Liberty Bank (BANK GG), Georgia’s 6th largest lender by end-1H10 assets, yesterday disclosed 2Q and 1H10 consolidated, unaudited, IFRS-based financials: total operating income gained 25% q/q to US$ 8.7mn, while recurring operating costs came down 10% q/q to US$ 5.8mn, and the bank posted quarterly NI of US$ 1mn. Liberty’s gross loan portfolio and deposits grew 21% q/q to US$ 79.9mn and 29% q/q to US$ 200.5mn, respectively, and the bank attributed the improvement in its annualised net interest margin (12.4% in 2Q10) to the intensified pace of retail lending.
Liberty Bank 1H10 financials summary, US$ mn
|
|
2Q10 |
Chg, q/q |
Chg, y/y |
1H10 |
Chg, y/y |
|
Net interest income |
2.9 |
76% |
136% |
4.6 |
115% |
|
Net fees and commissions |
4.6 |
4% |
4% |
9.0 |
4% |
|
Net other non-interest income |
0.5 |
42% |
1,467% |
0.8 |
1,478% |
|
Recurring operating expenses |
5.8 |
-10% |
-5% |
12.2 |
-7% |
|
Pre-provisioning operating profit |
2.8 |
457% |
0% |
3.4 |
133% |
|
Net income |
1.0 |
2,477% |
n/m |
1.1 |
n/m |
Source: Company data, BG Capital Research
