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Highlights
- BGEO reported around 36.6% YoY growth in net interest income in FY23 compared to FY22
- The company increased its total dividend by around 4.6% in FY23
- BGEO has declared to pay a final dividend of GEL 4.94 per share on 19 July 2024
Bank of Georgia Group PLC (LSE: BGEO), a constituent of the FTSE 250 index, offers banking, leasing, brokerage, and investment management services to both corporate and individual clients. It has a market capitalisation of GBP 1874.22 million.
In the financial year 2023, BGEO posted around 36.6% year-on-year (YoY) growth in net interest income and approximately 1.0% YoY increase in basic earnings per share. The company attributes this growth to the sustained momentum of the Georgian economy, driven by increased domestic spending on consumption and investment, which has countered the retardation in external demand. Similarly, the company’s total dividend grew by around 4.6% and the cost-to-income ratio has reduced from 32% in FY22 to 29.8% in FY23.
Recent business update
On April 2, 2024, Moody’s affirmed JSC Bank of Georgia's long-term deposit ratings, shifting the outlook from negative to stable. Further, BGEO announced a final dividend of GEL 4.94 per share, payable on July 19, 2024, with an ex-dividend date set for July 4, 2024.
Company outlook
BGEO expects the Georgian and Armenian real GDPs to surge by over 5% in 2024. Additionally, the bank anticipates its minimum capital requirements to reach 14.7%, 16.9%, and 19.9% for CET 1 ratio, Tier 1 ratio, and total capital ratio, respectively by December 2024. In summary, BGEO asserts its strong position to leverage the advantages of the enhanced economic landscape in the region.
Top 10 Shareholders:
The top 10 shareholders of the company collectively hold ~48.50% of the total shareholdings. JSC Georgia Capital holds the maximum number of shares with ~20.54% shareholding, followed by M&G Investment Management Ltd. with ~5.06% shareholding, as depicted in the chart below:
Stock performance
The stock price of BGEO has experienced a decline of approximately 14.30% in the past one month, while over the preceding 6 months, it surged by roughly 19.18%. With a 52-week low and high of GBX 2,646.26 and GBX 5,510.00 respectively, it is currently trading around the mid level of this 52-week high-low range.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 17 May 2024. The reference data in this report has been partly sourced from EODHD/Others.
