Lion Finance Group (BGEO) Q3 2025 earnings summary

Executive summary

• Achieved record 3Q25 profit of GEL 547.2 million, up 7.5% year-over-year, with strong profitability and growth in both Georgia and Armenia.

• Return on average equity reached 27.8% in 3Q25, with robust loan and deposit growth and high digital engagement across both markets.

• Strategic focus on customer experience, digital innovation, and profitable growth, with digital engagement and customer satisfaction at new highs.

• Declared a quarterly dividend of GEL 2.65 per share and a GEL 51.5 million share buyback and cancellation programme.

• Ameriabank’s results consolidated from April 2024, contributing to group performance.

Financial highlights

• Operating income grew 15.6% year-over-year; net interest income up 21.1% year-over-year to GEL 776.3 million in 3Q25.

• Group loan book reached GEL 37,927.2 million, up 21.7% year-over-year in constant currency; deposits and notes at GEL 37,657.6 million, up 18.0% year-over-year.

• Cost-to-income ratio improved to 35.3% in 3Q25; cost of credit risk ratio at 0.5%.

• Basic EPS for 3Q25 was 12.75, up 8.9% year-over-year; 9M25 adjusted EPS was 36.45, up 22.3% year-over-year.

• Net non-interest income grew modestly; fee and commission income up 4.8% overall.

Outlook and guidance

• Medium-term targets: c.15% annual loan book growth, ROAE above 20%, and 30-50% payout ratio.

• Full-year 2025 real GDP growth forecasts: 7.5% for Georgia, 5.0% for Armenia; 2026 forecasts revised up to 6.0% and 5.5%, respectively.

• Net interest margins expected to remain broadly stable in both markets.

• Board moved to quarterly dividend distribution, maintaining 30-50% payout policy.

• Armenia targets 15–20% loan growth for the next 3–4 years.