Lion Finance launches new share buyback as quarterly profit increases
Lion Finance Group PLC on Thursday said it was well placed to benefit from continued economic expansion in Georgia and Armenia as it posted higher first quarter profit and income.
The Tbilisi-based lender in Georgia and Armenia, formerly known as Bank of Georgia Group, reported pretax profit of ₾697.0 million, around £192 million, in the first quarter, up 14% from ₾609.1 million the year prior.
Operating income totalled ₾1.13 billion, rising 15% from ₾978.7 million the year before.
Operating income growth was primarily driven by net interest income, complemented by net fee and commission income generation. Net interest income picked 18% up to ₾809.6 million from ₾683.7 million.
Basic earnings per share improved 16% to ₾13.72 from ₾11.81.
Loans rose 23% on-year while deposits increased 18%.
In addition, the bank declared a ₾2.85 per share dividend and approved a further ₾55.0 million share buyback.
The buyback will ‘commence shortly’ and end no later than the annual general meeting on May 22.
Lion Finance said its ‘established presence and customer loyalty’ in both Georgia and Armenia place ‘us in an excellent position to benefit from their continued economic expansion.’
Shares in Lion Finance rose 3.0% to 11,520.00 pence each in London on Thursday.
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