REG - Lion Finance Grp PLC - 3rd Quarter Results
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RNS Number : 2560I Lion Finance Group PLC 20 November 2025
Contents
3Q25 and 9M25 results (#_Toc213233397)
Earnings call on 20 November 2025, 14:00 GMT (#_Toc213233398)
Segmentation guide (#_Toc213233399)
CEO statement (#_Toc213233402)
Macroeconomic developments: Georgia (#_Toc213233403)
Macroeconomic developments: Armenia (#_Toc213233404)
3Q25 and 9M25 consolidated results (#_Toc213233405)
Business Division results (#_Toc213233406)
Georgian Financial Services (GFS)
Armenian Financial Services (AFS)
Ameriabank: unaudited standalone financial information (not included in the
consolidated results)
Other businesses (#_Toc213233410)
Consolidated financial information (#_Toc213233411)
Non-financial information (#_Toc213233412)
Additional information (#_Toc213233413)
Glossary (#_Toc213233414)
Lion Finance Group PLC profile (#_Toc213233415)
Further information (#_Toc213233416)
Forward-looking statements (#_Toc213233417)
3Q25 and 9M25 results
Lion Finance Group PLC announces its consolidated financial results for the
third quarter (3Q25) and the first nine months (9M25) of 2025. Unless
otherwise noted, throughout the document, 3Q25 results are compared with 3Q24
(year-on-year) and 2Q25 (quarter-on-quarter). The nine-month results for 2025
are compared with adjusted figures from the same period in 2024.
The results are based on International Financial Reporting Standards (IFRS) as
adopted by the United Kingdom, are unaudited and derived from management
accounts.
Earnings call on 20 November 2025, 14:00 GMT
https://zoom.us/webinar/register/WN_JVYWRxhcS4qJXG-OkHFuSQ
(https://zoom.us/webinar/register/WN_JVYWRxhcS4qJXG-OkHFuSQ)
Webinar ID: 986 9917 9818
Passcode: 331608
Segmentation guide
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.
• 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 a 3Q25 consolidated profit of GEL 547.2 million, up 7.5% year-on-year and 6.6% quarter-on-quarter, resulting in a nine-month cumulative profit before one-off items of GEL 1,573.5 million, a year-on-year increase of 20.3%.
Operating income before cost of risk for 3Q25 grew by 14.8% y-o-y and 6.3% q-o-q to GEL 702.4 million.
Profitability remained strong, with a return on average equity of 27.8% for 3Q25 and 27.9% for 9M25.
The Company today declared a quarterly dividend of GEL 2.65 per share, coupled with a GEL 51.5 million share buyback and cancellation programme.
Group performance highlights
• The Group continued to demonstrate robust customer franchise growth. On a
year-on-year basis, Bank of Georgia's Retail Digital Monthly Active Users
(Digital MAU) grew by 14.7% to surpass 1.7 million individuals, while
Ameriabank's Retail Digital MAU surged by 62.7%, reaching 305 thousand
individuals. On a quarter-on-quarter basis, these figures increased by 2.8%
and 14.4% at Bank of Georgia and Ameriabank, respectively.
• Bank of Georgia's customer Net Promoter Score (NPS), measured by a third
party, registered a new record of 74 in 3Q25 (67 in 3Q24 and 73 in 2Q25).
Ameriabank measures its NPS internally, with an average score of 81 for 3Q25
(76 in 3Q24 and 75 in 2Q25).
• The Group's loan book reached GEL 37,927.2m as at 30 September 2025, up 21.7%
y-o-y in constant currency (cc). The growth was fuelled by strong loan book
expansion across both the Georgian (GFS) and Armenian (AFS) operations, which
recorded year-on-year constant currency increases of 16.1% and 36.5%,
respectively. Compared with 30 June 2025, the GFS loan book was up 3.6%, while
the AFS loan book increased by 5.6%, resulting in a total Group loan growth of
4.1% (in cc).
• Client deposits and notes totalled GEL 37,657.6m as at 30 September 2025,
reflecting an 18.0% y-o-y increase in constant currency (cc). GFS deposits
rose by 14.0% y-o-y, while AFS deposits increased by 28.6% y-o-y. Compared
with 30 June 2025, GFS deposits were up 10.3%, while AFS deposits increased by
5.7%, resulting in a total Group deposit growth of 8.6% (in cc).
• Asset quality remained strong across the Group, with the Group cost of credit
risk ratio at 0.5% in 3Q25 (0.2% in 3Q24 and 0.5% in 2Q25) and the NPL ratio
at 2.1% as at 30 September 2025 (1.8% as at 30 September 2024 and 1.9% as at
30 June 2025).
• In 3Q25, operating income was up 15.6% y-o-y to GEL 1,084.2m. The annual
top-line growth was primarily driven by higher net interest income generated
by both GFS and AFS.
• In 3Q25, net interest income was up 21.1% y-o-y to GEL 776.3m, fuelled by
robust loan book growth and supported by a stable net interest margin at the
Group level.
• In 3Q25, non-interest income was up 3.8% y-o-y to GEL 307.9m. On a y-o-y
basis, this muted growth was attributable to lower net foreign currency gains
across both GFS and AFS, coupled with a decrease in net fee and commission
income at AFS. The decline in net fee and commission income at AFS was a
result of incentives offered to acquire new customers as part of Ameriabank's
market expansion strategy (see details on page 11).
• The Group's operating expenses increased by 17.1% y-o-y to GEL 382.2m in 3Q25.
The y-o-y growth was driven primarily by GFS, which saw expenses rise 15.4%
y-o-y to GEL 226.2m, largely due to increased staff costs. Additionally, a GEL
4.4 million contribution from Bank of Georgia to the Resolution Fund, in
accordance with the regulatory requirement introduced by the NBG for all
commercial banks effective from January 2025 1 (#_edn1) , was also recorded
this quarter.
• As at 30 September 2025, Bank of Georgia's CET 1, Tier 1 and Total capital
ratios stood at 17.4%, 20.5%, and 22.1%, respectively, comfortably above the
minimum requirements of 15.3%, 17.5%, and 20.4%, respectively. Ameriabank's
CET 1, Tier 1 and Total capital ratios stood at 14.5%, 14.5%, and 17.2%
respectively, above the minimum requirements of 12.0%, 14.1%, and 16.8%,
respectively.
CEO statement
We delivered another solid quarter, with strong balance sheet growth across
our core markets and high profitability for the Group. The continued strength
of our customer franchise remains at the heart of our business and this
translates into solid operating performance. Operating income before cost of
risk rose 14.8% year-on-year and 6.3% quarter-on-quarter. On the back of
closer to more normalised levels of cost of risk in Georgia, profit increased
by 7.5% year-on-year and 6.6% quarter-on-quarter to GEL 547.2 million,
resulting in a return on average equity of 27.8% in 3Q25. Book value per share
increased to GEL 184.46 as at 30 September 2025, up 22.6% year-on-year.
Our performance is supported by the continued strong momentum of the economies
in our core markets of Georgia and Armenia, driven by robust domestic demand
and solid external inflows. We have maintained our full-year 2025 real GDP
growth forecasts at 7.5% for Georgia and 5.0% for Armenia, broadly in line
with the IMF's latest projections of 7.2% and 5.0%, respectively. The proven
resilience of both economies, alongside continued improvements in relations
between Armenia and Azerbaijan, have strengthened the region's medium-term
outlook. Reflecting this, we have revised our 2026 real GDP growth forecasts
upwards to 6.0% for Georgia (from 5.5%) and 5.5% for Armenia (from 4.5%).
Meanwhile, the central banks of both countries have continued purchasing
foreign currency, bringing international reserves to record highs by the end
of October, further reinforcing overall economic resilience.
We continued to deliver on our strategic priorities in Georgia, strengthening
our position as the "main bank" through ongoing enhancements to user
experience and product quality. Our commitment to digital excellence remains a
key differentiator, and we are proud to have been named the "World's Best
Digital Bank" by Global Finance for the second consecutive year. Innovation in
the BOG App is constant. Our latest highlight - the launch of a fully digital
mortgage process - demonstrates how we are driving deeper and more meaningful
user engagement. Retail Digital MAU was up 14.7% year-on-year to over 1.7
million users, while the share of products sold through retail digital
channels rose to 70% in 3Q25, up 12.1 pp vs 3Q24. We had a record-high
Customer NPS score of 74 in 3Q25, and we continue to be the "top-of-mind" and
the "most trusted" bank in Georgia.(( 2 (#_edn2) )) This momentum has
translated into healthy customer activity, with the loan book up 16.1%
year-on-year in constant currency, resulting in a robust, 18.4% year-on-year
growth in net interest income in 3Q25 - a major contributor to overall
operating income growth. This year, higher costs associated with our loyalty
programme and payment systems have constrained growth in our net fee and
commission income, and FX income has been muted mainly on the back of currency
stability and increased competition. Nonetheless, trends are in line with our
expectations, and we will continue to keep a close eye on performance in these
areas. Additionally, our core focus remains on driving efficiency and further
improving our operating leverage in the coming quarters.
We are pleased with the progress in Armenia, as we continue to strengthen our
retail franchise and enhance digital offerings. Customer acquisition remained
strong, supported by rapid growth in digital adoption, with retail Digital MAU
increasing by 62.7% year-on-year and 14.4% quarter-on-quarter to just above
305 thousand users. These results show strong progress in user expansion and
also point to a clear opportunity for further growth. Our Digital MAU
penetration in Armenia is currently at just 10% of the population versus 45%
in Georgia - again highlighting the significant runway we have for growth in
the Armenian market. Loan and deposit portfolios grew 36.5% and 28.6%
year-on-year in constant currency, respectively, both well ahead of the
market 3 (#_edn3) . AFS achieved a profit of GEL 111.5m in 3Q25, up 22.0%
year-on-year and up 16.4% quarter-on-quarter, delivering an ROAE at 21.8%.
Considering our strong capital generation and high profitability, the Board
has declared an interim dividend of GEL 2.65 per ordinary share in respect of
the third quarter of 2025, and has also approved a further extension of the
share buyback and cancellation programme in the amount of GEL 51.5 million.
With a resilient business model, strong customer franchise, and prudent risk
management, we are well placed to continue delivering value for our
shareholders in the quarters ahead.
Archil
Gachechiladze
CEO, Lion Finance Group PLC
19 November 2025
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
The Georgian economy maintained strong growth in 3Q25, with real GDP expanding by 6.5% y-o-y, according to preliminary data. Economic activity remained broad-based, with notable contributions from the information and communication sector, transport and storage, and other services. Reflecting the economy's continued strength, we have maintained our full-year 2025 real GDP growth forecast at 7.5%. While downside risks persist - including global trade tensions, regional geopolitical instability, and domestic political challenges - the structural resilience of the Georgian economy and sound macroeconomic policies are expected to continue underpinning growth going forward.
Robust external flows
External sector inflows continued to show solid performance and resilience,
supported by diversified income sources. In 3Q25, exports of domestically
produced goods remained strong, rising by 8.8% y-o-y, while total merchandise
exports declined by 1.3% y-o-y, reflecting lower car re-exports. The decline
in car trade also led to a 0.8% y-o-y decrease in goods imports in 3Q25,
contributing to a narrower trade deficit. During the same period, tourism
revenues increased by 6.6% y-o-y, driven by a 9.0% y-o-y rise in international
visitors. Meanwhile, inbound money transfers accelerated further, increasing
by 12.0% y-o-y, reflecting robust remittance inflows from the US and EU.
Temporary inflation uptick and prudent monetary policy
Inflation continued to rise in 3Q25, driven mainly by higher food and healthcare prices, partly offset by declines in transportation costs. Headline CPI inflation reached 5.2% y-o-y in October 2025, exceeding the National Bank of Georgia's (NBG) 3% target. Meanwhile, core inflation stood at 2.4% y-o-y, indicating broader price stability. The recent uptick in inflation largely reflects base effects from last year and higher global commodity prices, which are expected to subside from early 2026. The NBG has maintained its refinancing rate at 8.0% since May 2024, reflecting a cautious policy stance amid global trade tensions and robust domestic demand. We expect the policy rate to remain unchanged for the remainder of 2025, with scope for approximately 50 bps of easing in 2026.
Strong fiscal discipline
The Government remains committed to fiscal consolidation, targeting a fiscal
deficit of 2.5% of GDP in 2025, following 2.3% in 2024. Consolidated budget
tax revenues increased by 13.5% y-o-y in 3Q25, supported by robust economic
activity. The government's debt-to-GDP ratio is projected to decline further
from 35.7% at end-2024, strengthening fiscal space to accommodate potential
future spending needs.
Healthy bank lending
Bank lending remained robust and aligned with economic growth in 3Q25,
expanding by 13.3% y-o-y on a constant currency basis, following a 15.6% y-o-y
growth in the previous quarter. Loan dollarisation declined to 42.2% at the
end of September 2025, down 0.8 pp from the previous quarter, while deposit
dollarisation decreased to 49.2%, down 0.4 pp over the quarter.
Stable GEL and continued reserve accumulation
The Georgian Lari (GEL) appreciated by 3.3% against the USD in the first ten
months of 2025, while depreciating by 7.5% against the Euro and by 1.2%
against the British Pound over the same period. The value of GEL has been
supported by robust external inflows and prudent macroeconomic policies.
Against this favourable backdrop, the NBG has scaled up foreign currency
interventions, bringing international reserves to USD 5.6 billion as of
end-October. We expect the GEL to remain stable over the medium term,
underpinned by solid macroeconomic fundamentals.
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.
To address questions raised by our investors on Georgian macro and the banking
sector, we have published a Q&A document, which can be found at Top
Questions & Answers on Georgian Macro
(https://ramad.bog.ge/s3/BogGroup/Top-Questions-Answers-on-Georgian-Macro.pdf)
.
Macroeconomic developments: Armenia
Robust economic growth
Economic activity remained strong in 3Q25, as robust domestic demand continued
to offset the moderating impact of weaker external trade. Growth was supported
by expansionary fiscal policy and strong credit activity amid eased monetary
conditions. The economic activity indicator increased by 9.0% y-o-y in 3Q25,
following an 8.9% rise in the previous quarter. Given the solid growth
momentum during the first nine months of the year, we maintain our full-year
2025 real GDP growth projection at 5.0%.
In October 2025, Azerbaijan lifted restrictions on the transit of goods to
Armenia, marking another major step toward normalising bilateral relations and
unlocking strategic economic opportunities, following the signing of a peace
framework by the two countries in August. Nonetheless, persistent geopolitical
tensions in the broader region continue to pose downside risks, while prudent
macroeconomic policies and ongoing structural reforms continue to underpin
Armenia's economic resilience.
Continued normalisation of external demand and strong Dram
External trade turnover continued to normalise in 3Q25, following a temporary
surge in re-exports of precious metals and stones observed in 2024. Goods
exports declined by 27.5% y-o-y (-4.7% q-o-q), while imports contracted by
20.7% y-o-y (-5.7% q-o-q). In contrast, non-commercial money transfers
strengthened further, rising by 24.2% y-o-y in 3Q25, compared to a 16.7%
increase in the previous quarter. The resilience of these external inflows,
combined with prudent macroeconomic policies, contributed to a 3.5%
appreciation of the Armenian Dram (AMD) against the USD in the first ten
months of 2025, building on a 2.0% gain in 2024. During the same period, the
AMD remained broadly stable against the GEL, appreciating by only 0.2% after a
6.5% appreciation in 2024. The Central Bank of Armenia (CBA) has also
intensified foreign currency purchases, increasing its gross reserves by 19.8%
year-on-year to USD 4.3 billion as of end-September 2025.
Near-target inflation and neutral monetary policy
In 3Q25, inflation remained broadly stable, driven mainly by food and service prices. Headline CPI was up 3.7% y-o-y in October 2025, above the CBA's 3% target. Looking ahead, inflation is expected to return to the target in 2026 as temporary food-related price pressures subside. The CBA has maintained the refinancing rate at 6.75% since February 2025, signalling the end of its earlier monetary easing cycle. We expect the policy rate to remain unchanged for the remainder of 2025, with limited scope for approximately 25 bps of easing in 2026.
Continued fiscal expansion
Fiscal policy is set to remain expansionary in 2025, driven by increased
spending on national security, public infrastructure, and social support
programmes. Consequently, the fiscal deficit is projected to widen to 5.5% of
GDP this year, up from 3.7% in 2024, resulting in an increase in government
debt to 52.6% of GDP (vs. 48.0% in 2024). While this fiscal expansion supports
economic growth, it may pose risks to inflation and public debt
sustainability. These risks are, however, mitigated by the Government's
demonstrated fiscal discipline and the ongoing IMF stand-by arrangements.
Sound banking sector
Armenia's banking sector remains robust, with strong capital and liquidity
buffers. Bank lending grew by an estimated 27.1% y-o-y in 3Q25 on a constant
currency basis, following a 29.4% y-o-y growth in the previous quarter. The
credit expansion has started to moderate, reflecting the gradual phaseout of
the mortgage income tax refund programme. Loan dollarisation remained broadly
stable at 33.7% as of end-September 2025, following significant declines in
prior years. Meanwhile, deposit dollarisation continued to decrease further,
reaching 45.2%, down 1.1 pp q-o-q.
3Q25 and 9M25 consolidated results
Following the acquisition of Ameriabank at the end of March 2024, its income
statement has been consolidated from 1 April 2024. Consequently, the
nine-month 2025 year-on-year comparison is not fully representative of the
underlying performance, as it includes only two quarters of Ameriabank's
results in the 2024 income statement. To review the underlying nine-month
performance of Ameriabank, see Ameriabank's unaudited standalone financial
information on page 12.
GEL thousands 9M25 9M25 9M25 9M25 9M24 9M24 9M24 9M24
INCOME STATEMENT HIGHLIGHTS Group GFS AFS Other Group 4 (#_edn4) GFS AFS4 Other
Interest income 3,923,202 2,867,000 973,723 82,479 2,953,642 2,381,834 509,931 61,877
Interest expense (1,747,356) (1,318,451) (380,824) (48,081) (1,256,451) (1,054,744) (182,942) (18,765)
Net interest income 2,175,846 1,548,549 592,899 34,398 1,697,191 1,327,090 326,989 43,112
Net fee and commission income 431,239 359,399 61,748 10,092 392,564 338,691 50,141 3,732
Net foreign currency gain 450,377 268,983 110,298 71,096 395,449 279,021 77,320 39,108
Net other income 44,499 29,881 8,426 6,192 45,406 27,398 2,867 15,141
Operating income 3,101,961 2,206,812 773,371 121,778 2,530,610 1,972,200 457,317 101,093
Salaries and other employee benefits (697,388) (376,318) (276,103) (44,967) (526,947) (318,240) (175,957) (32,750)
Administrative expenses (222,717) (143,940) (52,094) (26,683) (191,155) (143,365) (27,279) (20,511)
Depreciation, amortisation and impairment (161,759) (107,828) (44,527) (9,404) (125,838) (90,184) (27,830) (7,824)
Other operating expenses (22,052) (18,752) (2,266) (1,034) (8,353) (4,108) (3,250) (995)
Operating expenses (1,103,916) (646,838) (374,990) (82,088) (852,293) (555,897) (234,316) (62,080)
Profit from associates 1,205 1,205 - - 978 978 - -
Operating income before cost of risk (2024: adjusted) 1,999,250 1,561,179 398,381 39,690 1,679,295* 1,417,281 223,001* 39,013
Cost of risk (133,087) (111,236) (16,812) (5,039) (116,111) (50,484) (59,649) (5,978)
Out of which initial ECL related to assets acquired in business - - - - (49,157) - (49,157) -
combination(( 5 (#_edn5) ))
Profit before income tax expense (2024: adjusted) 1,866,163 1,449,943 381,569 34,651 1,563,184* 1,366,797 163,352* 33,035
Income tax expense (292,656) (201,198) (78,793) (12,665) (254,876) (204,142) (41,487) (9,247)
Profit before one-off items 1,573,507 1,248,745 302,776 21,986 1,308,308* 1,162,655 121,865* 23,788
One-off items(( 6 (#_edn6) )) - - - - 669,465 - 669,465 -
Profit 1,573,507 1,248,745 302,776 21,986 1,977,773 1,162,655 791,330 23,788
GEL thousands 3Q25 3Q24 Change 2Q25 Change 9M25 9M244 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Net interest income 776,300 641,036 21.1% 715,845 8.4% 2,175,846 1,697,191 28.2%
Net fee and commission income 140,552 134,100 4.8% 152,615 -7.9% 431,239 392,564 9.9%
Net foreign currency gain 152,186 153,023 -0.5% 152,597 -0.3% 450,377 395,449 13.9%
Net other income 15,137 9,501 59.3% 18,077 -16.3% 44,499 45,406 -2.0%
Operating income 1,084,175 937,660 15.6% 1,039,134 4.3% 3,101,961 2,530,610 22.6%
Operating expenses (382,227) (326,434) 17.1% (378,796) 0.9% (1,103,916) (852,293) 29.5%
Profit from associates 469 502 -6.6% 465 0.9% 1,205 978 23.2%
Operating income before cost of risk (2024: adjusted) 702,417 611,728 14.8% 660,803 6.3% 1,999,250 1,679,295* 19.1%
Cost of risk (55,378) (5,216) NMF (50,796) 9.0% (133,087) (116,111) 14.6%
Out of which initial ECL related to assets acquired in business combination5 - - - - - - (49,157) NMF
Profit before income tax expense and one-off items (2024: adjusted) 647,039 606,512 6.7% 610,007 6.1% 1,866,163 1,563,184* 19.4%
Income tax expense (99,843) (97,259) 2.7% (96,760) 3.2% (292,656) (254,876) 14.8%
Profit before one-off items 547,196 509,253 7.5% 513,247 6.6% 1,573,507 1,308,308* 20.3%
One-off items6 - - - - - - 669,465 NMF
Profit 547,196 509,253 7.5% 513,247 6.6% 1,573,507 1,977,773 -20.4%
Basic earnings per share 12.75 11.71 8.9% 11.89 7.2% 36.45 45.12 -19.2%
Diluted earnings per share 12.58 11.49 9.5% 11.75 7.1% 35.99 44.29 -18.7%
Basic earnings per share adjusted for one-offs 12.75 11.71 8.9% 11.89 7.2% 36.45 29.80 22.3%
Diluted earnings per share adjusted for one-offs 12.58 11.49 9.5% 11.75 7.1% 35.99 29.25 23.0%
* This figure differs from the corresponding amount in the unaudited
consolidated financial statements, as it excludes a one-off item of GEL 669.5m
(see footnote 6) in 9M24, to better illustrate underlying performance. For the
full unaudited consolidated financial information, please refer to page 13.
BALANCE SHEET HIGHLIGHTS Sep-25 Sep-24 Change y-o-y Jun-25 Change q-o-q
Liquid assets 17,882,228 14,253,652 25.5% 16,333,288 9.5%
Cash and cash equivalents 5,049,905 3,413,286 47.9% 4,022,221 25.6%
Amounts due from credit institutions 3,125,753 2,560,821 22.1% 3,194,606 -2.2%
Investment securities 9,706,570 8,279,545 17.2% 9,116,461 6.5%
Loans to customers, finance lease and factoring receivables(( 7 (#_edn7) )) 37,927,219 31,058,958 22.1% 36,530,447 3.8%
Property and equipment 603,448 534,234 13.0% 578,502 4.3%
All remaining assets 1,718,290 1,518,584 13.2% 1,649,833 4.1%
Total assets 58,131,185 47,365,428 22.7% 55,092,070 5.5%
Client deposits and notes 37,657,572 31,872,416 18.2% 34,789,736 8.2%
Amounts owed to credit institutions 8,637,788 5,701,966 51.5% 8,927,118 -3.2%
Borrowings from DFIs 2,795,403 1,899,130 47.2% 2,918,362 -4.2%
Short-term loans from the National Bank of Georgia 2,146,297 1,166,526 84.0% 2,552,236 -15.9%
Short-term loans from the Central Bank of Armenia 143,168 164,993 -13.2% 142,743 0.3%
Loans and deposits from commercial banks 3,552,920 2,471,317 43.8% 3,313,777 7.2%
Debt securities issued 2,539,696 2,220,896 14.4% 2,445,652 3.8%
All remaining liabilities 1,398,612 1,038,608 34.7% 1,310,432 6.7%
Total liabilities 50,233,668 40,833,886 23.0% 47,472,938 5.8%
Total equity 7,897,517 6,531,542 20.9% 7,619,132 3.7%
Book value per share 184.46 150.46 22.6% 176.81 4.3%
KEY RATIOS 3Q25 3Q24 2Q25 9M25 9M244
ROAA (adjusted for one-off items)6(,)8 3.9% 4.4% 3.8% 3.9% 4.3%
ROAA (adjusted for one-off items and Ameriabank initial ECL)5(,)6(,)8 3.9% 4.4% 3.8% 3.9% 4.5%
ROAE (adjusted for one-off items)6(,)8 27.8% 32.1% 27.2% 27.9% 30.1%
ROAE (adjusted for one-off items and Ameriabank initial ECL)5(,)6(,)8 27.8% 32.1% 27.2% 27.9% 31.2%
Net interest margin(( 8 (#_edn8) )) 6.2% 6.2% 6.0% 6.0% 6.4%
Loan yield8 12.4% 12.2% 12.3% 12.3% 12.5%
Liquid assets yield8 5.2% 5.1% 5.0% 5.0% 5.2%
Cost of funds8 5.1% 4.8% 5.1% 5.1% 4.9%
Cost of client deposits and notes8 4.5% 4.0% 4.3% 4.3% 4.1%
Cost of amounts owed to credit Institutions8 7.1% 7.7% 7.4% 7.4% 8.1%
Cost of debt securities issued8 7.4% 7.4% 7.5% 7.5% 8.2%
Cost:income ratio 35.3% 34.8% 36.5% 35.6% 33.7%
NPLs to gross loans 2.1% 1.8% 1.9% 2.1% 1.8%
NPL coverage ratio 64.4% 71.4% 63.5% 64.4% 71.4%
NPL coverage ratio adjusted for the discounted value of collateral 117.7% 124.2% 119.2% 117.7% 124.2%
Cost of credit risk ratio8 0.5% 0.2% 0.5% 0.4% 0.6%
Cost of credit risk ratio (adjusted for Ameriabank initial ECL)5(,)8 0.5% 0.2% 0.5% 0.4% 0.3%
GEL thousands, unless otherwise noted Sep-25 Sep-24 Change Jun-25 Change
y-o-y q-o-q
NON-PERFORMING LOANS
Group (consolidated)
NPLs (in GEL thousands) 803,774 564,429 42.4% 717,493 12.0%
NPLs to gross loans 2.1% 1.8% 1.9%
NPL coverage ratio 64.4% 71.4% 63.5%
NPL coverage ratio adjusted for the discounted value of collateral 117.7% 124.2% 119.2%
Georgian Financial Services (GFS)
NPLs to gross loans 2.3% 1.9% 2.2%
NPL coverage ratio 59.7% 70.6% 61.7%
NPL coverage ratio adjusted for the discounted value of collateral 112.2% 119.4% 113.6%
Ameriabank (standalone figures)
NPLs to gross loans 1.5% 1.6% 1.4%
NPL coverage ratio 87.3% 78.4% 75.5%
NPL coverage ratio adjusted for the discounted value of collateral 145.8% 136.9% 144.5%
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 third quarter of
2025 and robust capital levels, today the Board declared an interim dividend
of GEL 2.65 per ordinary share in respect of the third quarter of 2025,
payable according to the following timetable:
• Ex-Dividend Date: 18 December 2025
• Record Date: 19 December 2025
• Currency Conversion Date: 19 December 2025
• Payment Date: 9 January 2026
• The NBG's Lari/Pounds Sterling average exchange rate for the period of 15
December to 19 December 2025 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 a further GEL 51.5 million.
• The previous GEL 98 million extension of the share buyback and cancellation
programme has been completed. As a result of this extension, since August
2025, 349,887 shares have been purchased. Following the cancellation of the
remainder of these repurchased shares, the total number of shares with voting
rights will be 43,513,689.
Business Division results
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.
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 3Q25 3Q24 Change 2Q25 Change 9M25 9M24 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 1,007,375 837,908 20.2% 952,366 5.8% 2,867,000 2,381,834 20.4%
Interest expense (455,157) (371,324) 22.6% (437,841) 4.0% (1,318,451) (1,054,744) 25.0%
Net interest income 552,218 466,584 18.4% 514,525 7.3% 1,548,549 1,327,090 16.7%
Net fee and commission income 120,379 110,887 8.6% 125,065 -3.7% 359,399 338,691 6.1%
Net foreign currency gain 94,932 98,214 -3.3% 91,321 4.0% 268,983 279,021 -3.6%
Net other income 7,916 7,919 0.0% 14,990 -47.2% 29,881 27,398 9.1%
Operating income 775,445 683,604 13.4% 745,901 4.0% 2,206,812 1,972,200 11.9%
Salaries and other employee benefits (130,380) (111,225) 17.2% (132,342) -1.5% (376,318) (318,240) 18.2%
Administrative expenses (51,194) (52,013) -1.6% (49,502) 3.4% (143,940) (143,365) 0.4%
Depreciation, amortisation and impairment (38,430) (31,446) 22.2% (35,610) 7.9% (107,828) (90,184) 19.6%
Other operating expenses (6,171) (1,245) NMF (6,387) -3.4% (18,752) (4,108) NMF
Operating expenses (226,175) (195,929) 15.4% (223,841) 1.0% (646,838) (555,897) 16.4%
Profit from associates 469 389 20.6% 465 0.9% 1,205 978 23.2%
Operating income before cost of risk 549,739 488,064 12.6% 522,525 5.2% 1,561,179 1,417,281 10.2%
Cost of risk (47,398) (2,391) NMF (45,848) 3.4% (111,236) (50,484) 120.3%
Profit before income tax expense 502,341 485,673 3.4% 476,677 5.4% 1,449,943 1,366,797 6.1%
Income tax expense (68,515) (74,259) -7.7% (66,827) 2.5% (201,198) (204,142) -1.4%
Profit before for one-off items 433,826 411,414 5.4% 409,850 5.8% 1,248,745 1,162,655 7.4%
One-off items - - - - - - - -
Profit 433,826 411,414 5.4% 409,850 5.8% 1,248,745 1,162,655 7.4%
BALANCE SHEET HIGHLIGHTS Sep-25 Sep-24 Change Jun-25 Change
y-o-y q-o-q
Cash and cash equivalents 3,226,804 2,059,303 56.7% 2,108,736 53.0%
Amounts due from credit institutions 2,160,672 1,797,054 20.2% 2,339,536 -7.6%
Investment securities 8,074,493 7,048,177 14.6% 7,527,941 7.3%
Loans to customers, finance lease and factoring receivables 26,150,474 22,444,065 16.5% 25,306,909 3.3%
Loans to customers, finance lease and factoring receivables, LC 15,210,055 12,819,317 18.6% 14,594,431 4.2%
Loans to customers, finance lease and factoring receivables, FC 10,940,419 9,624,748 13.7% 10,712,478 2.1%
Property and equipment 501,230 443,849 12.9% 482,933 3.8%
All remaining assets 1,223,077 1,111,214 10.1% 1,185,218 3.2%
Total assets 41,336,750 34,903,662 18.4% 38,951,273 6.1%
Client deposits and notes 27,487,750 24,079,718 14.2% 24,979,831 10.0%
Client deposits and notes, LC 14,551,630 11,999,849 21.3% 12,650,370 15.0%
Client deposits and notes, FC 12,936,120 12,079,869 7.1% 12,329,461 4.9%
Amounts owed to credit institutions 6,225,136 4,743,875 31.2% 6,512,756 -4.4%
Debt securities issued 1,320,165 1,067,012 23.7% 1,261,544 4.6%
All remaining liabilities 910,900 423,262 115.2% 898,001 1.4%
Total liabilities 35,943,951 30,313,867 18.6% 33,652,132 6.8%
Total equity 5,392,799 4,589,795 17.5% 5,299,141 1.8%
Risk-weighted assets (JSC Bank of Georgia standalone) 30,835,359 26,635,323 15.8% 30,619,266 0.7%
KEY RATIOS 3Q25 3Q24 2Q25 9M25 9M24
ROAA 4.3% 4.8% 4.2% 4.3% 4.8%
ROAE 32.2% 36.7% 31.1% 31.8% 33.9%
Net interest margin 6.2% 6.1% 5.9% 5.9% 6.1%
Loan yield 12.8% 12.4% 12.7% 12.7% 12.5%
Loan yield, GEL 15.4% 14.9% 15.2% 15.2% 14.9%
Loan yield, FC 9.3% 9.2% 9.2% 9.2% 9.3%
Cost of funds 5.3% 5.1% 5.3% 5.3% 5.2%
Cost of client deposits and notes 4.7% 4.3% 4.5% 4.5% 4.4%
Cost of client deposits and notes, GEL 7.8% 7.6% 7.8% 7.8% 7.9%
Cost of client deposits and notes, FC 1.4% 1.2% 1.4% 1.4% 1.1%
Cost of time deposits 7.0% 6.7% 6.8% 6.8% 6.8%
Cost of time deposits, GEL 9.9% 10.2% 10.1% 10.1% 10.6%
Cost of time deposits, FC 2.7% 1.9% 2.7% 2.7% 2.2%
Cost of current accounts and demand deposits 2.7% 2.3% 2.5% 2.5% 2.4%
Cost of current accounts and demand deposits, GEL 5.3% 4.9% 5.1% 5.1% 5.0%
Cost of current accounts and demand deposits, FC 0.6% 0.4% 0.6% 0.6% 0.4%
Cost:income ratio 29.2% 28.7% 30.0% 29.3% 28.2%
Cost of credit risk ratio 0.6% 0.1% 0.7% 0.5% 0.3%
Performance highlights
• GFS delivered operating income of GEL 775.4m in 3Q25, up 13.4% y-o-y and up
4.0% q-o-q. The y-o-y growth was primarily driven by higher net interest
income, supported by a modest contribution from net fee and commission income.
On a q-o-q basis, the increase was mainly attributable to strong net interest
income generation, complemented by growth in net foreign currency gain, partly
offset by a decline in net fee and commission income and net other income. In
9M25, operating income reached GEL 2,206.8m (up 11.9% y-o-y), underpinned by
solid net interest income growth, complemented by modest increases in net fee
and commission income and net other income, and partially offset by a decline
in net foreign currency gain.
• Net interest income stood at GEL 552.2m in 3Q25, up 18.4% y-o-y and up 7.3%
q-o-q. The y-o-y and the q-o-q increases were mainly driven by strong loan
growth and higher net interest margin. In 9M25, net interest income amounted
to GEL 1,548.5m (up 16.7% y-o-y).
• In 3Q25, NIM stood at 6.2%, up 0.1 pp y-o-y and up 0.3 pp q-o-q. The q-o-q NIM
expansion was driven by a higher loan yield and the growing share of loans in
interest-earning assets. We expect GFS NIM to remain broadly stable.
• Net fee and commission income reached GEL 120.4m in 3Q25, an increase of 8.6%
y-o-y but a decrease of 3.7% q-o-q. The quarterly decline was primarily due to
seasonal expenses related to the 'PLUS birthday' loyalty campaign in July.
• Net foreign currency (FX) gain was GEL 94.9m in 3Q25, down 3.3% y-o-y but up
4.0% q-o-q. In 9M25, net FX gain amounted to GEL 269.0m, down 3.6% y-o-y.
Compared with the prior year, this revenue line is broadly flat on the back of
relatively stable currency and increased market competition.
• Operating expenses amounted to GEL 226.2m in 3Q25 (up 15.4% y-o-y and up 1.0%
q-o-q). In 9M25, operating expenses increased by 16.4% y-o-y to GEL 646.8m.
• In 3Q25, the y-o-y operating expense growth was primarily driven by higher
staff costs, slightly offset by lower administrative expenses. Additionally,
Bank of Georgia's contribution to the Resolution Fund in the amount of GEL
4.4m, in accordance with the regulatory requirement introduced by NBG for all
commercial banks effective from January 2025,1 was posted again this quarter.
Excluding the impact of resolution fund expenses, operating expenses at GFS
would have increased by 13.2% y-o-y.
• The cost of credit risk ratio was 0.6% in 3Q25 (0.1% in 3Q24 and 0.7% in
2Q25). In 9M25, the cost of credit risk was 0.5% (0.3% in 9M24). The portfolio
quality overall remained healthy, with NPL ratio at 2.3% as at 30 September
2025 (1.9% as at 30 September 2024 and 2.2% as at 30 June 2025). The y-o-y
increase in the GFS NPL ratio was mainly driven by a single CB client default
in 4Q24.
Portfolio highlights
Portfolio highlights: loans to customers, finance lease and factoring
receivables
Sep-25 Sep-24 Change Change y-o-y Jun-25 Change q-o-q Change q-o-q (constant currency)
y-o-y (constant currency)
Total GFS 26,150,474 22,444,065 16.5% 16.10% 25,306,909 3.3% 3.6%
Retail 11,571,767 9,725,127 19.0% 18.80% 11,028,623 4.9% 5.0%
Mortgages 4,915,696 4,355,068 12.9% 12.50% 4,754,810 3.4% 3.5%
Consumer loans 5,856,880 4,696,736 24.7% 24.90% 5,517,428 6.2% 6.2%
Other loans 799,191 673,323 18.7% 16.30% 756,385 5.7% 5.7%
SME 5,317,970 4,900,686 8.5% 7.90% 5,227,172 1.7% 1.9%
CIB 9,260,737 7,818,252 18.5% 18.10% 9,051,114 2.3% 2.7%
Portfolio highlights: customer deposits and notes
Sep-25 Sep-24 Change Change y-o-y (constant currency) Jun-25 Change q-o-q Change q-o-q (constant currency)
y-o-y
Total GFS 27,487,750 24,079,718 14.2% 14.0% 24,979,831 10.0% 10.3%
Retail 15,589,366 13,816,179 12.8% 12.7% 15,169,685 2.8% 3.1%
SME 2,344,438 2,083,761 12.5% 12.2% 2,231,309 5.1% 5.3%
CIB 7,613,923 6,324,426 20.4% 20.5% 6,278,743 21.3% 21.6%
Corporate Center 2,021,083 1,920,096 5.3% 1,374,967 47.0%
Eliminations (81,060) (64,744) 25.2% (74,873) 8.3%
Loan portfolio quality: cost of credit risk ratio
3Q25 3Q24 2Q25
Total GFS 0.6% 0.1% 0.7%
Retail 0.8% 0.1% 0.8%
SME 0.3% 0.3% 1.1%
CIB 0.7% 0.0% 0.6%
Loan portfolio quality: NPL ratio
Sep-25 Sep-24 Jun-25
Total GFS 2.3% 1.9% 2.2%
Retail 1.5% 1.7% 1.5%
SME 4.0% 3.6% 3.6%
CIB 2.3% 1.1% 2.1%
• Customer lending continued to expand, with GFS's net loans, factoring, and
finance lease receivables reaching GEL 26,150.5m as at 30 September 2025, up
16.1% y-o-y and up 3.6% q-o-q in cc. The y-o-y growth was broad-based, led
almost equally by RB and CIB, with SME also contributing.
• Within the RB segment, growth was primarily driven by consumer lending, which
increased by 24.9% y-o-y in cc. Mortgage lending also grew by 12.5% y-o-y in
cc, now accounting for 42.5% of the retail loan book - below the share of
consumer loans at 50.6%.
• 58.2% of the loan book was in GEL as at 30 September 2025 (57.1% at 30
September 2024 and 57.7% at 30 June 2025).
• As at 30 September 2025, client deposits and notes stood at GEL 27,487.8m, up
14.0% y-o-y and up 10.3% q-o-q in cc. The y-o-y growth was broad-based across
business segments and deposit types. As at 30 September 2025, current &
demand deposits and time deposits accounted for 53.0% and 47.0% of the total
deposit portfolio, respectively.
• Retail Banking remained the key contributor to the y-o-y deposit growth (up
GEL 1,773.2m, or by 12.7% y-o-y in cc), now comprising 56.7% of total client
deposits. CIB posted the fastest y-o-y growth - up GEL 1,289.5m, that is 20.5%
in cc - raising its share to 27.7% of the total portfolio. The SME segment
also supported overall growth with a solid 12.2% increase y-o-y in cc, up GEL
260.7m).
• The deposit base continued to de-dollarise, with GEL-denominated deposits
rising to 52.9% as at 30 September 2025, compared with 49.8% a year earlier
and 50.6% at the end of 2Q25.
Liquidity
Sep-25 Sep-24 Jun-25
IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia) 126.2% 126.3% 125.9%
IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia) 127.4% 124.9% 127.4%
Both our Liquidity Coverage Ratio (LCR) and Net Stable Funding ratios (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 3Q25 and the potential impact of a 10% devaluation of GEL
is as follows:
30 Jun 3Q25 Business growth Currency impact Dividend payment Tier 1- Tier 2 30 Sep Min requirement Buffer above min requirement Potential impact
2025 profit 2025 of a 10% GEL devaluation
CET 1 capital adequacy 17.3% 1.4% -0.2% 0.0% -1.1% 0.0% 17.4% 15.3% 2.1% -0.8%
Tier 1 capital adequacy 20.4% 1.4% -0.2% 0.0% -1.1% 0.0% 20.5% 17.5% 3.0% -0.7%
Total capital adequacy 21.8% 1.4% -0.2% 0.0% -1.1% 0.2% 22.1% 20.4% 1.7% -0.6%
Armenian Financial Services (AFS)
Ameriabank CJSC was acquired and consolidated on the Group's books at the end
of March 2024, with its income statement included in the Group's results
starting from 1 April 2024. Standalone financial information for Ameriabank is
provided on page 12 for reference. It differs from AFS results due to fair
value adjustments and the allocation of certain Group expenses to Business
Divisions and is not included in the consolidated results.
Comparisons between AFS 9M25 and 9M24 results are not fully representative of
the underlying performance, as the latter period includes only two quarters of
income statement. Therefore, the discussion that follows focuses on y-o-y and
q-o-q comparisons for 3Q25. For Ameriabank's standalone 9M25 versus 9M24
performance, please refer to page 12.
GEL thousands 3Q25 3Q24 Change 2Q25 Change 9M25 9M244 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 349,416 256,769 36.1% 318,383 9.7% 973,723 509,931 91.0%
Interest expense (139,374) (95,163) 46.5% (126,041) 10.6% (380,824) (182,942) 108.2%
Net interest income 210,042 161,606 30.0% 192,342 9.2% 592,899 326,989 81.3%
Net fee and commission income 17,356 21,104 -17.8% 23,901 -27.4% 61,748 50,141 23.1%
Net foreign currency gain 38,428 38,744 -0.8% 37,852 1.5% 110,298 77,320 42.7%
Net other income 4,896 1,804 171.4% 380 NMF 8,426 2,867 193.9%
Operating income 270,722 223,258 21.3% 254,475 6.4% 773,371 457,317 69.1%
Salaries and other employee benefits (98,731) (80,604) 22.5% (91,576) 7.8% (276,103) (175,957) 56.9%
Administrative expenses (14,860) (13,829) 7.5% (19,096) -22.2% (52,094) (27,279) 91.0%
Depreciation, amortisation and impairment (14,569) (13,212) 10.3% (15,404) -5.4% (44,527) (27,830) 60.0%
Other operating expenses 778 (1,574) NMF (1,038) NMF (2,266) (3,250) -30.3%
Operating expenses (127,382) (109,219) 16.6% (127,114) 0.2% (374,990) (234,316) 60.0%
Profit from associates - - - - - - - -
Operating income before cost of risk (2024: adjusted) 143,340 114,039 25.7% 127,361 12.5% 398,381 223,001* 78.6%
Cost of risk (2,872) (3,558) -19.3% (5,767) -50.2% (16,812) (59,649) -71.8%
Out of which initial ECL related to assets acquired in business combination5 - - - - - - (49,157) NMF
Profit before income tax expense (2024: adjusted) 140,468 110,481 27.1% 121,594 15.5% 381,569 163,352* 133.6%
Income tax expense (28,997) (19,078) 52.0% (25,803) 12.4% (78,793) (41,487) 89.9%
Profit before one-off items 111,471 91,403 22.0% 95,791 16.4% 302,776 121,865* 148.5%
One-off items6 - - - - - - 669,465 NMF
Profit 111,471 91,403 22.0% 95,791 16.4% 302,776 791,330 -61.7%
* This figure differs from the corresponding amount in the unaudited
consolidated financial statements, as it excludes a one-off item of GEL 669.5m
(see footnote 6) in 9M24, to better illustrate underlying performance. For the
full unaudited consolidated financial information, please refer to page 13.
BALANCE SHEET HIGHLIGHTS Sep-25 Sep -24 Change y-o-y Jun-25 Change q-o-q
Cash and cash equivalents 1,211,626 916,969 32.1% 1,271,871 -4.7%
Amounts due from credit institutions 942,877 732,424 28.7% 831,897 13.3%
Investment securities 1,455,992 1,041,356 39.8% 1,463,753 -0.5%
Loans to customers, finance lease and factoring receivables 10,890,803 7,955,714 36.9% 10,341,990 5.3%
Loans to customers, finance lease and factoring receivables, LC 6,258,037 4,702,686 33.1% 5,999,058 4.3%
Loans to customers, finance lease and factoring receivables, FC 4,632,766 3,253,028 42.4% 4,342,932 6.7%
Property and equipment 84,829 78,116 8.6% 79,912 6.2%
All remaining assets 396,708 317,741 24.9% 365,377 8.6%
Total assets 14,982,835 11,042,320 35.7% 14,354,800 4.4%
Client deposits and notes 8,827,419 6,854,363 28.8% 8,379,668 5.3%
Client deposits and notes, LC 5,227,233 3,672,842 42.3% 4,772,660 9.5%
Client deposits and notes, FC 3,600,186 3,181,521 13.2% 3,607,008 -0.2%
Amounts owed to credit institutions 2,382,530 962,149 147.6% 2,430,196 -2.0%
Debt securities issued 1,207,757 1,150,771 5.0% 1,171,408 3.1%
All remaining liabilities 444,191 424,619 4.6% 403,860 10.0%
Total liabilities 12,861,897 9,391,902 36.9% 12,385,132 3.8%
Total equity 2,120,938 1,650,418 28.5% 1,969,668 7.7%
Risk-weighted assets (Ameriabank CJSC standalone) 14,099,398 10,492,132 34.4% 13,200,273 6.8%
KEY RATIOS 3Q25 3Q24 2Q25 9M25 9M244
ROAA (adjusted for one-off items)6 3.0% 3.3% 2.8% 2.9% 2.4%
ROAA (adjusted for one-off items and Ameriabank initial ECL)5(,)6 3.0% 3.3% 2.8% 2.9% 3.4%
ROAA (unadjusted) 3.0% 3.3% 2.8% 2.9% 15.7%
ROAE (adjusted for one-off items)6 21.8% 23.1% 20.1% 21.0% 16.9%
ROAE (adjusted for one-off items and Ameriabank initial ECL)5(,)6 21.8% 23.1% 20.1% 21.0% 23.8%
ROAE (unadjusted) 21.8% 23.1% 20.1% 21.0% 110.0%
Net interest margin 6.5% 6.7% 6.4% 6.5% 7.4%
Loan yield 11.6% 11.5% 11.5% 11.5% 12.6%
Loan yield, AMD 14.2% 13.9% 13.9% 13.9% 15.2%
Loan yield, FC 7.9% 8.1% 8.1% 8.1% 8.9%
Cost of funds 4.6% 4.2% 4.4% 4.4% 4.4%
Cost of client deposits and notes 3.7% 3.2% 3.5% 3.5% 3.3%
Cost of client deposits and notes, AMD 5.3% 4.8% 5.1% 5.1% 5.1%
Cost of client deposits and notes, FC 1.6% 1.4% 1.5% 1.5% 1.5%
Cost of time deposits 6.5% 5.8% 6.1% 6.2% 5.9%
Cost of time deposits, AMD 9.8% 9.6% 9.7% 9.7% 10.0%
Cost of time deposits, FC 2.6% 2.4% 2.3% 2.4% 2.4%
Cost of current accounts and demand deposits 1.7% 1.5% 1.7% 1.7% 1.6%
Cost of current accounts and demand deposits, AMD 2.3% 2.2% 2.4% 2.3% 2.3%
Cost of current accounts and demand deposits, FC 0.7% 0.7% 0.8% 0.8% 0.8%
Cost:income ratio 47.1% 48.9% 50.0% 48.5% 51.2%
Cost of credit risk ratio 0.0% 0.3% 0.3% 0.2% 1.7%
Performance highlights
• In 3Q25, operating income amounted to GEL 270.7m, up 21.3% y-o-y and up 6.4%
q-o-q. Both the y-o-y and the q-o-q expansion was predominantly driven by
strong net interest income generation.
• Net interest income totalled GEL 210.0m in 3Q25, up 30.0% y-o-y and up 9.2%
q-o-q. Although interest income grew robustly, it was outpaced by interest
expense growth. This was due to a combination of rising interest-bearing
liabilities and a higher cost of deposits, driven by an increased share of
time and local currency deposits attracted to support growth.
• In 3Q25, NIM stood at 6.5% (6.7% in 3Q24 and 6.4% in 2Q25). On a y-o-y basis,
a 0.1 pp increase in loan yield to 11.6% was offset by a 0.4 pp rise in the
cost of funds to 4.6%. This increase in funding costs was primarily driven by
the higher cost of customer deposits (up 0.5 pp to 3.7%).
• Net fee and commission income was GEL 17.4m in 3Q25, down 17.8% y-o-y and down
27.4% q-o-q. This decline is attributable to fee and commission expenses
rising in line with increased card transaction volumes (which more than
doubled y-o-y), while income growth was constrained by customer incentives.
These incentives are a key part of Ameriabank's market expansion strategy for
its payments business.
• Net foreign currency gains stood at GEL 38.4m in 3Q25, broadly flat compared
with 3Q24 and 2Q25.
• In 3Q25, operating expenses stood at GEL 127.4m, up 16.6% y-o-y and up 0.2%
q-o-q. The y-o-y increase came mainly from higher staff costs (up 22.5%
y-o-y), driven by increasing staff count as well as the revision of salaries.
Administrative expenses rose 7.5% y-o-y, mainly reflecting business growth and
active marketing campaigns.
• In 3Q25, the cost of credit risk ratio stood at 0.0% (0.3% in 3Q24 and 0.3% in
2Q25). The low cost of credit risk ratio for the quarter reflects a
recalibration of the write-off methodology. Excluding this effect, the
underlying cost of credit risk ratio would have been around 0.5%.
• Overall, AFS generated GEL 111.5m in profit in 3Q25, up 22.0% y-o-y and up
16.4% q-o-q. ROAE stood at 21.8% in 3Q25 (vs. 23.1% in 3Q24 and 20.1% in
2Q25).
Portfolio highlights
9 (#_edn9)
Portfolio highlights: loans to customers, finance lease and factoring
receivables
Sep-25 Sep-24 Change Change y-o-y Jun-25 Change q-o-q Change q-o-q (constant currency)
y-o-y (constant currency)
Total AFS 10,890,803 7,955,714 36.9% 36.5% 10,341,990 5.3% 5.6%
Retail 4,944,013 3,568,638 38.5% 38.3% 4,647,775 6.4% 6.6%
Mortgages 2,617,178 2,022,278 29.4% 29.2% 2,541,329 3.0% 3.2%
Consumer loans 1,701,662 1,040,815 63.5% 63.1% 1,523,828 11.7% 11.9%
Retail SME 625,173 505,545 23.7% 23.6% 582,618 7.3% 7.6%
Corporate 5,946,790 4,387,076 35.6% 35.0% 5,694,215 4.4% 4.9%
Portfolio highlights: customer deposits and notes
Sep-25 Sep-24 Change Change y-o-y (constant currency) Jun-25 Change q-o-q Change q-o-q (constant currency)
y-o-y
Total AFS 8,827,419 6,854,363 28.8% 28.6% 8,379,668 5.3% 5.7%
Retail 4,842,429 4,028,904 20.2% 20.1% 4,561,788 6.2% 6.6%
Corporate 3,984,990 2,825,459 41.0% 40.9% 3,817,880 4.4% 4.7%
Loan portfolio quality: cost of credit risk ratio
3Q25 3Q24 2Q25
Total AFS 0.0% 0.3% 0.3%
Retail 0.5% 0.1% 0.8%
Corporate -0.3% 0.4% -0.2%
• Loans to customers, factoring and finance lease receivables stood at GEL
10,890.8m as at 30 September 2025, up 36.5% y-o-y and up 5.6% q-o-q in cc,
with broad-based growth across both Corporate and Retail segments. In Retail,
consumer loans continue to grow at the highest pace, posting a 63.1% y-o-y and
an 11.9% q-o-q growth in cc.
• 57.5% of the loan book was denominated in Armenian Drams as at 30 September
2025 (59.1% as at 30 September 2024 and 58.0% as at 30 June 2025).
• Ameriabank maintained its leading position in Armenia's loan market with the
highest market share of 21.2% as at 30 September 2025 (up 1.6 pp y-o-y and up
0.1 pp q-o-q).
• Client deposits and notes stood at GEL 8,827.4m as at 30 September 2025, up
28.6% y-o-y and up 5.7% q-o-q in cc. The share of time deposits in total
deposits increased to 42.7%, up from 39.1% as at 30 September 2024 and 41.6%
as at 30 June 2025.
• 59.2% of client deposits and notes were denominated in Armenian Drams as at 30
September 2025 (53.6% as at 30 September 2024 and 57.0% as at 30 June 2025).
• Ameriabank's market share by total deposits (including issued local bonds) was
up 1.6 pp y-o-y to 19.4% as at 30 September 2025 (up 0.3% q-o-q).
• Armenian Financial Services maintains a diversified funding structure with
customer deposits and local debt securities representing 77.0% 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 100.7% as at 30 September 2025.
Liquidity
• Ameriabank has maintained a strong liquidity position, with CBA LCR at 202.8%
and CBA NSFR at 121.2% as at 30 September 2025, well above the minimum
regulatory requirements of 100%.
Capital position
• As at 30 September 2025, Ameriabank's CET 1, Tier 1, and Total capital ratios
stood at 14.5%, 14.5%, and 17.2%, respectively, all above the minimum
requirements of 12.0%, 14.1%, and 16.8%, respectively. Following a decision by
the CBA on 23 September 2025 (published on 6 October and effective from 15
October 2025), the regulatory framework was expanded to recognise Additional
Tier 1 (AT1) capital instruments as an eligible component of bank capital.
This change is expected to enable greater capital flexibility for Ameriabank
moving forward.
The movement in capital adequacy ratios in 3Q25 and the potential impact of a
10% devaluation of AMD is as follows.
30 Jun 2025 3Q25 profit Business growth Currency impact Dividend payment Regulatory deductions Tier 1 - Tier 2 30 Sep 2025 Minimum requirement Buffer above min requirement Potential impact of a 10% AMD devaluation
CET 1 capital adequacy 14.9% 0.6% -1.0% 0.0% 0.0% 0.0% 0.0% 14.5% 12.0% 2.5% -0.6%
Tier 1 capital adequacy 14.9% 0.6% -1.0% 0.0% 0.0% 0.0% 0.0% 14.5% 14.1% 0.4% -0.6%
Total capital adequacy 16.9% 0.6% -1.1% 0.0% 0.0% 0.0% 0.8% 17.2% 16.8% 0.4% -0.5%
Ameriabank: unaudited standalone financial information (not included in the consolidated results)
The following table is presented for information purposes only to show the
standalone performance of Ameriabank. It has been prepared consistently with
the accounting policies adopted by the Group in preparing its consolidated
financial statements.
GEL thousands 3Q25 3Q24 Change 2Q25 Change 9M25 9M24 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 349,757 252,723 38.4% 316,741 10.4% 970,545 710,299 36.6%
Interest expense (136,292) (91,178) 49.5% (122,973) 10.8% (371,632) (253,201) 46.8%
Net interest income 213,465 161,545 32.1% 193,768 10.2% 598,913 457,098 31.0%
Net fee and commission income 17,356 21,342 -18.7% 23,901 -27.4% 61,749 68,735 -10.2%
Net foreign currency gain 37,924 36,247 4.6% 36,395 4.2% 107,042 109,225 -2.0%
Net other income 4,895 1,795 172.7% 379 NMF 8,425 4,526 86.1%
Operating income 273,640 220,929 23.9% 254,443 7.5% 776,129 639,584 21.3%
Salaries and other employee benefits (83,932) (67,366) 24.6% (73,697) 13.9% (226,213) (211,421) 7.0%
Administrative expenses (14,530) (13,509) 7.6% (18,625) -22.0% (51,006) (39,348) 29.6%
Depreciation, amortisation and impairment (12,217) (9,211) 32.6% (11,759) 3.9% (34,793) (26,006) 33.8%
Other operating expenses 779 (1,572) NMF (1,038) NMF (2,265) (4,355) -48.0%
Operating expenses (109,900) (91,658) 19.9% (105,119) 4.5% (314,277) (281,130) 11.8%
Operating income before cost of risk 163,740 129,271 26.7% 149,324 9.7% 461,852 358,454 28.8%
Cost of risk (3,427) (6,716) -49.0% (5,783) -40.7% (19,087) (7,497) 154.6%
Profit before income tax expense 160,313 122,555 30.8% 143,541 11.7% 442,765 350,957 26.2%
Income tax expense (29,523) (22,292) 32.4% (26,781) 10.2% (81,318) (64,056) 26.9%
Profit 130,790 100,263 30.4% 116,760 12.0% 361,447 286,901 26.0%
BALANCE SHEET HIGHLIGHTS Sep-25 Sep -24 Change y-o-y Jun-25 Change q-o-q
Liquid assets 3,610,494 2,690,749 34.2% 3,567,535 1.2%
Cash and cash equivalents 1,211,626 916,969 32.1% 1,271,871 -4.7%
Amounts due from credit institutions 942,877 732,424 28.7% 831,912 13.3%
Investment securities 1,455,991 1,041,356 39.8% 1,463,752 -0.5%
Loans to customers, finance lease and factoring receivables 10,899,134 7,970,091 36.8% 10,350,553 5.3%
Property and equipment 79,898 68,345 16.9% 75,477 5.9%
All remaining assets 351,379 256,631 36.9% 313,163 12.2%
Total assets 14,940,905 10,985,816 36.0% 14,306,728 4.4%
Client deposits and notes 8,827,419 6,854,363 28.8% 8,379,668 5.3%
Amounts owed to credit institutions 2,390,184 972,890 145.7% 2,438,643 -2.0%
Debt securities issued 1,207,757 1,150,771 5.0% 1,171,408 3.1%
All remaining liabilities 341,531 328,840 3.9% 273,552 24.9%
Total liabilities 12,766,891 9,306,864 37.2% 12,263,271 4.1%
Total equity 2,174,014 1,678,952 29.5% 2,043,457 6.4%
KEY RATIOS(( 10 (#_edn10) )) 3Q25 3Q24 2Q25 9M25 9M24
ROAA 3.5% 3.6% 3.4% 3.5% 3.7%
ROAE 24.6% 24.2% 23.6% 24.3% 25.4%
Net interest margin 6.5% 6.6% 6.4% 6.5% 6.7%
Loan yield 11.5% 11.2% 11.3% 11.4% 11.3%
Cost of funds 4.4% 4.0% 4.3% 4.3% 3.9%
Cost:income ratio 40.2% 41.5% 41.3% 40.5% 44.0%
Cost of credit risk ratio 0.1% 0.4% 0.3% 0.2% 0.2%
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, Bank of Georgia Group PLC - the holding company, and other small
entities and intragroup eliminations.
GEL thousands 3Q25 3Q24 Change 2Q25 Change 9M25 9M24 Change y-o-y
y-o-y q-o-q
INCOME STATEMENT HIGHLIGHTS
Interest income 29,863 20,771 43.8% 28,392 5.2% 82,479 61,877 33.3%
Interest expense (15,823) (7,925) 99.7% (19,414) -18.5% (48,081) (18,765) 156.2%
Net interest income 14,040 12,846 9.3% 8,978 56.4% 34,398 43,112 -20.2%
Net fee and commission income 2,817 2,109 33.6% 3,649 -22.8% 10,092 3,732 170.4%
Net foreign currency gain 18,826 16,065 17.2% 23,424 -19.6% 71,096 39,108 81.8%
Net other income 2,325 (222) NMF 2,707 -14.1% 6,192 15,141 -59.1%
Operating income 38,008 30,798 23.4% 38,758 -1.9% 121,778 101,093 20.5%
Salaries and other employee benefits (15,173) (11,655) 30.2% (16,111) -5.8% (44,967) (32,750) 37.3%
Administrative expenses (9,638) (6,686) 44.2% (8,318) 15.9% (26,683) (20,511) 30.1%
Depreciation, amortisation and impairment (3,500) (2,627) 33.2% (3,079) 13.7% (9,404) (7,824) 20.2%
Other operating expenses (359) (318) 12.9% (333) 7.8% (1,034) (995) 3.9%
Operating expenses (28,670) (21,286) 34.7% (27,841) 3.0% (82,088) (62,080) 32.2%
Profit from associates - 113 -100.0% - - - - -
Operating income before cost of risk 9,338 9,625 -3.0% 10,917 -14.5% 39,690 39,013 1.7%
Cost of risk (5,108) 733 NMF 819 NMF (5,039) (5,978) -15.7%
Profit before income tax expense 4,230 10,358 -59.2% 11,736 -64.0% 34,651 33,035 4.9%
Income tax expense (2,331) (3,922) -40.6% (4,130) -43.6% (12,665) (9,247) 37.0%
Profit 1,899 6,436 -70.5% 7,606 -75.0% 21,986 23,788 -7.6%
BALANCE SHEET HIGHLIGHTS Sep25 Sep-24 Change Jun-25 Change
y-o-y q-o-q
Cash and cash equivalents 611,475 437,014 39.9% 641,614 -4.7%
Amounts due from credit institutions 22,204 31,343 -29.2% 23,173 -4.2%
Investment securities 176,085 190,012 -7.3% 124,767 41.1%
Loans to customers, finance lease and factoring receivables 885,942 659,179 34.4% 881,548 0.5%
Property and equipment 17,389 12,269 41.7% 15,657 11.1%
All remaining assets 98,505 89,629 9.9% 99,238 -0.7%
Total assets 1,811,600 1,419,446 27.6% 1,785,997 1.4%
Client deposits and notes 1,342,403 938,335 43.1% 1,430,237 -6.1%
Amounts owed to credit institutions 30,122 (4,058) NMF (15,834) NMF
Debt securities issued 11,774 3,113 NMF 12,700 -7.3%
All remaining liabilities 43,521 190,727 -77.2% 8,571 NMF
Total liabilities 1,427,820 1,128,117 26.6% 1,435,674 -0.5%
Total equity 383,780 291,329 31.7% 350,323 9.6%
• In 3Q25, Other Businesses recorded a profit of GEL 1.9m (down 70.5% y-o-y and
down 75.0% q-o-q).
• BNB's capital ratios, calculated in accordance with the National Bank of the
Republic of Belarus' standards, were above the minimum requirements as at 30
September 2025: Tier 1 capital adequacy ratio at 10.8% (minimum requirement of
7.0%) and Total capital adequacy ratio at 16.0% (minimum requirement of
12.5%).
Consolidated financial information
GEL thousands 3Q25 3Q24 Change y-o-y 2Q25 Change q-o-q 9M25 9M24 Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 1,386,654 1,115,448 24.3% 1,299,141 6.7% 3,923,202 2,953,642 32.8%
Interest expense (610,354) (474,412) 28.7% (583,296) 4.6% (1,747,356) (1,256,451) 39.1%
Net interest income 776,300 641,036 21.1% 715,845 8.4% 2,175,846 1,697,191 28.2%
Fee and commission income 279,616 237,407 17.8% 262,806 6.4% 790,084 660,110 19.7%
Fee and commission expense (139,064) (103,307) 34.6% (110,191) 26.2% (358,845) (267,546) 34.1%
Net fee and commission income 140,552 134,100 4.8% 152,615 -7.9% 431,239 392,564 9.9%
Net foreign currency gain 152,186 153,023 -0.5% 152,597 -0.3% 450,377 395,449 13.9%
Net other income 15,137 9,501 59.3% 18,077 -16.3% 44,499 45,406 -2.0%
Operating income 1,084,175 937,660 15.6% 1,039,134 4.3% 3,101,961 2,530,610 22.6%
Salaries and other employee benefits (244,284) (203,484) 20.1% (240,029) 1.8% (697,388) (526,947) 32.3%
Administrative expenses (75,692) (72,528) 4.4% (76,916) -1.6% (222,717) (191,155) 16.5%
Depreciation, amortisation and impairment (56,499) (47,285) 19.5% (54,093) 4.4% (161,759) (125,838) 28.5%
Other operating expenses (5,752) (3,137) 83.4% (7,758) -25.9% (22,052) (8,353) 164.0%
Operating expenses (382,227) (326,434) 17.1% (378,796) 0.9% (1,103,916) (852,293) 29.5%
Gain on bargain purchase - - - - - - 685,888 (1.00)
Acquisition related costs - - - - - - (16,423) (1.00)
Profit from associates 469 502 -6.6% 465 0.9% 1,205 978 23.2%
Operating income before cost of risk 702,417 611,728 14.8% 660,803 6.3% 1,999,250 2,348,760 -14.9%
Expected credit loss on loans to customers and factoring receivables (48,244) (12,363) NMF (47,190) 2.2% (112,913) (109,179) 3.4%
Expected credit loss on finance lease receivables 171 428 -60.0% (418) NMF (456) (1,284) -64.5%
Other expected credit loss and impairment charge on other assets and (7,305) 6,719 NMF (3,188) 129.1% (19,718) (5,648) NMF
provisions
Cost of risk (55,378) (5,216) NMF (50,796) 9.0% (133,087) (116,111) 14.6%
Profit before income tax expense 647,039 606,512 6.7% 610,007 6.1% 1,866,163 2,232,649 -16.4%
Income tax expense (99,843) (97,259) 2.7% (96,760) 3.2% (292,656) (254,876) 14.8%
Profit 547,196 509,253 7.5% 513,247 6.6% 1,573,507 1,977,773 -20.4%
Attributable to:
- shareholders of the Group 547,196 507,272 7.9% 513,286 6.6% 1,571,617 1,971,452 -20.3%
- non-controlling interests - 1,981 NMF (39) NMF 1,890 6,321 -70.1%
Basic earnings per share 12.75 11.71 8.9% 11.89 7.23% 36.45 45.12 -19.2%
Diluted earnings per share 12.58 11.49 9.5% 11.75 7.06% 35.99 44.29 -18.7%
GEL thousands Sep-25 Sep-24 Jun-25 Change
Change q-o-q
y-o-y
BALANCE SHEET HIGHLIGHTS
Cash and cash equivalents 5,049,905 3,413,286 47.9% 4,022,221 25.6%
Amounts due from credit institutions 3,125,753 2,560,821 22.1% 3,194,606 -2.2%
Investment securities 8,569,742 8,054,364 6.4% 7,944,799 7.9%
Investment securities pledged under sale and repurchase agreements 1,136,828 225,181 NMF 1,171,662 -3.0%
Loans to customers, finance lease and factoring receivables 37,927,219 31,058,958 22.1% 36,530,447 3.8%
Accounts receivable and other loans 11,988 7,193 66.7% 11,835 1.3%
Prepayments 126,343 119,292 5.9% 103,759 21.8%
Foreclosed assets 371,422 324,558 14.4% 342,565 8.4%
Right-of-use assets 306,449 239,299 28.1% 291,445 5.1%
Investment properties 121,698 112,400 8.3% 131,080 -7.2%
Property and equipment 603,448 534,234 13.0% 578,502 4.3%
Goodwill 41,253 41,253 0.0% 41,253 0.0%
Intangible assets 341,639 301,086 13.5% 338,794 0.8%
Income tax assets 15,289 43,523 -64.9% 2,253 NMF
Other assets 364,357 277,803 31.2% 371,936 -2.0%
Assets held for sale 17,852 52,177 -65.8% 14,913 19.7%
Total assets 58,131,185 47,365,428 22.7% 55,092,070 5.5%
Client deposits and notes 37,657,572 31,872,416 18.2% 34,789,736 8.2%
Amounts owed to credit institutions 8,637,788 5,701,966 51.5% 8,927,118 -3.2%
Debt securities issued 2,539,696 2,220,896 14.4% 2,445,652 3.8%
Lease liability 319,161 249,929 27.7% 304,559 4.8%
Accruals and deferred income 271,174 249,187 8.8% 249,568 8.7%
Income tax liabilities 91,875 68,504 34.1% 116,575 -21.2%
Other liabilities 716,402 470,988 52.1% 639,730 12.0%
Total liabilities 50,233,668 40,833,886 23.0% 47,472,938 5.8%
Share capital 1,439 1,474 -2.4% 1,445 -0.4%
Additional paid-in capital 466,851 454,881 2.6% 477,694 -2.3%
Treasury shares (30) (49) -38.8% (28) 7.1%
Capital redemption reserve 179 145 23.4% 173 3.5%
Other reserves 63,215 103,754 -39.1% 47,442 33.2%
Retained earnings 7,364,398 5,947,108 23.8% 7,090,940 3.9%
Total equity attributable to shareholders of the Group 7,896,052 6,507,313 21.3% 7,617,666 3.7%
Non-controlling interests 1,465 24,229 -94.0% 1,466 -0.1%
Total equity 7,897,517 6,531,542 20.9% 7,619,132 3.7%
Total liabilities and equity 58,131,185 47,365,428 22.7% 55,092,070 5.5%
Book value per share 184.46 150.46 22.6% 176.81 4.3%
Non-financial information
Customer engagement
Sep-25 Sep-24 Change y-o-y Jun-25 Change q-o-q
Retail:
Monthly active customers:
Bank of Georgia (standalone) 2,130.2 1,947.9 9.4% 2,077.5 2.5%
Ameriabank (standalone) 435.3 311.8 39.6% 407.9 6.7%
Digital MAU:
Bank of Georgia (standalone) 1,744.5 1,520.5 14.7% 1,696.2 2.8%
Ameriabank (standalone) 305.1 187.5 62.7% 266.7 14.4%
Digital DAU:
Bank of Georgia (standalone) 896.8 735.5 21.9% 874.4 2.6%
Ameriabank (standalone) 127.5 77.5 64.4% 110.0 15.9%
Share of products sold through retail digital channels:
Bank of Georgia (standalone) 70% 58% 69%
Sep-25 Sep-24 Change y-o-y Jun-25 Change q-o-q
Businesses:
Monthly active customers:
Bank of Georgia (standalone) 125.4 109.9 14.0% 122.3 2.5%
Ameriabank (standalone) 36.3 31.0 17.2% 36.1 0.5%
Digital MAU:
Bank of Georgia (standalone) 103.5 87.0 19.0% 100.0 3.5%
Ameriabank (standalone) 29.4 23.8 23.9% 28.1 4.8%
Payments business (Bank of Georgia standalone)
Sep-25 Sep-24 Change y-o-y Jun-25 Change q-o-q
Payment MAU - retail (issuing) 1,567.2 1,357.8 13.9% 1,528.6 2.5%
Market share in acquiring volumes 54.6% 57.3% 54.8%
Active merchants (thousands) 25.8 22.2 16.4% 25.4 1.6%
3Q25 3Q24 Change y-o-y 2Q25 Change q-o-q
Volume of payment transactions (acquiring) 11 (#_edn11) 6,060.4 5,431.2
(millions): 4,999.9 21.2% 11.6%
POS 3,980.2 3,303.0 20.5% 3,451.9 15.3%
E-comm 2,080.1 1,696.9 22.5% 1,979.2 5.1%
Additional information
Sep-25 Sep-24 Change y-o-y Jun-25 Change q-o-q
Employees (period-end)
Bank of Georgia 8,377 7,796 7.5% 8,325 0.6%
Ameriabank 2,272 1,975 15.0% 2,205 3.0%
Other 2,245 2,051 9.5% 2,173 3.3%
Group 12,894 11,822 9.1% 12,703 1.5%
Branch-network Sep-25 Sep-24 Change y-o-y Jun-25 Change q-o-q
Bank of Georgia 185 185 0.0% 187 -1.1%
Of which:
Full-scale branches 99 95 4.2% 99 0.0%
Transactional branches 86 90 -4.4% 88 -2.3%
Ameriabank 27 26 3.8% 26 3.8%
Unadjusted ratios of the Group 3Q25 3Q24 2Q25 9M25 9M24
ROAA 3.9%12 4.4%12 3.8%(( 12 (#_edn12) )) 3.9%12 6.5%
ROAE 27.8%12 32.1%12 27.2%12 27.9%12 45.6%
FX rates Sep-25 Sep-24 Jun-25
GEL/USD exchange rate (period-end) 2.71 2.73 2.72
GEL/GBP exchange rate (period-end) 3.64 3.66 3.74
GEL/1000AMD exchange rate (period-end) 7.06 7.05 7.07
Shares Outstanding Sep-25 Sep-24 Change y-o-y Jun-25 Change q-o-q
Ordinary shares outstanding (period-end) 42,807,308 43,249,397 -1.0% 43,083,953 -0.6%
Treasury shares outstanding (period-end) 919,155 1,477,586 -37.8% 827,573 11.1%
Total shares outstanding (period-end) 43,726,463 44,726,983 -2.2% 43,911,526 -0.4%
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.
• 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 to 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).
• 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.
• NMF Not meaningful; used when percentage changes are distorted by zero or
missing comparatives, or when the resulting change is above 200 percent.
Constant currency basis
To calculate the q-o-q growth of loans and deposits without the currency
exchange rate effect, we used the relevant exchange rates as at 30 June 2025.
To calculate the y-o-y growth without the currency exchange rate effect, we
used the relevant exchange rates as at 30 September 2024. Constant currency
growth is calculated separately for GFS and AFS, based on their respective
underlying performance.
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 a FTSE 250
holding 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 250 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 2024 and in 2Q25 and 1H25
Results. 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 (#_ednref1) The National Bank of Georgia (NBG) administers a resolution
fund, designed to bolster financial stability during crises. Starting in 2025,
commercial banks are required to make ex-ante contributions proportionate to
their asset share and risk profile, targeting a fund equal to 3% of insured
deposits within eight years (time frame may be changed if the amount in the
fund is used or the deposit insurance limit is increased). For more
information, visit: https://nbg.gov.ge/en/page/resolution-funds
(https://nbg.gov.ge/en/page/resolution-funds) .
2 (#_ednref2) NPS scores and Brand Awareness results are based on surveys
conducted by a third party, IPM Georgia.
3 (#_ednref3) Source: Financial statement of respective banks.
4 (#_ednref4) AFS's and hence the Group's consolidated profit for the nine
months of 2024 (9M24) is not fully representative of AFS's nine-month
performance, as Ameriabank's income statement was consolidated into the Group
from 1 April 2024. To review the underlying nine-month performance of
Ameriabank, see Ameriabank's unaudited standalone financial information on
page 12.
5 (#_ednref5) In 9M24, cost of credit risk included GEL 49.2m initial ECL
charge related to the acquisition of Ameriabank. The initial ECL charge was
posted in accordance with IFRS accounting rules relevant for business
combinations, requiring the Group to treat the newly acquired portfolio as if
it was a new loan issuance, thus necessitating a forward-looking ECL charge on
Day 2 of the combination, even though there has been no actual deterioration
in credit quality.
6 (#_ednref6) In 9M24, one-off items totalling GEL 669.5m were recorded in
AFS, comprising GEL 668.8m in 1Q24 and GEL 0.7m in 2Q24. The 1Q24 amount
reflected a one-off gain from the bargain purchase of Ameriabank and
acquisition-related costs, while the 2Q24 item represented a recovery of a
previously expensed acquisition-related advisory fee. Operating income before
cost of risk, as well as ROAA and ROAE, were adjusted for these one-offs in
both quarters and accordingly for the 9M24 period.
7 (#_ednref7) 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.
8 (#_ednref8) For 9M24, ROAE, ROAA, net interest margin, loan yield, liquid
assets yield, cost of funds, cost of client deposits and notes, cost of
amounts owed to credit institutions, cost of debt securities issued, and cost
of credit risk ratio were adjusted to exclude the effect of Ameriabank's
consolidation at the end of March on average balances.
9 (#_ednref9) 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.
10 (#_ednref10) Ratios are calculated based on quarterly averages.
11 (#_ednref11) 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.
12 (#_ednref12) No adjustments were made to the figures during this period;
Adjusted and unadjusted figures are identical.
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