News Column

BGH Earnings

February 19, 2014

Bank of Georgia Holdings (BGH) has published its preliminary FY13 results. Earnings totalled GEL 209mn (implying ROE of 18%) and came 2% above the Bloomberg consensus forecasts and 3% below our estimates (mainly due to higher opex and one-off events). The results were largely supported by the relatively strong performance in 4Q13 on the back of seasonal trends, a rebound in economic activity after the October presidential elections and the 4% GEL devaluation.

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Source: EMBIN (Emerging Markets Business Information News)

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