The FINANCIAL — According to officials of Bank of Georgia the net income of the Bank for the first quarter of 2009 amounted to GEL 11.3 million. Nika Enukidze, Chairman of BOG’s Supervisory Board declares that BOG has a strong capital base and liquidity index considering that the surplus liquidity amounts to GEL 200 million.
“The net income of the Bank amounted to GEL 11.3 million. Net interest income was GEL 53.3 million and non-interest income was GEL 16.3 million. Net operating income amounted to GEL 69.6 million, and total operating expenses amounted to GEL 28.8 million,” discloses Bank of Georgia.
The managing team of BOG reports that total assets according to the figures of 31 March, 2009, were GEL 2.9 billion. Net loans were GEL 1.8 billion. The volume of bad debt loans constituted 4.7% of the total loan portfolio. As the Bank’s representative declares, this is a good figure.
“For the first quarter of the year 2009, the Bank’s deposits equalled GEL 979 million. The Bank’s total liabilities were only 3.1 times higher than the bank’s share capital,” BOG notes.
“The Bank’s liquidity, according to standards of National Bank of Georgia (NBG), amounted to 37.6 % which surpassed the results of the previous quarter by 27% and was much more than the established 20% index of NBG,” BOG officials explain.
According to the managing team of BOG, by March 2009, in accordance with the standards of NBG, initial capital adequacy index amounted to 16.4%, while the demanded minimum by NBG is 8%. The total capital adequacy index was 17.4%. The minimum demanded total capital adequacy index by NBG is no less than 12%.
“By 31 March, 2009, Bank of Georgia’s total asset market share was 34.3%, the total loan market share was 32.2%, total deposit market share was 28% and 41% in relation to the share capital,” Bank of Georgia notes.
“We are very happy that our team has managed to show positive results under the conditions of the tough economic environment. Among the leading Georgian banks, BOG has the highest capital adequacy index. The Bank’s surplus capital is equal to GEL 177 million, which compared to our loan portfolio is a pleasing figure. The Bank’s surplus liquidity amounts to GEL 200 million. Thus our bank has a strong capital base and liquidity index,” declares Nika Enukidze, Chairman of Bank of Georgia’s Supervisory Board.
Written By Tako Khelaia
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