LONDON (ShareCast) - (ShareCast News) - Bank of Georgia posted a lift in second quarter profits to GEL72mn (£19.81m), 15.5% higher than the same quarter last year and up 23.5% year on year.
The UK subsidiary of JSC Bank of Georgia posted revenue of GEL202.7m for the second quarter, from GEL195.7m in the first quarter. The revenue figure was up 35.8% year on year from GEL 149.3m in the second quarter of 2014.

Bank of Georgia said total revenue benefited from a strong lift in retail banking income, which was up to GEL103.4m in the period, up 44.9% year on year. Retail revenues were supported by its express banking strategy and the acquisition of Privatbank, the bank said.

Bank of Georgia's increased its assets to GEL9.34bn, up 40.6% year on year, and 3.8% quarter on quarter.

Earnings per share were up by 10.2% to GEL3.4, which the bank said was driven by strong balance sheet growth and the devaluation Georgia's currency the lari.

Bank of Georgia said in a statement the group had continued to perform well despite a challenging regional macroeconomic backgroup.

"We believe we remain well positioned to deliver a strong performance in the second half of 2015 and beyond, from both good levels of organic business growth in each of our Banking and Investment Businesses, and from the benefits of recent strategic initiatives and acquisitions," chief executive Irakli Gilauri said.

Analysts at Numis held a 'buy' rating on the stock and lowered its price target to 2,669p from 2,735p.

Numis said in a note to clients the bank would deliver better than sector peers and shares were "very attractive" given its discount valuation.

"We believe the worst of the impacts of regional economic weakness is now behind Georgia which has continued to deliver amongst the strongest GDP growth in Europe," analyst James Hamilton said.

Shares in the bank were down by 0.74% to 1888p at 0905 BST.

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