3rd quarter results bank of Georgia
Moderate bank lending growth
“Bank lending slowed during the third quarter, resulting in a 13.7% year-on-year growth on a constant currency basis in 3Q22 vs 18.7% y-o-y growth in the first half of the year. Tighter lending conditions driven by higher interest rates on FX loans and the NBG’s recent decision to reduce maximum tenor on uncollateralized consumer loans from four to three years have weighed on credit demand. As growth is driven by local currency lending, the dollarisation of bank loans in Georgia has reduced to 45.1%.”
Seem to be suggesting that growth is slowing and at the same time as result of them tightening lending criteria. Aim to increase lending by 10% at least and have increased by 13%
Profit increase 56% 3rd quarter 22 over 3rd quarter 21. Share price up 3%
Good reading on the economy in 3rd quarter announcements see right side of page.