Capturing Growth Opportunities

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1 Capturing Growth Opportunities Banking: performance and priorities Speaker: Murtaz Kikoria, CEO, JSC Bank of Georgia

2 Contents Banking performance update 3Q15 Banking priorities for next 3 years page 2

3 GEL millions GEL millions Strong banking revenue performance in 2015 Revenue, quarterly Revenue, nine-month +39.4% +43.2% % % +47.8% Q Q Q M M 2015 Net interest income Net non-interest income Net interest income Net non-interest income page 3

4 Banking Business Focus on efficiency Low Cost to Income ratio 34.8%, 3Q %, 9M15 Positive operating leverage +19.1% y-o-y, 9M % y-o-y, 3Q % q-o-q, 3Q15 Decreasing Cost / Income ratio 45% 42% 41.5% 42.2% 40.1% 39% 36% 38.5% 36.8% 35.7% 34.8% 33% 30% 1Q Q Q Q Q Q Q 2015 page 4

5 Banking Business Resilient loan portfolio quality, quarterly Cost of Risk Ratio, quarterly Cost of Risk Ratio, nine-month 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 1.6% 3.1% 0.9% 0.6% 1.6% 2.7% -20 bps -60 bps like-for-like 2.5% 0.4% 2.1% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 1.3% 1.3% 1.2% 1.2% +160 bps +120 bps y-o-y 2.8% 0.4% 2.4% 0.0% 3Q14 1Q15 2Q15 3Q15 0.0% M14 9M15 Devaluation effect Privatbank Like-for-like Devaluation effect Like-for-like page 5

6 Banking Business Strong liquidity NBG liquidity ratio Net loans to customer funds & DFIs 1, % 45.7% 35.0% 40.5% 50% 40% 140% 120% 108.6% % 100% 92.5% 96.8% 95.9% % 80% M 2015 Excess liquidity Liquid assets / liabilities 30% NBG min requirement 10% 0% 60% 40% M 2015 Net loans to customer funds & DFIs, consolidated page 6

7 Banking Business Excellent capital adequacy position NBG (Basel 2/3), capital adequacy ratios JSC Bank of Georgia standalone 18% 16% 14% 14.2% 14.1% 12.9% 15.9% 15.8% 12% 10% 8% 11.2% 11.1% 9.8% 10.4% 10.2% 10.5% NBG Total CAR min requirement 8.5% NBG Tier I CAR min requirement 6% 4% 2% 0% Q Q Q Q Q Tier I Capital Adequacy Ratio Total Capital Adequacy Ratio Note: 1Q15 includes Privatbank page 7

8 GEL millions Banking Business Strong profitability, quarterly Banking profit, 3Q +31.9% % 37.5% -33.6% 124.7% Q14 RB CB IM Other BB 3Q15 Change y-o-y page 8

9 GEL millions Banking Business Strong profitability, 9M Banking profit, 9M +24.5% % 64.0% 3.8% 42.4% M14 RB CB IM Other BB 9M15 Change y-o-y page 9

10 Privatbank Story Strategic acquisition and flawless integration execution Strategic acquisition Business highlights Primarily a credit card business, with mono-product Loan Book GEL 245.6mln Deposits GEL 266.8mln Total Clients 400K NIM 20.5% Cost of funding Cost of risk Transaction highlights A strong strategic fit with our target to increase our share of retail loans. c.gel92mln cash consideration for 100% of Privatbank (1.11x P/BV), resulting in P/E of 3.2x Integration costs totalled GEL 2.6mln as of 30 June 2015, less compared to our expectation of up to GEL 3mln Completed integration in under five months compared to our initial integration estimate of 9-12 months. We anticipate annualised pre-tax administrative and funding cost synergies to reach c.gel 29mln above our pre-announced GEL 25mln flawless integration execution (Georgia) December January months following the acquisition 9 May 2015 Decision to acquire Completed the acquisition IT integration Optimisation of costs and number of branches Product development Trainings Completed integration *Pro-forma assuming that synergies took effect in the beginning of the quarter instead of actual last 50 days in second quarter page 10

11 Retail Banking Strong client base growth RB number of clients +42.1% 2,500, % 2,000, % 1,959,111 1,500,000 1,000,000 1,054,248 1,245,048 1,451, , M15 Number of total Retail clients Y-o-Y growth page 11

12 GEL millions Retail Banking Strong loan book growth RB loan book 3,000 2, % +28.1% 2, % 2, % growth y-o-y 27.7% growth y-o-y on constant currency basis 2,000 1,500 1,348 1, , , ,175 1, M15 Consumer loans Mortgage loans Y-o-Y growth page 12

13 Retail Banking Diversified retail loan book, with a room to grow Loans by products / Total: GEL 2.8 bn Automobile loans, 26.7, 1% POS loans, 97.3, 4% Pawn loans, 62.0, 2% Credit cards and overdrafts, 298.6, 11% Mortgage loans, 777.7, 28% General consumer loans, 609.2, 22% Micro- and agrofinancing loans and SME loans, 879.7, 32% page 13

14 GEL millions Retail Banking Strong deposit growth RB deposits 2,000 1, % +24.2% 1, % 1, % growth y-o-y 20.3% growth y-o-y on constant currency basis 1, , , M15 Time deposits Current account & demand deposits Y-o-Y growth page 14

15 Retail Banking Deposit dollarisation increased RB deposits dollarization trend RB deposits by currency / Total: GEL 1.8 bn 120% 100% 80% 60% 40% 20% 69.4% 63.6% 67.6% 30.6% 36.4% 32.4% 74.3% 25.7% Client deposits, GEL 25.7% Client deposits, FC 74.3% 0% M 2015 Client deposits, RB, GEL Client deposits, RB, FC page 15

16 Retail banking Resilient NIM RB NIM 12.0% RB standalone 11.5% 11.0% 10.5% 10.0% 9.5% 9.0% 9.7% 9.5% 9.5% 8.5% 8.0% 3Q14 2Q15 3Q15 Loan Yields RB standalone Deposit costs RB standalone 160% 140% 120% 100% 80% 60% 40% 20% 0% 21.4% 49.9% 50.1% 19.8% 41.1% 58.9% 17.4% 17.5% 50.5% 52.1% 49.5% 47.9% M 2015 Net loans, RB, FC Net loans, RB, GEL Currency-blended loan yield, RB 25% 20% 15% 10% 5% 0% 160% 140% 120% 100% 80% 60% 40% 20% 0% 6.1% 69.4% 30.6% 5.2% 63.6% 67.6% 36.4% 32.4% 3.8% 4.0% 74.3% 25.7% M 2015 Client deposits, RB, FC Client deposits, RB, GEL Currency-blended cost of client deposits, RB 7% 6% 5% 4% 3% 2% 1% 0% page 16

17 GEL millions Corporate Banking relatively low loan book growth CB loan book +20.5% 2, % +18.8% 2,161 2, % growth y-o-y 7.8% decline y-o-y on constant currency basis 2,000 1,696 1,819 1,500 1, M15 Net loan book Y-o-Y growth page 17

18 GEL millions Corporate Banking Strong deposit growth in 2015 CB deposits +57.9% 1,800 1,500 1,200 1, % -2.8% 1,221 1,186 1, % growth y-o-y 36.4% growth y-o-y on constant currency basis , M15 Current accounts & Demand deposits Time deposits Y-o-Y growth page 18

19 Corporate banking Declining NIM CB NIM 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% CB standalone 4.6% 4.5% 4.1% 3Q14 2Q15 3Q15 Loan Yields Deposit costs CB standalone CB standalone 160% 140% 16% 14% 160% 140% 7.2% 8% 7% 13.9% 12.4% 10.6% 10.6% 120% 100% 80% 12% 10% 8% 120% 100% 80% 4.6% 2.9% 3.0% 6% 5% 4% 60% 40% 20% 0% 83.6% 83.2% 86.8% 89.0% 16.4% 16.8% 13.2% 11.0% M 2015 Net loans, CB, FC Net loans, CB, GEL Currency-blended loan yield, CB 6% 4% 2% 0% 60% 40% 20% 0% 50.3% 50.9% 51.4% 51.4% 49.7% 49.1% 48.6% 48.6% M 2015 Client deposits, CB, FC Client deposits, CB, GEL Currency-blended cost of client deposits, CB 3% 2% 1% 0% page 19

20 Contents Banking performance update 3Q15 Banking priorities for next 3 years page 20

21 Main priorities 1 Grow retail banking to 65% of loan book 2 Increase product to client ratio to 3.0, from current Reduce concentration risk in corporate banking top 10 clients less than 10% of loan book page 21

22 Client-Centric, Multi-brand strategy BOG Loan portfolio Total: GEL 5.5bln 3 Banks 1 2 Retail loans 54% Corporate and IM loans 46% 3 Note: bubble size does not represent relative size of the segment page 22

23 No of Clients Retail banking Client-Centric, Multi-brand strategy Client-Centric, Multi-brand strategy Brands & target segments Emerging Retail Mass Retail and MSME Mass Affluent 367,000 clients 1,581,000 clients 10,328 clients 19% 80% 1% Selected Operating Data (9M15) P/C ratio: # of branches: Profit / client: GEL 42.2 GEL 44.3 GEL 1,500 Focus Grow transactions Product/client ratio growth Client growth page 23

24 Express franchise increasing source of fee income Emerging Retail Selected balance sheet data Selected income statement data Selected operating data 3% Loans GEL 79.3mln 9% Net Interest income GEL 21.4mln 19% 367,000 clients 4% Deposits GEL 68.1mln 22% F&C income GEL 10.3mln P/C ratio 1.3 # of branches 110 Express cards 1,053,564 Express terminals 2,354 POS terminals 7,685 Capex/branch US$ 50k page 24

25 No. of transitions 000s Express Banking Capturing emerging mass market customers Express transaction dynamics Express Pay terminals 32,054 70,767 82,949 x3 Express branches 18,247 15,457 11,645 57% POS terminals 14,740 10,708 4,939 x3 Express cards 4,734 17,902 13,256 x4 9M15 9M14 9M ,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 3 year target Double number of transactions page 25

26 BOG Mass retail banking franchise Mass Retail and MSME Selected balance sheet data Selected income statement data Selected operating data 81% Loans GEL 2,266.2mln 84% Net Interest income 81% GEL 200.1mln 1,581,000 Clients incuding: Micro 108,423 SME % Deposits GEL 1,241.3mln 69% F&C income GEL 32.2mln P/C ratio 1.7 # of branches 143 page 26

27 a PRODUCT organisation to CLIENT organisation Today Tomorrow Organisation Banking Product Banking Product Banking Transaction Banking Transactions Banking Products Banking Product Banking Transaction 3 year target Increase Product to Client Ratio to 3.0, from current 1.7 page 27

28 BOG Mass affluent banking franchise Mass Affluent Selected balance sheet data Selected income statement data Selected operating data 16% Loans GEL 462.9mln 7% Net Interest income GEL 15.9mln 1% 10,328 clients 28% Deposits GEL 497.8mln 8% F&C income GEL 3.9mln P/C ratio 7.5 ( ) Client acquisition per banker 13/mth (2014 3) # of branches 8 Profit per client GEL 1,500 3 year target: increase number of Solo clients to 40,000, from current 10,328 page 28

29 Solo Mass affluent banking Banking + lifestyle page 29

30 Solo Mass affluent banking page 30

31 Corporate banking CB loans GEL 2,253mln breakdown by category No.1 corporate Health and bank social in Georgia work 4.2% Integrated client coverage in key sectors Mining and quarrying 4.6% Manufacturing 27.1% c.5,000 clients Financial served by dedicated relationship bankers intermediation 2.8% Other 15.4% Top 10 CB borrowers represent 13% of total loan book Top 20 CB borrowers represent 19% of total loan book Construction 5.4% Electricity, gas and water supply 3.3% Transport & Communication 5.7% Hospitality 5.1% Real estate 10.1% Trade 16.3% 3 year target De-concentrate corporate loan book to less than 10% of total loan book, from current 13% page 31

32 Investment Management platform 1 Wealth Management Research 2 Strong international presence: Israel (since 2008), UK (2010), Hungary (2012) and Turkey (2013). Planned expansion - Cyprus, Singapore, USA. Sector, macro and fixed income coverage International distribution AUM of GEL 1,347 million, up 37% y-o-y Diversified funding sources: Georgia 28% Israel & MENA 20% UK 15% CIS 13% CEE 6% 4 Brokerage Investment Management Corporate Advisory 3 Wide product coverage Bond placement GEL GEL60 mln and US$35 mln bonds placement at year-to-date. c. US$15 million bonds placement planned till the end of this year Corporate advisory platform Team with sector expertise and international M&A experience Exclusive partner of SAXO Bank via While Label structure, that provides highly adaptive trading platform with professional tools, insights and world-class execution Proven track record of more than 15 completed transactions over the past 8 years with an accumulated transaction value of more than GEL 200 million page 32

33 3 year priorities for Banking Business Priorities 3-year targets 1 Grow Retail Banking Grow retail banking to 65% of total loan book 2 Express: grow number of transactions Double number of transactions 3 BoG retail: grow products/client ratio Increase Product to Client Ratio to 3.0, from current Solo: client growth Integrate IM into CB Increase number of Solo clients to 40,000, from current 10,328 De-concentrate corporate banking top 10 clients 10% of loan book page 33

34 Questions?

35 Disclaimer Forward Looking Statements This presentation contains forward-looking statements that are based on current beliefs or expectations, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forwardlooking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and JSC Bank of Georgia and/or the Bank of Georgia Holdings plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are various factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, legal, business and social environment. The forward-looking statements in this presentation speak only as of the date of this presentation. JSC Bank of Georgia and Bank of Georgia Holdings undertake no obligation to revise or update any forward-looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. page 35

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