Bank of Georgia Group PLC on Wednesday reported double-digit growth during the first quarter.

In the three months ended March 31, the Tbilisi-based lender said operating income rose 14% to ₾644.0 million, approximately £180.1 million, from ₾563.5 million the previous year.

Net interest income increased 18% to ₾437.8 million from ₾371.9.

Chief Executive Officer Archil Gachechiladze said: ‘We started this year on a strong footing, with favourable macro conditions and continued growth momentum in Georgia and with the acquisition of Ameriabank CJSC.’

‘Our banking business in Georgia maintains strong capital and liquidity positions, and we continue to make progress on our strategic priorities, increasing digitalisation, growing payments, and maintaining high customer satisfaction.’

Bank of Georgia recognised volatility created by the ongoing political situation in Georgia ahead of elections in October.

However, the bank insisted the Georgian economy has demonstrated resilience in previous periods of uncertainty and pointed to the forecasted 6.0% year-on-year growth in gross domestic product.

In light of these results, the bank maintained its profitability target of a minimum 20% return on equity as well as a capital distribution policy of 30% to 50% of annual profit through dividends, share buybacks, and cancellation.

The company continues to advance its share buyback and cancellation programme, which at May 24 was yet to return ₾53 million.

Bank of Georgia shares were down 2.2% to 3,840.00 pence each in London on Wednesday morning.

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