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

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
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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.
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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%.