May 21, 2018 / 6:49 AM / 5 months ago

Bank of Georgia posts 18.8 pct rise in Q1 profit

May 21 (Reuters) - Bank of Georgia Group Plc on Monday posted an 18.8 percent rise in first-quarter profit, driven by its banking and investment businesses, on the back of strong macroeconomic performance and business outlook in Georgia.

Bank of Georgia Group Plc is the new parent company of BGEO Group Plc, it said in a statement. BGEO Group includes the banking and investment businesses before the latter’s separation from the Bank of Georgia Group on May 29.

The Tbilisi-based company said profit rose to 128.6 million laris ($52.9 million) in the quarter from 108.2 million laris a year ago. ($1 = 2.4300 laris) (Reporting By Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri)

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