Bank of Georgia Group PLC BOGG PLC announces JSC BOG profits for 2023 (7902A)

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RNS Number : 7902A

Bank of Georgia Group PLC

24 January 2024

London, 24 January 2024

Bank of Georgia Group PLC announces JSC Bank of Georgia profits for 2023

Bank of Georgia Group PLC (the "Company" or the "Group") announces that its regulator, the National Bank of Georgia (the "NBG"), has published the unaudited profits of the regulated Georgian commercial banks for the full year of 2023. The unaudited profit figure which was disclosed by the NBG for JSC Bank of Georgia, the regulated banking subsidiary of the Group, for the full year 2023 is GEL 1,300.9 million. This figure is accurate, but it only represents the JSC Bank of Georgia earnings, rather than the fully consolidated Group profit, for the period.

In the nine months of 2023, JSC Bank of Georgia published profits of GEL 981.9 million, whereas the fully consolidated profit of Bank of Georgia Group PLC for the same period was GEL 1,067.2 million.

The Group will announce the release date of Bank of Georgia Group PLC's fully consolidated preliminary financial results for the fourth quarter and the full year of 2023 in due course.

The NBG has recently introduced changes to the Regulation on Disclosure Requirements for Commercial Banks within Pillar 3 approved under the Decree of the Governor of the National Bank of Georgia No.92/04 of June 22, 2017. According to the changes, the NBG has the right to publish the financial information of local commercial banks, including their financial position, profit and loss, and some key ratios, based on the information provided by banks to the NBG, no later than 30 days following the end of a month. The monthly financial information of JSC Bank of Georgia, submitted to the NBG, will be prepared based on IFRS, will be unaudited, and will be available on the NBG's website at https://nbg.gov.ge/en/page/commercial-banking-reporting .

These changed disclosure requirements relate to the Georgian regulated bank, JSC Bank of Georgia, only. The fully consolidated reporting requirements of Bank of Georgia Group PLC remain unchanged.

Name of authorised official of issuer responsible for making notification: Nini Arshakuni, Head of Investor Relations

About Bank of Georgia Group PLC

Bank of Georgia Group PLC (the "Company" - LSE: BGEO LN) is a FTSE-250 company. Its core entity is JSC Bank of Georgia ("Bank of Georgia", "BOG", or the "Bank"), a digital banking leader in Georgia that provides a suite of banking and financial services to retail clients and businesses. By building on its competitive strengths, the Group is committed to delivering strong profitability sustainably and maximising shareholder value.

Legal Entity Identifier: 213800XKDG12NQG8VC53

For further information, please visit www.bankofgeorgiagroup.com or contact:

 
 Michael Oliver    Nini Arshakuni 
 Adviser to the    Head of Investor 
  CEO               Relations 
                   [phone] 
 [phone]   (7515) 
 [e-mail]  [e-mail] 
 

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January 24, 2024 06:00 ET (11:00 GMT)