Thursday, 4 September 2008

Bank of Georgia

Bank of Georgia, the country's leading universal bank, released announced first half net profit increased 86.2% year on year. The bank’s ROAE was 17.3% and CAR was 25.8%. It will be interesting to see how this impresive growth was affected in the second half by the troubles.

We understand that on September 1, the Central Bank of Georgia sold more dollars in August than in any other month in at least nine years. The US$187.2 million that was sold amounted to almost 13% of Georgia's US$1.5 billion reserves. .

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