Bank Of Georgia Third-Quarter Pretax Profit Rises By 10%
LONDON (Alliance News) - Bank Of Georgia Holdings PLC, the holding company of JSC Bank of Georgia, Thursday reported a 10% rise in third-quarter pretax profit, as growth in net interest income, net fee and commission income and net healthcare revenue more than offset a decline in net insurance revenue and a jump in operating expenses.
Net interest income is the difference between the interest a bank pays out to savers and what it receives on money it lends to borrowers.
In a statement, Bank of Georgia Holdings said it made a GEL73.4 million pretax profit in the third quarter, compared with GEL66.4 million in the corresponding period last year.
Revenue increased to GEL155.4 million from GEL138.3 million. Operating expenses jumped by 20% to GEL66.0 million, primarily due to a 17% increase in salaries and other employee benefits and a 33% rise in general administrative expenses. That was put to the costs of the bank's non-banking subsidiaries, particularly its healthcare and real estate businesses.
"We are continuing to maintain our clear focus on our immediate key strategic objectives, and we believe we are firmly on track to deliver another strong performance for the full year," Chief Executive Irakli Gilauri said in a statement.
Bank of Georgia Holdings shares were Thursday quoted down 2.9% at 2,410.00 pence.
By Samuel Agini; email@example.com; @samuelagini
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