http://bankofgeorgia.ge/en/ir/shareholder-information/analyst-corporate-advis

Bank of Georgia is Georgia’s is the leading bank in Georgia, with more than a third of the market share in Georgia based on total assets, total loans, total deposits and total shareholders’ equity. The bank offers a broad range retail banking, corporate banking, wealth management, brokerage and insurance services to its clients. As of 31 March 2012, the Bank served approximately one million client accounts through one of the largest distribution networks in Georgia, with 164 branches, including full-service flagship branches service centres and smaller-scale outlets, the country’s largest ATM network, comprising 431 ATMs, 104 self service terminals and a full-service remote banking platform and a modern call center.

Selected key elements of the Bank of Georgia’s strategy are to maintain its leading position in the growing and still under-penetrated Georgian banking market, focus on profitable growth, increase the Bank's loan portfolio while maintaining asset quality, and to capture growth and synergies in the Georgian insurance, healthcare and affordable housing sectors.

Bank of Georgia’s UK incorporated holding company Bank of Georgia Holdings plc is listed on the main market of the London Stock Exchange (BGEO:LN). Bank of Georgia remains to be the only Georgian entity to be rated by all three global rating agencies: ‘BB-/B’ from Standard & Poor’s, ‘B1/NP’ (FC) & ‘Ba3/NP’ (LC) from Moody’s and ‘BB-/B’ from Fitch Ratings.

JSC Bank of Georgia’s UK incorporated holding company Bank of Georgia Holdings PLC is listed on the main market of the London Stock Exchange (BGEO LN) since February 2012

Up 7.86%

Still climbing, buy low sell high.

LONDON (ShareCast) - Bank of Georgia Holdings was in the top spot on the FTSE 250 (FTSE: ^FTMC - news) on Friday after Numis initiated its rating on the stock at 'buy', with a target price of 1,453p.

About another £2.75 to hit the broker target price of 1,453p

:-))

DreamCatcher - you sure do catch them, don't you?!

I read an interesting article recently about how Georgia is set to boom as a region:
'It has little in the way of natural resources itself, but, rather like Dubai or Singapore, is turning itself into a trading hub for a region rich in mineral and energy wealth.'

Don't ignore the other Europe

A cold yes Toya. lol . Thanks for that Toya.

Very interesting Toya and thanks again.

“We expect Georgia to be one of the fastest-growing economies in the region for years to come,” argued Charles Robertson, chief economist at Renaissance Capital, in a recent note on the country.

Still pushing North

This share being a fairly pure play on prospects in Georgia - a country that was invaded by Russia in 2008. The event led to a run on the bank which saw 20% of its deposits withdrawn. Georgia's longer-term potential for economic growth could prove
significant. But regulatory standards in such former Soviet states remain uncertain and the shares could suffer liquidity issues - Swedish asset manager East Capital,for eg holds nearly 20% of the shares. Keeping a close watch - going well for now.

:-))

Getting to the broker target of £14.53

Closing in on £14

Covered by a page in this weeks shares mag - Bank of Georgia could be set for a sizeable rerating in the wake of this months finals, a date for which to be confirmed.
The bank trades on a very lowly rating versus its growth prospects. Consensus is forecasting earnings per share of 225.2p this year, up 9.4% on 2012 expected 205.9p
a rate of expansion not properly reflected in a PE of just six times.
A sound, growing balance sheet, a robust, developing economy and a strong show of support from international investors make Bank of Georgia one to watch.

From Sm - At last year's third-quarter results (1 Nov 12) Bank of Georgia revealed a 16% jump in revenues in the nine months ending 30 Septto Gel 369.9 million, driven by a9.6% expansion in loan book and 24.4% advance in deposits. By the end of the third quarter the bank's corporate loan book was worthy GEL 1.7 billion, ahead of the 1.6 billion forecast by independent broker Seymour Pierce for the year end. Analysts who might have been holding back on upgrading numbers may feel sufficiently confident to do so in the wake of reassuring finals. The international Monetary Fund (IMF) estimates the country's output grew by 6.5% in 2012and forecasts GDP to expand 5.5% in 2013, well in advance of the low single digit GDP growth rates expected in Western Europe. The IMF has pencilled in 1% growth for the UK this year, 0.3% for France and 0.6% for Germany.

Look forward to broker upgrades

Notice of Results
RNS
RNS Number : 0245Y
Bank of Georgia Holdings PLC
15 February 2013

London, 15 February 2013



Bank of Georgia Holdings PLC notice of Q4 and Full Year 2012 Results



Bank of Georgia Holdings PLC will publish its financial results for Q4 and full year 2012 at 07:00 London time on Tuesday, 19th February 2013. The results announcement will be available on Bank of Georgia Holdings's website at www.bogh.co.uk. An investor/analyst conference call, organised by Bank of Georgia Holdings, will be held on Wednesday, 20th February 2013, at 14:00 UK / 15:00 CET / 10:00 U.S. Eastern Time. The results presentation will be available on the website prior to the call. The duration

BANK OF GEORGIA

HOLDINGS PLC

PRELIMINARY RESULTS ANNOUNCEMENT

2012




· Positive operating leverage maintained with strong profitability

o Net interest margin of 7.9% in 2012, compared to 7.8% in 2011;

§ Q4 2012 NIM increased to 7.8% from 7.3% in Q3 2012.

o Revenue increased by GEL 64.5 million, or 14.9%, y-o-y, to GEL 498.3 million; excluding the benefit of the one-off currency hedge gains in 2011, revenue increased by 21.9%;

§ Q4 2012 revenue grew 11.1% y-o-y to GEL 128.3 million; excluding the benefit of the one-off currency hedge in Q4 2011, Q4 2012 revenue grew 15.5%.

o Positive operating leverage maintained, as operating expenses increased at a lower rate than revenue, up 5.2% y-o-y to GEL 221.2 million; excluding the 2011 one-off gains, operating leverage was 16.7%;

§ Q4 2012 operating expenses were largely flat q-o-q at GEL 54.0 million.

o Cost to Income ratio improved to 44.4% from 48.5% in 2011, and to 42.1% in Q4 2012 from 44.4% in Q3 2012.

o Profit before tax from continuing operations of GEL 212.8 million, up by GEL 40.7 million, or 23.7%; excluding the benefit of one-off currency hedge gains in 2011, profit grew 44.7%.

o Profit for the period increased by GEL 43.8 million, or 32.3%, to GEL 179.6 million.

o Earnings per share (basic) increased by 17.6% to GEL 5.22.

o Return on Average Assets (ROAA) increased to 3.5%, compared to 3.2%.

o Return on Average Equity (ROAE) increased to 19.1%, from 18.3%.

· Strong balance sheet and capital position maintained

o Cost of Funds declined to 7.3% in 2012, compared to 8.0%.

§ Q4 2012 Cost of Funds of 6.6%, down from 7.1% in Q3 2012 and 8.4% in Q4 2011.

o Net loan book increased by 18.2% during the year , while client deposits increased 2.7%, reflecting the Bank's strategy to improve its cost of funding by reducing high interest paying corporate deposits;

§ In US$ terms the net loan book increased by 19.2% reflecting the stable currency position.

§ Retail Banking client deposits grew 15.5%, Wealth Management client deposits grew 33.2%, Corporate Banking declined 17.1%, reflecting the targeted outflow of high-interest paying deposits.

o Cost of Risk increased to 1.3% in 2012 from 0.9% in 2011, reflecting the absence of the previous year's net releases and recoveries and higher provisions in the second half of 2012.

o Strong funding and liquidity position with a Net Loans to Customer Funds ratio of 114.8%. Net Loans to Customer Funds and Long-Term IFI Funding ratio was 91.9%. National Bank of Georgia (NBG) liquidity ratio of 41.1%, compared to 37.8% a year ago and to a 30% minimum requirement by the NBG.

o BIS Tier 1 capital adequacy ratio improved to 22.0%.

o Book Value per Share increased by 16.7% y-o-y to GEL 30.33 (US$18.31/GBP11.38).

o Balance Sheet leverage reduced to 4.3 times at 31 December 2012, compared to 4.7 times at 31 December 2011 and 4.5 times at 30 September 2012.

· Business highlights

o Strong performances from each of the Bank's businesses in Georgia - Corporate Banking and Retail Banking reported continued loan growth and improving efficiencies.

o Retail Banking continues to deliver strong franchise growth, supported by the successful roll-out of the Express Banking strategy in 2012.

o Corporate Banking has delivered strong, well-diversified balance sheet growth over the last 12 months; customer lending grew 23.1%

o Wealth Management continued to expand its client franchise with deposits increasing by 33.2% to GEL 605.2 million during the year.

o Excellent progress in developing the Bank's synergistic businesses: Insurance and Healthcare business expansion through acquisition of Imedi L International. Integration successfully executed, realising annual synergies of GEL 8.7 million; Affordable Housing completed its pilot project of an 123 apartment building realising SBRE's first profit of GEL 1.7 million; a second 522 apartment building project is in progress.



http://www.moneyam.com/action/news/showArticle?id=4540576

Management Reshuffle
RNS
RNS Number : 2896Y
Bank of Georgia Holdings PLC
20 February 2013

London, 20 February 2013





Bank of Georgia announces the adoption of 2013-2016 Executive Compensation Policy; The extension of contracts of Deputy CEOs and management reshuffle



Bank of Georgia Holdings PLC ("BGH") announces that the Board of Directors of BGH and Supervisory Board of JSC Bank of Georgia (the "Bank") have extended the contracts of six Deputy Chief Executive Officers of the Bank and the CEO of Aldagi BCI for a further 2.5 to 3.5 year period starting from 1 May 2013. BGH also announces the adoption of a compensation policy for certain executives of the Bank and its subsidiaries as well as other persons who may join the Bank and be eligible by the resolution of the Supervisory Board of the Bank (the "Compensation Policy") for the three year period ending in January 2016 ("Term of the Policy").



BGH also reports the Bank's executive management reshuffle that will see Archil Gachechiladze, currently Deputy CEO, Corporate Banking replace Vasil Revishvili, currently Deputy CEO, Asset and Wealth Management, whose contract shall not be extended after its expiration in May 2013. Sulkhan Gvalia, currently Deputy CEO, Risk will become Deputy CEO, Corporate Banking. The new appointments will become effective on 1 May 2013. The Bank will be announcing a search for a new Chief Risk Officer. In addition, the Bank announces that Thea Jokhadze, Head of Funding will be leaving the Bank on 20 March 2013, after which the funding functions of the Bank will be undertaken by Macca Ekizashvili, Head of Investor Relations and Funding.



In line with the changes above, the Compensation Policy, as of the date of its adoption, applies to the Chief Executive Officer and Deputy Chief Executive Officers of JSC Bank of Georgia and the CEO of Aldagi BCI, subject to their continuous service with BGH and/or other companies of BGH group ("the Executives").



In May 2013, the Compensation Policy will replace the existing Senior Executive Equity Compensation Policy which has been in place since November 2010. The terms and conditions of the Compensation Policy have remained largely unchanged and are described below.



The Compensation Policy includes a fixed component including a portion payable in cash in the form of salary and a portion payable in long term deferred grants of BGH shares. Under the long-term deferred securities portion of the Compensation Policy, the eligible Executives are awarded, independent of the Executive's performance but subject to their continuous employment, in aggregate 280,000 BGH shares (the "Long Term Deferred Securities") per year with respect to the 2013, 2014 and 2015 compensation years. The Long-Term Deferred Securities will be awarded in January 2014, January 2015 and January 2016, respectively. The awarded Long Term Deferred Securities will be subject to a four-year vesting period. During the first three years after each award, 20% of the awarded Long Term Deferred Securities will vest each year and 40% will vest in the fourth year after each award.



The Compensation Policy also envisages the discretionary grants of securities. Under the discretionary securities portion of the Compensation Policy, subject to the Executives' continuous employment, the Executives may also be awarded additional shares of BGH (the "Discretionary Securities") at the sole discretion of the Supervisory Board of the Bank during the Term of the Policy. The number of the Discretionary Securities to be awarded will be determined annually by the Supervisory Board based on the performance of the Bank and the relevant Executive and will be announced to the Executives by the end of February of the following year. Discretionary Securities will be awarded immediately upon the completion of the annual audit for the reporting year and, subject to certain additional terms and conditions, will be subject to a two-year straight line vesting period.



No annual cash bonuses will be paid to Executives during the Term of the Policy, except that the Compensation Policy envisages cash payments in lieu of the dividends waived in related to the awarded and unvested shares held in trust. Such cash payments will accrue with respect to awarded but unvested shares from the respective dividend payment dates and will be paid to the relevant executive upon the vesting of the relevant awards.



"We are very pleased to have adopted the compensation policy which sets a long-term incentive plan for the top executives of the Bank, facilitates further their motivation, contributing to the overall development of the Bank." commented Al Breach, member of the Supervisory Board and Chairman of Remuneration Committee of Bank of Georgia and BGH.



"With the executive management team reshuffle, we believe, we are putting in place the best management structure to build on past experience and achievements to ensure the continuing success of Bank of Georgia. Our corporate bank is the country's largest corporate lender and our trade finance business captures approximately half of the Georgian trade finance market. Having led the Bank's corporate bank for three and half years, Archil is now entrusted with the development of our asset management business, which we consider one of our main strategic priorities. Sulkhan's eight years experience as a Chief Risk Officer at the Bank and his comprehensive knowledge and understanding of Georgia's corporate universe makes him the right candidate to lead our corporate banking business. I look forward to working with both Sulkhan and Archil in their new capacities," commented Irakli Gilauri, Chief Executive Officer

Surprised by the volume of buying, on this poor markets day.





Consensus recommendation






As of Feb 23, 2013, the consensus forecast amongst 7 polled investment analysts covering Bank of Georgia Holdings PLC advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on Feb 14, 2013. The previous consensus forecast advised investors to purchase equity in Bank of Georgia Holdings PLC.
.





http://markets.ft.com/research/Markets/Tearsheets/Forecasts?s=BGEO:LSE

In this weeks IC - Boom time for Bank of Georgia.

Its a pretty pure play on Georgia, where it is the largest bank. Unlike its western counterparts ,however, that leaves it focused on a local economy with serious growth prospects.Georgian GDP should grow 6% this year- that helps to explain the inpressive full year performance. Bank of Georgia shares trade at about book value, aren't pricey

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,462. Over this period, the share price is up 51.83%.

As of Mar 15, 2013, the consensus forecast amongst 7 polled investment analysts covering Bank of Georgia Holdings PLC advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on Feb 14, 2013. The previous consensus forecast advised investors to purchase equity in Bank of Georgia Holdings PLC.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,489. Over this period, the share price is up 40.24%.

As of Mar 22, 2013, the consensus forecast amongst 8 polled investment analysts covering Bank of Georgia Holdings PLC advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on Feb 14, 2013. The previous consensus forecast advised investors to purchase equity in Bank of Georgia Holdings PLC

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,517. Over this period, the share price is up 44.50%.

A poor market day not even stopping this one today.

As of Mar 27, 2013, the consensus forecast amongst 9 polled investment analysts covering Bank of Georgia Holdings PLC advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on Feb 14, 2013. The previous consensus forecast advised investors to purchase equity in Bank of Georgia Holdings PLC.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,549. Over this period, the share price is up 48.08%.
.

Analyst Coverage

http://bogh.co.uk/en/investors/analysts-coverage

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,600. Over this period, the share price is up 49.95%.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,626. Over this period, the share price is up 52.33%.

As of Apr 05, 2013, the consensus forecast amongst 9 polled investment analysts covering Bank of Georgia Holdings PLC advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Apr 03, 2013. The previous consensus forecast advised that Bank of Georgia Holdings PLC would outperform the market.

DC looks brilliant. My god where as it been all my life.

Straight in big time.

cheers appreciated.

ps, could do with you down on the chart thread.

Just keep a close eye on this one, some what on the risky side.

On Friday, Bank of Georgia Holdings PLC (BGEO:LSE) closed at 1,645, 0.30% below its 52-week high of 1,650, set on Apr 05, 2013.

Consensus Recommendation


Last Updated

Buy -- December 13 Apr 2013


http://www.reuters.com/finance/stocks/analyst?symbol=BGEO.L

As of Apr 12, 2013, the consensus forecast amongst 9 polled investment analysts covering Bank of Georgia Holdings PLC advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Apr 03, 2013. The previous consensus forecast advised that Bank of Georgia Holdings PLC would outperform the market.

As of Apr 20, 2013, the consensus forecast amongst 9 polled investment analysts covering Bank of Georgia Holdings PLC advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Apr 03, 2013. The previous consensus forecast advised that Bank of Georgia Holdings PLC would outperform the market.

Bank of Georgia: Bank of America raises target price from 1443.60p to 1765p, but downgrades to neutral.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,660. Over this period, the share price is up 53.02%.

Double page covering Bank of Georgia in this weeks Shares mag, just to summarise -

Bank of Georgia lives the dream -

Last year more than half a million Russians came to Georgia, only this time they brought their wallets instead of tanks. Of the 4.3m tourists to visit Georgia in 2012, some 12% were Russian. The CEO of the Bank of Georgia Irakli Gilauri immediately makes it clear just how good that was for business. Profits reached record levels last year, the result of an 18% lending increase and a 21.2% rise in the value of its assets.
This growth was achieved on the back of a 6.5% surge in Georgia's GDP, in real terms.
Tourism has been one of the key drivers of the economy. ' We expect the number of tourists to continue to grow, especially after the warming up in our relationship with Russia,' says Gilauri. Georgia's economy is set to grow 6% this year and in 2014, according to the IMF. Bank of Georgia is expected to continue to grow with the economy. Its pre-tax profits are expected to increase to £101 million this year, according to consensus, before reaching £116 million in 2014. This will lead to a 242p earnings per share figuret this year and 281p next, up from 195p in 2012.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,682. Over this period, the share price is up 57.79%.

As of May 03, 2013, the consensus forecast amongst 9 polled investment analysts covering Bank of Georgia Holdings PLC advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on Apr 23, 2013. The previous consensus forecast advised investors to purchase equity in Bank of Georgia Holdings PLC.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,755. Over this period, the share price is up 63.70%.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,765. Over this period, the share price is up 65.01%.

Analyst Coverage
.

Company Analyst Email Target price
Bank of America Merrill Lynch Olga Veselova olga.veselova@baml.com GBP17.65
Citi Simon Nellis simon.nellis@citi.com GBP15.00
Oriel Securities Vivek Raja vivek.raja@orielsecurities.com 1700p
Seymour Pierce Sue Munden susanmunden@seymourpierce.com 1600p
Numis Securities James Hamilton j.hamilton@numis.com GBP17.03
VTB Capital Mikhail Shlemov mikhail.shlemov@vtbcapital.com GBP16.20
Renaissance Capital Milena Ivanova-Venturini MIvanovaVenturini@rencap.com GBP18.00
Visor Capital Renat Syzdykov res@visocap.com GBP14.79
Concorde Capital Olena Zuikova olz@concorde.com.ua GBP14.69
Canaccord Genuity Gareth Hunt ghunt@canaccordgenuity.com GBP16.10
Panmure Gordon & Co Keith Baird keith.baird@panmure.com GBP22.00

Notice of Results

RNS


RNS Number : 3767E

Bank of Georgia Holdings PLC

09 May 2013






London, 9 May 2013



Bank of Georgia Holdings PLC notice of Q1 2013 Results



Bank of Georgia Holdings PLC will publish its financial results for Q1 2013 at 07:00 London time on Monday, 13th May 2013. The results announcement will be available on Bank of Georgia Holdings's website at www.bgh.co.uk. An investor/analyst conference call, organised by Bank of Georgia Holdings, will be held on Tuesday, 14th May 2013, at 12:30 UK / 13:30 CET / 07:30 U.S Eastern Time. The duration of the call will be 60 minutes and will consist of a 15-minute update and a 45-minute Q&A session.

1st Quarter Results


· Positive operating leverage

o Net interest margin of 7.6%, compared to 7.3% in Q1 2012

o Revenue increased by GEL 13.1 million, or 12.0%, y-o-y, to GEL 123.0 million

o Positive operating leverage maintained, as operating expenses increased at a lower rate than revenue, up 7.1% y-o-y to GEL 53.9 million, translating into operating leverage of 4.9 percentage points

o Cost to Income ratio improved to 43.8% from 45.8%

o Profit before tax of GEL 50.5 million, up 5.7%

o Profit for the period increased to GEL 42.0 million, up 5.6%

o Return on Average Assets (ROAA) was 3.1% (3.5% in Q1 2012) and Return on Average Equity (ROAE) stood at 15.9% (19.0% in Q1 2012)

· Strong balance sheet and capital position maintained as cost of funds continue to decline

o Cost of Client Deposits declined to 6.4% compared to 8.1% in Q1 2012

o Cost of Funds declined to 6.7% compared to 8.3% in Q1 2012

o Net loan book increased by 8.9% y-o-y, while client deposits increased 14.9% y-o-y

§ In US$ terms the net loan book increased by 9.0% reflecting the stable currency position

§ Retail Banking client deposits grew 21.3%, Asset and Wealth Management client deposits grew 25.2%, Corporate Banking deposits increased by a modest 2.2%, reflecting the targeted outflow of high-interest paying deposits

o Cost of Risk improved quarter on quarter, declining to 1.4% from 1.8%, in Q4 2012, up from 1.0% in Q1 2012. Strong funding and liquidity position with a Net Loans to Customer Funds ratio of 104.9%. Net Loans to Customer Funds and Long-Term DFI* Funding ratio was 85.2%. The National Bank of Georgia (NBG) liquidity ratio of 44.1%, compared to 36.0% a year ago and to a 30% minimum requirement by the NBG

o BIS Tier 1 capital adequacy ratio unchanged at 23.2%

o Book Value per Share increased by 15.9% y-o-y to GEL 31.04 (US$18.72/GBP12.32)

o Balance sheet leverage remained low at 4.0 times at 31 March 2013, compared to 3.7 times a year ago and 4.3 times in the previous quarter

· Business highlights

o Retail Banking continues to deliver strong franchise growth, supported by the successful roll-out of the Express Banking strategy in 2012, adding 655 new Express Pay terminals and 244,360 Express cards

o Corporate Banking reduced its cost of deposit to a record low of 5.7%

o Asset and Wealth Management continued to expand its franchise with Assets under Management increasing by 25.2% to GEL 613.8 million in Q1 2013. Since the launch of the Certificate of Deposit (CD) programme in January 2013, the amount of CDs issued to AWM clients reached GEL 41.6 million as of 31 March 2013

o Aldagi BCI, our Insurance and Healthcare business, reported a Q1 2013 profit of GEL 5.2 million, up from GEL 2.7 million in Q1 2012. Affordable Housing pre-sold approximately 50% of the apartments of its second housing project, currently in the construction process





http://www.moneyam.com/action/news/showArticle?id=4592872

Bank of Georgia posts increase in first-quarter revenue and profit
Mon 13 May 2013

BGEO - Bank of Georgia Holdings

Bank of Georgia posts increase in first-quarter revenue and profit LONDON (SHARECAST) - Bank of Georgia saw revenue and pre-tax profits rise in the first quarter driven by growth in retail banking and wealth management.

Profit before tax climbed by 5.7% year-on-year to 50.5m Georgian Lari (GEL) while revenue increased 12% to 13.1 GEL.

The group’s net interest margin came to 7.6%, up from 7.3% the prior year.

The net loan book grew by 8.9% and client deposits jumped 14.9%. Retail banking client deposits rose 21.3%, asset and wealth management client deposits were up 25.2% while corporate banking deposits increased by a modest 2.2%.

Retail Banking continued to deliver strong franchise growth, supported by the successful roll-out of the “Express Banking” strategy in 2012, adding 655 new express pay terminals and 244,360 express cards.

Asset and wealth management expanded its franchise with assets under management increasing by 25.2% to 613.8m GEL.

At the end of the period the balance sheet leverage remained low at 4.0 times, compared to 3.7 times a year ago and 4.3 times in the previous quarter.

"Our first quarter results demonstrate the resilience of the bank's business strategy and benefited from the strength of our retail banking business, good performances from our non-banking subsidiaries and strong cost management throughout the business," said Chief Executive Officer Irakli Gilauri.

"The core fundamentals of our business remain strong. Improving economies of scale, supported by the roll-out of our Express banking strategy over the last few quarters, give us increasing flexibility in the recent slower economic environment as reflected in our continued positive operating leverage."

He said the company was well placed for growth with an improved corporate lending pipeline and economic recovery.

Shares fell 2.65% to 1,693p at 10:38 Monday.

13 May 11:03 Bank of Georgia... Canaccord Genuity Under Review

As of May 10, 2013, the consensus forecast amongst 10 polled investment analysts covering Bank of Georgia Holdings PLC advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on May 10, 2013. The previous consensus forecast advised that Bank of Georgia Holdings PLC would outperform the market.

17 May Cantor... 2,288.00 Buy

13 May Numis 2,101.00 Buy

Consensus recommendation

As of May 14, 2013, the consensus forecast amongst 9 polled investment analysts covering Bank of Georgia Holdings PLC advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on May 13, 2013. The previous consensus forecast advised investors to purchase equity in Bank of Georgia Holdings PLC.
.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,779. Over this period, the share price is up 81.54%.

Seem to have come through the market turbulence so far -

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,790. Over this period, the share price is up 83.80%.

A late tip this one, on the sp



MIDAS: Profits boom as bank taps former Soviet state Georgia's growth

By Joanne Hart, Financial Mail On Sunday

PUBLISHED: 22:04, 25 May 2013 | UPDATED: 22:04, 25 May 2013


More than 20 years have passed since Georgia gained independence from the Soviet Union, but the country is still relatively unknown in the West.


However, its largest bank is listed in London and is a member of the FTSE 250. Bank of Georgia is fast-growing and well run, and the shares, at 1770p, are worth looking at. The country had a rough ride in the early years following independence. The Russians did not take kindly to its new status and there were endless battles over energy supplies and disputed territories.


Persistent conflict held back growth, particularly in the 1990s, but since a short war in 2008, relations with Russia have thawed, the country has benefited from increased foreign investment and industries have begun to develop.



New era: Investment is up in proudly independent Georgia


Between 2004 and last year, the economy grew 13 per cent a year on average. Further strong growth is expected over the next decade and Bank of Georgia is ideally placed to profit from this trend.


The company is run by Irakli Gilauri, a native Georgian with a masters in banking from the Cass Business School in London. He prides himself on running an old-fashioned, simple business focused on two main areas – taking deposits and lending money.


The bank has more than a million customers in Georgia, equivalent to just under a third of the total market, and 7,600 business customers, giving a market share of almost 40 per cent. This dominant position has not only enabled it to increase profits consistently over the past few years, but it also means there is significant growth potential.

Unlike the British, the Georgians are not used to borrowing. The mortgage market is undeveloped, few people use credit cards and the consumer loan sector is small. The situation is changing, however, as the country and its people become wealthier.


Gilauri intends to tap into this trend, lending more while ensuring that loans are given only to customers with sound credit histories. The bank also plans to expand into insurance, another burgeoning market.


Companies from the former Soviet Union have not had an unblemished record on the London market. Beleaguered miner Eurasian Natural Resources Corporation from Kazakhstan is a case in point.


Bank of Georgia is different. Only five per cent of the shares are in the hands of the management, the group is chaired by Canadian Neil Janin, a former senior director at top consultancy firm McKinsey, and the company has a premium listing in London, which means that it has to meet higher than usual corporate governance standards.


The group reports results in Georgian lari, but it pays dividends in sterling. Last year, profits grew by 60 per cent to 213 million lari (£86 million) and the dividend was 1.5 lari (61p).


In 2013, profits are expected to grow to 236 million lari and the dividend is forecast to rise to 1.95 lari. Further strong growth is anticipated for 2014 and beyond.


Midas verdict: Bank of Georgia shares are not cheap at 1770p, but the price should rise as the country develops and its banking market expands. The group also offers investors the excitement of an emerging market stock and the safety of a premium listing. Buy.

Dreamcatcher

Brilliant factual analysis of BGEO. I invested here in Jan but eventualy sold to get into Coms which has done even better. However this is a top steady growth share to have as part of a balanced PF and I will certainly buy back in on any weakness.

Through £18 now, although a fair amount of profit taking.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,833. Over this period, the share price is up 78.36%.

Closing in on £19. :-))

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 1,901. Over this period, the share price is up 80.29%.

Bank of Georgia receives financing for housing project
Fri 31 May 2013


Bank of Georgia receives financing for housing project LONDON (SHARECAST) - FTSE 250-listed Bank of Georgia has received a 14m dollar loan for its subsidiary m2Real Estate to develop green housing projects in Georgia.

IFC, a member of the World Bank Group, will provide the funds, including $4m from the IFC-Canada Climate Change Program.

The bank said financing is expected to meet the working capital requirements of the company and contribute to expansion of urban infrastructure in Georgia by building high-quality affordable housing in the form of "green, resource efficient, multi-resident apartment buildings".

"We are very pleased that m2 Real Estate is the first Georgian real estate company to cooperate with IFC to develop a housing project in Tbilisi," said Deputy Chief Executive Officer of Bank of Georgia, Irakli Burdiladze.

"Having successfully worked together with the Development Finance Institutions to finance our existing projects, m2 Real Estate is committed to provide its customers in Georgia with affordable, quality and modern housing. The $14m funding will help m2 Real Estate to realise three new projects in the heart of Tbilisi.”

The plan is to design a building to increase efficient use of energy, water, and materials, while reducing negative impact on health and environment.

Shares fell 0.21% to 1,864p at 09:29 Friday.

Bank of Georgia further cuts deposit rates

RNS


RNS Number : 1923G

Bank of Georgia Holdings PLC

04 June 2013


London, 4 June 2013

Bank of Georgia further cuts deposit rates


Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank"), Georgia's leading bank announces that the Bank has decreased interest rates on its foreign currency (predominantly US$ denominated) and Georgian Lari (GEL) retail, corporate and wealth management term deposits, in line with the bank's strategy and general trend across the Georgian economy. Interest rates have been reduced by up to 150 bps on one year US$ denominated deposits. Since the year-end 2012, the interest rates on US$ denominated deposits have been reduced by 300 bps. The contractual rate on foreign currency 12 month deposit were brought down to 5.0%, the lowest ever rate offered by a Georgian bank. Interest rates on the deposits with different maturities have been adjusted accordingly.



"We are delighted that the strength of our franchise and strong liquidity levels enable us to make further reductions on client deposits on the back of continuous deposit inflows since the year-end. As a result of active liability management we have reached a record low cost of deposits in Q1 2013 and the subsequent interest rate cuts are expected to further improve our cost of funds.

The interest rate cuts also reflect our efforts to support the de-dollarisation of our balance sheet. The reduced rates on the US$ denominated deposits make GEL denominated deposits more attractive for our customers. At the same time, we expect de-dollarisation of the asset side of the balance sheet as we seek to capitalise on the recently introduced GEL lending programme by the National Bank of Georgia (the NBG), which involves a repo transaction with the NBG ultimately providing our clients with floating rate loans denominated in the national currency linked to the NBG's refinancing rate," commented Irakli Gilauri, Chief Executive Officer.

Bank of Georgia signs financing package with EBRD
Wed 05 Jun 2013

BGEO - Bank of Georgia Holdings

Bank of Georgia signs financing package with EBRD LONDON (SHARECAST) - FTSE 250-listed Bank of Georgia has signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) for 10.0m dollars under the EBRD's Caucasus Energy Efficiency Programme (CEEP).

The loan has a maturity of five years and Bank of Georgia, the holding company of JSC Bank of Georgia, said it would be used for on-lending to private sector entities with a view to finance energy efficiency and rational energy utilization investments.

The bank said that technical cooperation and grant support for the operation had been provided by the Austrian Government and the European Union through the Neighbourhood Investment Facility and would fund technical assistance and incentives to end-borrowers.

EBRD would also facilitate the launch of International Factoring, by providing a €10.0m facility under its Trade Facilitation Programme (TFP) to the bank.

Irakli Gilauri, Chief Executive Officer of Bank of Georgia, said: "As the first Georgian bank to introduce factoring product to the Georgian market in 2007, I am very pleased that the launch of International Factoring within the EBRD's TFP will allow Bank of Georgia to expand the range of the products offered to its corporate clients and will contribute to the expansion of international trade operations of the bank".

Bruno Balvanera, EBRD Director for Caucasus, Moldova and Belarus, commented: "EBRD is delighted to work with its long-standing partner bank to continue to finance the real economy, particularly, the energy efficiency lending."

Bank of Georgia’s share price was down 1.72% to 1,827p at 11:29 on Wednesday.

Dividend Declaration

RNS


RNS Number : 6626G

Bank of Georgia Holdings PLC

10 June 2013


London, 10 June 2013

Dividend Announcement


On 23 May 2013, the shareholders of Bank of Georgia Holdings PLC (the Company) (LSE: BGEO LN), the holding company of JSC Bank of Georgia (the Bank), Georgia's leading bank, approved the declaration of a final dividend of Georgian Lari 1.50 per share, payable to ordinary shareholders of the Company in British Pounds Sterling pursuant to the following timetable:



Ex-Dividend Date: 5 June 2013

Record Date: 7 June 2013

Currency Conversion Date: 10 June 2013

Payment Date: 19 June 2013



The Company hereby confirms that the National Bank of Georgia Georgian Lari/British Pounds Sterling exchange rate as of 10 June 2013 is 2.6051 and shall be used to pay dividends to ordinary shareholders of the Company on 19 June 2013.



Those shareholders who have not provided their appropriate bank account details to Computershare Investor Services PLC for payment of the dividend will be paid the dividend by cheque in British Pounds Sterling.





Name of authorised official of issuer responsible for making notification:



Kate Bennett Rea, Company Secretary

"Ex-Dividend Date: 5 June 2013".. Wrong date alert surely DC -):

Below is from the company site Stan, sorry late coming back.


Dividend Announcement
On 23 May 2013, the shareholders of Bank of Georgia Holdings PLC (the Company) (LSE: BGEO
LN), the holding company of JSC Bank of Georgia (the Bank), Georgia's leading bank, approved the
declaration of a final dividend of Georgian Lari 1.50 per share, payable to ordinary shareholders of the
Company in British Pounds Sterling pursuant to the following timetable:
Ex-Dividend Date: 5 June 2013
Record Date: 7 June 2013
Currency Conversion Date: 10 June 2013
Payment Date: 19 June 2013
The Company hereby confirms that the National Bank of Georgia Georgian Lari/British Pounds
Sterling exchange rate as of 10 June 2013 is 2.6051 and shall be used to pay dividends to ordinary
shareholders of the Company on 19 June 2013.
Those shareholders who have not provided their appropriate bank account details to Computershare
Investor Services PLC for payment of the dividend will be paid the dividend by cheque in British
Pounds Sterling.
Name of authorised official of issuer responsible for making notification:
Kate Bennett Rea, Company Secretary

Consensus recommendation

As of Jul 05, 2013, the consensus forecast amongst 10 polled investment analysts covering Bank of Georgia Holdings PLC advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on May 13, 2013. The previous consensus forecast advised investors to purchase equity in Bank of Georgia Holdings PLC.
.


Climbing hard over the last week.

BGH Announces Appointment of CRO

RNS Number : 8472J

Bank of Georgia Holdings PLC

22 July 2013

London, 22 July 2013

Bank of Georgia Announces Appointment of Chief Risk Officer



Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank"), Georgia's leading bank announces that George Chiladze has been appointed as the Chief Risk Officer (CRO) of the Bank, effective 1st September 2013. The position has been vacant since May 2013 following executive management reshuffle, which saw Sulkhan Gvalia, CRO at the time, taking the position of Deputy CEO for Corporate Banking. George has served as Deputy CEO for Finance at Bank of Georgia from 2008 to 2011.



"I am excited to welcome George back to our team. Having served at Bank of Georgia as Deputy CEO, Finance for more than three years, George has a thorough knowledge and understanding of the Bank, which will ensure continuity and smooth transition. We are very fortunate that George has rejoined us and I look forward to the contributions he will make in his new role" commented Irakli Gilauri, Chief Executive Officer.



After leaving Bank of Georgia in 2011, George joined Partnership Fund* in the capacity of Deputy CEO. Prior to joining Bank of Georgia in 2008, George served as General Director of JSC BTA Bank (2005-2008). Prior to returning to Georgia in 2003, George worked a Program Trading Desk at Bear Stearns in New York. He has received Ph.D. in physics from John Hopkins University in Baltimore, Maryland and an undergraduate degree from Tbilisi State University.

Notice of Results
RNS
RNS Number : 4889L
Bank of Georgia Holdings PLC
12 August 2013

London, 12 August 2013



Bank of Georgia Holdings PLC notice for 1H 2013 Results



Bank of Georgia Holdings PLC will publish its financial results for 1H 2013 at 07:00 London time on Wednesday, 14th August 2013. The results announcement will be available on Bank of Georgia Holdings's website at www.bgh.co.uk. An investor/analyst conference call, organised by Bank of Georgia Holdings, will be held on Wednesday, 14th August 2013, at 14:00 UK / 15:00 CET / 09:00 U.S Eastern Time. The duration of the call will be 60 minutes and will consist of a 15-minute update and a 45-minute Q&A session.

Half Yearly Report

Record Q2 2013 profit drives robust first half performance



· Positive operating leverage maintained with strong profitability

o Net Interest Margin (NIM) of 7.7%, compared to 8.2% in 1H 2012

§ Q2 2013 NIM of 7.9%, compared to 7.6% in Q1 2013

o Revenue increased by GEL 23.7 million, or 9.9% y-o-y, to GEL 262.7 million; Revenue adjusted for one-off foreign currency gain* increased by 11.3% to GEL 262.7 million

§ Q2 2013 revenue grew 13.6% q-o-q to GEL 139.7 million

o Positive operating leverage maintained at 9.4% in 1H 2013, as operating expenses stayed largely flat at GEL 109.6 million

§ Q2 2013 y-o-y operating leverage of 13.3%

o Cost to Income ratio improved to 41.7% compared to 45.6% in 1H 2012

§ Q2 2013 Cost to Income ratio reached a record low of 39.9% compared to 43.8% in Q1 2013 and 45.5% Q2 2012

o Profit for the period increased by GEL 9.1 million, or 10.5% y-o-y, to GEL 95.1 million

o Earnings per share (basic) increased by 5.1% to a record GEL 2.70, compared to GEL 2.57 in 1H 2012

o Return on Average Assets (ROAA) stood at 3.4%, compared to 3.7%

§ Q2 2013 ROAA stood at 3.8%, compared to 3.1% in Q1 2013

o Return on Average Equity (ROAE) stood at 17.6%, from 19.6%

§ Q2 2013 ROAE stood at 19.3%, compared to 15.9% in Q1 2013

· Strong balance sheet supported by solid capital position and declining cost of funds

o Net loan book increased by 6.8% y-o-y, while client deposits increased by 3.5% y-o-y

o Cost of client deposits decreased from 7.7% in 1H 2012 to 6.2% in 1H 2013; Q2 2013 cost of client deposits stood at 5.9%

o Q2 2013 loan book grew 5.7% q-o-q, while client deposits increased 1.1% q-o-q

§ Retail Banking net loans grew 5.3% q-o-q, while client deposits increased 7.0% q-o-q

§ Corporate Banking net loans grew 4.8% q-o-q, while client deposits decreased 3.1% q-o-q, reflecting targeted outflow of high-interest paying deposits

o Cost of risk in Q2 2013 remained largely flat at 1.5% compared to 1.4% in Q1 2013. 1H 2013 cost of risk of 1.5% compares to 0.9% in 1H 2012. The year-on-year increase was attributed to both Retail Banking and Corporate Banking loan portfolios

o High liquidity maintained with 26.8% assets made up of cash and cash equivalents, NBG CDs, Georgian government treasury bills and bonds and other high quality liquid assets as of 30 June 2013. The National Bank of Georgia (NBG) liquidity ratio of 44.8% compared to 35.2% a year ago and to 30% minimum requirement by the regulator

o Excellent funding position with a Net Loans to Customer Funds ratio of 109.6%, down from 114.8% YE 2012 and up from 102.7% in 1H 2012. As of 30 June 2013, Net Loans to Customer Funds and Long-Term DFI Funding ratio was 90.0%

o BIS Tier 1 capital adequacy ratio improved to 22.9%

o Book value per share increased by 12.9% y-o-y to GEL 30.9 (US$18.72/GBP 12.28)

o Balance Sheet leverage at 4.1 times as of 30 June 2013, compared to 4.2 times



*One-off foreign currency gain by BNB in Q1 2012, the Bank's subsidiary in Belarus



· Business highlights

o Retail Banking continues to deliver strong franchise growth, supported by the successful roll-out of the Express Banking strategy in 2012, adding 649 new Express Pay terminals and 115,000 Express cards in 1H 2013. Retail Banking loan book grew 14.6% y-o-y.

o Corporate Banking loan book increased by 4.8% q-o-q in Q2 2013 after a slow-down in Q1 2013. Cost efficiency of Corporate Banking improved markedly as Cost to Income declined from 32.1% in 1H 2012 to 25.9% in 1H 2013

o Investment Management (formerly Asset and Wealth Management) continued to expand its franchise with Assets under Management (AUM) increasing by 18.0% to GEL 624.2 million in 1H 2013. Since the launch of the Certificate of Deposit (CD) programme in January 2013, the amount of CDs issued to Investment Management clients reached GEL 103.2 million, as of 30 June 2013

o Aldagi, the Group's Insurance and Healthcare business, reported a 1H 2013 profit of GEL 11.4 million, up from GEL 6.5 million in 1H 2012

o Affordable Housing pre-sold 68% of the apartments of its second housing project, currently in the construction process. In 1H 2013, Affordable Housing segment posted its first half year profit of GEL 4.4 million




http://www.moneyam.com/action/news/showArticle?id=4650269

Bank of Georgia: Canaccord Genuity downgrades to hold with an unchanged target price of 1610p.

:-))

In Shares - An expected rise in sales volumes and falling bad debts are driving upgrades at Bank of Georgia, with healthcare and insurance subsidiary Aldagi a particularly strong performer.

Bank of Georgia Holdings PLC (BGEO:LSE) set a new 52-week high during today's trading session when it reached 2,593. Over this period, the share price is up 125.02%.

Bank of Georgia buys 80 per cent majority of Georgian hospital group

Thu, 20 February 2014


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Bank of Georgia Holdings said its healthcare and insurance subsidiary Aldagi has bought an 80 per cent stake in Avante Hospital Management Group for an undisclosed sum, and is in talks to buy the remaining 20 per cent.

Avante owns four hospitals with a total of 578 beds in the Georgian cities of Tbilisi and Batumi. It is the second largest healthcare provider in Georgia by number of beds, after Aldagi, the company said.

“Generating an estimated revenue of 35m Georgian Lari (GEL) in 2013, this portfolio of hospitals provides Aldagi with leading positions in both pediatric and maternity care,” the bank said.

“The acquisition of the new hospitals is consistent with the company's previously announced strategy to scale up its healthcare business through targeted hospital acquisitions focusing in Tbilisi. Following the acquisition, Aldagi has 36 healthcare facilities and 1,907 hospital beds in Georgia, said Chief Executive Irakli Gilauri.

Bank of Georgia shares were down 19p to 2396p.

BANK OF GEORGIA

HOLDINGS PLC

PRELIMINARY RESULTS ANNOUNCEMENT

2013


Strong profitability supported by declining funding costs and positive operating leverage maintained

o Net Interest Margin (NIM) of 7.8%, compared to 7.9% in 2012

§ Q4 2013 NIM of 7.9% compared to 7.7% in Q3 2013 and 7.8% in Q4 2012

o Revenue increased by GEL 47.2 million, or 9.5% y-o-y, to GEL 545.5 million

§ Q4 2013 revenue increased 12.6% y-o-y to GEL 144.4 million; compared to Q3 2013 revenue increased by 4.4%

o Positive operating leverage maintained at 7.5 percentage points in 2013, as operating expenses increased by 2.0% year-on-year to GEL 225.6 million

o Cost to Income ratio improved to 41.4% compared to 44.4% in 2012

o Profit for the period increased by GEL 29.8 million, or 16.6% y-o-y, to GEL 209.3 million

§ Q4 2013 profit increased by GEL 8.8 million, or 18.7% y-o-y, to GEL 55.6 million

o Earnings per share (basic) increased by 13.6% to a record GEL 5.93, compared to GEL 5.22 in 2012

o Return on Average Assets (ROAA) stood at 3.6% in 2013 compared to 3.5% in 2012

§ Q4 2013 ROAA stood at 3.6%, compared to 3.4% in Q4 2012 and 4.0% in Q3 2013

o Return on Average Equity (ROAE) stood at 18.6%, compared to 19.1%

§ Q4 2013 ROAE stood at 18.6%, compared to 20.6% in Q3 2013 and 18.2% in Q4 2012

· Strong balance sheet supported by solid capital position and declining cost of funds

o Net loan book increased by 13.9% y-o-y, while client deposits increased by 18.5% y-o-y

o Cost of client deposits decreased from 7.3% in 2012 to 5.6% in 2013; Q4 2013 cost of client deposits stood at 4.8% compared to 6.6% in Q4 2012

o Q4 2013 loan book grew 7.3% q-o-q and client deposits increased 9.0% q-o-q

o Cost of credit risk improved significantly in Q4 2013 to GEL 10.0 million compared to GEL 16.1 million in Q4 2012 and GEL 15.5 million in Q3 2013. Cost of Risk decreased to an annualised 0.9% in Q4 2013 compared to 1.6% in Q3 2013 and 1.8% in Q4 2012

o High liquidity maintained with 29.5% of total assets made up of cash and cash equivalents, amounts due from credit institutions, NBG CDs, Georgian government treasury bills and bonds and other high quality liquid assets as of 31 December2013. Liquidity ratio, as per National Bank of Georgia (NBG), stood at 45.7%, compared to 41.1% a year ago, as a result of additional Eurobond issuance in November 2013

o As of 31 December 2013, Net Loans to Customer Funds ratio stood at a healthy level of 113.0% compared to 114.8% as of 31 December 2012 and 114.7% as of 30 September 2013. Net Loans to Customer Funds and DFI ratio of 96.2%, compared to 91.9% as of 31 December 2012 and 96.1% as of 30 September 2013.

o BIS Tier I capital adequacy ratio stood at 23.0% compared to 21.2% a year ago.

o Book value per share increased by 14.9% y-o-y to GEL 34.85 (US$20.07/GBP 12.18)

o Balance Sheet leverage remained flat y-o-y at 4.3 times




http://www.moneyam.com/action/news/showArticle?id=4757935

Good recovery today, as Ukraine fears ebb the tensions with Russia have eased and the stock market recovered today.

Shares -Bank on Georgia
Sector leader primed for home market growth


A bull run in Bank of Georgia (BGEO) looks set to continue as the government ramps up infrastructure spend. This spend has the potential to create a multiplier effect as a portion of every Georgian lari spent by the state finds its way into the pockets of consumers who in turn spend a large part of what they earn.

The £910 million cap is plugged into the former Soviet Union state on many levels, owning 33.8% of its banking assets, holding a 32.5% share of all lending and 30.4% of deposits. This puts Bank of Georgia in a prime position to benefit from a significant uplift in the economy with the World Bank estimating 6.3% growth in each of the next two years, more than double 2013’s 2.5% gain, when output dipped amid political uncertainty.

BOG buys out minority shareholder of MFC

RNS


RNS Number : 4812F

Bank of Georgia Holdings PLC

25 April 2014




London, 25 April 2014



Bank of Georgia buys-out minority shareholder of My Family Clinic



Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank") Georgia's leading bank, announces that JSC Insurance Company Aldagi ("Aldagi"), the Bank's insurance and healthcare subsidiary, has completed a buy-out of a 49% minority shareholder of its healthcare subsidiary My Family Clinic ("MFC"). Aldagi has held a 51% controlling interest in MFC since December 2011. Following the transaction, Aldagi's healthcare business consists of its wholly-owned subsidiary My Family Clinic (with 749 hospital beds in Georgia) and wholly-owned subsidiary Unimed (with 1,158 hospital beds in Georgia), both of which are leading healthcare providers in the country.



"I am pleased to announce this buy-out. The acquisition of the remaining stake in MFC will allow us to proceed with the integration of MFC and Unimed, extracting synergies and further strengthening Aldagi's position in the Georgian healthcare market. The buy-out of a 49% minority shareholder of MFC gives us flexibility in executing our growth strategy and an opportunity to expand our regional footprint through investments into development projects via MFC", commented Murtaz Kikoria, Aldagi CEO

Bank of Georgia Announces Q1 2014 Results

Business highlights

o Retail Banking continues to deliver strong franchise growth, supported by the successful roll-out of the Express Banking strategy, adding 1,423 Express Pay Terminals and 513,707 Express Cards since the launch of the Express Banking service. Retail Banking's net loan book grew 21.1% and client deposits 24.9% y-o-y.

o Corporate Banking's net loan book increased 7.8% to GEL 1,715.5 but decreased 5.7% q-o-q. Corporate Banking Cost of Deposits decreased markedly from 5.7% in Q1 2013 to 3.2% in Q1 2014.

o Investment Management's Assets under Management (AUM) increased by 14.5% y-o-y to GEL 702.7 million as of 31 March 2014. Since the launch of the Certificate of Deposit (CD) programme in January 2013, the amount of CDs issued to Investment Management clients reached GEL 239.0 million, as of 31 March 2014

o The Group's insurance and healthcare business, reported GEL 6.0 million Q1 2014 profit, up 14.6% y-o-y and expanded its healthcare business through acquisitions, adding 578 hospital beds to a total of 1,907

o Affordable Housing's second housing project is near completion and the construction of two new housing projects is underway. Net profit from the Bank's affordable housing business totalled GEL 4.2 million in Q1 2014, reflecting the partial recognition of revenue from its second project as it nears completion.





http://www.moneyam.com/action/news/showArticle?id=4807429

Bank of Georgia: Numis downgrades from buy to hold with a target price of 2708p.

Director Deals - Bank of Georgia Holdings PLC (BGEO)

BFN

Kim Bradley, Non Executive Director, bought 1,250 shares in the company on the 10th June 2014 at a price of 2459.00p. The Director now holds 1,250 shares representing 0.00% of the shares in issue.

Story provided by StockMarketWire.com
Director deals data provided by www.directorsholdings.com

Bank of Georgia: Peel Hunt increases target price from 2416p to 2600p and reiterates a hold recommendation.

Half Yearly Report

HIGHLIGHTS



Bank of Georgia Holdings PLC (LSE: BGEO LN), the holding company of Georgia's leading bank JSC Bank of Georgia (the "Bank") and its subsidiaries (the "Group"), announced today the Group's 1H 2014 and Q2 2014 consolidated results reporting a record half-year profit for 1H 2014 of GEL 112.0 million (US$63.3 million/GBP 37.2 million) and record earnings per share of GEL 3.15 (US$1.78 per share/GBP 1.05 per share). The Bank also reported Q2 2014 profit of GEL 58.3 million (US$33.0 million/GBP 19.4 million), or GEL 1.64 per share (US$0.93 per share/GBP 0.54 per share). Unless otherwise mentioned, comparisons are with the first half of 2013. The results are based on IFRS, are unaudited and derived from management accounts.



§ Strong profit momentum maintained

o Net Interest Margin (NIM) of 7.3%, compared to 7.8% in 1H 2013

§ Q2 2014 NIM of 7.3%, compared to 7.9% in Q2 2013 and 7.4% in Q1 2014

o Revenue increased by 7.3% y-o-y to GEL 281.5 million in 1H 2014

§ Q2 2014 revenue of GEL 144.2 million, up 3.2% y-o-y and 5.0% q-o-q.

o Cost to Income ratio stood at 43.8% in 1H 2014 compared to 41.7% in 1H 2013

§ Q2 2014 Cost to Income ratio stood at 44.6% compared to 39.9% in Q2 2013 and 43.0% in Q1 2014

o Profit for 1H 2014 increased to GEL 112.0 million, up 17.7% y-o-y

§ Profit increased to GEL 58.3 million in Q2 2014, up 9.8% y-o-y and up 8.7% q-o-q

o Earnings per share (EPS) increased by 16.7% to GEL 3.15 in 1H 2014 compared to GEL 2.70 in 1H 2013

§ Q2 2014 EPS stood at GEL 1.64, up 8.6% on both a y-o-y and q-o-q basis

o Return on Average Assets (ROAA), adjusted for impairment* stood at 3.5% in 1H 2014 largely flat on a year-on-year basis

§ ROAA, adjusted for impairment stood at 3.7% in Q2 2014, compared to 3.8% in Q2 2013 and 3.3% in Q1 2014

o Return on Average Equity (ROAE), adjusted for impairment stood at 18.7% in 1H 2014, compared to 17.6% in 1H 2013

§ ROAE, adjusted for impairment stood at 19.7% in Q2 2014 compared to 19.3% in Q2 2013 and 17.7% in Q1 2014

§ Balance sheet strength supported by solid capital and liquidity positions and declining Cost of Funding

o Net loan book increased by 17.2% y-o-y (up 4.9% q-o-q), while client deposits increased by 7.4% y-o-y (up 0.3% q-o-q)

o Cost of Client Deposits decreased to a record low of 4.4% in 1H 2014 from 6.2% in 1H 2013. Q2 2014 Cost of Client Deposits stood at 4.3% down from 5.9% in Q2 2013 and 4.6% in Q1 2014. Loan Yields also declined to 14.7% from 16.9% in 1H 2013. Quarterly loan yields stood at 14.5% in Q2 2014 compared to14.9% in Q1 2014 and 17.0% in Q2 2013

o Cost of credit risk improved significantly in 1H 2014 to GEL 27.2 million from GEL 36.3 million in 1H 2013. This represents an annualised Cost of Risk ratio of 1.0%.

o High liquidity maintained with 27.6% of total assets made up of cash and cash equivalents, amounts due from credit institutions, the NBG CDs, Georgian government treasury bills and bonds and other high quality liquid assets as of 30 June2014. Liquidity ratio, as per National Bank of Georgia (NBG) requirements, stood at 38.1% against the regulatory minimum of 30%

o As of 30 June 2014, Net Loans to Customer Funds and DFI ratio stood at a healthy level of 100.3% compared to 96.2% as of 31 December 2013 and 96.4% as of 31 March 2014. The Net Loans to Customer Funds ratio stood at 119.0% compared to 113.0% as of 31 December 2013and 113.8% as of 31 March 2014

o BIS Tier I capital adequacy ratio stood at 22.5% compared to 22.9% a year ago.

o NBG (Basel 2/3) Tier I capital adequacy ratio stood at 10.8% as at 30 June 2014 compared to 13.1% as at 31 December 2014 (see Annex I on page 44 for more information)

o Book value per share increased by 13.1% y-o-y to GEL 34.95 (US$19.76/GBP 11.61)

o Balance Sheet leverage remained largely flat y-o-y at 4.3 times





*Adjusted for one-off impairment of BG Bank in Ukraine

§ Business highlights

o Retail Banking continues to deliver strong franchise growth, supported by the Express Banking strategy, adding 2,038 Express Pay Terminals and 613,159 Express Cards since the launch of the Express Banking service. Retail Banking's net loan book grew 21.4% y-o-y and stood at GEL 1,754.2 million, while client deposits increased by 22.5% y-o-y to GEL 1,134.2 million

o Corporate Banking's net loan book growth rate picked up in Q2 2014, increasing by 8.1% y-o-y to GEL 1,802.8 as of 30 June 2014. Corporate Banking Cost of Deposits decreased markedly from 5.5% in 1H 2013 to a record low 3.0% in 1H 2014

o Investment Management's Assets under Management (AUM*) increased by 15.9% y-o-y to GEL 901.0 million as of 30 June 2014. Since the launch of the Certificate of Deposit (CD) programme in January 2013, the volume of CDs issued reached GEL 314.0 million, as of 30 June 2014

o The Group's insurance and healthcare business reported GEL 11.1 million profit (GEL 11.4 million in 1H 2013). The Group's healthcare business reported a GEL 6.2 million 1H 2014 profit (GEL 2.5 million in 1H 2013) and expanded its healthcare business through acquisitions to 36 healthcare facilities and 1,892 hospital beds. The market share of the Group's healthcare business grew from 14.3% as of 31 December 2013 to 19.9% as of 30 June 2014 in terms of hospital beds, while the health insurance business of the Group accounted for 37.6% of the total health insurance sector of Georgia based on gross premiums written as of 31 March 2014, compared to 31.1% as of 31 December 2013

o Affordable Housing completed its second housing project and the construction of two new housing projects is underway. Net profit from the Bank's Affordable Housing business totalled GEL 6.2 million in 1H 2014, reflecting the recognition of major part of the revenue from the completed second project





http://www.moneyam.com/action/news/showArticle?id=4872870

Shares - higher growth is anticipated on the back of 6% GDP growth in the former Soviet state this year. One catalyst could be the proposed initial public offering of its healthcare business next year.

BOG's healthcare subsidiary acquires new hospital
RNS
RNS Number : 4709T
Bank of Georgia Holdings PLC
06 October 2014







London, 6 October 2014



Bank of Georgia's healthcare subsidiary acquires a new hospital



Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank"), Georgia's leading bank, announces that JSC Evex Medical Corporation ("Evex"), the Bank's healthcare subsidiary, has acquired 100% equity interest in a 60-bed hospital in Tbilisi providing a wide-range of in-patient and out-patient services with particular expertise in traumatology.



The acquisition of this new hospital is in line with the Bank's previously announced strategy to scale up its healthcare business through targeted hospital acquisitions focusing on Tbilisi. Following the acquisition, the Bank's healthcare subsidiary has 38 healthcare facilities and 2,140 beds in Georgia.



"I am very pleased to announce one more important acquisition, which further strengthens our healthcare franchise in the capital city. I would like to congratulate our healthcare team on the completion of the transaction, which increases our national market share by hospital beds to 22.5% from 14.3% at the beginning of the year," commented Irakli Gilauri, Chief Executive Officer of Bank of Georgia.



"The addition of another leading hospital complements our current portfolio of healthcare facilities in Tbilisi, enabling us to tap a new segment of patientsand offering significant opportunities for cost synergies that our experienced team will work to deliver over the next few months," commented Murtaz Kikoria, Chairman of the board of directors, Evex.

Bank of Georgia: Numis upgrades from hold to buy with a target price of 2708p

3rd Quarter Results

Business highlights

o Retail Banking continues to deliver strong franchise growth, supported by the Express Banking strategy, adding 2,217 Express Pay Terminals and 670,553 Express Cards since the launch of the Express Banking service. Retail Banking's net loan book grew 21.9% y-o-y and stood at GEL 1,858.7 million, while client deposits increased by 23.0% y-o-y to GEL 1,193.8 million

o Corporate Banking's net loan book growth rate picked up in Q3 2014, increasing by 11.7% y-o-y to GEL 1,870.1 as of 30 September 2014. Corporate Banking Cost of Deposits decreased markedly from 5.0% in 9M 2013 to a record low 2.9% in 9M 2014. Pressure on Corporate Banking NIM continued

o Investment Management's Assets under Management (AUM*) increased by 20.4% y-o-y to GEL 932.7 million as of 30 September 2014. Since the launch of the Certificate of Deposit (CD) programme in January 2013, the volume of CDs issued reached GEL 376.2 million, as of 30 September 2014. Net fee and commission for Investment Management increased to GEL 8.5 million in 9M 2014 from GEL 1.0 million in 9M 2013

o The Group's healthcare business, which includes healthcare services and health insurance, reported a GEL 13.2 million 9M 2014 profit (GEL 11.3 million in 9M 2013). Profit from healthcare services increased to GEL 10.6 million from GEL 4.2 million in 9M 2013, while health insurance profit decreased from GEL 7.1 million in 9M 2013 to GEL 2.7 million in 9M 2014. The Group's healthcare business operates 38 healthcare facilities and 2,140 hospital beds as of 30 September 2014. The market share of the Group's healthcare business grew from 14.3% as of 31 December 2013 to 22.5% as of 30 September 2014 in terms of hospital beds, while the health insurance business of the Group accounted for 37.0% of the total health insurance sector of Georgia based on gross premiums written as of 30 June 2014, compared to 28.9% as of 31 December 2013

o Affordable Housing completed its second housing project and the construction of four new housing projects is underway. 26% of apartments have already been sold in the newest project launched in September 2014. 39% of apartments were sold in the project launched in July 2014. 81% and 59% respectively were sold in two projects launched in December 2013. Net profit from the Bank's Affordable Housing business totalled GEL 6.8 million in 9M 2014, reflecting the recognition of major part of the revenue from the completed second project






http://www.moneyam.com/action/news/showArticle?id=4918155

08 Dec Bank of Georgia... Numis Upgrades 2,745.00 buy

09/12/2014 BUY Alasdair Breach NED 2,121
09/12/2014 BUY Neil Janin CH 10,000

18 Dec Panmure Gordon 3,000.00 Buy

Signal Update

Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 17/12/2014, 5 days ago, when the stock price was 1,878.5000. Since then BGEO.L has risen by +10.03%.

Market Outlook

The bulls are strong. The negative sentiment that led to the last bearish pattern has evaporated. Besides, the signal is suggesting to STAY LONG. It is best to follow the signal and continue to hold this security, but with a more cautious attitude.



https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=BGEO.L

A sell in IC - A sliding oil price and Western economic sanctions are starting to cause economic havoc in Russia. When Russia feels the heat, the shares in Bank of Georgia often become very volatile.

perhaps an interesting subject for shorting

Panmure Gordon thinks not.


5 Jan Panmure Gordon 3,000.00 Buy

Final Results

Strong 4th quarter 2014 performance

o Q4 2014 Net Interest Margin (NIM) of 7.6%, compared to 7.4% in Q3 2014 and 8.0% in Q4 2013

o Q4 2014 revenue of GEL 168.7 million, up 17.5% y-o-y and 8.6% q-o-q

o Q4 2014 Cost of Client Deposits stood at 4.2% down from 4.8% in Q4 2013, flat q-o-q

o Q4 2014 Loan Yields stood at 14.1% in Q4 2014, down from 14.3% in Q3 2014 and down from 15.8% in Q4 2013

o Q4 2014 Cost to Income ratio stood at 41.3% compared to 41.9% in Q4 2013 and 42.5% in Q3 2014

o Positive q-o-q and y-o-y operating leverage at 2.9 percentage points (ppts) and 1.6 ppts, respectively, in Q4 2014

o Profit increased to GEL 66.5 million in Q4 2014, up 19.5% y-o-y and up 6.7% q-o-q

o Q4 2014 Earnings Per Share (EPS) increased 18.4% y-o-y and 7.5% q-o-q to GEL 1.87

o Net loan book increased 13.9% q-o-q; client deposits increased 8.3% q-o-q

o Return on Average Assets (ROAA), of 3.7% in Q4 2014 (Q3 2014: 3.7%; Q4 2013:3.6%)

o Return on Average Equity (ROAE)1, of 19.5% in Q4 2014 (Q3 2014: 19.2%; Q4 2013: 18.6%)

[1] Adjusted for results of placing of ordinary shares on 4 December 2014



§ Excellent customer lending growth supports record annual profits

o Net Interest Margin (NIM) of 7.4%, compared to 7.8% in 2013

o Revenue increased 11.3% y-o-y to GEL 605.6 million in 2014

o Cost to Income ratio stood at 42.8% in 2014 compared to 41.2% in 2013

o Profit for 2014 increased to GEL 240.8 million, up 15.0% y-o-y

o EPS1,2increased 15.5% to GEL 6.85 in 2014 compared to GEL 5.93 in 2013

o ROAA of 3.6% in 2014, flat y-o-y

o ROAE1,2of 19.0% in 2014, up from 18.6% in 2013



§ Balance sheet strength supported by solid capital and liquidity positions and declining Cost of Funding

o Net loan book increased 23.8% y-o-y, while client deposits increased 6.6% y-o-y

o Cost of Client Deposits decreased to a record low of 4.3% in 2014 from 5.6% in 2013. Loan Yields also declined to 14.4% from 16.3% in 2013

o Cost of credit risk reduced in 2014 to GEL 59.0 million from GEL 61.8million in 2013. This translated into a Cost of Risk ratio of 1.2% in 2014 compared to 1.4% in 2013

o NPLs to Gross Loans to Clients ratio as a result declined from 4.0% as of 31 December 2013 to 3.4% as of 31 December 2014. High liquidity continues to be maintained. Liquidity ratio, per National Bank of Georgia (NBG) requirements, stood at 35.0%, compared to the regulatory minimum requirement of 30.0%. 25.0% of total assets made up of cash and cash equivalents, amounts due from credit institutions, the NBG CDs, Georgian government treasury bills and bonds and other high quality liquid assets as of 31 December 2014

o As of 31 December 2014, Net Loans to Customer Funds and DFI ratio stood at 110.6% (30 September 2014: 103.9%; 31 December2013: 96.2%)

o BIS Tier I capital adequacy ratio stood at 22.1% (2013: 23.0%)

o NBG (Basel 2/3)1Tier I Capital Adequacy ratio stood at 11.1% as of 31 December 2014, (30 September 2014: 11.2%)

o Book value per share increased 18.9% y-o-y to GEL 41.45 (US$22.24/GBP 14.33)

o Balance sheet leverage stood at 3.7 times as of 31 December 2014 (31 December 2013: 4.3 times)



§ Resilient growth momentum maintained across all major business lines:

o Retail Banking continues to deliver strong franchise growth, supported by the Express Banking strategy, adding 2,239 Express Pay Terminals and 721,909 Express Cards since the launch of the Express Banking service in 2012. Retail Banking's net loan book grew 28.1% y-o-y and stood at GEL 2,067.0 million, while client deposits increased 24.2% y-o-y to GEL 1,349.6 million

o The Bank's acquisition of JSC Privatbank has enhanced its position in the significantly more profitable retail franchise. The acquisition was finalised in January 2015 and increased the Bank's market share in retail loans by 4.9% and in retail deposits by 2.6% (market shares as of 31 December 2014)

o Corporate Banking's net loan book growth rate picked up in the second half of the year, with the net loan book increasing by 18.8% y-o-y to GEL 2,160.8 million as of 31 December 2014. Corporate Banking Cost of Deposits decreased significantly from 4.6% in 2013 to a record low 2.9% in 2014. Pressure on Corporate Banking NIM continued, driving it down by 50 bps y-o-y to 4.5%

o Investment Management's Assets Under Management (AUM) increased 21.4% y-o-yto GEL 1,027.1 million. Since the launch of the Certificate of Deposit (CD) programme in January 2013, the volume of CDs issued reached GEL 460.6 million, as of 31 December 2014. Net fee and commission income for Investment Management increased substantially to GEL 8.8 million in 2014 up from GEL 1.2 million in 2013



o The Group's healthcare business grew its market share from 14.3% as of 31 December 2013 to 22.0% as of 31 December 2014 in terms of hospital beds. The Group's healthcare services business, which operates 39 healthcare facilities and 2,140 hospital beds, reported profit that more than tripled y-o-y, increasing to GEL 14.0 million in 2014 (2013: GEL 4.4 million)

o m2 Real Estate enjoys strong demand, selling 576 apartments in 2014, which brings total apartments sold since 2010 to 1,328






http://www.moneyam.com/action/news/showArticle?id=4980827

Half Yearly Report
RNS
RNS Number : 5639W
Bank of Georgia Holdings PLC
20 August 2015











BANK OF GEORGIA

HOLDINGS PLC





Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/5639W_-2015-8-20.pdf



FORWARD LOOKING STATEMENTS

This document contains statements that constitute "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.

While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other factors could cause actual developments and results to differ materially from our expectations.

These factors include, but are not limited to the following: (1) general market, macroeconomic, governmental, legislative and regulatory trends; (2) movements in local and international currency exchange rates; interest rates and securities markets; (3) competitive pressures; (4) technological developments; (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties and developments in the market in which they operate; (6) management changes and changes to our group structure; and (7) other key factors that we have indicated could adversely affect our business and financial performance, which are contained elsewhere in this document and in our past and future filings and reports, including those filed with the respective authorities.

When relying on forward-looking statements, investors should carefully consider the foregoing factors and other uncertainties and events. Accordingly, we are under no obligations (and expressly disclaim such obligations) to update or alter our forward-looking statements whether as a result of new information, future events, or otherwise.



Bank of Georgia Holdings PLC (LSE: BGEO LN), the holding company of Georgia's leading bank JSC Bank of Georgia (the "Bank") and its subsidiaries (together, the "Group"), announces the Group's 2Q15 and 1H15 consolidated results. Unless otherwise mentioned, figures are for 2Q15 and comparisons are with 2Q14. The results are based on IFRS, are unaudited and derived from management accounts.



Bank of Georgia Holdings highlights



§ 2Q15 profit was GEL 72.0mln (US$ 32.0mln/GBP 20.4mln), up 23.5% y-o-y and up 15.5% q-o-q

§ 2Q15 earnings per share ("EPS") were GEL 1.84 (US$ 0.82 per share/GBP 0.52 per share), up 12.2% y-o-y and up 12.9% q-o-q

§ 1H15 profit was GEL 134.4mln (US$ 59.8mln/GBP 38.1mln), up 20.0% y-o-y

§ 1H15 EPS was GEL 3.47 (US$ 1.54 per share/GBP 0.98 per share), up 10.2% y-o-y

§ Book value per share was GEL 41.74, up 19.4% y-o-y, with total equity attributable to shareholders of GEL 1,597.0mln, up 32.9% y-o-y

§ Total assets increased to GEL 9,375.1mln, up 40.6% y-o-y and up 3.8% q-o-q

§ Leverage remained low at 4.7 times

§ In addition to the capital in the regulated Banking Business (JSC Bank of Georgia), GEL 114.4mln cash is held at the holding company level as of the date of this report



Banking Business highlights



2Q15 performance

§ Revenue was GEL 182.6mln (up 42.0% y-o-y and up 2.9% q-o-q)

§ Net Interest Margin ("NIM") was 7.6% (+20 basis points "bps" y-o-y and -20 bps q-o-q)

§ Loan Yield stood at 14.6% (+30 bps y-o-y and +10 bps q-o-q)

§ Cost of Customer Funds stood at 4.4% (up 20 bps y-o-y and flat q-o-q)

§ Cost to Income ratio improved to 35.7% (36.8% in 1Q15 and 42.2% in 2Q14)

§ Operating leverage was positive y-o-y and q-o-q, at 21.7% and 2.9%, respectively

§ Cost of credit risk stood at GEL 40.8mln (up 207.0% y-o-y and flat q-o-q)

§ Cost of Risk ratio was 2.7% (3.1% in 1Q15 and 0.9% in 2Q14)

§ Profit increased to GEL 61.5mln (up 14.6% y-o-y and up 4.5% q-o-q)

§ Return on Average Assets ("ROAA") was 2.9% (3.0% in 1Q15 and 3.5% in 2Q14)

§ Return on Average Equity ("ROAE") was 19.3% (19.2% in 1Q15 and 21.0% in 2Q14)



1H15 performance

§ Revenue was GEL 360.1mln (up 45.3% y-o-y)

§ NIM was 7.8%; (+30 bps y-o-y)

§ Loan Yield was 14.6% (+10 bps y-o-y)

§ Cost of Client Deposits was 4.4% (flat y-o-y)

§ Cost to Income ratio improved to 36.2% (41.9% in 1H14)

§ Operating leverage was positive at 19.5%

§ Cost of credit risk stood at GEL 81.5mln (up 212.6% y-o-y)

§ Cost of Risk ratio stood at 2.9% (0.9% in 1H14)

§ Profit increased to GEL 120.3mln (up 20.4% y-o-y)

§ ROAA was 2.9% (3.3% in 1H14)

§ ROAE was 19.3% (19.3% in 1H14)



Balance sheet strength supported by solid capital and liquidity positions

§ The net loan book reached a record GEL 5,142.2mln (up 38.4% y-o-y and down -2.0% q-o-q); without Privatbank effect ("ex-Privatbank") it was GEL 4,896.6mln; ex-Privatbank growth on constant currency basis was 11.2% y-o-y

§ Client deposits increased to GEL 4,212.8mln (up 33.8% y-o-y and down 1.4% q-o-q); ex-Privatbank it was GEL 3,946.0mln; ex-Privatbank growth on constant currency basis was 5.1% y-o-y

§ Net Loans to Customer Funds and DFI ratio stood at 102.4% (105.2% at 31 March 2015 and 100.0% at 30 June 2014)

§ Tier I and Total Capital Adequacy ratios (CAR) (Basel I) stood at 20.4% and 26.7%, respectively

§ NBG (Basel 2/3) Tier I and Total CAR stood at 10.4% and 15.9%, respectively

§ NBG Liquidity Ratio was 35.1%

Resilient growth momentum sustained across all major business lines

§ Retail Banking continues to deliver strong franchise growth, primarily supported by the Express Banking strategy and Privatbank acquisition. Retail Banking revenue reached GEL 103.4mln in 2Q15, up 44.9% y-o-y

§ Retail Banking net loan book reached a record GEL 2,623.6mln, up 49.6% y-o-y; ex-Privatbank it was GEL 2,378.0mln; ex-Privatbank growth on constant currency basis was 19.8% y-o-y

§ Retail Banking client deposits increased to GEL 1,736.5mln up 53.1% y-o-y; ex-Privatbank it was GEL 1,469.7mln; ex-Privatbank growth on constant currency basis was 9.0% y-o-y

§ The Privatbank acquisition has enhanced our position in the significantly more profitable retail banking franchise and posted revenue of GEL 38.9mln and profit of GEL 6.1mln in 1H15. Privatbank increased our market share in retail loans by 4.3 percentage points and in retail deposits by 2.5ppts (market data as of 31 March 2015). For more information on Privatbank acquisition see page 19

§ We launched Solo - a new strategy for our premium banking segment - a fundamentally different approach to premium banking. We have already opened five new Solo lounges and our goal is to significantly increase our market share in this segment, which now stands below 13%, over the next three to four years

§ Corporate Banking net loan book growth rate slowed down in the first half of 2015, as a result of slower economic activity in the country's corporate sector in 2015, and was GEL 2,174.1mln

§ Investment Management's Assets Under Management ("AUM")* increased to GEL 1,231.4mln, up 31.8% y-o-y, reflecting increased bond issuance activity



*Wealth Management client deposits, Galt & Taggart client assets, Aldagi Pension Fund and Wealth Management client assets at Bank of Georgia Custody



Investment Business Highlights

§ Our healthcare business, Georgia Healthcare Group ("GHG") reported standalone profit that almost tripled y-o-y, increasing to GEL 13.0mln in 1H15 (GEL 5.5mln in 1H14). As at 30 June 2015, the healthcare services business had a 22.1% market share, 5 times that of the Company's nearest competitor in Georgia, by number of beds (2,220 beds), which grew to 26.6% following High Technology Medical Center University Clinic ("HTMC") acquisition in July 2015 (450 beds). The market share is expected to grow up to c.30.0% as a result of the renovation of recently acquired hospital facilities, scheduled for completion in 2016 and 2017 (additional c.500 beds).

- In 2015, GHG completed two major acquisitions, HTMC and Deka LLC ("Deka"), adding 530 beds and bringing market share in beds to 26.6% and 24.0% nationwide and in Tbilisi, respectively. However, our financial results do not yet include their results of operations, as Deka was consolidated as of 30 June 2015 with no effect on the income statement of GHG in 1H15 and HTMC will be consolidated in 3Q15. HTMC revenue was GEL 38.4mln in 2014, and GEL 21.7mln in 1H15

§ Our real estate business, m2 Real Estate ("m2 Real Estate") recognised revenue of GEL 1.1mln in 1H15, with US$ 58.9mln sales revenue yet to be recognised as revenue upon completion of the on-going projects in 2015-2016. Since its establishment in 2010, m2 Real Estate has generated total sales of US$ 115.8mln, of which US$ 56.9mln has already been recognised as revenue and the remaining will be recognized upon completion of the ongoing construction during 2015-2016

§ Profits in associates, which comprises profit from our water and utilities business - Georgian Global Utilities ("GGU") - recorded strong 2Q15 results, with GEL 2.0mln profit (reported in gain from associates). Strong 2Q15 performance drove 1H15 profit to GEL 0.7mln, recovering from 1Q15 loss of GEL 1.3mln that was primarily driven by the weaker Lari, which lost 21.3% of its value against the U.S. dollar since 30 June 2014 (the "GEL devaluation effect")

- For the past several months we have focused on enhancing the management capabilities at GGU, and as a result we have appointed a new CFO - a long-standing professional within the Group - and recruited senior management with substantial industry experience in charge of technical and commercial functions



CHIEF EXECUTIVE OFFICER'S STATEMENT



"I am pleased to report another set of solid half year results that reflect the strong performance of our banking operations and the increasing impact from our diversified non-banking businesses in which we have made a number of opportunistic investments over the last few years. The Group posted 1H 2015 revenue of GEL 398.4 million and profit of GEL 134.4 million, up 37.5% and 20.0%, respectively. Earnings per share increased by 10.2% to GEL 3.47. This performance was driven by strong levels of balance sheet growth, partly reflecting the acquisition and rapid integration of Privatbank Georgia and the devaluation of the Lari, particularly during the first quarter, as well as positive operating leverage of 19.5 percentage points in the Banking Business. Asset quality remained robust during the first six months of the year despite the impact of the Lari devaluation. We expect a lower cost of risk ratio in the second half of 2015 and the full year cost of risk ratio at c.2.5%.

Within our Banking Business, revenue growth was 42.0% year on year, and 2.9% quarter on quarter. This reflected strong growth in net interest income, up 50.9% y-o-y, as a result of a 38.4% increase in customer lending over the last 12 months, as well as the acquisition and full integration of Privatbank. In addition, net fee and commission income grew by 11.4%, driven by a 31.3% increase in Retail Banking net fee and commission income, which largely reflects the ongoing success of the Bank's Express strategy. The net interest margin at 7.6% was 20 basis points higher than last year, reflecting the impact of the acquisition of Privatbank and our efforts to focus on lower risk retail banking products in our lending activities.

Excluding the impact of the Privatbank acquisition, customer lending increased by 31.8%, implying 11.2% growth on constant currency basis. Our client deposit balances increased by 33.8% despite the continuing reduction in deposit rates. We intend to further decrease interest rates on US dollar deposits from 5% to 4% in September. Excluding the impact of the Privatbank acquisition, client deposits increased by 25.3% and 5.1% on a constant currency basis.

Costs remained well controlled, and the Banking Business Cost/Income ratio improved further to 36.2% in the first half of 2015, compared to 41.9% in the first half of 2014. In the second quarter of 2015 the Banking Cost/Income ratio improved further to 35.7%. Positive operating leverage at 19.5 percentage points reflected the impact of some targeted cost reduction initiatives in the first half of 2015.

Asset quality during the first half of the year has remained robust, with both retail arrears and the NPL ratio remaining low. This remains a good performance against the backdrop of the 17.1% Lari devaluation against the US dollar during the half year, and reflects our conservative lending policy that takes into account, at the time of the initial lending decision, any potential currency mismatch. During the first quarter we offered retail clients affected by the devaluation the opportunity to re-profile their borrowings, however the take-up of this offer has been limited with only 799 customers, with loans totaling US$ 28.2 million, taking advantage of the offer. The currency devaluation itself created an increased provision of GEL 11.9 million during the first half of the year. As a result of these effects, the cost of credit risk for the first six months of the year totalled GEL 81.5 million (Cost of Risk ratio 2.9%), compared to GEL 26.1 million in 1H 2014 (Cost of Risk ratio 0.9%). The cost of credit risk in the second quarter was the same as that in the first quarter, as the absence of a Lari devaluation impact was offset by provisions which came from a small number of Corporate Banking customers. Going forward we do not see the need for similar provisioning. We believe that the cost of risk has peaked in the second quarter and will reduce in the second half of 2015. We continue to expect our cost of risk ratio for the year to be c.2.5%.

During the first half of the year, we completed the acquisition and subsequent full integration of Privatbank. This has created significant franchise enhancement for our mass market retail business and has contributed GEL 6.1 million or 5.1% to our Banking Business profit in 1H15. The integration of Privatbank has already been completed, significantly ahead of schedule, and we are now 6 months ahead of capturing our previously announced pre-tax administrative and funding cost synergies of GEL 25 million. Although Privatbank has nearly halved its operating expenses in 2Q15, the full effect of integration efficiencies have not been reflected in the quarterly results, as synergies only materialised in the last 50 days of the quarter. Additionally, Privatbank was focused on a mono-product of an all-in-one debit and credit card, which we further developed in-house by adding the contactless transport and payment capabilities of our Express Card. We are aiming to leverage the enhanced capabilities of Express Banking, to capture increased revenue from cross-selling banking products to the c.400,000 newly acquired customers. We now expect more synergies than we did at the time of the acquisition. You will find full details of the Privatbank integration and performance in the Retail Banking segment discussion of this announcement.

Within our Investment Businesses, GHG, our healthcare business, delivered another record half year results, with revenues totalling GEL 107.4 million, reflecting both good levels of organic growth and the impact of the benefits of last year's acquisitions starting to be captured. In addition, GHG has recently completed a number of further acquisitions in Tbilisi and now has a total of 41 healthcare facilities, 2,670 hospital beds and a 26.6% market share in terms of hospital beds, which is expected to grow up to c.30% as a result of the renovation of recently acquired hospital facilities, scheduled for completion in 2016 and 2017 (additional c.500 beds). Furthermore, GHG has a unique first mover advantage in the highly fragmented and underpenetrated outpatient segment, with an addressable market of GEL 0.9 billion in 2015, where GHG currently has under 1% market share. GHG has all the enablers - bed capacity, competitive advantages and a clear growth strategy - for strong medium-to-long term growth. GHG is now very well positioned for its planned international stock market listing in the next few months. Our real estate business, m2 Real Estate, continues to develop its apartment projects successfully, with apartments continuing to be pre-sold notwithstanding the Lari devaluation. In 2Q15, we posted strong results in our water and utilities business, GGU, with GEL 2.0 million in profit. We have continued to strengthen GGU's management and hired more professionals with substantial industry experience both in Georgia and the West.

The Group's capital position remains strong, with capital being held both in the regulated Banking Business (JSC Bank of Georgia) and at the holding company level (Bank of Georgia Holdings Plc). Within the bank, the BIS Tier 1 Capital Adequacy ratio was 20.4%, and the NBG (Basel 2/3) Tier 1 Capital Adequacy ratio was 10.4%

In August, we completed our corporate legal restructuring as announced in December 2014 and created a unique platform to extend our reach to different industries on the Georgian corporate market. The need for restructuring was created by our recently updated strategy as well as NBG's intention to regulate banks in Georgia on a standalone basis. The new structure is now clearly aligned to our strategy and will facilitate our continued commitment to growing Bank of Georgia's strong retail and corporate banking franchise and allows us to capture compelling investment opportunities in Georgia's corporate sector.

From a macroeconomic perspective Georgia has continued to perform well in the light of the recent macroeconomic and currency pressures in many of Georgia's trading partners. Much of the volatility of the first quarter was significantly reduced in the second quarter of the year, particularly in terms of the Lari/Dollar exchange rate, which has now seen a period of stability in the 2.2-2.3 range. GDP growth in Georgia during the first half of 2015 remained relatively resilient with 2.6% y-o-y growth, and inflation remained well contained at 4.9% y-o-y in July 2015, partly as a result of the beneficial impact of lower oil prices on the Georgian economy. In addition, international arrivals (an important component of capital inflows for the country) continue to be strong, with a 9.5% year on year increase in July supporting overall growth of 4.9% in the first seven months of the year. The Lari has stayed competitive compared to our main trading partners' currencies. Exports are turning the corner with the signs that the negative growth is coming to a halt: Georgia originated exports increased 2.3% year on year in June (first time since August 2014), while re-exported commodities remain the major drag in total exports. The Lari's real depreciation of 8.1% since December 2014 has helped the imports adjustment, which decreased 9.6% year on year in 1H15.

Against the challenging regional macroeconomic backdrop, the Group has continued to perform well. We believe we remain well positioned to deliver a strong performance in the second half of 2015 and beyond, from both good levels of organic business growth in each of our Banking and Investment Businesses, and from the benefits of recent strategic initiatives and acquisitions.



Irakli Gilauri,

Chief Executive Officer of Bank of Georgia Holdings PLC

Healthcare subsidiary announces intention to float
RNS
RNS Number : 9103B
Bank of Georgia Holdings PLC
12 October 2015




London, 12 October 2015

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.



These materials shall not constitute or form part of an offer or invitation to sell or the solicitation of an offer to buy or subscribe, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.



Bank of Georgia's healthcare subsidiary announces intention to float

Bank of Georgia Holdings PLC's ("BGH" or the "Group") healthcare subsidiary Georgia Healthcare Group PLC ("GHG" or the "Company") has today announced its intention to make an initial public offering of its ordinary shares, which are expected to be admitted to listing on the premium listing segment of the Official List and to trading on the London Stock Exchange plc (the "IPO").



GHG is the single largest scale healthcare services and medical insurance provider operating in the fast-growing, predominantly privately-owned, Georgian healthcare market, which is characterised by low utilisation and high fragmentation, leaving significant room for medium-to-long term growth. The healthcare services market (including hospitals and ambulatory clinics) is estimated at GEL 2.1 billion for 2015, with a strong compound growth momentum of 13.5% between 2011 and 2014, which is expected to continue growing at 13.3% during the period 2014-2018. Healthcare services spending per capita is currently at a very low base of only US$ 217, with annual outpatient encounters of only 2.7 per capita and hospital bed utilisation of only 50%, all significantly lower than many comparable countries. Supportive government reforms and the engagement of private players in the sector have resulted in significant improvements in the overall standard of infrastructure and greatly boosted demand for quality healthcare services. With GHG's scale, efficient operations, breadth and quality of service offering and proven management team, the management of GHG believes that GHG is ideally positioned to take advantage of the expected long-term macroeconomic and structural growth drivers favourably influencing the Georgian healthcare services market.



As previously announced, reflecting these long-term growth prospects, the management of GHG is targeting at least doubling of 2015 revenues by 2018 through a combination of:



· Expanding through the further development of both existing and recently acquired hospitals, focusing predominantly on the higher revenue referral hospital segments in Tbilisi

The addressable hospital market is GEL 1.2 billion in 2015 and isforecasted to grow at a compound annual growth rate of 11.3% during the period 2014 to 2018. GHG's market share was 14.0% and 22.1% by revenue and bed capacity, respectively, at 30 June 2015. Following the acquisition of High Technology Medical Centre University Clinic in August 2015, GHG's market share by beds grew to 26.6%, and (on a pro forma basis) market share by revenue increased to 17.6%







· Launching of a network of new ambulatory clinics across Tbilisi and in other major cities in Georgia

The addressable ambulatory clinic market is GEL 0.9 billion in 2015 and is forecasted to grow at a compound annual growth rate of 15.9% during the period2014 to 2018. GHG's market share was under 1% at 30 June 2015, with the rest of the market similarly fragmented, with no single player having more than 1% market share and no other player having comparable access to capital and management, allowing GHG a unique first mover advantage in this highly fragmented and underpenetrated outpatient segment



· Continuing to grow over the medium-term by developing new services and investing in medical technology to fill existing medical service gaps in the country and improve efficiencies

Currently service gaps exist in a number of basic diagnostics areas and treatments, such as MRI, laparoscopic surgeries, oncology, pediatrics, neonatology, intensive care, cardiology, and rehabilitation services



· Continued focus on improving operational efficiency and utilisation to further improve margins

GHG's healthcare services EBITDA margin was 25.3% in the first half of 2015, improving compared to 23.1% for the same period last year toward a target of approximately 30%. GHG is in the process of integrating its newly acquired hospital facilities, and is targeting a second wave of integration which among other things will include the centralisation of engineering, archiving, and ERP roll-out

The planned IPO is an important transaction for BGH, as it represents the first realisation of BGH's investment in non-banking businesses, and demonstrates the potential to unlock the significant value described when the Group announced its new corporate strategy in December 2014. Shortly after the GHG IPO, BGH will hold an investor day in London, where the Group will update the market on its business strategy and capital management plans.





Nikoloz Gamkrelidze, CEO of Georgia Healthcare Group PLC, commented: "The IPO, premium listing and admission to trading of GHG's shares on the London Stock Exchange will enable us to finance our immediate growth plans and if necessary provide access to capital markets for our future growth. We are targeting to increase market share within the estimated GEL 2.1 billion Georgian healthcare services market in 2015 by accelerating revenue enhancement at our hospitals and replicating our hospital consolidation experience in the outpatient segment by expanding organically into ambulatory clinics where GHG's current market share is close to zero.



The IPO will enhance GHG's profile with investors, business partners and patients and will increase the ability of GHG to attract and retain key management, physicians and other employees, and diversify the shareholder base of the Company. Perhaps most importantly, it will also help to provide improved healthcare services to the Georgian population."





Irakli Gilauri, Group CEO of Bank of Georgia Holdings PLC and Chairman of Georgia Healthcare Group PLC said: "In 2010 we saw an attractive investment opportunity in the healthcare industry - it was larger than the banking sector when measured as a percentage of GDP. Georgia's healthcare reform had just started And even today, Georgia's current healthcare industry is in a very early stage of development, where capital and management resources are limited. It reminds me of the banking industry 10 years ago. Since 2010, we have created the single largest scale player in the Georgian healthcare market, with over four times the hospital beds of our nearest competitor. GHG is now institutionalising best practices in the Georgian healthcare industry, just as we have done in banking. However unlike in banking, competition in the Georgian healthcare industry is limited. We believe that GHG has significant upside through having a first mover advantage, first class management team and access to capital.



Whilst remaining absolutely committed to the development of GHG, we are now looking to crystallise our investment in GHG in the forthcoming IPO. BGH's strong corporate governance standards have been replicated in GHG and GHG's culture of transparency, its executive remuneration policy and its adherence to robust corporate governance policies strongly position GHG for its premium listing and expected FTSE All-Share Index inclusion. As far as possible, it is our firm intention to allow our shareholders to participate in the IPO. The Boards and management teams of BGH and GHG appreciate the growth potential that GHG has and I, along with many of my colleagues on the Board and management team, intend to invest in the IPO."



The contents of this communication, for which the Group is responsible, have been approved by Citgroup Global Markets Limited and Jefferies International Limited who are authorised and regulated by the United Kingdom Financial Conduct Authority, solely for the purposes of Section 21 of the United Kingdom Financial Services and Markets Act 2000. Citigroup Global Markets Limited, Jefferies International Ltd, Numis Securities, Renaissance Securities (Cyprus) Limited and JSC Galt & Taggart are acting for the Group and GHG and no one else in relation to the proposed offer of GHG's securities and will not be responsible to anyone other than the Group and GHG for providing the protections afforded to its clients nor for giving advice in relation to the proposed offer.



Notwithstanding the approval referred to above, this communication is only addressed to, and directed at, (a) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (b) high net worth entities, falling within Article 49(2) of the Order and (c) other persons to whom it may otherwise lawfully be communicated, (all such persons together being referred to as "relevant persons"). The proposed offering of GHG's securities will be made available only to selected relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.



This communication is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended (the "Directive") and/or Part VI of the United Kingdom Financial Services and Markets Act 2000. It is intended that a final form prospectus will be prepared and made available to the public by GHG in connection with the admission of its ordinary shares to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange plc and in accordance with the Directive. Investors should not subscribe for any securities referred to in this communication except on the basis of information contained in that final form prospectus. The final form prospectus, when published, will be available on the website of GHG.





Forward-Looking Statements



This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can generally be identified by the use of forward looking terminology, such as "believes", "could", "estimates", "expects", "may", "shall", "plans", predicts", "will", "would" or, in each case, the negative thereof or other similar expressions.. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Group and/or GHG.



Forward-looking statements reflect the current views of BGH's, or as applicable, GHG's, management on future events, which are based on the assumptions of BGH's, or as applicable, GHG's, management and involve known and unknown risks, uncertainties and other factors that may cause the Group's and/or GHG's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence, or non-occurrence, of an assumption could cause the Group's and/or GHG's actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.



Each of the Group's and GHG's business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. Neither the Group nor GHG undertakes any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.

14:20 17/08/2016
Broker Forecast - Numis issues a broker note on BGEO Group

Numis today reaffirms its hold investment rating on BGEO Group (LON:BGEO) and raised its price target to 2921p (from 2841p). Story provided by StockMarketWire.com

Third quarter results

22 Nov
Numis
2,921.00
Hold

22 Nov
Peel Hunt
N/A
Add

22 Nov
Jefferies...
4,000.00
Buy

Proactive investor - BGEO Group tops the FTSE 250 - here's why
Share
15:48 22 Nov 2016
One leading broker was very bullish on the prospects for the lender.

Shares in the owner of the Bank of Georgia rose 11% rose to £31.19
BGEO Group PLC was provided a lift courtesy of a bullish broker circular that followed Monday's solid third-quarter results statement.
Shares in the owner of the Bank of Georgia responded by posting an 11% rise to £31.19.
The American house Jefferies said the stock is worth £40 as it repeated its ‘buy’ recommendation.
“We remain bullish on BGEO following results after the close yesterday,” said analyst Joseph Dickerson.
“The retail banking led balance sheet growth (loans up 20% year-on-year) is consistent with our thesis and the banking business produced a 25% return on average equity.
“Credit costs were higher than we modelled but we do not see this as particularly price-sensitive.”
The Tbilisi-based bank said profit rose 75% to US$61mln for the three months ended September. Revenues rose just over 6%.

16:10 21/02/2017
Broker Forecast - Numis issues a broker note on BGEO Group
Numis today upgrades its investment rating on BGEO Group (LON:BGEO) to buy (from add) and left its price target at 3584p. Story provided by StockMarketWire.com

Notice of Results
RNS
RNS Number : 6227V
Bgeo Group PLC
06 November 2017
 
 
 
 
 
London, 6 November 2017
 
 
 
BGEO Group PLC notice of 3Q17 and 9M17 Results
 
BGEO Group PLC ("BGEO" or the "Group") will publish its financial results for the third quarter and the first nine months of 2017 at 17:00 London time on Wednesday, 8 November 2017. The results announcement will be available on the Group's website at www.bgeo.com. The results discussion will take place on Thursday, 9 November 2017, during the Investor Day held by BGEO Group in Tbilisi at the following address: Courtyard Marriott (4 Freedom Square, Tbilisi 0105, Georgia. Tel: +995 322 779 100).

Final results

16 Feb
Peel Hunt
4,000.00
Add
16 Feb
Numis
3,750.00
Add

first quarter results