The FINANCIAL — Last week, London traded Bank of Georgia Holdings (BGEO LN) closed at GBP 13.69 (-1.08% w/w). During the week, up to 850,000 shares were traded in the range of GBP 13.35–14.30.
In the debt world, Bank of Georgia (GEBGG 07/17, +0.4% to 105.4) Eurobond price went up while Georgia Sovereign (GEORG 04/21, -0.3% to 117.3) and Georgian Railway (GRAIL 07/22, -0.5% to 117.8) Eurobonds were down. Georgian Oil and Gas Corporation (GEOROG, 0.0% at 105.2) remained at the same level.
On the Georgian Stock Exchange, no trades were recorded during a week, leaving BG Index at the same level of GEL 507.1.
Money market — Last week, the National Bank of Georgia (NBG) issued 7-day refinancing loans in the amount of GEL 150mn with an average yield amounting 4.76% (down 2bps). NBG also sold 182-day, GEL 30mn Certificates of Deposits last week. The average yield was 5.52% (down 36 bps).
As for the treasury debt, NBG sold GEL 10mn nominal value 10 year T-notes; total demand amounted GEL 27.5mn. In terms of yield, minimum yield was 10.45%, maximum yield 10.47%, weighted average yield fixed at 10.455% (down 67bps). The next auction is scheduled to be held on March 6, 2013, where GEL 20mn T-notes with a term of 2 years will be sold.
Bank of Georgia reports FY12 annualized ROE of 19% — Bank of Georgia Holdings (BGEO LN) released FY12 results with US$ 108mn net income. Net interest income increased 20% y/y to US$ 171mn, while net fees and commissions added 16% y/y to US$ 52mn. FY12 C/I ratio dropped 4.1ppts y/y to 44.4%. The lender’s balance sheet grew 22% y/y to US$ 3.4bn, while equity increased 32% y/y to US$ 640mn. NPLs added 0.2ppts y/y to 3.9% of gross loans to clients. The bank reported FY12 annualized ROA and ROE of 3.5% (+0.3ppts y/y) and 19.1% (+0.8ppts y/y), respectively.
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