LONDON (ShareCast) - (Sharecast News) - Bank of Georgia (BoG) on Thursday reported a jump in third quarter profits, while income climbed as the company invested in digital development.
The Tbilisi-based bank booked a profit before tax of GEL157.0m (£41.2m) for the three months ended 30 September, an increase of 30% over the same period last year.

Operating income climbed by 6% to GEL285.0m as net fee and commission income leapt by 22% to GEL48.0m and net interest rose by 2% to GEL188.7m.

The FTSE 250-listed company spent the quarter focusing on customer satisfaction and continued investment in improvements to its technology, having doubled its number of digital staff during the first half of the year.

BoG said the investment has paid off, with third quarter mobile banking transactions up 131% to 9.5 million and 93% of daily transactions now performed through digital channels.

Chief executive Archil Gachechiladze said: "In summary, the new management has started to successfully execute on the new strategy, resulting in strong growth and profitability numbers in the significantly reshaped regulatory environment. Most importantly, the pace of positive change is accelerating and very encouraging."

Bank of Georgia shares were 3.33% higher at 1,397.00p at 0902 GMT.

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