2% 4.9% 5.1%
Cost of funds 5.2% 5.0% 5.2%
Cost of client deposits and notes 4.6% 4.1% 4.6%
Cost of amounts owed to credit institutions 6.7% 7.8% 7.0%
Cost of debt securities issued 8.3% 7.6% 7.7%
Cost:income ratio (adjusted for one-off items)2 34.7% 35.0% 35.2%
NPLs to gross loans 2.1% 2.0% 2.1%
NPL coverage ratio 58.9% 59.3% 57.8%
NPL coverage ratio adjusted for the discounted value of collateral 117.2% 117.1% 116.3%
Cost of credit risk ratio 0.3% 0.2% 0.3%
GEL thousands Mar-26 Mar-25 Change Dec-25 Change
NON-PERFORMING LOANS y-o-y q-o-q
Group (consolidated)
NPLs to gross loans 2.1% 2.0% 2.1%
NPL coverage ratio 58.9% 59.3% 57.8%
NPL coverage ratio adjusted for the discounted value of collateral 117.2% 117.1% 116.3%
Georgian Financial Services (GFS)
NPLs to gross loans 2.0% 2.2% 2.1%
NPL coverage ratio 56.1% 59.3% 54.8%
NPL coverage ratio adjusted for the discounted value of collateral 116.0% 113.2% 114.6%
Ameriabank (standalone figures)
NPLs to gross loans 2.0% 1.5% 2.1%
NPL coverage ratio 68.5% 63.3% 68.5%
NPL coverage ratio adjusted for the discounted value of collateral 125.0% 134.3% 125.5%
Returns to shareholders (dividends and share buyback and cancellation programme)
• In August 2025, the Board took the decision to move to a quarterly
distribution schedule, with the Group's total capital repatriation policy
unchanged at a target payout range of 30-50% of annual Group profits.
Considering the strong performance of the Group during the first quarter of
2026 and robust capital levels, today the Board declared an interim dividend
of GEL 2.85 per ordinary share in respect of the first quarter of 2026,
payable according to the following timetable:
• Ex-Dividend Date: 25 June 2026
• Record Date: 26 June 2026
• Currency Conversion Date: 26 June 2026
• Payment Date: 10 July 2026
• The NBG's Lari/Pound Sterling average exchange rate for the period of 22 June
to 26 June 2026 will be used as the exchange rate on the Currency Conversion
Date and will be announced in due course.
• In addition, today the Board has approved an extension to the share buyback
and cancellation programme of GEL 55.0 million.
• The previous GEL 53.5 million share buyback and cancellation programme,
announced on 25 February 2026, has been completed. As a result, the total
number of voting rights in issue following the cancellation of shares was
43,223,929 as at 31 March 2026.
Business Division results
The Group results are presented by the following Business Divisions: 1)
Georgian Financial Services (GFS), 2) Armenian Financial Services (AFS), and
3) Other Businesses.
Georgian Financial Services (GFS)
Georgian Financial Services (GFS) mainly comprises JSC Bank of Georgia and the
investment bank JSC Galt and Taggart. GFS is organised across the following
business segments: Retail Banking (RB), Small and Medium Enterprise (SME)
Banking, Corporate and Investment Banking (CIB), and Corporate Center (CC).
GEL thousands 1Q26 1Q25 Change 4Q25 Change
y-o-y q-o-q
INCOME STATEMENT HIGHLIGHTS
Interest income 1,042,379 907,259 14.9% 1,040,286 0.2%
Interest expense (471,492) (425,453) 10.8% (486,175) -3.0%
Net interest income 570,887 481,806 18.5% 554,111 3.0%
Net fee and commission income 142,859 113,955 25.4% 169,810 -15.9%
Net foreign currency gain 75,954 82,730 -8.2% 91,895 -17.3%
Net other income 2,778 6,975 -60.2% 20,953 -86.7%
Operating income 792,478 685,466 15.6% 836,769 -5.3%
Salaries and other employee benefits (2025: adjusted) (140,892) (113,596) 24.0% (140,375)* 0.4%
Administrative expenses (45,499) (43,244) 5.2% (71,450) -36.3%
Depreciation, amortisation and impairment (36,948) (33,788) 9.4% (40,657) -9.1%
Other operating expenses (6,130) (6,194) -1.0% (7,603) -19.4%
Operating expenses (2025: adjusted) (229,469) (196,822) 16.6% (260,085)* -11.8%
Profit from associates 386 271 42.4% 111 NMF
Operating income before cost of risk (2025: adjusted) 563,395 488,915 15.2% 576,795* -2.3%
Cost of risk (32,266) (17,990) 79.4% (30,274) 6.6%
Profit before income tax expense (2025: adjusted) 531,129 470,925 12.8% 546,521* -2.8%
Income tax expense (79,078) (65,856) 20.1% (86,583) -8.7%
Profit before for one-off items 452,051 405,069 11.6% 459,938* -1.7%
One-off items2 - - NMF (29,094) NMF
Profit 452,051 405,069 11.6% 430,844 4.9%
*These figures exclude a one-off item of GEL 29.1m in 4Q25 to better
illustrate underlying performance (see endnote 2).
BALANCE SHEET HIGHLIGHTS Mar-26 Mar-25 Change Dec-25 Change
y-o-y q-o-q
Cash and cash equivalents 2,065,638 2,465,779 -16.2% 2,720,691 -24.1%
Amounts due from credit institutions 1,881,992 2,586,850 -27.2% 2,139,551 -12.0%
Investment securities 7,674,184 8,180,808 -6.2% 8,236,145 -6.8%
Loans to customers, finance lease and factoring receivables 28,261,957 24,049,085 17.5% 27,288,607 3.6%
Loans to customers, finance lease and factoring receivables, LC 16,276,415 13,971,277 16.5% 15,822,353 2.9%
Loans to customers, finance lease and factoring receivables, FC 11,985,542 10,077,808 18.9% 11,466,254 4.5%
Property and equipment 519,438 465,059 11.7% 519,892 -0.1%
All remaining assets 1,257,904 1,174,534 7.1% 1,225,254 2.7%
Total assets 41,661,113 38,922,115 7.0% 42,130,140 -1.1%
Client deposits and notes 27,942,563 24,820,659 12.6% 27,312,550 2.3%
Client deposits and notes, LC 15,178,604 11,675,339 30.0% 14,595,833 4.0%
Client deposits and notes, FC 12,763,959 13,145,320 -2.9% 12,716,717 0.4%
Amounts owed to credit institutions 5,025,118 7,161,810 -29.8% 6,562,242 -23.4%
Debt securities issued 1,915,124 1,144,275 67.4% 1,800,502 6.4%
All remaining liabilities 791,016 527,112 50.1% 769,455 2.8%
Total liabilities 35,673,821 33,653,856 6.0% 36,444,749 -2.1%
Total equity 5,987,292 5,268,259 13.6% 5,685,391 5.3%
Risk-weighted assets (JSC Bank of Georgia standalone) 32,923,955 29,867,785 10.2% 32,187,358 2.3%
KEY RATIOS 1Q26 1Q25 4Q25
ROAA (adjusted for one-off items)2 4.4% 4.3% 4.4%
ROAA (unadjusted) 4.4% 4.3% 4.1%
ROAE (adjusted for one-off items)2 31.5% 32.0% 32.7%
ROAE (unadjusted) 31.5% 32.0% 30.7%
Net interest margin 6.2% 5.7% 5.9%
Loan yield 12.7% 12.6% 12.8%
Loan yield, GEL 15.5% 15.0% 15.5%
Loan yield, FC 8.9% 9.2% 8.9%
Cost of funds 5.4% 5.3% 5.5%
Cost of client deposits and notes 4.8% 4.4% 4.9%
Cost of client deposits and notes, GEL 7.7% 7.7% 7.9%
Cost of client deposits and notes, FC 1.4% 1.4% 1.5%
Cost of time deposits 7.0% 6.6% 7.2%
Cost of time deposits, GEL 9.9% 10.1% 10.3%
Cost of time deposits, FC 2.5% 2.6% 2.6%
Cost of current accounts and demand deposits 3.0% 2.4% 2.9%
Cost of current accounts and demand deposits, GEL 5.5% 5.0% 5.3%
Cost of current accounts and demand deposits, FC 0.6% 0.6% 0.7%
Cost:income ratio (adjusted for one-off items)2 29.0% 28.7% 31.1%
Cost:income ratio (unadjusted) 29.0% 28.7% 34.6%
Cost of credit risk ratio 0.4% 0.2% 0.4%
Performance highlights
• GFS delivered 15.6% y-o-y growth in 1Q26 operating income, driven by strong
net interest income and net fee and commission income performance. Net
interest margin expanded 30 bps to 6.2% q-o-q, supported by a 10 bps decrease
in the cost of client deposits and an increased share of loans in the
interest-earning assets mix.
• Net fee and commission income increased by 25.4% y-o-y. Q-o-q, renegotiated
terms with international payment systems, which had a significant positive
impact on 4Q25, created an elevated comparative base; adjusting for this
effect, normalised net fee and commission income remained broadly flat, in
line with seasonality.
• Net foreign currency gains declined by 8.2% y-o-y, mainly reflecting a more
stable currency environment.
• Operating income decreased q-o-q, reflecting elevated 4Q25 comparative base in
net fee and commission income and net other income. Normalising for these base
effects, operating income would have been broadly flat q-o-q.
• In 1Q26, operating expenses increased by 16.6% y-o-y, mainly driven by higher
staff costs. Staff costs included a GEL 3.5m accelerated recognition of
unvested, previously granted share-based awards due to the voluntary departure
of an executive manager.
• The portfolio quality remained healthy across the board, with the cost of
credit risk ratio standing at 0.4% in 1Q26 (0.2% in 1Q25 and 0.4% in 4Q25) and
the NPL ratio declining to 2.0% as at 31 March 2026 (2.2% as at 31 March 2025
and 2.1% as at 31 December 2025).
Portfolio highlights
Portfolio highlights: loans to customers, finance lease and factoring
receivables
Mar-26 Mar-25 Change Change y-o-y Dec-25 Change Change q-o-q (constant currency)
y-o-y (constant currency) q-o-q
Total GFS 28,261,957 24,049,085 17.5% 17.8% 27,288,607 3.6% 3.8%
Retail 12,678,797 10,518,379 20.5% 20.6% 12,190,163 4.0% 4.1%
Mortgages 5,288,406 4,599,335 15.0% 15.0% 5,139,094 2.9% 3.1%
Consumer loans 6,472,542 5,185,540 24.8% 25.1% 6,190,599 4.6% 4.6%
Other loans 917,849 733,504 25.1% 23.2% 860,470 6.7% 6.9%
SME 5,511,393 5,114,504 7.8% 7.6% 5,447,299 1.2% 1.6%
CIB 10,071,767 8,416,202 19.7% 20.4% 9,651,145 4.4% 4.7%
Portfolio highlights: customer deposits and notes
Mar-26 Mar-25 Change Change y-o-y Dec-25 Change Change q-o-q (constant currency)
y-o-y (constant currency) q-o-q
Total GFS 27,942,563 24,820,659 12.6% 13.0% 27,312,550 2.3% 2.4%
Retail 16,543,701 14,850,250 11.4% 12.1% 16,385,011 1.0% 1.2%
SME 2,402,216 2,117,025 13.5% 13.7% 2,526,790 -4.9% -4.7%
CIB 7,963,850 6,663,303 19.5% 20.0% 8,081,092 -1.5% -1.4%
Corporate Center 1,118,524 1,268,036 -11.8% 421,957 165.1%
Eliminations (85,728) (77,955) 10.0% (102,300) -16.2%
Loan portfolio quality: cost of credit risk ratio
1Q26 1Q25 4Q25
Total GFS 0.4% 0.2% 0.4%
Retail 0.8% 0.3% 0.7%
SME 0.6% 0.2% 0.0%
CIB -0.3% 0.1% 0.2%
Loan portfolio quality: NPL ratio
Mar-26 Mar-25 Dec-25
Total GFS 2.0% 2.2% 2.1%
Retail 1.3% 1.5% 1.4%
SME 4.2% 3.5% 4.0%
CIB 1.7% 2.3% 2.0%
• Customer lending growth remained strong, driven primarily by RB and CIB, with
SME also contributing.
• Within the RB segment, consumer lending showed particularly strong
growth, rising by 25.1% y-o-y and 4.6% q-o-q in cc. Mortgage lending grew by
15.0% y-o-y and 3.1% q-o-q in cc, now accounting for 41.7% of the retail loan
book - below the share of consumer loans at 51.1%.
• Client deposits and notes demonstrated broad-based y-o-y growth across deposit
types. As at 31 March 2026, current & demand deposits and time deposits
accounted for 53.5% and 46.5% of the total deposit portfolio, respectively.
Notably, the share of GEL deposits in total deposits increased significantly
y-o-y from 47.0% to 54.3% (53.4% as at 31 December 2025).
Liquidity
Mar-26 Mar-25 Dec-25
IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia) 140.0% 133.5% 147.7%
IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia) 130.3% 131.4% 134.1%
Both our Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR)
were well above the regulatory minimum requirements of 100%.
Capital position
Bank of Georgia maintains robust levels of capital, with all ratios
comfortably above the minimum regulatory requirements. The movement in capital
adequacy ratios in 1Q26 and the potential impact of a 10% devaluation of GEL
are as follows:
31 Dec 1Q26 Business growth Currency impact Dividend payment Tier 1- Tier 2 31 Mar Min requirement Buffer above min requirement Potential impact
2025 profit 2026 of a 10% GEL devaluation
CET 1 capital adequacy 17.6% 1.4% -0.5% 0.0% -0.6% 0.0% 17.9% 15.4% 2.5% -0.7%
Tier 1 capital adequacy 20.5% 1.4% -0.6% 0.1% -0.6% 0.0% 20.8% 17.6% 3.2% -0.6%
Total capital adequacy 22.0% 1.4% -0.7% 0.0% -0.6% 0.0% 22.2% 20.5% 1.7% -0.5%
Armenian Financial Services (AFS)
GEL thousands 1Q26 1Q25 Change 4Q25 Change
y-o-y q-o-q
INCOME STATEMENT HIGHLIGHTS
Interest income 388,682 305,924 27.1% 375,000 3.6%
Interest expense (162,881) (115,409) 41.1% (149,644) 8.8%
Net interest income 225,801 190,515 18.5% 225,356 0.2%
Net fee and commission income 29,995 20,491 46.4% 53,343 -43.8%
Net foreign currency gain 33,435 34,018 -1.7% 35,042 -4.6%
Net other income 3,570 3,150 13.3% 3,706 -3.7%
Operating income 292,801 248,174 18.0% 317,447 -7.8%
Salaries and other employee benefits (93,395) (85,796) 8.9% (92,907) 0.5%
Administrative expenses (17,406) (18,138) -4.0% (19,321) -9.9%
Depreciation, amortisation and impairment (15,883) (14,554) 9.1% (15,360) 3.4%
Other operating expenses (1,081) (2,006) -46.1% (920) 17.5%
Operating expenses (127,765) (120,494) 6.0% (128,508) -0.6%
Operating income before cost of risk 165,036 127,680 29.3% 188,939 -12.7%
Cost of risk (5,804) (8,173) -29.0% (6,170) -5.9%
Profit before income tax expense 159,232 119,507 33.2% 182,769 -12.9%
Income tax expense (29,804) (23,993) 24.2% (33,181) -10.2%
Profit 129,428 95,514 35.5% 149,588 -13.5%
BALANCE SHEET HIGHLIGHTS Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Cash and cash equivalents 694,989 1,060,250 -34.5% 950,577 -26.9%
Amounts due from credit institutions 1,851,418 985,407 87.9% 1,389,444 33.2%
Investment securities 1,509,123 1,449,374 4.1% 1,794,826 -15.9%
Loans to customers, finance lease and factoring receivables 12,551,342 9,337,589 34.4% 11,818,695 6.2%
Loans to customers, finance lease and factoring receivables, LC 7,026,474 5,560,441 26.4% 6,770,754 3.8%
Loans to customers, finance lease and factoring receivables, FC 5,524,868 3,777,148 46.3% 5,047,941 9.4%
Property and equipment 78,479 75,690 3.7% 78,285 0.2%
All remaining assets 567,237 351,344 61.4% 520,441 9.0%
Total assets 17,252,588 13,259,654 30.1% 16,552,268 4.2%
Client deposits and notes 10,188,812 7,866,942 29.5% 9,630,051 5.8%
Client deposits and notes, LC 6,190,453 4,401,119 40.7% 5,832,351 6.1%
Client deposits and notes, FC 3,998,359 3,465,823 15.4% 3,797,700 5.3%
Amounts owed to credit institutions 2,648,168 1,854,080 42.8% 2,909,876 -9.0%
Debt securities issued 1,370,433 1,096,307 25.0% 1,186,478 15.5%
All remaining liabilities 550,056 577,770 -4.8% 496,458 10.8%
Total liabilities 14,757,469 11,395,099 29.5% 14,222,863 3.8%
Total equity 2,495,119 1,864,555 33.8% 2,329,405 7.1%
Risk-weighted assets (Ameriabank CJSC standalone) 16,818,447 12,395,897 35.7% 15,054,624 11.7%
KEY RATIOS 1Q26 1Q25 4Q25
ROAA 3.1% 2.9% 3.8%
ROAE 21.8% 21.1% 26.8%
Net interest margin 5.9% 6.6% 6.3%
Loan yield 11.3% 11.5% 11.5%
Loan yield, AMD 14.1% 13.7% 14.1%
Loan yield, FC 7.6% 8.4% 8.0%
Cost of funds 4.7% 4.3% 4.6%
Cost of client deposits and notes 4.0% 3.3% 3.9%
Cost of client deposits and notes, AMD 5.5% 4.7% 5.5%
Cost of client deposits and notes, FC 1.7% 1.4% 1.5%
Cost of time deposits 6.9% 5.8% 6.8%
Cost of time deposits, AMD 9.6% 9.3% 9.9%
Cost of time deposits, FC 2.9% 2.2% 2.6%
Cost of current accounts and demand deposits 1.8% 1.7% 1.7%
Cost of current accounts and demand deposits, AMD 2.4% 2.3% 2.3%
Cost of current accounts and demand deposits, FC 0.7% 0.8% 0.7%
Cost:income ratio 43.6% 48.6% 40.5%
Cost of credit risk ratio 0.2% 0.2% 0.2%
Performance highlights
• AFS delivered operating income growth of 18.0% y-o-y in 1Q26, driven by solid
growth in net interest income, with net fee and commission income also
contributing. Q-o-q, operating income declined 7.8%, driven by a decrease in
net fee and commission income, coupled with a modest net interest income
growth.
• NIM declined by 40bps q-o-q to 5.9%, reflecting a 20bps decrease in the loan
yield to 11.3% and a 10bps increase in the cost of funds to 4.7%. The higher
cost of funds was driven by higher cost of deposits (up 10bps q-o-q to 4.0%)
as well as higher cost of debt securities issued following the placement of
new AT1 bonds in February.
• Net fee and commission income rose by 46.4% y-o-y. This quarter included a GEL
5.5m advisory fee and a GEL 2.0m reclassification of currency conversion fees
from net foreign currency gains to align with Group accounting policies.
Excluding these items, growth would have been 9.8% y-o-y. Net fee and
commission income declined 43.8% q-o-q, reflecting an elevated 4Q25 base from
a GEL 13.6m advisory fee as well as seasonality.
• Net foreign currency gains declined modestly y-o-y, primarily reflecting the
currency conversion fee reclassification mentioned above. Excluding this
reclassification effect, net FX gains would have increased by 4.2% y-o-y.
• Operating expenses increased by 6.0% y-o-y. Group-level adjustments related to
management retention bonus were present in the prior year, which elevated the
expense base in 1Q25.
Portfolio highlights 4
Portfolio highlights: loans to customers, finance lease and factoring
receivables
Mar-26 Mar-25 Change Change y-o-y Dec-25 Change q-o-q Change q-o-q (constant currency)
y-o-y (constant currency)
Total AFS 12,551,342 9,337,589 34.4% 34.6% 11,818,695 6.2% 6.2%
Retail 5,489,135 4,365,215 25.7% 25.1% 5,281,641 3.9% 3.4%
Mortgages 2,821,132 2,466,529 14.4% 13.7% 2,759,125 2.2% 1.6%
Consumer loans 2,002,157 1,347,443 48.6% 47.6% 1,862,265 7.5% 6.9%
Retail SME 665,846 551,243 20.8% 20.9% 660,251 0.8% 0.6%
Corporate 7,062,207 4,972,374 42.0% 43.0% 6,537,054 8.0% 8.6%
Portfolio highlights: customer deposits and notes
Mar-26 Mar-25 Change Change y-o-y Dec-25 Change q-o-q Change q-o-q (constant currency)
y-o-y (constant currency)
Total AFS 10,188,812 7,866,942 29.5% 29.7% 9,630,051 5.8% 5.7%
Retail 5,531,736 4,385,697 26.1% 26.7% 5,183,973 6.7% 6.8%
Corporate 4,657,076 3,481,245 33.8% 33.6% 4,446,078 4.7% 4.4%
Loan portfolio quality: cost of credit risk ratio
1Q26 1Q25 4Q25
Total AFS 0.2% 0.2% 0.2%
Retail 0.6% 0.8% 0.8%
Corporate -0.1% -0.3% -0.3%
• Customer loans grew strongly by 34.6% y-o-y and 6.2% q-o-q in cc, with
broad-based growth across both Corporate and Retail segments. Within the
Retail portfolio, consumer loans maintained the strongest growth trajectory,
posting 47.6% y-o-y and 6.9% q-o-q growth in cc. Mortgage lending grew by
13.7% y-o-y and 1.6% q-o-q in cc, now representing 51.4% of the total retail
loan book. Ameriabank strengthened its market leadership, with its lending
share rising to 22.0% as at 31 March 2026 (#1 position), up 1.7pp y-o-y and
0.3pp q-o-q.
• Client deposits and notes also grew strongly, rising by 29.7% y-o-y and by
5.7% q-o-q in cc. The share of time deposits increased over the year to 44.9%
of the total (40.2% as at 31 March 2025 and 41.5% as at 31 December 2025). The
bank's deposit market share (including local bonds) expanded by 1.0pp y-o-y to
reach 19.5% as at March-end 2026 (#2 position) (flat q-o-q).
• AFS maintained a diversified funding structure with customer deposits and
local debt securities representing 78.3% of total liabilities, and the ratio
of net loans, factoring and finance lease receivables to customer deposits and
notes, local debt securities and DFI funding standing at 97.9% as at 31 March
2026.
Liquidity
• Ameriabank has maintained a strong liquidity position, with CBA LCR at 212.2%
and CBA NSFR at 125.3% as at 31 March 2026, well above the minimum regulatory
requirements of 100%.
Capital position
• As at 31 March 2026, Ameriabank's CET 1, Tier 1, and Total capital ratios
stood at 14.1%, 14.9%, and 17.9%, respectively, all above the minimum
requirements of 12.0%, 14.1%, and 16.8%, respectively. In February 2026,
Ameriabank successfully placed inaugural 8.5% USD 50m Additional Tier 1
capital notes. This and other capital instruments have strengthened
Ameriabank's capital buffers. In April 2026, Ameriabank launched the public
offering of the second USD 50m tranche of Additional Tier 1 capital notes at
8% coupon, the placement of which is planned to be carried out through a
public offering from April 7, 2026, to July 31, 2026, inclusive.
The movement in capital adequacy ratios in 1Q26 and the potential impact of a
10% devaluation of AMD are as follows.
31 Dec 2025 1Q26 profit Business growth Currency impact Dividend payment Regulatory deductions Tier 1 - Tier 2 31 Mar 2026 Minimum requirement Buffer above min requirement Potential impact of a 10% AMD devaluation
Other
CET 1 capital adequacy 14.4% 1.0% -1.4% 0.1% 0.0% 0.1% 0.0% -0.1% 14.1% 12.0% 2.1% -0.6%
Tier 1 capital adequacy 14.4% 1.0% -1.4% 0.1% 0.0% 0.1% 0.9% -0.1% 14.9% 14.1% 0.8% -0.6%
Total capital adequacy 17.0% 1.0% -1.6% 0.0% 0.0% 0.1% 1.5% -0.1% 17.9% 16.8% 1.1% -0.5%
Other Businesses
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.
GEL thousands 1Q26 1Q25 Change 4Q25 Change
y-o-y q-o-q
INCOME STATEMENT HIGHLIGHTS
Interest income 35,061 24,224 44.7% 32,627 7.5%
Interest expense (22,137) (12,844) 72.4% (16,199) 36.7%
Net interest income 12,924 11,380 13.6% 16,428 -21.3%
Net fee and commission income 3,195 3,626 -11.9% 3,095 3.2%
Net foreign currency gain 20,735 28,846 -28.1% 23,689 -12.5%
Net other income 3,630 1,160 NMF 3,867 -6.1%
Operating income 40,484 45,012 -10.1% 47,079 -14.0%
Salaries and other employee benefits (2025: adjusted) (17,790) (13,683) 30.0% (18,123)* -1.8%
Administrative expenses (10,714) (8,727) 22.8% (11,671) -8.2%
Depreciation, amortisation and impairment (4,219) (2,825) 49.3% (3,876) 8.8%
Other operating expenses (329) (342) -3.8% (318) 3.5%
Operating expenses (2025: adjusted) (33,052) (25,577) 29.2% (33,988)* -2.8%
Gain on bargain purchase1 - - NMF 1,488 NMF
Operating income before cost of risk (2025: adjusted) 7,432 19,435 -61.8% 14,579* -49.0%
Cost of risk (770) (750) 2.7% 34 NMF
Profit before income tax expense (2025: adjusted) 6,662 18,685 -64.3% 14,613* -54.4%
Income tax expense (3,153) (6,204) -49.2% (4,825) -34.7%
Profit before one-off items 3,509 12,481 -71.9% 9,788* -64.1%
One-off items2 - - NMF (496) NMF
Profit 3,509 12,481 -71.9% 9,292 -62.2%
* These figures exclude a one-off item of GEL 0.5m in 4Q25 to better
illustrate underlying performance (see endnote 2).
BALANCE SHEET HIGHLIGHTS Mar-26 Mar-25 Change Dec-25 Change
y-o-y q-o-q
Cash and cash equivalents 679,737 625,495 8.7% 900,778 -24.5%
Amounts due from credit institutions 30,636 23,854 28.4% 23,262 31.7%
Investment securities 142,971 112,868 26.7% 163,682 -12.7%
Loans to customers, finance lease and factoring receivables 1,068,647 750,469 42.4% 958,362 11.5%
Property and equipment 18,218 13,459 35.4% 18,662 -2.4%
All remaining assets 127,892 91,387 39.9% 122,702 4.2%
Total assets 2,068,101 1,617,532 27.9% 2,187,448 -5.5%
Client deposits and notes 1,567,641 1,281,657 22.3% 1,687,373 -7.1%
Amounts owed to credit institutions 48,814 (9,635) NMF 26,988 80.9%
Debt securities issued 13,201 16,688 -20.9% 12,891 2.4%
All remaining liabilities 51,186 40,141 27.5% 52,749 -3.0%
Total liabilities 1,680,842 1,328,851 26.5% 1,780,001 -5.6%
Total equity 387,259 288,681 34.1% 407,447 -5.0%
• In 1Q26, operating income declined by 10.1% y-o-y, primarily reflecting lower
dealing income at BNB due to increased competition and lower volatility in the
FX market.
• 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
March 2026: Tier 1 capital adequacy ratio at 11.1% (minimum requirement of
7.0%) and Total capital adequacy ratio at 14.7% (minimum requirement of
12.5%).
Unaudited consolidated financial information
GEL thousands 1Q26 1Q25 Change y-o-y 4Q25 Change q-o-q
INCOME STATEMENT HIGHLIGHTS
Interest income 1,466,122 1,237,407 18.5% 1,447,913 1.3%
Interest expense (656,510) (553,706) 18.6% (652,018) 0.7%
Net interest income 809,612 683,701 18.4% 795,895 1.7%
Fee and commission income 305,011 247,662 23.2% 336,392 -9.3%
Fee and commission expense (128,962) (109,590) 17.7% (110,144) 17.1%
Net fee and commission income 176,049 138,072 27.5% 226,248 -22.2%
Net foreign currency gain 130,124 145,594 -10.6% 150,626 -13.6%
Net other income 9,978 11,285 -11.6% 28,526 -65.0%
Operating income 1,125,763 978,652 15.0% 1,201,295 -6.3%
Salaries and other employee benefits (252,077) (213,075) 18.3% (280,995) -10.3%
Salaries and other employee benefits without one-offs (252,077) (213,075) 18.3% (251,405) 0.3%
Employee Stock Ownership (ESOP) catch-up2 - - NMF (29,590) NMF
Administrative expenses (73,619) (70,109) 5.0% (102,442) -28.1%
Depreciation, amortisation and impairment (57,050) (51,167) 11.5% (59,893) -4.7%
Other operating expenses (7,540) (8,542) -11.7% (8,841) -14.7%
Operating expenses (390,286) (342,893) 13.8% (452,171) -13.7%
Gain on bargain purchase1 - - NMF 1,488 NMF
Acquisition related costs - - NMF - NMF
Profit from associates 386 271 42.4% 111 NMF
Operating income before cost of risk 735,863 636,030 15.7% 750,723 -2.0%
Expected credit loss on loans to customers and factoring receivables (34,758) (17,479) 98.9% (30,521) 13.9%
Expected credit loss on finance lease receivables 666 (209) NMF (2,050) NMF
Other expected credit loss and impairment charge on other assets and (4,748) (9,225) -48.5% (3,839) 23.7%
provisions
Cost of risk (38,840) (26,913) 44.3% (36,410) 6.7%
Profit before income tax expense 697,023 609,117 14.4% 714,313 -2.4%
Income tax expense (112,035) (96,053) 16.6% (124,589) -10.1%
Profit 584,988 513,064 14.0% 589,724 -0.8%
Attributable to:
- shareholders of the Group 584,973 511,135 14.4% 589,712 -0.8%
- non-controlling interests 15 1,929 -99.2% 12 25.0%
Basic earnings per share 13.72 11.81 16.2% 13.84 -0.9%
Diluted earnings per share 13.61 11.73 16.0% 13.62 -0.1%
GEL thousands Mar-26 Mar-25 Dec-25 Change
Change q-o-q
y-o-y
BALANCE SHEET HIGHLIGHTS
Cash and cash equivalents 3,440,364 4,151,524 -17.1% 4,572,046 -24.8%
Amounts due from credit institutions 3,764,046 3,596,111 4.7% 3,552,257 6.0%
Investment securities 9,078,699 9,373,413 -3.1% 10,047,237 -9.6%
Investment securities pledged under sale and repurchase agreements 247,579 369,637 -33.0% 147,416 67.9%
Loans to customers, finance lease and factoring receivables 41,881,946 34,137,143 22.7% 40,065,664 4.5%
Accounts receivable and other loans 10,935 10,890 0.4% 11,470 -4.7%
Prepayments 161,586 105,860 52.6% 200,767 -19.5%
Foreclosed assets 382,441 397,387 -3.8% 374,659 2.1%
Right-of-use assets 323,191 262,205 23.3% 332,630 -2.8%
Investment properties 102,078 133,801 -23.7% 107,573 -5.1%
Property and equipment 616,135 554,208 11.2% 616,839 -0.1%
Goodwill 41,253 41,253 0.0% 41,253 0.0%
Intangible assets 389,142 332,622 17.0% 376,402 3.4%
Income tax assets 207 2,304 -91.0% 41 NMF
Other assets 528,162 314,742 67.8% 407,958 29.5%
Assets held for sale 14,038 16,201 -13.4% 15,644 -10.3%
Total assets 60,981,802 53,799,301 13.4% 60,869,856 0.2%
Client deposits and notes 39,699,016 33,969,258 16.9% 38,629,974 2.8%
Amounts owed to credit institutions 7,722,100 9,006,255 -14.3% 9,499,106 -18.7%
Debt securities issued 3,298,758 2,257,270 46.1% 2,999,871 10.0%
Lease liability 339,316 276,564 22.7% 348,114 -2.5%
Accruals and deferred income 277,532 324,940 -14.6% 301,067 -7.8%
Income tax liabilities 195,988 127,988 53.1% 108,805 80.1%
Other liabilities 579,422 415,531 39.4% 560,676 3.3%
Total liabilities 52,112,132 46,377,806 12.4% 52,447,613 -0.6%
Share capital 1,423 1,454 -2.1% 1,431 -0.6%
Additional paid-in capital 561,529 457,615 22.7% 569,887 -1.5%
Treasury shares (18) (49) -63.3% (31) -41.9%
Capital redemption reserve 196 164 19.5% 187 4.8%
Other reserves 158,589 92,816 70.9% 72,048 120.1%
Retained earnings 8,145,881 6,867,987 18.6% 7,776,662 4.7%
Total equity attributable to shareholders of the Group 8,867,600 7,419,987 19.5% 8,420,184 5.3%
Non-controlling interests 2,070 1,508 37.3% 2,059 0.5%
Total equity 8,869,670 7,421,495 19.5% 8,422,243 5.3%
Total liabilities and equity 60,981,802 53,799,301 13.4% 60,869,856 0.2%
Book value per share 207.82 170.99 21.5% 197.85 5.0%
Non-financial information
Customer engagement
Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Retail (thousands):
Monthly active customers:
Bank of Georgia (standalone) 2,233.2 2,038.0 9.6% 2,199.1 1.6%
Ameriabank (standalone) 495.7 372.2 33.2% 479.2 3.4%
Digital MAU:
Bank of Georgia (standalone) 1,868.3 1,644.6 13.6% 1,833.1 1.9%
Ameriabank (standalone) 362.4 245.1 47.8% 336.5 7.7%
Digital DAU:
Bank of Georgia (standalone) 984.9 833.1 18.2% 993.4 -0.9%
Ameriabank (standalone) 160.2 102.4 56.5% 146.9 9.1%
Share of products sold through retail digital channels:
Bank of Georgia (standalone) 71% 67% 71%
Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Businesses (thousands):
Monthly active customers:
Bank of Georgia (standalone) 129.8 115.3 12.6% 132.6 -2.1%
Ameriabank (standalone) 40.3 33.7 19.8% 37.3 8.1%
Digital MAU:
Bank of Georgia (standalone) 108.4 93.3 16.2% 111.2 -2.5%
Ameriabank (standalone) 32.8 27.0 21.3% 31.2 5.2%
Payments business
Bank of Georgia (standalone) Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Payment MAU - retail (issuing) (thousands) 1,668.3 1,486.5 12.2% 1,639.8 1.7%
Market share in acquiring volumes 5 56.9% 55.8% 55.8%
Active merchants (thousands) 26.7 22.8 17.0% 26.5 1.0%
1Q26 1Q25 Change y-o-y 4Q25 Change q-o-q
Volume of payment transactions (acquiring)5(millions): 5,788.2 4,834.1 19.7% 6,396.3 -9.5%
Bank of Georgia (standalone)
POS 3,563.0 2,952.6 20.7% 4,044.3 -11.9%
E-comm 2,225.2 1,881.5 18.3% 2,352.0 -5.4%
Additional information
Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Employees (period-end)
Bank of Georgia 8,708 8,160 6.7% 8,628 0.9%
Ameriabank 2,442 2,053 18.9% 2,326 5.0%
Other 2,359 2,118 11.4% 2,296 2.7%
Group 13,509 12,331 9.6% 13,250 2.0%
Branch-network Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Bank of Georgia 205 188 9.0% 200 2.5%
Of which:
Full-scale branches 109 97 12.4% 104 4.8%
Transactional branches 96 91 5.5% 96 0.0%
Ameriabank 29 25 16.0% 29 0.0%
Unadjusted ratios of the Group 1Q26 1Q25 4Q25
ROAA 3.9% 6 3.9%6 4.0%
ROAE 27.4%6 28.7%6 28.7%
Cost:income ratio 34.7%6 35.0%6 37.6%
FX rates Mar-26 Mar-25 Dec-25
GEL/USD exchange rate (period-end) 2.70 2.77 2.70
GEL/GBP exchange rate (period-end) 3.57 3.58 3.64
GEL/1000AMD exchange rate (period-end) 7.12 7.06 7.07
Shares outstanding Mar-26 Mar-25 Change y-o-y Dec-25 Change q-o-q
Ordinary shares outstanding (period-end) 42,669,622 43,393,964 -1.7% 42,557,763 0.3%
Treasury shares outstanding (period-end) 554,307 796,076 -30.4% 916,570 -39.5%
Total shares outstanding (period-end) 43,223,929 44,190,040 -2.2% 43,474,333 -0.6%
Glossary
Operational terms
• MAC (Monthly active customer - retail or business) Number of customers who
satisfied pre-defined activity criteria within the past month.
• Digital monthly active user (Digital MAU) Number of retail customers who
logged into our mobile or internet banking channels at least once within a
given month; when referring to business customers, Digital MAU means number of
business customers who logged into our business mobile or internet banking
channels at least once within a given month.
• Digital daily active user (Digital DAU) Average daily number of retail
customers who logged into our mobile or internet banking channels within a
given month.
• Payment MAU Number of retail customers who made at least one payment with a
BOG card within the past month.
• Net Promoter Score (NPS) NPS asks: on a scale of 0-10, how likely is it that
you would recommend an entity to a friend or a colleague? The responses: 9 and
10 - are promoters; 7 and 8 - are neutral; 1 to 6 - are detractors. The final
score equals the percentage of the promoters minus the percentage of the
detractors.
Ratio definitions and abbreviations
• Alternative performance measures (APMs) In this announcement the management
uses various APMs, which we believe provide additional useful information for
understanding the financial performance of the Group. These APMs are not
defined by International Financial Reporting Standards, and also may not be
directly comparable with other companies who use similar measures. We believe
that these APMs provide the best representation of our financial performance
as these measures are used by the management to evaluate the Group's operating
performance and make day-to-day operating decisions.
• Basic earnings per share Profit for the period attributable to shareholders of
the Group divided by the weighted average number of outstanding ordinary
shares over the same period.
• Book value per share Total equity attributable to shareholders of the Group
divided by ordinary shares outstanding at period-end; Ordinary shares
outstanding at period-end equals number of ordinary shares at period-end less
number of treasury shares at period-end.
• CBA Central Bank of Armenia.
• CBA Common Equity Tier 1 (CET 1) capital adequacy ratio Common Equity Tier 1
capital divided by total risk weighted assets, both calculated in accordance
with the requirements of the CBA. Calculations are made for Ameriabank
standalone.
• CBA Tier 1 capital adequacy ratio Tier 1 capital divided by total risk
weighted assets, both calculated in accordance with the requirements of the
CBA. Calculations are made for Ameriabank standalone.
• CBA Total capital adequacy ratio Total regulatory capital divided by total
risk weighted assets, both calculated in accordance with the requirements of
the CBA. Calculations are made for Ameriabank standalone.
• CBA Liquidity coverage ratio (LCR) High-quality liquid assets divided by net
cash outflows over the next 30 days (as defined by the CBA). Calculations are
made for Ameriabank standalone.
• CBA Net stable funding ratio (NSFR) Available amount of stable funding divided
by the required amount of stable funding (as defined by the CBA). Calculations
are made for Ameriabank standalone.
• Constant currency basis (CC) To eliminate the impact of foreign exchange
fluctuations, constant currency growth for loans and deposits was calculated
using the exchange rates as at 31 December 2025 for quarter-over-quarter
growth and as at 31 March 2025 for year-over-year growth. These calculations
were performed separately for the GFS and AFS segments.
• Cost of credit risk ratio Expected loss on loans to customers, factoring and
finance lease receivables for the period divided by monthly average gross
loans to customers, finance lease and factoring over the same period
(annualised where applicable).
• Cost of deposits Interest expense on client deposits and notes for the period
divided by monthly average client deposits and notes over the same period
(annualised where applicable).
• Cost of funds Interest expense for the period divided by monthly average
interest-bearing liabilities over the same period (annualised where
applicable).
• Cost:income ratio Operating expenses divided by operating income.
• FC Foreign currency.
• Full-scale branch A banking branch that provides all banking services.
• Interest-bearing liabilities Amounts owed to credit institutions, client
deposits and notes, and debt securities issued.
• Interest-earning assets (excluding cash) Amounts due from credit institutions,
investment securities (but excluding corporate shares) and loans to customers,
factoring and finance lease receivables.
• NBG Liquidity coverage ratio (LCR) High-quality liquid assets divided by net
cash outflows over the next 30 days (as defined by the NBG). Calculations are
made for Bank of Georgia standalone, based on IFRS.
• NBG Net stable funding ratio (NSFR) Available amount of stable funding divided
by the required amount of stable funding (as defined by the NBG). Calculations
are made for Bank of Georgia standalone, based on IFRS.
• LC Local currency.
• Leverage (times) Total liabilities divided by total equity.
• Liquid assets Cash and cash equivalents, amounts due from credit institutions
and investment securities.
• Loan yield Interest income from loans to customers, factoring and finance
lease receivables for the period divided by monthly average gross loans to
customers, factoring and finance lease receivables over the same period
(annualised where applicable).
• NBG National Bank of Georgia.
• NBG (Basel III) Common Equity Tier 1 (CET 1) capital adequacy ratio Common
Equity Tier 1 capital divided by total risk weighted assets, both calculated
in accordance with the requirements of the NBG. Calculations are made for Bank
of Georgia standalone, based on IFRS.
• NBG (Basel III) Tier 1 capital adequacy ratio Tier 1 capital divided by total
risk weighted assets, both calculated in accordance with the requirements of
the NBG. Calculations are made for Bank of Georgia standalone, based on IFRS.
• NBG (Basel III) Total capital adequacy ratio Total regulatory capital divided
by total risk weighted assets, both calculated in accordance with the
requirements of the NBG. Calculations are made for Bank of Georgia standalone,
based on IFRS.
• Net interest margin (NIM) Net interest income for the period divided by
monthly average interest earning assets excluding cash and cash equivalents
and corporate shares over the same period (annualised where applicable).
• NMF Not meaningful; used when percentage changes are distorted by zero or
missing comparatives, or when the resulting change is above 200 percent.
• Non-performing loans (NPLs) The principal and/or interest payments on loans
overdue for more than 90 days; or the exposures experiencing substantial
deterioration of their creditworthiness and the debtors assessed as unlikely
to pay their credit obligation(s) in full without realisation of collateral.
• NPL coverage ratio Allowance for expected credit loss for loans to customers,
finance lease and factoring receivables divided by NPLs.
• NPL coverage ratio adjusted for discounted value of collateral Allowance for
expected credit loss on loans to customers, finance lease and factoring
receivables, plus the discounted value of collateral for the NPL portfolio
(capped at the respective loan amount), divided by total NPLs.
• One-off items Significant items that do not arise during the ordinary course
of business.
• Operating leverage Percentage change in operating income less percentage
change in operating expenses.
• Return on average total assets (ROAA) Profit for the period divided by monthly
average total assets for the same period (annualised where applicable).
• Return on average total equity (ROAE) Profit for the period attributable to
shareholders of the Group divided by monthly average equity attributable to
shareholders of the Group for the same period (annualised where applicable).
• Transactional branch Bank branch that is mostly used for transactional
services by clients. Such branches do not provide complex banking services,
such as issuing mortgages, services to legal clients, etc.
Lion Finance Group PLC profile
Lion Finance Group PLC (formerly Bank of Georgia Group PLC; the "Company" or
the "Group" when referring to the group companies as a whole) is an LSE-listed
company whose main subsidiaries provide banking and financial services focused
in the high-growth Georgian and Armenian markets through leading,
customer-centric, universal banks - Bank of Georgia in Georgia and Ameriabank
in Armenia. By building on our competitive strengths, we are committed to
driving business growth, sustaining high profitability, and generating strong
returns, while creating opportunities for our stakeholders and making a
positive contribution in the communities where we operate.
Lion Finance Group PLC is listed on the London Stock Exchange's main market in
the Equity Shares (Commercial Companies) category and is a constituent of the
FTSE 100 index. Ticker: BGEO.
Legal entity identifier: 213800XKDG12NQG8VC53
Registered address: 29 Farm Street, London, W1J 5RL, United Kingdom;
Registered under number 10917019 in England and Wales
Company secretary: Computershare Company Secretarial Services Limited (The
Pavilions, Bridgwater Road, Bristol BS13 8FD, United Kingdom)
Registrar: Computershare Investor Services PLC (The Pavilions Bridgwater Road,
Bristol BS99 6ZZ, United Kingdom)
Please note that Investor Centre is a free, secure online service run by our
Registrar, Computershare, giving you convenient access to information on your
shareholdings.
Investor Centre Web Address: www.uk.computershare.com/Investor/#Home
(http://www.uk.computershare.com/Investor/#Home)
Investor Centre Shareholder Helpline: +44 (0)370 873 5866
Auditors: Ernst & Young LLP (25 Churchill Place Canary Wharf, London E14
5EY, United Kingdom)
Contacts:
Email: ir@lfg.uk (mailto:ir@lfg.uk)
Telephone: +44(0) 203 178 4052
Sam Goodacre (Advisor to the CEO): sgoodacre@lfg.uk (mailto:sgoodacre@lfg.uk)
; +44 745 398 8513
Nini Arshakuni (Head of Investor Relations): narshakuni@lfg.uk
(mailto:narshakuni@lfg.uk) ; +44 203 178 4034
Further information
For more on results publications, go to Results Centre on
https://lionfinancegroup.uk/results-center/quarterly-earnings/
(https://lionfinancegroup.uk/results-center/quarterly-earnings/)
For more on investor information, go to
https://lionfinancegroup.uk/investor-information/shareholder-meetings/
(https://lionfinancegroup.uk/investor-information/shareholder-meetings/)
For news updates, go to https://lionfinancegroup.uk/news/news-announcements/
(https://lionfinancegroup.uk/news/news-announcements/)
For share price information, go to
https://lionfinancegroup.uk/investor-information/share-price/
(https://lionfinancegroup.uk/investor-information/share-price/)
Forward-looking statements
This announcement contains forward-looking statements, including, but not
limited to, statements concerning expectations, projections, objectives,
targets, goals, strategies, future events, future revenues or performance,
capital expenditures, financing needs, plans or intentions relating to
acquisitions, competitive strengths and weaknesses, plans or goals relating to
financial position and future operations and development. Although Lion
Finance Group PLC believes that the expectations and opinions reflected in
such forward-looking statements are reasonable, no assurance can be given that
such expectations and opinions will prove to have been correct. By their
nature, these forward-looking statements are subject to a number of known and
unknown risks, uncertainties and contingencies, and actual results and events
could differ materially from those currently being anticipated as reflected in
such statements. Important factors that could cause actual results to differ
materially from those expressed or implied in forward-looking statements,
certain of which are beyond our control, include, among other things: macro
risk, including domestic instability; geopolitical risk; credit risk;
liquidity and funding risk; capital risk; market risk; regulatory and legal
risk; conduct risk; financial crime risk; information security and data
protection risks; operational risk; human capital risk; model risk; strategic
risk; reputational risk; climate-related risk; and other key factors that
could adversely affect our business and financial performance, as indicated
elsewhere in this document and in past and future filings and reports of the
Group, including the 'Principal risks and uncertainties' included in Lion
Finance Group PLC's Annual Report and Accounts 2025. No part of this document
constitutes, or shall be taken to constitute, an invitation or inducement to
invest in Lion Finance Group PLC or any other entity within the Group, and
must not be relied upon in any way in connection with any investment decision.
Lion Finance Group PLC and other entities within the Group undertake no
obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise, except to the extent legally
required. Nothing in this document should be construed as a profit forecast.
1 In 4Q25, Other Businesses recorded a GEL 1.5m gain on bargain purchase
following Digital Area's acquisition of Fina Ltd., an ERP and business
management platform.
2 In 4Q25, a one-off item totalling GEL 29.6m was recorded, relating to the
Group's revised accounting treatment of annual discretionary share-based
awards (Employee Stock Ownership Plan, or ESOP), accelerating expense
recognition to reflect services rendered prior to the official grant date and
resulting in a one-off ESOP catch-up recognised in 4Q25. As a result, a
one-off expense of GEL 29.1m was recognised in the GFS segment and GEL 0.5m in
the Other businesses division, allocated proportionately based on the
respective service contributions. Salaries and other employee benefits,
operating expenses and all subsequent lines, as well as ROAA, ROAE and
Cost:income ratio were adjusted for this one-off in 4Q25.
3 Throughout this announcement, gross loans to customers and the related
allowance for impairment are presented net of expected credit loss (ECL) on
contractually accrued interest income. These do not have an effect on the net
loans to customers' balance. Management believes that netted-off balances
provide the best representation of the loan portfolio position.
4 As per Ameriabank's internal classification, the Retail segment includes
all individuals and those legal entities serviced by the bank's branches. The
Corporate segment includes all legal entities not serviced by the branches.
5 To provide a clearer view of our business performance, we have excluded
instant Peer-to-Peer (P2P) transactions from our acquiring volume figures.
Although previously classified as e-commerce activity due to the technical
nature of card-to-card transfers, these transactions do not reflect our core
merchant acquiring business. Accordingly, we have restated all prior period
figures for consistency and comparability.
6 No adjustments were made to the figures during this period; Adjusted and
unadjusted figures are identical.
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. END QRFEAPSKELFKEFA
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