REG - Lion Finance Grp PLC - 4Q25 and FY25 Preliminary Results
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RNS Number : 2459U Lion Finance Group PLC 25 February 2026
Contents
4Q25 and FY25 preliminary unaudited results (#_Toc221901134)
Earnings call on 25 February 2025, 14:00 GMT (#_Toc221901135)
Segmentation guide (#_Toc221901136)
CEO statement (#_Toc221901140)
Macroeconomic developments: Georgia (#_Toc221901141)
Macroeconomic developments: Armenia (#_Toc221901142)
4Q25 and FY25 preliminary unaudited consolidated results. (#_Toc221901143)
(#_Toc221901143)
Business Division results (#_Toc221901144)
Georgian Financial Services (GFS) (#_Toc221901145)
Armenian Financial Services (AFS) (#_Toc221901146)
Ameriabank CJSC: unaudited standalone financial information (not included in
the consolidated results) (#_Toc221901147)
Other businesses (#_Toc221901148)
Preliminary unaudited consolidated financial information (#_Toc221901149)
Non-financial information (#_Toc221901150)
Additional information (#_Toc221901151)
Glossary (#_Toc221901152)
Lion Finance Group PLC profile (#_Toc221901153)
Further information (#_Toc221901154)
Forward-looking statements (#_Toc221901155)
4Q25 and FY25 preliminary unaudited results
The information in this Announcement in respect of the full-year 2025
preliminary unaudited results, which was approved by the Board of Directors on
24 February 2026, does not constitute statutory accounts within the meaning of
Section 434 of the UK Companies Act 2006. The statutory accounts for the year
ended 31 December 2024 have been filed with the Registrar of Companies, and
the audit reports were unqualified and contained no statements in respect of
Sections 498 (2) or (3) of the UK Companies Act 2006. The audited consolidated
financial statements for the year ended 31 December 2025 will be included in
the Annual Report and Accounts expected to be published in March 2026, which
will be filed with the Registrar of Companies following Lion Finance Group
PLC's Annual General Meeting.
The results are prepared in accordance with UK-adopted international
accounting standards, are unaudited and derived from management accounts.
Earnings call on 25 February 2025, 14:00 GMT
https://zoom.us/webinar/register/WN_TI8FAqC2RJqqxcQmZt21_Q
(https://zoom.us/webinar/register/WN_TI8FAqC2RJqqxcQmZt21_Q)
Webinar ID: 993 0141 6934 | 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 consolidated unaudited profit before one-off items * of GEL 619.3 million in 4Q25 (+22.7% y-o-y), and GEL 2,192.8 million for the full year of 2025 (+20.9% y-o-y).
Continued strength in Group profitability, with return on average equity (adjusted for one-offs*) of 30.1% for 4Q25 and 28.4% for FY25.
The Company today declared a quarterly dividend of GEL 2.75 per share, bringing the total dividend in respect of the FY25 to GEL 10.50 per share. Additionally, a further share buyback and cancellation programme of GEL 53.5m was announced, resulting in the total buyback in respect of FY25 to GEL 203m.
Group performance highlights
The Group income statement highlights present year-on-year comparisons for
4Q25 (not FY25) because Ameriabank's income statement was consolidated only
from 1 April 2024, making FY growth non-representative of underlying
performance.
• The Group delivered robust results in FY25, with profit before one-offs of GEL
2,192.8m and adjusted ROAE of 28.4%, while 4Q25 profit before one-offs grew
22.7% y-o-y, driven by strong loan book expansion, customer franchise growth,
and sustained profitability across all core business divisions.
• The Group's loan book reached GEL 40,065.7m as at 31 December 2025, up 19.7%
y-o-y in constant currency (cc). The growth was fuelled by strong loan book
expansion across both the Georgian (GFS) and Armenian (AFS) operations, which
recorded year-on-year constant currency increases of 16.1% and 28.0%,
respectively. Compared with 30 September 2025, the GFS loan book was up 4.5%,
while the AFS loan book increased by 8.5%, resulting in a total Group loan
growth of 5.8% (in cc).
• Client deposits and notes totalled GEL 38,630.0m as at 31 December 2025,
reflecting a 17.3% y-o-y increase in constant currency (cc). GFS deposits rose
by 14.3% y-o-y, while AFS deposits increased by 21.9% y-o-y. Compared with 30
September 2025, GFS deposits were down 0.5% (attributable to a reduction in
the Corporate Center mainly due to Ministry of Finance deposits), while AFS
deposits increased by 9.1%, resulting in a total Group deposit growth of 2.7%
(in cc).
• Asset quality remained robust across the Group, with the Group cost of credit
risk ratio down to 0.3% in 4Q25 (0.5% in 4Q24 and 0.5% in 3Q25) and the NPL
ratio stable at 2.1% as at 31 December 2025 (2.0% as at 31 December 2024 and
2.1% as at 30 September 2025).
• Operating income was up 16.4% y-o-y to GEL 1,201.3m in 4Q25. The annual
top-line growth was primarily driven by strong net interest income generated
by both GFS and AFS, complemented by solid fee and commission income
generation across both operations.
• In 4Q25, non-interest income increased by 10.1% y-o-y to GEL 405.4m, driven by
growth in net fee and commission income. GFS delivered a 33.8% y-o-y growth in
4Q25 attributable to lower fee expenses due to renegotiated payment systems
terms for both 2025 and future periods (see page 9), while AFS contributed
with a 34.1% y-o-y growth, benefiting from the reclassification of GEL 7.1m in
currency conversion fees to align with the Group's accounting policies
(previously reported in FX gains) as well as a significant GEL 13.7m advisory
fee booked in the quarter.
• The Group's operating expenses increased by 14.0% y-o-y to GEL 422.6m in 4Q25.
The y-o-y growth was driven primarily by GFS, which saw expenses rise by 18.5%
y-o-y, mainly driven by higher staff and administrative expenses (see details
on page 9).
• Capital adequacy and liquidity positions for both Bank of Georgia and
Ameriabank remained above the minimum regulatory requirements (for details,
see pages 10 and 13).
• The Group continued to demonstrate robust customer franchise growth. On a
year-on-year basis, Bank of Georgia's Retail Digital Monthly Active Users
(Digital MAU) grew by 15.0% to surpass 1.8 million individuals, while
Ameriabank's Retail Digital MAU surged by 45.3%, reaching 336 thousand
individuals. On a quarter-on-quarter basis, these figures increased by 5.1%
and 10.3% at Bank of Georgia and Ameriabank, respectively.
CEO statement
2025 was a year of strong performance for the Group, marked by robust growth
in our core operations and notable momentum in Armenia driven by the continued
enhancement of our retail banking capabilities. During 2025, we also continued
to elevate the quality of our banking franchises, expand the balance sheet,
and sustain high profitability. As a result, we delivered a record GEL 2.2
billion in Group net profit before one-offs (up 20.9% year-on-year), a return
on average equity of 28.4%, and a 21.6% growth in our book value per share to
GEL 197.85.
Favourable macroeconomic conditions in Georgia and Armenia supported our
businesses in 2025, as both economies delivered substantial growth underpinned
by solid domestic demand and resilient external inflows. Macroeconomic
policies remained agile, helping international reserves reach record levels.
Looking ahead, we are optimistic about continued momentum and project real GDP
growth of about 6.0% in Georgia within the range of 5.5-6.0% in Armenia for
2026. Further upside potential for the region may emerge from the ongoing
implementation of the Armenia-Azerbaijan peace agreement.
Throughout 2025, Bank of Georgia reinforced its market leadership as the main
bank in our customers' daily lives. Retail digital monthly active users
(Digital MAU) grew 15.0% year-on year to over 1.8 million individuals at
year-end, with digital daily active users approaching 1 million. This
engagement validates our customer-centric and innovation-focused strategy
launched in 2019, when Digital MAU stood at just 355,000.
For the second consecutive year, Bank of Georgia earned Global Finance's
"World's Best Digital Bank" recognition. Meanwhile, our Net Promoter Score
(NPS) remained consistently above 70 throughout the year, hitting a record 76
points in the fourth quarter. This success has been reflected in strong
balance sheet growth and financial performance. Loans and deposits in Georgian
Financial Services (GFS) were up 16.1% and 14.3% year-on-year in constant
currency. Overall, GFS recorded a full-year profit before one-offs of GEL 1.7
billion, an increase of almost 10% from 2024 - and an adjusted return on
average equity of 32.0%.
GFS profitability remained solid throughout 2025, despite some headwinds. On
the revenue side, we successfully addressed challenges in our net fee and
commission income by securing better terms from international payment systems
for 2025 and onwards, while strengthening our FX income remains a key area of
focus. Although the net interest margin declined quarter-on-quarter by 30 bps
to 5.9%, reflecting higher client deposit costs and the GEL 450m Eurobond
issuance, we expect the net interest margin to remain broadly stable, with
scope for slight upside, in 2026.
Ameriabank made significant progress in 2025, advancing its strategic
priorities by strengthening its retail customer value proposition with new
products. Digital monthly active users surged by 45.3% year-on-year to 336
thousand, representing 70% of our total monthly active retail customers (up
from 65% in 2024). With Ameriabank's digital penetration at just c.11% of
Armenia's population versus c.47% in Georgia, we see a substantial runway for
continued growth in this dynamic market. In Armenian Financial Services (AFS),
net loans and deposits increased by 28.0% and 21.9% year-on-year in constant
currency, reinforcing Ameriabank's market leadership. AFS delivered GEL 452.4m
in profit for FY25 and achieved a 22.6% return on average equity. Ameriabank's
standalone profit grew by 23.6% year-on-year on a comparable full-year basis.
Considering the Group's performance, the Board declared a quarterly dividend
of GEL 2.75, bringing the total cash dividend for 2025 to GEL 10.50 per share
- a 16.7% increase year-on-year. Additionally, the Board has approved a
further share buyback and cancellation programme of GEL 53.5 million, bringing
the total buyback amount for 2025 to GEL 203 million. These combined
distributions result in a total 2025 payout ratio of 30%, in line with our
distribution policy.
Georgia and Armenia continue to be among the wider region's fastest-growing
economies, and our presence in both markets positions us well for the
opportunities ahead. We entered the new year with clear priorities: deepening
customer relationships, driving digital innovation, and building on the record
profit achieved in 2025. I thank our colleagues for their dedication and our
stakeholders for their continued confidence and support.
Archil
Gachechiladze
CEO, Lion Finance Group PLC
24 February 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 maintained strong momentum in 4Q25, with preliminary real GDP expanding by 6.8% y-o-y. This brought the full-year 2025 preliminary growth to 7.5%. The expansion was broad-based, driven primarily by the information and communication, education, financial services, and real estate sectors. We forecast real GDP growth of about 6.0% in 2026, supported by robust consumption, resilient external inflows, and sustained public capital expenditure. Downside risks persist, including global trade tensions, regional geopolitical instability, and domestic political challenges. However, Georgia's structural resilience and sound macroeconomic policies are expected to continue underpinning growth.
Robust external flows
External inflows remained solid, supported by diversified markets and income sources. In 4Q25, merchandise exports increased by a strong 20.7% y-o-y (up 11.2% for the full year), while imports rose by only 4.2% y-o-y (up 9.7% for the full year), contributing to a narrower trade deficit. International tourism revenues grew by 9.2% y-o-y in 4Q25 (up 6.0% for the full year), driven by a sustained increase in tourist arrivals, which reached a record high of 5.5 million in 2025. Inbound money transfers also accelerated, increasing by 14.6% y-o-y (up 8.5% for the full year), which reflects robust remittance inflows from the US and the EU.
Stable GEL and record-high reserves
In 2025, the Georgian Lari (GEL) appreciated by 4.0% against the US dollar but
depreciated by 8.3% against the euro and by 3.1% against the pound sterling.
The GEL's strength against the US dollar was supported by robust external
inflows, deposit de-dollarisation, and prudent macroeconomic policy. With this
favourable backdrop, the National Bank of Georgia (NBG) continued its foreign
currency purchases, lifting international reserves to a record USD 6.2 billion
by the end of 2025. We expect the GEL to remain broadly stable medium term,
underpinned by solid macroeconomic fundamentals.
Easing inflation and prudent monetary policy
Inflation started to ease in 4Q25 after a temporary mid-year uptick driven mainly by food and healthcare prices. Headline CPI inflation fell to 4.0% y-o-y in December 2025, down from 4.8% in September. Although still above the NBG's 3% target, inflation is expected to continue moderating throughout 2026, supported by well-anchored inflation expectations, a stable GEL, and prudent monetary policy. The NBG has maintained its refinancing rate at 8.0% since May 2024, reflecting a cautious stance. We expect approximately 50 basis points (bps) of policy rate cuts during 2026 as inflation moves towards its target.
Strong fiscal discipline
Strong economic activity supported fiscal performance, with consolidated budget tax revenues rising by 10.2% y-o-y in 4Q25. The government remains committed to fiscal consolidation and is targeting a fiscal deficit of 2.5% of GDP in 2026, unchanged from 2025. The government's debt-to-GDP ratio is projected to decline from 34.3% at end-2025 to 33.5% by end-2026, underscoring sustained fiscal discipline and strengthening buffers for future spending needs.
Healthy bank lending
Bank lending remained robust and broadly aligned with nominal economic growth,
expanding by 14.0% y-o-y in 4Q25 on a constant currency basis, following a
13.3% y-o-y growth in the previous quarter. Business and consumer lending
continued to be the main drivers of credit expansion. Loan dollarisation stood
at 42.4% at the end of December 2025, broadly unchanged from the previous
quarter. Deposit dollarisation declined further to 47.7%, a decrease of 1.5
percentage points (pp) over the same period.
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 4Q25, supported by robust consumption,
expansionary fiscal policy, and solid credit growth amid eased monetary
conditions. Manufacturing, construction, and services were the main
contributors to the 9.8% y-o-y real GDP expansion in 4Q25, following a 6.2%
increase in the previous quarter. Overall, GDP growth reached 7.2% in 2025,
exceeding earlier expectations, while growth in 2026 is projected to be in the
range of 5.5-6.0%. The outlook is supported by continued fiscal expansion,
sustained strength in the services sector, and the planned commissioning of a
new gold mine, which is expected to provide an additional boost to industrial
output and export capacity.
Prudent macroeconomic policies and ongoing structural reforms underpin
Armenia's economic resilience. While regional geopolitical tensions continue
to pose downside risks, further medium-term growth upside could arise from the
durable implementation of the historic 2025 peace accord with Azerbaijan and
the opening of the land border with Türkiye.
Resumed growth in external inflows and strong Dram
Following a normalisation from the one-off highs of the previous year,
external trade resumed growth in 4Q25. Goods exports increased by 8.5% y-o-y
(down 36.1% for the full year), while imports rose by 10.0% y-o-y (down 23.6%
for the full year). Non-commercial money transfers remained strong, rising by
15.6% y-o-y in 4Q25, following a 24.2% growth in the previous quarter.
The resilience of these external inflows, alongside prudent macroeconomic
policies, contributed to a 3.8% appreciation of the Armenian Dram (AMD)
against the US dollar in 2025, building on a 2.0% gain in 2024. Over the same
period, the AMD remained broadly stable against the GEL, depreciating by only
0.2%, after a 6.5% appreciation in 2024. The Central Bank of Armenia (CBA)
continued foreign currency purchases, increasing gross reserves by 38.0% y-o-y
to a record USD 5.1 billion by the end of December 2025.
Near-target inflation and neutral monetary policy
Inflation remained broadly stable in 4Q25, driven mainly by food and service
prices. Headline CPI reached 3.3% y-o-y in December 2025, close to the CBA's
3% target. Inflation is expected to remain stable in 2026 as temporary
food-related price pressures subside. The CBA delivered a 25 bps cut in
December 2025, bringing the refinancing rate to 6.5%. We expect the policy
rate to remain unchanged in 2026, as the current policy stance is assessed to
be broadly neutral.
Continued fiscal expansion
Fiscal policy remained expansionary in 2025, driven by increased spending on
national security, public infrastructure, and social support programmes. As a
result, the fiscal deficit stood at 3.7% of GDP in 2025, unchanged from 2024,
reflecting balanced revenue performance and restrained expenditure execution
toward year-end. The government debt-to-GDP ratio remained broadly stable at
47.3% at end-2025, supported by solid nominal GDP growth and prudent debt
management. Fiscal policy is expected to remain growth-supportive in 2026,
with a planned fiscal deficit of 4.5% of GDP.
Sound banking sector
Armenia's banking sector remains robust, with strong capital and liquidity
buffers. Bank lending grew by an estimated 24.7% y-o-y in 4Q25 on a constant
currency basis, following a 27.1% y-o-y growth in the previous quarter. Loan
dollarisation was broadly stable at 34.0% at the end of December 2025,
following significant declines in prior years. Meanwhile, deposit
dollarisation continued to decrease, reaching 43.9%, down 1.2 pp q-o-q.
4Q25 and FY25 preliminary unaudited consolidated results
The comparability of full-year 2025 results is impacted by the consolidation
of Ameriabank's income statement from 1 April 2024, as the 2024 baseline
includes only nine months of its performance. For a like-for-like analysis,
please see Ameriabank's standalone financials on page 14.
GEL thousands FY25 FY25 FY25 FY25 FY24 FY24 FY24 FY24
INCOME STATEMENT HIGHLIGHTS Group GFS AFS Other Group 1 GFS AFS1 Other
Interest income 5,371,115 3,907,286 1,348,723 115,106 4,139,900 3,261,442 794,616 83,842
Interest expense (2,399,374) (1,804,626) (530,468) (64,280) (1,779,053) (1,463,591) (287,585) (27,877)
Net interest income 2,971,741 2,102,660 818,255 50,826 2,360,847 1,797,851 507,031 55,965
Net fee and commission income 657,487 529,209 115,091 13,187 561,662 465,614 89,922 6,126
Net foreign currency gain 601,003 360,878 145,340 94,785 571,799 386,797 128,032 56,970
Net other income 73,025 50,834 12,132 10,059 68,320 53,428 3,927 10,965
Operating income 4,303,256 3,043,581 1,090,818 168,857 3,562,628 2,703,690 728,912 130,026
Salaries and other employee benefits (2025: adjusted) (948,793)* (516,693)* (369,010) (63,090)* (757,990) (443,347) (268,547) (46,096)
Administrative expenses (325,159) (215,390) (71,415) (38,354) (279,197) (204,383) (47,737) (27,077)
Depreciation, amortisation and impairment (221,652) (148,485) (59,887) (13,280) (173,137) (121,983) (40,818) (10,336)
Other operating expenses (30,893) (26,355) (3,186) (1,352) (12,580) (5,744) (5,400) (1,436)
Operating expenses (2025: adjusted) (1,526,497)* (906,923)* (503,498) (116,076)* (1,222,904) (775,457) (362,502) (84,945)
Gain on bargain purchase 2 1,488 - - 1,488 -* - -* -
Profit from associates 1,316 1,316 - - 1,347 1,347 - -
Operating income before cost of risk (2024 & 2025: adjusted) 2,779,563* 2,137,974* 587,320 54,269* 2,341,071* 1,929,580 366,410* 45,081
Cost of risk (169,497) (141,510) (22,982) (5,005) (165,253) (98,099) (63,182) (3,972)
Out of which initial ECL related to assets acquired in business - - - - (49,157) - (49,157) -
combination(( 3 ))
Profit before income tax expense (2024 & 2025: adjusted) 2,610,066* 1,996,464* 564,338 49,264* 2,175,818* 1,831,481 303,228* 41,109
Income tax expense (417,245) (287,781) (111,974) (17,490) (362,796) (275,557) (73,072) (14,167)
Profit before one-off items 2,192,821* 1,708,683* 452,364 31,774* 1,813,022* 1,555,924 230,156* 26,942
One-off items(( 4 )) (29,590) (29,094) - (496) 672,173 - 672,173 -
Profit 2,163,231 1,679,589 452,364 31,278 2,485,195 1,555,924 902,329 26,942
GEL thousands 4Q25 4Q24 Change 3Q25 Change FY25 FY241 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Net interest income 795,895 663,656 19.9% 776,300 2.5% 2,971,741 2,360,847 25.9%
Net fee and commission income 226,248 169,098 33.8% 140,552 61.0% 657,487 561,662 17.1%
Net foreign currency gain 150,626 176,350 -14.6% 152,186 -1.0% 601,003 571,799 5.1%
Net other income 28,526 22,914 24.5% 15,137 88.5% 73,025 68,320 6.9%
Operating income 1,201,295 1,032,018 16.4% 1,084,175 10.8% 4,303,256 3,562,628 20.8%
Operating expenses (2025: adjusted) (422,581)* (370,611) 14.0% (382,227) 10.6% (1,526,497)* (1,222,904) 24.8%
Gain on bargain purchase2 1,488 - NMF - NMF 1,488 -* NMF
Profit from associates 111 369 -69.9% 469 -76.3% 1,316 1,347 -2.3%
Operating income before cost of risk (2024 & 2025: adjusted) 780,313* 661,776* 17.9% 702,417 11.1% 2,779,563* 2,341,071* 18.7%
Cost of risk (36,410) (49,142) -25.9% (55,378) -34.3% (169,497) (165,253) 2.6%
Out of which initial ECL related to assets acquired in business combination3 - - - - - - (49,157) NMF
Profit before income tax expense and one-off items (2024 & 2025: adjusted) 743,903* 612,634* 21.4% 647,039 15.0% 2,610,066* 2,175,818* 20.0%
Income tax expense (124,589) (107,920) 15.4% (99,843) 24.8% (417,245) (362,796) 15.0%
Profit before one-off items 619,314* 504,714* 22.7% 547,196 13.2% 2,192,821* 1,813,022* 20.9%
One-off items4 (29,590) 2,708 NMF - NMF (29,590) 672,173 NMF
Profit 589,724 507,422 16.2% 547,196 7.8% 2,163,231 2,485,195 -13.0%
Basic earnings per share 13.84 11.75 17.8% 12.75 8.5% 50.27 56.91 -11.7%
Diluted earnings per share 13.62 11.51 18.3% 12.58 8.3% 49.52 55.75 -11.2%
Basic earnings per share adjusted for one-offs 14.53 11.69 24.3% 12.75 14.0% 50.96 41.46 22.9%
Diluted earnings per share adjusted for one-offs 14.30 11.44 25.0% 12.58 13.7% 50.19 40.62 23.6%
*These figures differ from the unaudited consolidated financial statements as
they exclude one-off items to better illustrate underlying performance. The
excluded items are: GEL 29.6m in 4Q25 and FY25; GEL 2.7m in 4Q24 and GEL
672.2m in FY24 (see endnote 4). The FY24 figure primarily consists of a
significant one-off gain on bargain purchase associated with the acquisition
of Ameriabank, which boosted reported earnings in 2024. For the full unaudited
consolidated financial information, please refer to page 16.
BALANCE SHEET HIGHLIGHTS Dec-25 Dec-24 Change y-o-y Sep-25 Change q-o-q
Liquid assets 18,318,956 16,484,035 11.1% 17,882,228 2.4%
Cash and cash equivalents 4,395,270 3,753,183 17.1% 5,049,905 -13.0%
Amounts due from credit institutions 3,729,033 3,278,465 13.7% 3,125,753 19.3%
Investment securities 10,194,653 9,452,387 7.9% 9,706,570 5.0%
Loans to customers, finance lease and factoring receivables 40,065,664 33,558,874 19.4% 37,927,219 5.6%
Property and equipment 616,839 550,097 12.1% 603,448 2.2%
All remaining assets 1,868,397 1,614,882 15.7% 1,718,290 8.7%
Total assets 60,869,856 52,207,888 16.6% 58,131,185 4.7%
Client deposits and notes 38,629,974 33,202,010 16.3% 37,657,572 2.6%
Amounts owed to credit institutions 9,499,106 8,680,233 9.4% 8,637,788 10.0%
Borrowings from DFIs 3,708,770 3,301,249 12.3% 2,795,403 32.7%
Short-term loans from the National Bank of Georgia 2,667,471 2,546,574 4.7% 2,146,297 24.3%
Short-term loans from the Central Bank of Armenia 136,912 153,588 -10.9% 143,168 -4.4%
Loans and deposits from commercial banks 2,985,953 2,678,822 11.5% 3,552,920 -16.0%
Debt securities issued 2,999,871 2,255,016 33.0% 2,539,696 18.1%
All remaining liabilities 1,318,662 1,055,402 24.9% 1,398,612 -5.7%
Total liabilities 52,447,613 45,192,661 16.1% 50,233,668 4.4%
Total equity 8,422,243 7,015,227 20.1% 7,897,517 6.6%
Book value per share 197.85 162.77 21.6% 184.46 7.3%
KEY RATIOS 4Q25 4Q24 3Q25 FY25 FY24
ROAA (adjusted for one-off items)4(,)5 4.2% 4.0% 3.9% 4.0% 4.3%
ROAE (adjusted for one-off items)4(,)5 30.1% 29.6% 27.8% 28.4% 30.0%
Net interest margin(( 5 )) 6.1% 6.0% 6.2% 6.1% 6.3%
Loan yield5(, 6 ) 12.4% 12.2% 12.4% 12.3% 12.4%
Liquid assets yield5 5.1% 4.8% 5.2% 5.1% 5.1%
Cost of funds5 5.2% 4.9% 5.1% 5.1% 5.0%
Cost of client deposits and notes5 4.6% 4.0% 4.5% 4.4% 4.1%
Cost of amounts owed to credit institutions5 7.0% 7.8% 7.1% 7.3% 7.9%
Cost of debt securities issued5 7.7% 7.5% 7.4% 7.5% 8.2%
Cost:income ratio (adjusted for one-off items)4 35.2% 35.9% 35.3% 35.5% 34.3%
NPLs to gross loans 2.1% 2.0% 2.1% 2.1% 2.0%
NPL coverage ratio 57.8% 63.0% 64.4% 57.8% 63.0%
NPL coverage ratio adjusted for the discounted value of collateral 116.3% 119.6% 117.7% 116.3% 119.6%
Cost of credit risk ratio5 0.3% 0.5% 0.5% 0.4% 0.5%
GEL thousands Dec-25 Dec-24 Change Sep-25 Change
NON-PERFORMING LOANS y-o-y q-o-q
Group (consolidated)
NPLs (in GEL thousands) 869,446 666,859 30.4% 803,774 8.2%
NPLs to gross loans 2.1% 2.0% 2.1%
NPL coverage ratio 57.8% 63.0% 64.4%
NPL coverage ratio adjusted for the discounted value of collateral 116.3% 119.6% 117.7%
Georgian Financial Services (GFS)
NPLs to gross loans 2.1% 2.2% 2.3%
NPL coverage ratio 54.8% 62.1% 59.7%
NPL coverage ratio adjusted for the discounted value of collateral 114.6% 115.1% 112.2%
Ameriabank (standalone figures)
NPLs to gross loans 2.1% 1.4% 1.5%
NPL coverage ratio 68.5% 69.1% 87.3%
NPL coverage ratio adjusted for the discounted value of collateral 125.5% 137.3% 145.8%
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 fourth quarter of
2025 and robust capital levels, today the Board declared an interim dividend
of GEL 2.75 per ordinary share in respect of the fourth quarter of 2025,
payable according to the following timetable:
• Ex-Dividend Date: 26 March 2026
• Record Date: 27 March 2026
• Currency Conversion Date: 27 March 2026
• Payment Date: 14 April 2026
• The NBG's Lari/Pound Sterling average exchange rate for the period of 23 March
to 27 March 2026 will be used as the exchange rate on the Currency Conversion
Date and will be announced in due course.
• In addition, today the Board has approved an extension to the share buyback
and cancellation programme of GEL 53.5 million.
• The previous GEL 51.5 million share buyback and cancellation programme,
announced on 20 November 2025, is completed. As a result, the total number of
voting rights in issue following the cancellation of shares is 43,365,907 as
of 24 February 2026.
Business Division results
Following the acquisition of Ameriabank at the end of March 2024, the Group
results are presented by the following Business Divisions: 1) Georgian
Financial Services (GFS), 2) Armenian Financial Services (AFS), and 3) Other
Businesses.
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 4Q25 4Q24 Change 3Q25 Change FY25 FY24 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 1,040,286 879,608 18.3% 1,007,375 3.3% 3,907,286 3,261,442 19.8%
Interest expense (486,175) (408,847) 18.9% (455,157) 6.8% (1,804,626) (1,463,591) 23.3%
Net interest income 554,111 470,761 17.7% 552,218 0.3% 2,102,660 1,797,851 17.0%
Net fee and commission income 169,810 126,923 33.8% 120,379 41.1% 529,209 465,614 13.7%
Net foreign currency gain 91,895 107,776 -14.7% 94,932 -3.2% 360,878 386,797 -6.7%
Net other income 20,953 26,030 -19.5% 7,916 164.7% 50,834 53,428 -4.9%
Operating income 836,769 731,490 14.4% 775,445 7.9% 3,043,581 2,703,690 12.6%
Salaries and other employee benefits (2025: adjusted) (140,375)* (125,107) 12.2% (130,380) 7.7% (516,693)* (443,347) 16.5%
Administrative expenses (71,450) (61,018) 17.1% (51,194) 39.6% (215,390) (204,383) 5.4%
Depreciation, amortisation and impairment (40,657) (31,799) 27.9% (38,430) 5.8% (148,485) (121,983) 21.7%
Other operating expenses (7,603) (1,636) NMF (6,171) 23.2% (26,355) (5,744) NMF
Operating expenses (2025: adjusted) (260,085)* (219,560) 18.5% (226,175) 15.0% (906,923)* (775,457) 17.0%
Profit from associates 111 369 -69.9% 469 -76.3% 1,316 1,347 -2.3%
Operating income before cost of risk (2025: adjusted) 576,795* 512,299 12.6% 549,739 4.9% 2,137,974* 1,929,580 10.8%
Cost of risk (30,274) (47,615) -36.4% (47,398) -36.1% (141,510) (98,099) 44.3%
Profit before income tax expense (2025: adjusted) 546,521* 464,684 17.6% 502,341 8.8% 1,996,464* 1,831,481 9.0%
Income tax expense (86,583) (71,415) 21.2% (68,515) 26.4% (287,781) (275,557) 4.4%
Profit before for one-off items 459,938* 393,269 17.0% 433,826 6.0% 1,708,683* 1,555,924 9.8%
One-off items4 (29,094) - NMF - NMF (29,094) - NMF
Profit 430,844 393,269 9.6% 433,826 -0.7% 1,679,589 1,555,924 7.9%
*These figures exclude a one-off item of GEL 29.1m in 4Q25 and FY25 to better
illustrate underlying performance (see endnote 4).
BALANCE SHEET HIGHLIGHTS Dec-25 Dec-24 Change Sep-25 Change
y-o-y q-o-q
Cash and cash equivalents 2,720,691 1,832,228 48.5% 3,226,804 -15.7%
Amounts due from credit institutions 2,139,551 2,423,723 -11.7% 2,160,672 -1.0%
Investment securities 8,236,145 7,886,960 4.4% 8,074,493 2.0%
Loans to customers, finance lease and factoring receivables 27,288,607 23,539,328 15.9% 26,150,474 4.4%
Loans to customers, finance lease and factoring receivables, LC 15,822,353 13,580,484 16.5% 15,210,055 4.0%
Loans to customers, finance lease and factoring receivables, FC 11,466,254 9,958,844 15.1% 10,940,419 4.8%
Property and equipment 519,892 462,037 12.5% 501,230 3.7%
All remaining assets 1,225,254 1,170,001 4.7% 1,223,077 0.2%
Total assets 42,130,140 37,314,277 12.9% 41,336,750 1.9%
Client deposits and notes 27,312,550 24,052,164 13.6% 27,487,750 -0.6%
Client deposits and notes, LC 14,595,833 11,355,443 28.5% 14,551,630 0.3%
Client deposits and notes, FC 12,716,717 12,696,721 0.2% 12,936,120 -1.7%
Amounts owed to credit institutions 6,562,242 6,712,420 -2.2% 6,225,136 5.4%
Debt securities issued 1,800,502 1,082,831 66.3% 1,320,165 36.4%
All remaining liabilities 769,455 475,032 62.0% 910,900 -15.5%
Total liabilities 36,444,749 32,322,447 12.8% 35,943,951 1.4%
Total equity 5,685,391 4,991,830 13.9% 5,392,799 5.4%
Risk-weighted assets (JSC Bank of Georgia standalone) 32,187,358 29,080,593 10.7% 30,835,359 4.4%
KEY RATIOS 4Q25 4Q24 3Q25 FY25 FY24
ROAA (adjusted for one-off items)4 4.4% 4.3% 4.3% 4.3% 4.7%
ROAA (unadjusted) 4.1% 4.3% 4.3% 4.3% 4.7%
ROAE (adjusted for one-off items)4 32.7% 32.5% 32.2% 32.0% 33.5%
ROAE (unadjusted) 30.7% 32.5% 32.2% 31.5% 33.5%
Net interest margin 5.9% 5.8% 6.2% 5.9% 6.0%
Loan yield 12.8% 12.5% 12.8% 12.7% 12.5%
Loan yield, GEL 15.5% 15.0% 15.4% 15.3% 15.0%
Loan yield, FC 8.9% 9.0% 9.3% 9.1% 9.3%
Cost of funds 5.5% 5.2% 5.3% 5.4% 5.2%
Cost of client deposits and notes 4.9% 4.3% 4.7% 4.7% 4.4%
Cost of client deposits and notes, GEL 7.9% 7.6% 7.8% 7.9% 7.8%
Cost of client deposits and notes, FC 1.5% 1.3% 1.4% 1.5% 1.2%
Cost of time deposits 7.2% 6.6% 7.0% 7.0% 6.8%
Cost of time deposits, GEL 10.3% 10.0% 9.9% 10.3% 10.6%
Cost of time deposits, FC 2.6% 2.5% 2.7% 2.7% 2.3%
Cost of current accounts and demand deposits 2.9% 2.3% 2.7% 2.6% 2.3%
Cost of current accounts and demand deposits, GEL 5.3% 4.7% 5.3% 5.2% 4.9%
Cost of current accounts and demand deposits, FC 0.7% 0.6% 0.6% 0.6% 0.4%
Cost:income ratio (adjusted for one-off items)4 31.1% 30.0% 29.2% 29.8% 28.7%
Cost:income ratio (unadjusted) 34.6% 30.0% 29.2% 30.8% 28.7%
Cost of credit risk ratio 0.4% 0.6% 0.6% 0.5% 0.4%
Performance highlights
• GFS delivered 14.4% y-o-y growth in 4Q25 operating income, driven by increases
in net interest income and net fee and commission income. QoQ growth of 7.9%
resulted primarily from strong fee and commission performance. For FY25,
operating income rose 12.6%, with strong net interest income complemented by
growth in fee and commission income and partially offset by a decline in net
foreign currency gain and net other income.
• Double digit net interest income growth in 4Q25 on a y-o-y basis resulted from
sustained strong loan book growth, combined with 10 bps net interest margin
expansion to 5.9%. On a q-o-q basis, the net interest margin declined by 30
bps - whilst the loan yield remained flat, this was driven by a 20 bps
increase in the cost of funds, attributable to higher client deposit and note
costs (up 20 bps q-o-q) along with the impact from the GEL-denominated 450m
Eurobond placement in November 2025. For FY25, NIM declined 10 bps to 5.9%.
• Net fee and commission income increased by 33.8% y-o-y and 41.1% q-o-q in
4Q25. While fee and commission income grew by 13.7% y-o-y, this strong
performance was primarily driven by a 17.7% y-o-y reduction in fee and
commission expenses as we negotiated better terms from international payment
systems for all of 2025 and going forward. The normalised net fee and
commission income y-o-y growth would have been c.15%. For FY25, net fee and
commission income reached GEL 529.2m (+13.7%).
• Net foreign currency (FX) gain was down 14.7% y-o-y in 4Q25 and down 6.7%
y-o-y for the full year, adversely impacted by increased competition and lower
currency volatility throughout the year.
• In 4Q25, operating expenses increased by 18.5% y-o-y with growth broad-based
across all expense lines. Staff costs included accelerated recognition of
unvested, previously granted share-based awards due to the voluntary departure
of an executive manager. Administrative expense growth was mainly driven by
higher marketing and technology investments supporting business growth.
Additionally, Bank of Georgia recorded a GEL 4.4m contribution to the
Resolution Fund, a regulatory requirement introduced by NBG for all commercial
banks effective from January 2025 7 . Excluding accelerated recognition of
unvested share-based awards and the Resolution Fund payment, operating
expenses at GFS would have increased by 14.5% y-o-y.
• The portfolio quality remained healthy across the board, with the cost of
credit risk ratio standing at 0.4% in 4Q25 and 0.5% in FY25, and the NPL ratio
declining to 2.1% as at 31 December 2025.
Portfolio highlights
Portfolio highlights: loans to customers, finance lease and factoring
receivables
Dec-25 Dec-24 Change Change y-o-y Sep-25 Change Change q-o-q (constant currency)
y-o-y (constant currency) q-o-q
Total GFS 27,288,607 23,539,328 15.9% 16.1% 26,150,474 4.4% 4.5%
Retail 12,190,163 10,203,425 19.5% 19.4% 11,571,767 5.3% 5.4%
Mortgages 5,139,094 4,498,321 14.2% 14.2% 4,915,696 4.5% 4.8%
Consumer loans 6,190,599 4,987,399 24.1% 24.4% 5,856,880 5.7% 5.7%
Other loans 860,470 717,705 19.9% 17.8% 799,191 7.7% 8.0%
SME 5,447,299 5,011,108 8.7% 8.2% 5,317,970 2.4% 2.6%
CIB 9,651,145 8,324,795 15.9% 16.8% 9,260,737 4.2% 4.5%
Portfolio highlights: customer deposits and notes
Dec-25 Dec-24 Change Change y-o-y Sep-25 Change q-o-q Change q-o-q (constant currency)
y-o-y (constant currency)
Total GFS 27,312,550 24,052,164 13.6% 14.3% 27,487,750 -0.6% -0.5%
Retail 16,385,011 14,422,359 13.6% 14.8% 15,589,366 5.1% 5.4%
SME 2,526,790 2,146,585 17.7% 17.9% 2,344,438 7.8% 7.9%
CIB 8,081,092 6,578,858 22.8% 23.4% 7,613,923 6.1% 6.3%
Corporate Center 421,957 971,961 -56.6% 2,021,083 -79.1%
Eliminations (102,300) (67,599) 51.3% (81,060) 26.2%
Loan portfolio quality: cost of credit risk ratio
4Q25 4Q24 3Q25 FY25 FY24
Total GFS 0.4% 0.6% 0.6% 0.5% 0.4%
Retail 0.7% 0.5% 0.8% 0.6% 0.4%
SME 0.0% -0.4% 0.3% 0.4% 0.3%
CIB 0.2% 1.3% 0.7% 0.3% 0.4%
Loan portfolio quality: NPL ratio
Dec-25 Dec-24 Sep-25
Total GFS 2.1% 2.2% 2.3%
Retail 1.4% 1.6% 1.5%
SME 4.0% 3.5% 4.0%
CIB 2.0% 2.1% 2.3%
• Customer lending continued to expand, driven primarily by RB and CIB, with SME
also contributing
• Within the RB segment, consumer lending showed particularly strong growth,
rising by 24.4% y-o-y and 5.7% q-o-q in cc. Mortgage lending grew by 14.2%
y-o-y and 4.8% q-o-q in cc, now accounting for 42.2% of the retail loan book -
below the share of consumer loans at 50.8%.
• Client deposits and notes demonstrated strong y-o-y growth, driven by RB and
CIB segments, with SME also contributing. The y-o-y growth was
well-diversified across business segments and deposit types. As at 31 December
2025, current & demand deposits and time deposits accounted for 56.0% and
44.0% of the total deposit portfolio, respectively. Notably, the share of GEL
deposits in total deposits increased significantly y-o-y from 47.2% to 53.4%.
Deposits were broadly flat q-o-q due to a reduction in the Corporate Center
(mainly the Ministry of Finance deposits used mainly for liquidity
management).
• Additionally, our funding mix was strengthened by the successful issuance of a
GEL 450m senior unsecured Eurobond by Bank of Georgia - the largest
local-currency Eurobond by a private-sector entity in the Caucasus, Turkey and
Central Asia region for 2025.
Liquidity
Dec-25 Dec-24 Sep-25
IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia) 147.7% 138.6% 126.2%
IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia) 134.1% 130.7% 127.4%
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 4Q25 and the potential impact of a 10% devaluation of GEL
is as follows:
30 Sep 4Q25 Business growth Currency impact Dividend payment Tier 1- Tier 2 31 Dec Min requirement Buffer above min requirement Potential impact
2025 profit 2025 of a 10% GEL devaluation
CET 1 capital adequacy 17.4% 1.4% -0.7% 0.0% -0.6% 0.0% 17.6% 15.2% 2.4% -0.8%
Tier 1 capital adequacy 20.5% 1.4% -0.8% 0.0% -0.6% 0.0% 20.5% 17.3% 3.2% -0.7%
Total capital adequacy 22.1% 1.4% -0.9% 0.0% -0.6% 0.0% 22.0% 20.2% 1.8% -0.7%
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 14 for reference. It differs from AFS results due to fair
value adjustments and the allocation of certain Group expenses to Business
Divisions and is not included in the consolidated results.
Year-on-year AFS segment comparisons are not representative of underlying
performance because FY24 results include only nine months of Ameriabank's
performance post-acquisition (income statement consolidated from 1 April
2024). Ameriabank's standalone full-year results, which differ from segment
reporting due to internal adjustments, are available on page 14.
GEL thousands 4Q25 4Q24 Change 3Q25 Change FY25 FY241 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 375,000 284,685 31.7% 349,416 7.3% 1,348,723 794,616 69.7%
Interest expense (149,644) (104,643) 43.0% (139,374) 7.4% (530,468) (287,585) 84.5%
Net interest income 225,356 180,042 25.2% 210,042 7.3% 818,255 507,031 61.4%
Net fee and commission income 53,343 39,781 34.1% 17,356 NMF 115,091 89,922 28.0%
Net foreign currency gain 35,042 50,712 -30.9% 38,428 -8.8% 145,340 128,032 13.5%
Net other income 3,706 1,060 NMF 4,896 -24.3% 12,132 3,927 NMF
Operating income 317,447 271,595 16.9% 270,722 17.3% 1,090,818 728,912 49.7%
Salaries and other employee benefits (92,907) (92,590) 0.3% (98,731) -5.9% (369,010) (268,547) 37.4%
Administrative expenses (19,321) (20,458) -5.6% (14,860) 30.0% (71,415) (47,737) 49.6%
Depreciation, amortisation and impairment (15,360) (12,988) 18.3% (14,569) 5.4% (59,887) (40,818) 46.7%
Other operating expenses (920) (2,150) -57.2% 778 NMF (3,186) (5,400) -41.0%
Operating expenses (128,508) (128,186) 0.3% (127,382) 0.9% (503,498) (362,502) 38.9%
Profit from associates - - NMF - NMF - - -
Operating income before cost of risk (2024: adjusted) 188,939 143,409* 31.7% 143,340 31.8% 587,320 366,410* 60.3%
Cost of risk (6,170) (3,533) 74.6% (2,872) 114.8% (22,982) (63,182) -63.6%
Out of which initial ECL related to assets acquired in business combination3 - - NMF - NMF - (49,157) NMF
Profit before income tax expense (2024: adjusted) 182,769 139,876* 30.7% 140,468 30.1% 564,338 303,228* NMF
Income tax expense (33,181) (31,585) 5.1% (28,997) 14.4% (111,974) (73,072) 53.2%
Profit before one-off items 149,588 108,291* 38.1% 111,471 34.2% 452,364 230,156* 96.5%
One-off items4 - 2,708 NMF - NMF - 672,173 NMF
Profit 149,588 110,999 34.8% 111,471 34.2% 452,364 902,329 -49.9%
* These figures exclude a one-off item of GEL 2.7m in 4Q24 and GEL 672.2m in
FY24 to better illustrate underlying performance (see endnote 4).
BALANCE SHEET HIGHLIGHTS Dec-25 Dec -24 Change y-o-y Sep-25 Change q-o-q
Cash and cash equivalents 773,802 1,409,223 -45.1% 1,211,626 -36.1%
Amounts due from credit institutions 1,566,220 821,779 90.6% 942,877 66.1%
Investment securities 1,794,826 1,447,558 24.0% 1,455,992 23.3%
Loans to customers, finance lease and factoring receivables 11,818,695 9,265,005 27.6% 10,890,803 8.5%
Loans to customers, finance lease and factoring receivables, LC 6,770,754 5,457,699 24.1% 6,258,037 8.2%
Loans to customers, finance lease and factoring receivables, FC 5,047,941 3,807,306 32.6% 4,632,766 9.0%
Property and equipment 78,285 74,671 4.8% 84,829 -7.7%
All remaining assets 520,440 352,476 47.7% 396,708 31.2%
Total assets 16,552,268 13,370,712 23.8% 14,982,835 10.5%
Client deposits and notes 9,630,051 7,949,083 21.1% 8,827,419 9.1%
Client deposits and notes, LC 5,832,351 4,527,568 28.8% 5,227,233 11.6%
Client deposits and notes, FC 3,797,700 3,421,515 11.0% 3,600,186 5.5%
Amounts owed to credit institutions 2,909,876 1,956,445 48.7% 2,382,530 22.1%
Debt securities issued 1,186,478 1,155,679 2.7% 1,207,757 -1.8%
All remaining liabilities 496,458 541,068 -8.2% 444,191 11.8%
Total liabilities 14,222,863 11,602,275 22.6% 12,861,897 10.6%
Total equity 2,329,405 1,768,437 31.7% 2,120,938 9.8%
Risk-weighted assets (Ameriabank CJSC standalone) 15,054,624 11,685,845 28.8% 14,099,398 6.8%
KEY RATIOS 4Q25 4Q24 3Q25 FY25 FY24
ROAA (adjusted for one-off items)4 3.8% 3.6% 3.0% 3.2% 2.9%
ROAA (adjusted for one-off items and Ameriabank initial ECL)3(,)4 3.8% 3.6% 3.0% 3.2% 3.5%
ROAA (unadjusted) 3.8% 3.7% 3.0% 3.2% 11.4%
ROAE (adjusted for one-off items)4 26.8% 25.3% 21.8% 22.6% 20.6%
ROAE (adjusted for one-off items and Ameriabank initial ECL)3(,)4 26.8% 25.3% 21.8% 22.6% 25.0%
ROAE (unadjusted) 26.8% 26.0% 21.8% 22.6% 80.7%
Net interest margin 6.3% 6.8% 6.5% 6.4% 7.3%
Loan yield 11.5% 11.6% 11.6% 11.5% 12.5%
Loan yield, AMD 14.1% 13.9% 14.2% 14.0% 15.0%
Loan yield, FC 8.0% 8.5% 7.9% 8.1% 8.9%
Cost of funds 4.6% 4.2% 4.6% 4.5% 4.4%
Cost of client deposits and notes 3.9% 3.3% 3.7% 3.6% 3.3%
Cost of client deposits and notes, AMD 5.5% 4.9% 5.3% 5.2% 5.1%
Cost of client deposits and notes, FC 1.5% 1.4% 1.6% 1.5% 1.5%
Cost of time deposits 6.8% 6.1% 6.5% 6.4% 6.0%
Cost of time deposits, AMD 9.9% 9.5% 9.8% 9.8% 10.0%
Cost of time deposits, FC 2.6% 2.5% 2.6% 2.5% 2.5%
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% 2.1% 2.3% 2.3% 2.3%
Cost of current accounts and demand deposits, FC 0.7% 0.7% 0.7% 0.7% 0.8%
Cost:income ratio 40.5% 47.2% 47.1% 46.2% 49.7%
Cost of credit risk ratio3 0.2% 0.3% 0.0% 0.2% 1.2%
Performance highlights
• In 4Q25, AFS delivered operating income growth of 16.9% y-o-y and 17.3% q-o-q.
The y-o-y increase was primarily driven by strong net interest income,
supported by net fee and commission income. The q-o-q growth was led by a
substantial increase in net fee and commission income, complemented by robust
growth in net interest income.
• In 4Q25, NIM stood at 6.3% (6.8% in 4Q24 and 6.5% in 3Q25). On a y-o-y basis,
a 10 bps decrease in the loan yield was coupled with a 40 bps rise in the cost
of funds. This funding cost increase was primarily driven by higher cost of
customer deposits (up 60 bps to 3.9%), mainly due to increased share of AMD
and time deposits in the mix as well as higher cost of AMD deposits.
• Net fee and commission income increased by 34.1% y-o-y in 4Q25. This quarter's
result included a net GEL 7.1m reclassification of currency conversion fees to
align with the Group's accounting policies (previously reported in FX gain).
Excluding this effect, net fee and commission would have increased by c.16%.
Furthermore, growth was supported by a significant GEL 13.7m advisory fee
booked in the fourth quarter.
• Net foreign currency gain was down 30.9% y-o-y in 4Q25, reflecting both the
reclassification of GEL 7.1m to net fee and commission income and heightened
market competition on the back of relatively stable currency environment.
• In 4Q25, operating expenses stood broadly flat y-o-y. Salaries and other
employee benefits also stood flat y-o-y as Group level-adjustments related to
management retention bonus elevated the base in 2024. On a standalone basis
(see page 14), operating expenses were up 10.4% y-o-y in 4Q25, mainly driven
by a 13.8% y-o-y growth in staff costs.
Portfolio highlights 8
Portfolio highlights: loans to customers, finance lease and factoring
receivables
Dec-25 Dec-24 Change Change y-o-y Sep-25 Change q-o-q Change q-o-q (constant currency)
y-o-y (constant currency)
Total AFS 11,818,695 9,265,005 27.6% 28.0% 10,890,803 8.5% 8.5%
Retail 5,281,641 4,193,063 26.0% 26.4% 4,944,013 6.8% 6.8%
Mortgages 2,759,125 2,461,083 12.1% 12.5% 2,617,178 5.4% 5.4%
Consumer loans 1,862,265 1,180,493 57.8% 57.9% 1,701,662 9.4% 9.4%
Retail SME 660,251 551,487 19.7% 20.8% 625,173 5.6% 5.6%
Corporate 6,537,054 5,071,942 28.9% 29.4% 5,946,790 9.9% 10.0%
Portfolio highlights: customer deposits and notes
Dec-25 Dec-24 Change Change y-o-y (constant currency) Sep-25 Change q-o-q Change q-o-q (constant currency)
y-o-y
Total AFS 9,630,051 7,949,083 21.1% 21.9% 8,827,419 9.1% 9.1%
Retail 5,183,973 4,298,868 20.6% 21.4% 4,842,429 7.1% 7.1%
Corporate 4,446,078 3,650,215 21.8% 22.4% 3,984,990 11.6% 11.6%
Loan portfolio quality: cost of credit risk ratio
4Q25 4Q24 3Q25 FY25 FY24
Total AFS 0.2% 0.3% 0.0% 0.2% 1.1%
Retail 0.8% 0.4% 0.5% 0.8% 0.9%
Corporate -0.3% 0.1% -0.3% -0.3% 1.3%
• Customer loans grew strongly by 28.0% y-o-y and 8.5% q-o-q in cc, with
broad-based growth across both Corporate and Retail segments. Within the
Retail portfolio, consumer loans maintained the strongest growth trajectory,
posting 57.9% y-o-y and 9.4% q-o-q growth in cc. Mortgage lending grew by
12.5% y-o-y and 5.4% q-o-q in cc, now representing 52.2% of the total retail
loan book. Ameriabank strengthened its market leadership, with its lending
share rising to a dominant 21.7% at year-end, up 0.9pp y-o-y and 0.5pp q-o-q.
• Client deposits and notes also grew strongly, rising by 21.9% y-o-y and by
9.1% q-o-q in cc. The share of time deposits increased over the year to 41.5%
of the total (37.8% as at 31 December 2024 and 42.7% as at 30 September 2025).
The bank's deposit market share (including local bonds) expanded by 1.0 pp
y-o-y to reach 19.5% at year-end (up 0.1pp q-o-q).
• AFS maintains a diversified funding structure with customer deposits and local
debt securities representing 76.1% of total liabilities, and the ratio of net
loans, factoring and finance lease receivables to customer deposits and notes,
local debt securities and DFI funding standing at 97.5% as at 31 December
2025.
Liquidity
• Ameriabank has maintained a strong liquidity position, with CBA LCR at 249.9%
and CBA NSFR at 127.3% as at 31 December 2025, well above the minimum
regulatory requirements of 100%.
Capital position
• As at 31 December 2025, Ameriabank's CET 1, Tier 1, and Total capital ratios
stood at 14.4%, 14.4%, and 17.0%, respectively, all above the minimum
requirements of 12.0%, 14.1%, and 16.8%, respectively.
Total capital was enhanced in early 2026. In mid-December 2025, Ameriabank
secured EUR 30 million in subordinated debt (with CBA approval received in
January 2026), and the Total capital ratio increased to 17.5% at the end of
January.
Additionally, in February Ameriabank successfully placed inaugural USD 50m
Additional Tier 1 capital notes. These perpetual notes, which carry an 8.5%
coupon rate, are expected to be listed on the Armenia Securities Exchange and
have added approximately 0.86 pp to both Tier 1 and Total Capital ratios.
The movement in capital adequacy ratios in 4Q25 and the potential impact of a
10% devaluation of AMD is as follows.
30 Sep 2025 4Q25 profit Business growth Currency impact Dividend payment Regulatory deductions Tier 1 - Tier 2 31 Dec 2025 Minimum requirement Buffer above min requirement Potential impact of a 10% AMD devaluation
CET 1 capital adequacy 14.5% 0.9% -1.0% 0.0% 0.0% 0.0% 0.0% 14.4% 12.0% 2.4% -0.6%
Tier 1 capital adequacy 14.5% 0.9% -1.0% 0.0% 0.0% 0.0% 0.0% 14.4% 14.1% 0.3% -0.6%
Total capital adequacy 17.2% 0.9% -1.1% 0.0% 0.0% 0.0% 0.0% 17.0% 16.8% 0.2% -0.5%
Ameriabank CJSC: 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 4Q25 4Q24 Change 3Q25 Change FY25 FY24 Change
y-o-y q-o-q y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 373,941 282,463 32.4% 349,757 6.9% 1,344,486 992,762 35.4%
Interest expense (147,242) (101,267) 45.4% (136,292) 8.0% (518,874) (354,468) 46.4%
Net interest income 226,699 181,196 25.1% 213,465 6.2% 825,612 638,294 29.3%
Net fee and commission income 53,343 39,547 34.9% 17,356 NMF 115,092 108,282 6.3%
Net foreign currency gain 34,568 52,959 -34.7% 37,924 -8.8% 141,610 162,184 -12.7%
Net other income 3,706 897 NMF 4,895 -24.3% 12,131 5,423 123.7%
Operating income 318,316 274,599 15.9% 273,640 16.3% 1,094,445 914,183 19.7%
Salaries and other employee benefits (89,877) (78,944) 13.8% (83,932) 7.1% (316,089) (290,364) 8.9%
Administrative expenses (18,632) (19,864) -6.2% (14,530) 28.2% (69,638) (59,212) 17.6%
Depreciation, amortisation and impairment (12,816) (9,825) 30.4% (12,217) 4.9% (47,609) (35,831) 32.9%
Other operating expenses (920) (2,066) -55.5% 779 NMF (3,186) (6,421) -50.4%
Operating expenses (122,245) (110,699) 10.4% (109,900) 11.2% (436,522) (391,828) 11.4%
Operating income before cost of risk 196,071 163,900 19.6% 163,740 19.7% 657,923 522,355 26.0%
Cost of risk (9,397) (2,344) NMF (3,427) 174.2% (28,485) (9,842) 189.4%
Profit before income tax expense 186,674 161,556 15.5% 160,313 16.4% 629,438 512,513 22.8%
Income tax expense (33,898) (32,327) 4.9% (29,523) 14.8% (115,216) (96,383) 19.5%
Profit 152,776 129,229 18.2% 130,790 16.8% 514,222 416,130 23.6%
BALANCE SHEET HIGHLIGHTS Dec-25 Dec -24 Change y-o-y Sep-25 Change q-o-q
Liquid assets 4,134,857 3,678,577 12.4% 3,610,494 14.5%
Cash and cash equivalents 773,801 1,409,223 -45.1% 1,211,626 -36.1%
Amounts due from credit institutions 1,566,220 821,795 90.6% 942,877 66.1%
Investment securities 1,794,826 1,447,559 24.0% 1,455,991 23.3%
Loans to customers, finance lease and factoring receivables 11,822,756 9,278,814 27.4% 10,899,134 8.5%
Property and equipment 78,285 66,857 18.1% 79,898 -1.2%
All remaining assets 468,808 310,311 50.9% 351,379 33.2%
Total assets 16,504,696 13,334,559 23.8% 14,940,905 10.5%
Client deposits and notes 9,630,051 7,949,083 21.1% 8,827,419 9.1%
Amounts owed to credit institutions 2,916,753 1,966,451 48.3% 2,390,184 22.0%
Debt securities issued 1,186,478 1,155,679 2.7% 1,207,757 -1.8%
All remaining liabilities 389,494 447,950 -13.0% 341,531 14.0%
Total liabilities 14,122,776 11,519,163 22.6% 12,766,891 10.6%
Total equity 2,381,920 1,815,396 31.2% 2,174,014 9.6%
KEY RATIOS(( 9 )) 4Q25 4Q24 3Q25 FY25 FY24
ROAA 3.9% 4.2% 3.5% 3.6% 3.8%
ROAE 26.6% 29.4% 24.6% 24.9% 26.5%
Net interest margin 6.3% 6.8% 6.5% 6.4% 6.7%
Loan yield 11.4% 11.4% 11.5% 11.4% 11.2%
Cost of funds 4.4% 4.0% 4.4% 4.3% 3.9%
Cost:income ratio 38.4% 40.3% 40.2% 39.9% 42.9%
Cost of credit risk ratio 0.3% 0.2% 0.1% 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, Lion Finance Group PLC - the holding company, and other small entities
and intragroup eliminations.
GEL thousands 4Q25 4Q24 Change 3Q25 Change FY25 FY24 Change y-o-y
y-o-y q-o-q
INCOME STATEMENT HIGHLIGHTS
Interest income 32,627 21,965 48.5% 29,863 9.3% 115,106 83,842 37.3%
Interest expense (16,199) (9,112) 77.8% (15,823) 2.4% (64,280) (27,877) 130.6%
Net interest income 16,428 12,853 27.8% 14,040 17.0% 50,826 55,965 -9.2%
Net fee and commission income 3,095 2,394 29.3% 2,817 9.9% 13,187 6,126 115.3%
Net foreign currency gain 23,689 17,862 32.6% 18,826 25.8% 94,785 56,970 66.4%
Net other income 3,867 (4,176) NMF 2,325 66.3% 10,059 10,965 -8.3%
Operating income 47,079 28,933 62.7% 38,008 23.9% 168,857 130,026 29.9%
Salaries and other employee benefits (2025: adjusted) (18,123)* (13,346) 35.8% (15,173) 19.4% (63,090)* (46,096) 36.9%
Administrative expenses (11,671) (6,566) 77.7% (9,638) 21.1% (38,354) (27,077) 41.6%
Depreciation, amortisation and impairment (3,876) (2,512) 54.3% (3,500) 10.7% (13,280) (10,336) 28.5%
Other operating expenses (318) (441) -27.9% (359) -11.4% (1,352) (1,436) -5.8%
Operating expenses (2025: adjusted) (33,988)* (22,865) 48.6% (28,670) 18.5% (116,076)* (84,945) 36.6%
Gain on bargain purchase2 1,488 - NMF - NMF 1,488 - -
Profit from associates - - NMF - NMF - - NMF
Operating income before cost of risk (2025: adjusted) 14,579* 6,068 140.3% 9,338 56.1% 54,269* 45,081 20.4%
Cost of risk 34 2,006 -98.3% (5,108) NMF (5,005) (3,972) 26.0%
Profit before income tax expense (2025: adjusted) 14,613* 8,074 81.0% 4,230 NMF 49,264* 41,109 19.8%
Income tax expense (4,825) (4,920) -1.9% (2,331) 107.0% (17,490) (14,167) 23.5%
Profit before one-off items 9,788* 3,154 NMF 1,899 NMF 31,774* 26,942 17.9%
One-off items4 (496) - NMF - NMF (496) - NMF
Profit 9,292 3,154 194.6% 1,899 389.3% 31,278 26,942 16.1%
* This figure differs from the corresponding amount in the unaudited
consolidated financial statements, as it excludes a one-off item of GEL 0.5m
(see endnote 4) in 4Q25 and FY25, to better illustrate underlying performance.
BALANCE SHEET HIGHLIGHTS Dec-25 Dec-24 Change Sep-25 Change
y-o-y q-o-q
Cash and cash equivalents 900,777 511,732 76.0% 611,475 47.3%
Amounts due from credit institutions 23,262 32,963 -29.4% 22,204 4.8%
Investment securities 163,682 117,869 38.9% 176,085 -7.0%
Loans to customers, finance lease and factoring receivables 958,362 754,541 27.0% 885,942 8.2%
Property and equipment 18,662 13,389 39.4% 17,389 7.3%
All remaining assets 122,703 92,405 32.8% 98,505 24.6%
Total assets 2,187,448 1,522,899 43.6% 1,811,600 20.7%
Client deposits and notes 1,687,373 1,200,763 40.5% 1,342,403 25.7%
Amounts owed to credit institutions 26,988 11,368 137.4% 30,122 -10.4%
Debt securities issued 12,891 16,506 -21.9% 11,774 9.5%
All remaining liabilities 52,749 39,302 34.2% 43,521 21.2%
Total liabilities 1,780,001 1,267,939 40.4% 1,427,820 24.7%
Total equity 407,447 254,960 59.8% 383,780 6.2%
• In 4Q25, Other Businesses delivered operating income growth of 62.7% y-o-y.
This significant increase was primarily driven by higher net other income,
which benefited from a low comparative base in 4Q24 that included a GEL 5.4
million revaluation loss on startup investments. Growth was further supported
by BNB, which generated strong net foreign currency gains and robust net
interest income growth.
• Other Businesses recorded a GEL 1.5m gain on bargain purchase, resulting from
Digital Area's acquisition of Fina Ltd., an enterprise resource planning and
business management platform. This acquisition was completed to expand Digital
Area's product offerings to SME and food service and hospitality sector and to
strengthen its business management solutions portfolio alongside its existing
Optimo platform.
• BNB's capital ratios, calculated in accordance with the National Bank of the
Republic of Belarus' standards, were above the minimum requirements as at 31
December 2025: Tier 1 capital adequacy ratio at 9.1% (minimum requirement of
7.0%) and Total capital adequacy ratio at 14.7% (minimum requirement of
12.5%).
Preliminary unaudited consolidated financial information
GEL thousands 4Q25 4Q24 Change y-o-y 3Q25 Change q-o-q FY25 FY24 Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income 1,447,913 1,186,258 22.1% 1,386,654 4.4% 5,371,115 4,139,900 29.7%
Interest expense (652,018) (522,602) 24.8% (610,354) 6.8% (2,399,374) (1,779,053) 34.9%
Net interest income 795,895 663,656 19.9% 776,300 2.5% 2,971,741 2,360,847 25.9%
Fee and commission income 336,392 277,667 21.1% 279,616 20.3% 1,126,476 937,777 20.1%
Fee and commission expense (110,144) (108,569) 1.5% (139,064) -20.8% (468,989) (376,115) 24.7%
Net fee and commission income 226,248 169,098 33.8% 140,552 61.0% 657,487 561,662 17.1%
Net foreign currency gain 150,626 176,350 -14.6% 152,186 -1.0% 601,003 571,799 5.1%
Net other income 28,526 22,914 24.5% 15,137 88.5% 73,025 68,320 6.9%
Operating income 1,201,295 1,032,018 16.4% 1,084,175 10.8% 4,303,256 3,562,628 20.8%
Salaries and other employee benefits (280,995) (231,043) 21.6% (244,284) 15.0% (978,383) (757,990) 29.1%
Salaries and other employee benefits without one-offs (251,405) (231,043) 8.8% (244,284) 2.9% (948,793) (757,990) 25.2%
Employee Stock Ownership (ESOP) catch-up4 (29,590) - NMF - NMF (29,590) - NMF
Administrative expenses (102,442) (88,042) 16.4% (75,692) 35.3% (325,159) (279,197) 16.5%
Depreciation, amortisation and impairment (59,893) (47,299) 26.6% (56,499) 6.0% (221,652) (173,137) 28.0%
Other operating expenses (8,841) (4,227) 109.2% (5,752) 53.7% (30,893) (12,580) 145.6%
Operating expenses (452,171) (370,611) 22.0% (382,227) 18.3% (1,556,087) (1,222,904) 27.2%
Gain on bargain purchase2(,)4 1,488 - NMF - NMF 1,488 685,888 -99.8%
Acquisition related costs4 - 2,708 NMF - NMF - (13,715) NMF
Profit from associates 111 369 -69.9% 469 -76.3% 1,316 1,347 -2.3%
Operating income before cost of risk 750,723 664,484 13.0% 702,417 6.9% 2,749,973 3,013,244 -8.7%
Expected credit loss on loans to customers and factoring receivables (30,521) (38,220) -20.1% (48,244) -36.7% (143,434) (147,399) -2.7%
Expected credit loss on finance lease receivables (2,050) (125) NMF 171 NMF (2,506) (1,409) 77.9%
Other expected credit loss and impairment charge on other assets and (3,839) (10,797) -64.4% (7,305) -47.4% (23,557) (16,445) 43.2%
provisions
Cost of risk (36,410) (49,142) -25.9% (55,378) -34.3% (169,497) (165,253) 2.6%
Profit before income tax expense 714,313 615,342 16.1% 647,039 10.4% 2,580,476 2,847,991 -9.4%
Income tax expense (124,589) (107,920) 15.4% (99,843) 24.8% (417,245) (362,796) 15.0%
Profit 589,724 507,422 16.2% 547,196 7.8% 2,163,231 2,485,195 -13.0%
Attributable to:
- shareholders of the Group 589,712 505,492 16.7% 547,196 7.8% 2,161,329 2,476,943 -12.7%
- non-controlling interests 12 1,930 -99.4% - NMF 1,902 8,252 -77.0%
Basic earnings per share 13.84 11.75 17.8% 12.75 8.5% 50.27 56.91 -11.7%
Diluted earnings per share 13.62 11.51 18.3% 12.58 8.3% 49.52 55.75 -11.2%
GEL thousands Dec-25 Dec-24 Sep-25 Change
Change q-o-q
y-o-y
BALANCE SHEET HIGHLIGHTS
Cash and cash equivalents 4,395,270 3,753,183 17.1% 5,049,905 -13.0%
Amounts due from credit institutions 3,729,033 3,278,465 13.7% 3,125,753 19.3%
Investment securities 10,047,237 8,968,721 12.0% 8,569,742 17.2%
Investment securities pledged under sale and repurchase agreements 147,416 483,666 -69.5% 1,136,828 -87.0%
Loans to customers, finance lease and factoring receivables 40,065,664 33,558,874 19.4% 37,927,219 5.6%
Accounts receivable and other loans 11,470 8,811 30.2% 11,988 -4.3%
Prepayments 200,767 88,950 125.7% 126,343 58.9%
Foreclosed assets 374,659 378,642 -1.1% 371,422 0.9%
Right-of-use assets 332,630 257,896 29.0% 306,449 8.5%
Investment properties 107,573 134,338 -19.9% 121,698 -11.6%
Property and equipment 616,839 550,097 12.1% 603,448 2.2%
Goodwill 41,253 41,253 0.0% 41,253 0.0%
Intangible assets 376,402 322,250 16.8% 341,639 10.2%
Income tax assets 41 48,114 NMF 15,289 NMF
Other assets 407,958 314,620 29.7% 364,357 12.0%
Assets held for sale 15,644 20,008 -21.8% 17,852 -12.4%
Total assets 60,869,856 52,207,888 16.6% 58,131,185 4.7%
Client deposits and notes 38,629,974 33,202,010 16.3% 37,657,572 2.6%
Amounts owed to credit institutions 9,499,106 8,680,233 9.4% 8,637,788 10.0%
Debt securities issued 2,999,871 2,255,016 33.0% 2,539,696 18.1%
Lease liability 348,114 274,435 26.8% 319,161 9.1%
Accruals and deferred income 301,067 338,734 -11.1% 271,174 11.0%
Income tax liabilities 108,805 88,431 23.0% 91,875 18.4%
Other liabilities 560,676 353,802 58.5% 716,402 -21.7%
Total liabilities 52,447,613 45,192,661 16.1% 50,233,668 4.4%
Share capital 1,431 1,464 -2.3% 1,439 -0.6%
Additional paid-in capital 569,887 453,738 25.6% 466,851 22.1%
Treasury shares (31) (51) -39.2% (30) 3.3%
Capital redemption reserve 187 154 21.4% 179 4.5%
Other reserves 72,048 110,786 -35.0% 63,215 14.0%
Retained earnings 7,776,662 6,422,320 21.1% 7,364,398 5.6%
Total equity attributable to shareholders of the Group 8,420,184 6,988,411 20.5% 7,896,052 6.6%
Non-controlling interests 2,059 26,816 -92.3% 1,465 40.5%
Total equity 8,422,243 7,015,227 20.1% 7,897,517 6.6%
Total liabilities and equity 60,869,856 52,207,888 16.6% 58,131,185 4.7%
Book value per share 197.85 162.77 21.6% 184.46 7.3%
Non-financial information
Customer engagement
Dec-25 Dec-24 Change y-o-y Sep-25 Change q-o-q
Retail (thousands):
Monthly active customers:
Bank of Georgia (standalone) 2,199.1 2,002.3 9.8% 2,130.2 3.2%
Ameriabank (standalone) 479.2 357.0 34.3% 435.3 10.1%
Digital MAU:
Bank of Georgia (standalone) 1,833.1 1,594.4 15.0% 1,744.5 5.1%
Ameriabank (standalone) 336.5 231.6 45.3% 305.1 10.3%
Digital DAU:
Bank of Georgia (standalone) 993.4 799.5 24.2% 896.8 10.8%
Ameriabank (standalone) 146.9 99.8 47.1% 127.5 15.2%
Share of products sold through retail digital channels:
Bank of Georgia (standalone) 71% 62% 70%
Dec-25 Dec-24 Change y-o-y Sep-25 Change q-o-q
Businesses (thousands):
Monthly active customers:
Bank of Georgia (standalone) 132.6 116.3 14.0% 125.4 5.7%
Ameriabank (standalone) 37.3 32.2 15.8% 36.3 2.8%
Digital MAU:
Bank of Georgia (standalone) 111.2 93.4 19.0% 103.5 7.4%
Ameriabank (standalone) 31.2 25.2 23.5% 29.4 5.9%
Payments business
Bank of Georgia (standalone) Dec-25 Dec-24 Change y-o-y Sep-25 Change q-o-q
Payment MAU - retail (issuing) (thousands) 1,639.8 1,450.9 13.0% 1,567.2 4.6%
Market share in acquiring volumes10 55.8% 56.0% 56.2%
Active merchants (thousands) 26.5 22.4 18.2% 25.8 2.4%
4Q25 4Q24 Change y-o-y 3Q25 Change q-o-q
Volume of payment transactions (acquiring) 10 (millions): 6,396.3 5,217.7 22.6% 6,060.4 5.5%
Bank of Georgia (standalone)
POS 4,004.3 3,289.0 23.0% 3,980.2 1.6%
E-comm 2,352.0 1,928.8 21.9% 2,080.1 13.1%
Additional information
Dec-25 Dec-24 Change y-o-y Sep-25 Change q-o-q
Employees (period-end)
Bank of Georgia 8,628 7,954 8.5% 8,377 3.0%
Ameriabank 2,326 2,036 14.2% 2,272 2.4%
Other 2,293 2,088 9.8% 2,245 2.1%
Group 13,247 12,078 9.7% 12,894 2.7%
Branch-network Dec-25 Dec-24 Change y-o-y Sep-25 Change q-o-q
Bank of Georgia 200 189 5.8% 185 8.1%
Of which:
Full-scale branches 104 96 8.3% 99 5.1%
Transactional branches 96 93 3.2% 86 11.6%
Ameriabank 29 25 16.0% 27 7.4%
Unadjusted ratios of the Group 4Q25 4Q24 3Q25 FY25 FY24
ROAA 4.0% 4.1% 3.9%(( 11 )) 3.9% 5.8%
ROAE 28.7% 29.8% 27.8%11 28.0% 41.2%
Cost:income ratio 37.6% 35.9%11 35.3%11 36.2% 34.3%11
FX rates Dec-25 Dec-24 Sep-25
GEL/USD exchange rate (period-end) 2.70 2.81 2.71
GEL/GBP exchange rate (period-end) 3.64 3.53 3.64
GEL/1000AMD exchange rate (period-end) 7.07 7.08 7.06
Shares Outstanding Dec-25 Dec-24 Change y-o-y Sep-25 Change q-o-q
Ordinary shares outstanding (period-end) 42,557,763 42,935,561 -0.9% 42,807,308 -0.6%
Treasury shares outstanding (period-end) 916,570 1,562,586 -41.3% 919,155 -0.3%
Total shares outstanding (period-end) 43,474,333 44,498,147 -2.3% 43,726,463 -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 30 September 2025 for quarter-over-quarter
growth and as at 31 December 2024 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 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.
* In FY25, a one-off expense of GEL 29.6m (GEL 29.1m in GFS and GEL 0.5m in
Other Businesses) was recorded due to revised accounting treatment for the
Employee Stock Ownership Plan (ESOP), accelerating expense recognition to
reflect services rendered prior to the official grant date and resulting in a
one-off ESOP catch-up expense recognised in 4Q25. 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 and FY25.
1 AFS's and hence the Group's consolidated profit for the full-year 2024
(FY24) is not fully representative of AFS's full-year performance, as
Ameriabank's income statement was consolidated into the Group from 1 April
2024. To review the underlying full-year performance of Ameriabank, see
Ameriabank's unaudited standalone financial information on page 14.
2 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.
3 In FY24, 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.
4 In FY25, 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 and for the FY25
period.
In FY24, one-off items totalling GEL 672.2m were recorded in AFS, comprising
GEL 668.8m in 1Q24, GEL 0.7m in 2Q24, and GEL 2.7m in 4Q24. The 1Q24 amount
reflected a one-off gain from the bargain purchase of Ameriabank and
acquisition-related costs, 2Q24 item represented a recovery of a previously
expensed acquisition-related advisory fee, and 4Q24 item was due to a reversal
of the Ameriabank-acquisition-related fee. Operating income before cost of
risk, as well as ROAA and ROAE, were adjusted for these one-offs in 1Q24, 2Q24
and 4Q24 and accordingly for the FY24 period.
5 For FY24, 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.
6 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.
7 The National Bank of Georgia (NBG) administers a resolution 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) .
8 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.
9 Ratios are calculated based on quarterly averages.
10 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.
11 No adjustments were made to the figures during this period; Adjusted and
unadjusted figures are identical.
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