Bank of Georgia Group Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags

editorial-team@simplywallst.com (Simply Wall St)
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Bank of Georgia Group (LON:BGEO) Full Year 2023 Results

Key Financial Results

  • Revenue: GEL2.42b (up 30% from FY 2022).

  • Net income: GEL1.39b (down 3.4% from FY 2022).

  • Profit margin: 57% (down from 77% in FY 2022). The decrease in margin was driven by higher expenses.

  • EPS: GEL31.30.

BGEO Banking Performance Indicators

  • Net interest margin (NIM): 6.50% (up from 5.40% in FY 2022).

  • Cost-to-income ratio: 29.8% (down from 32.0% in FY 2022).

  • Non-performing loans: 2.27% (down from 2.74% in FY 2022).

revenue-and-expenses-breakdown
revenue-and-expenses-breakdown

All figures shown in the chart above are for the trailing 12 month (TTM) period

Bank of Georgia Group Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 1.7%.

The primary driver behind last 12 months revenue was the Retail Banking (Excl. BNB and SME Banking) segment contributing a total revenue of GEL1.23b (51% of total revenue). The largest operating expense was General & Administrative costs, amounting to GEL635.2m (65% of total expenses). Explore how BGEO's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in the United Kingdom.

Performance of the British Banks industry.

The company's shares are up 11% from a week ago.

Risk Analysis

You should learn about the 1 warning sign we've spotted with Bank of Georgia Group.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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