February 16, 2018 / 7:32 AM / 3 months ago

Georgia's BGEO reports profit rise ahead of banking, investment split

Feb 16 (Reuters) - Georgia’s BGEO Group Plc, which is planning to split its banking and investment businesses, reported an 8.1 percent rise in full-year profit.

The Tbilisi-based bank, formerly known as Bank of Georgia Holdings, said profit rose to 463.4 million lari ($189.5 million) for the year ended Dec. 31, while revenue rose 23.7 percent to 1.1 billion lari.

CEO Irakli Gilauri said the results reflected strength in both the banking and investment businesses, which were supported by Georgia’s strong macroeconomic performance and business outlook. ($1 = 2.4450 lari)

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri

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