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},
"fact-652": {
"value": "1. Principal activities
Bank of Georgia Group PLC (BOGG) is a public limited liability company incorporated in England and Wales with registered number
10917019. BOGG holds 99.55% of the share capital of JSC Bank of Georgia (\u2018the Bank\u2019) as at 31 December 2022, representing
the Bank\u2019s ultimate parent company. Together with the Bank and other subsidiaries, the Group makes up a group of companies
(the \u2018Group\u2019) and provides banking, leasing, brokerage and investment management services to corporate and individual customers.
The shares of BOGG (\u2018BOGG Shares\u2019) are admitted to the premium listing segment of the Official List of the UK Listing Authority
and admitted to trading on the London Stock Exchange PLC\u2019s Main Market for listed securities, effective 21 May 2018. The Bank
is the Group\u2019s main operating unit and accounts for most of the Group\u2019s activities.
JSC Bank of Georgia was established on 21 October 1994 as a joint stock company (\u2018JSC\u2019) under the laws of Georgia. The Bank
operates under a general banking licence issued by the National Bank of Georgia (\u2018NBG\u2019; the Central Bank of Georgia) on
15 December 1994.
The Bank accepts deposits from the public and extends credit, transfers payments in Georgia and internationally, and exchanges
currencies. Its main office is in Tbilisi, Georgia. At 31 December 2022, the Bank has 211 operating outlets in all major cities of Georgia
(31 December 2021: 211, 31 December 2020: 211). The Bank\u2019s registered legal address is 29a Gagarini Street, Tbilisi 0160, Georgia.
BOGG\u2019s registered legal address is 42 Brook Street, London, W1K 5DB, England.
As at 31 December 2022, 31 December 2021 and 31 December 2020, the following shareholders owned more than 3% of the total
outstanding shares of BOGG. Other shareholders individually owned less than 3% of the outstanding shares.
Shareholder
31 December
2022
31 December
2021
31 December
2020
JSC Georgia Capital** 20.60% 19.90% 19.90%
M&G Investment Management Ltd 4.10% 2.86% 1.69%
Dimensional Fund Advisors (DFA) LP 3.67% 3.13% 3.04%
Vanguard Group Inc 3.20% 2.42% 2.09%
Fidelity Investments 3.16% 4.00% 6.15%
Van Eck Associates Corporation 2.95% 3.46% 3.26%
Harding Loevner LP 2.87% 4.48% 4.50%
Others 59.45% 59.75% 59.37%
Total* 100.00% 100.00% 100.00%
* For the purposes of calculating percentage of shareholding, the denominator includes total number of issued shares, which includes shares held in the trust for the share-
based compensation purposes of the Group.
** JSC Georgia Capital will exercise its voting rights at the Group\u2019s general meetings in accordance with the votes cast by all other Group shareholders, as long as JSC Georgia
Capital\u2019s percentage holding in Bank of Georgia Group PLC is greater than 9.9%.
As at 31 December 2022, the members of the Board of Directors of BOGG owned 665,980 shares or 1.4% (31 December 2021: 516,116
shares or 1.0%, 31 December 2020: 208,146 shares or 0.4%) of BOGG. Interests of the members of the Board of Directors of BOGG
were as follows:
Shareholder
31 December
2022, shares
held
31 December
2021, shares
held
31 December
2020, shares
held
Neil Janin* N/A 32,880 32,880
Mel Carvill* \u2013 N/A N/A
Archil Gachechiladze 623,978 442,234 140,266
Al Breach 30,000 30,000 30,000
Tamaz Georgadze 5,000 5,000 5,000
Hanna Loikkanen \u2013 \u2013 \u2013
Jonathan Muir \u2013 \u2013 \u2013
Cecil Quillen 2,900 2,900 \u2013
V\u00e9ronique McCarroll \u2013 \u2013 \u2013
Mariam Megvinetukhutsesi 4,102 3,102 N/A
Total 665,980 516,116 208,146
* Neil Janin stepped down from Board in 2022, and was replaced by Mel Carvill.
",
"dimensions": {
"concept": "bogg:DisclosureOfPrincipalActivities",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-650": {
"value": "1. Principal activities Bank of Georgia Group PLC (BOGG) is a public limited liability company incorporated in England and Wales with registered number 10917019. BOGG holds 99.55% of the share capital of JSC Bank of Georgia (\u2018the Bank\u2019) as at 31 December 2022, representing the Bank\u2019s ultimate parent company. Together with the Bank and other subsidiaries, the Group makes up a group of companies (the \u2018Group\u2019) and provides banking, leasing, brokerage and investment management services to corporate and individual customers. The shares of BOGG (\u2018BOGG Shares\u2019) are admitted to the premium listing segment of the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange PLC\u2019s Main Market for listed securities, effective 21 May 2018. The Bank is the Group\u2019s main operating unit and accounts for most of the Group\u2019s activities. JSC Bank of Georgia was established on 21 October 1994 as a joint stock company (\u2018JSC\u2019) under the laws of Georgia. The Bank operates under a general banking licence issued by the National Bank of Georgia (\u2018NBG\u2019; the Central Bank of Georgia) on 15 December 1994. The Bank accepts deposits from the public and extends credit, transfers payments in Georgia and internationally, and exchanges currencies. Its main office is in Tbilisi, Georgia. At 31 December 2022, the Bank has 211 operating outlets in all major cities of Georgia (31 December 2021: 211, 31 December 2020: 211). The Bank\u2019s registered legal address is 29a Gagarini Street, Tbilisi 0160, Georgia. BOGG\u2019s registered legal address is 42 Brook Street, London, W1K 5DB, England. As at 31 December 2022, 31 December 2021 and 31 December 2020, the following shareholders owned more than 3% of the total outstanding shares of BOGG. Other shareholders individually owned less than 3% of the outstanding shares. Shareholder 31 December 2022 31 December 2021 31 December 2020 JSC Georgia Capital** 20.60% 19.90% 19.90% M&G Investment Management Ltd 4.10% 2.86% 1.69% Dimensional Fund Advisors (DFA) LP 3.67% 3.13% 3.04% Vanguard Group Inc 3.20% 2.42% 2.09% Fidelity Investments 3.16% 4.00% 6.15% Van Eck Associates Corporation 2.95% 3.46% 3.26% Harding Loevner LP 2.87% 4.48% 4.50% Others 59.45% 59.75% 59.37% Total* 100.00% 100.00% 100.00% * For the purposes of calculating percentage of shareholding, the denominator includes total number of issued shares, which includes shares held in the trust for the share- based compensation purposes of the Group. ** JSC Georgia Capital will exercise its voting rights at the Group\u2019s general meetings in accordance with the votes cast by all other Group shareholders, as long as JSC Georgia Capital\u2019s percentage holding in Bank of Georgia Group PLC is greater than 9.9%. As at 31 December 2022, the members of the Board of Directors of BOGG owned 665,980 shares or 1.4% (31 December 2021: 516,116 shares or 1.0%, 31 December 2020: 208,146 shares or 0.4%) of BOGG. Interests of the members of the Board of Directors of BOGG were as follows: Shareholder 31 December 2022, shares held 31 December 2021, shares held 31 December 2020, shares held Neil Janin* N/A 32,880 32,880 Mel Carvill* \u2013 N/A N/A Archil Gachechiladze 623,978 442,234 140,266 Al Breach 30,000 30,000 30,000 Tamaz Georgadze 5,000 5,000 5,000 Hanna Loikkanen \u2013 \u2013 \u2013 Jonathan Muir \u2013 \u2013 \u2013 Cecil Quillen 2,900 2,900 \u2013 V\u00e9ronique McCarroll \u2013 \u2013 \u2013 Mariam Megvinetukhutsesi 4,102 3,102 N/A Total 665,980 516,116 208,146 * Neil Janin stepped down from Board in 2022, and was replaced by Mel Carvill. Notes to Consolidated Financial Statements (Thousands of Georgian Lari) 2. Basis of preparation
General
In accordance with the exemption permitted under section 408 of the Companies Act 2006, the separate income statement
of BOGG is not presented as part of these financial statements. BOGG\u2019s income for the year is disclosed within the separate
statement of financial position and the separate statement of changes in equity.
The financial statements of Bank of Georgia Group PLC are prepared in accordance with international accounting standards
in conformity with the requirements of the Companies Act 2006 and prepared in accordance with UK-adopted international
accounting standards as at 31 December 2022.
These financial statements are prepared under the historical cost convention except for:
\u2022 the measurement at fair value of financial assets and investment securities, derivative financial assets and liabilities and
investment properties;
\u2022 the measurement of inventories at lower of cost and net realisable value; and
\u2022 the measurement of non-current assets classified as held for sale at lower of cost and fair value less costs to sell.
The financial statements are presented in thousands of Georgian Lari (GEL), except per-share amounts and unless
otherwise indicated.
Going concern
In adopting the going concern basis for preparing the consolidated financial statements, the Directors have considered the Group\u2019s
business activities, objectives and strategy, principal risks and uncertainties in achieving its objectives, and performance. The
Directors have performed a robust assessment of the Group\u2019s financial forecasts across a range of scenarios over 12-month from
the date the financial statements are authorised for issue by carrying out stress testing, incorporating extreme downside scenario
and reverse stress testing, which involved examining the level of disruption that may cause the Group to fail. Based on this, the
Directors confirm that they have a reasonable expectation that the Company and the Group, as a whole, have adequate resources
to continue in operational existence for the 12 months from the date the financial statements are authorised for issue. Furthermore,
management is not aware of any material uncertainties that may cast significant doubt upon the Group\u2019s ability to continue as a
going concern for the foreseeable future. Therefore, the financial statements continue to be prepared on the going concern basis.
Impact of climate-related risks on the Group\u2019s financial position and performance
As described in Note 29 to the financial statements, the Group has identified Climate Risk as an emerging risk. However, qualitative
analysis of the impact of climate change and low-carbon transitions on traditional banking risk and on the sectors in which our
clients are active lead us to believe that there is currently no material short-to-medium term impact of climate change expected.
The Group will refine its assessment of such risks in 2023 and beyond and will re-assess whether the impact of climate-related risks
on its financial position and performance need to be considered.
2. Basis of preparation continued
Subsidiaries and associates
The consolidated financial statements as at 31 December 2022, 31 December 2021 and 31 December 2020 include the following
subsidiaries and associates:
Subsidiaries
Proportion of voting rights and
ordinary share capital held
Country of
incorporation Address Industry
Date of
incorporation
Date of
acquisition
31
December
2022
31
December
2021
31
December
2020
BGEO Group Limited 100.00% 100.00% 100.00% United
Kingdom
42 Brook Street,
London, W1K 5DB
Holding
Company
14/10/2011 \u2013
JSC BGEO Group 100.00% 100.00% 100.00% Georgia 29a Gagarini
Street, Tbilisi,
0105
Investment 28/5/2015 \u2013
JSC Idea 100.00% 100.00% 100.00% Georgia 3 Pushkin Street,
Tbilisi 0105
Insurance 26/12/2018 \u2013
JSC Bank of Georgia 99.55% 99.55% 99.55% Georgia 29a Gagarini
Street, Tbilisi,
0105
Banking 21/10/1994 \u2013
Bank of Georgia
Representative Office UK
Limited
100.00% 100.00% 100.00% United
Kingdom
42 Brook Street,
London, W1K 5DB
Information
sharing
and market
research
17/8/2010 \u2013
Tree of Life Foundation NPO
(formerly known as Bank of
Georgia Future Foundation,
NPO)
100.00% 100.00% 100.00% Georgia 3 Pushkin Street,
Tbilisi 0105
Charitable
activities
25/8/2008 \u2013
Bank of Georgia
Representative Office
Hungary
100.00% 100.00% 100.00% Hungary 1054 Budapest,
Szabads\u00e1g t\u00e9r 7;
Bank Center
Representative
office
18/6/2012 \u2013
Representative Office of JSC
Bank of Georgia in Turkey
100.00% 100.00% 100.00% Turkey S\u00fcleyman Seba
Caddesi No:48
A Blok Daire 82
Akaretler Be\u015fikta\u015f
34357 Istanbul
Representative
office
25/12/2013 \u2013
Georgia Financial
Investments, LLC
100.00% 100.00% 100.00% Israel 7 Menahem Begin,
Ramat Gan 52681
Information
sharing
and market
research
9/2/2009 \u2013
Benderlock Investments
Limited
100.00% 100.00% 100.00% Cyprus Arch. Makariou III
58, IRIS TOWER,
8th floor, Flat/
Office 702 P.C.
1075, Nicosia
Investments 12/5/2009 13/10/2009
JSC Belarusky Narodny Bank 99.98% 99.98% 99.98% Belarus Nezavisimosty
Avenue 87A,
Minsk, 220012
Banking 16/4/1992 3/6/2008
BNB Leasing, LLC 99.90% 99.90% 99.90% Belarus Nezavisimosty
Avenue 87A, room
3, Minsk, 220012
Leasing 30/3/2006 3/6/2008
Georgian Leasing Company,
LLC
100.00% 100.00% 100.00% Georgia 3-5 Kazbegi Street,
Tbilisi
Leasing 29/10/2001 31/12/2004
Prime Leasing 100.00% 100.00% 100.00% Georgia Didube-Chughureti
district, No:114,
Ak. Tsereteli
Avenue, Tbilisi
Leasing 27/1/2012 21/1/2015
JSC BG Financial 100.00% 100.00% 100.00% Georgia 79 David
Agmashenebeli
Avenue, 0102,
Tbilisi
Investment 7/8/2015 \u2013
JSC Galt & Taggart 100.00% 100.00% 100.00% Georgia 79 David
Agmashenebeli
Avenue, 0102,
Tbilisi
Brokerage
and asset
management
19/12/1995 28/12/2004
Branch Office of \u201cBG Kapital\u201d
JSC in Azerbaijan
100.00% 100.00% 100.00% Azerbaijan 1C Mikayil Mushvig,
Kempinski Hotel
Badamdar, 6th
floor, Yasamal.
AZ1006, Baku
Representative
office
28/12/2013 \u2013
Subsidiaries Proportion of voting rights and ordinary share capital held Country of incorporation Address Industry Date of incorporation Date of acquisition 31 December 2022 31 December 2021 31 December 2020 Galt and Taggart Holdings Limited 100.00% 100.00% 100.00% Cyprus Arch. Makariou III 58, IRIS TOWER, 8th floor, Flat/ Office 702 P.C. 1075, Nicosia Investments 3/7/2006 \u2013 BG Capital (Belarus), LLC 100.00% 100.00% 100.00% Belarus 5A-3H, K.Chornogo lane, Minsk, 220012 Brokerage 19/2/2008 \u2013 JSC Digital Area (former JSC Polymath Group) 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Digital 8/6/2018 \u2013 JSC Extra area 99.34% 98.68% 97.82% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Digital 22/5/2019 \u2013 Easy Box LLC 100.00% 100.00% 100.00% Georgia 41, Pekini Street, Tbilisi Transportation 22/12/2020 \u2013 JSC Optimo Global* 100.00% 0.00% 0.00% Georgia 41, Pekini Street Tbilisi Digital 8/11/2022 \u2013 Solo, LLC 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Trade 22/4/2015 \u2013 JSC United Securities Registrar of Georgia 100.00% 100.00% 100.00% Georgia 74a Chavchavadze Avenue, Tbilisi, 0162 Registrar 29/5/2006 \u2013 JSC Express Technologies 100.00% 100.00% 100.00% Georgia 1b, Budapest Street, Tbilisi, 0160 Investments 29/10/2007 \u2013 JSC Georgian Card 99.41% 99.41% 99.46% Georgia 221 Nutsubidze Street, Tbilisi, 0168 Card processing 17/1/1997 20/10/2004 Direct Debit Georgia, LLC 100.00% 100.00% 100.00% Georgia Luxemburg 25, Tbilisi, 0160 Electronic payment services 7/3/2006 \u2013 LLC Didi Digomi Research Center 100.00% 100.00% 100.00% Georgia 80-82, D.Agmashenebeli Street, Tbilisi, 0102 Communication services 23/4/2007 \u2013 Metro Service +, LLC 100.00% 100.00% 100.00% Georgia 74a Chavchavadze Avenue, Tbilisi, 0162 Business servicing 10/5/2006 \u2013 Premium Compliance Advisory, LLC 100.00% 100.00% 100.00% Georgia Kazbegi Street 3-5, Tbilisi Various 17/2/2012 \u2013 Associates Proportion of voting rights and ordinary share capital held Country of incorporation Address Industry Date of incorporation Date of acquisition 31 December 2022 31 December 2021 31 December 2020 JSC Credit info 21.08% 21.08% 21.08% Georgia 2 Tarkhnishvili Street, Tbilisi Financial intermediation 14/2/2005 14/2/2005 JSC Tbilisi Stock Exchange 24.04% 24.04% 24.04% Georgia 72 Vazha-Pshavela Avenue, Tbilisi Financial intermediation 8/5/2015 23/12/2016 LLC Delivery** 25.75% 0.00% 0.00% Georgia 6 A. Andronikashvili Street, II Dead End, Tbilisi Financial intermediation 14/12/2017 8/11/2022 * JSC Digital Area established a new company JSC Optimo Global on 8 November 2022. Total investment amount in JSC Optimo Global amounts to GEL 100. ** JSC Digital Area invested GEL 1,260 in 25.75% stake of LLC Delivery on 8 November 2022. For the period ended 31 December 2022, the Group\u2019s loss from associate comprised GEL 65. 2. Basis of preparation continued Subsidiaries and associates continued 3. Summary of significant accounting policies
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2022.
The Group consolidates a subsidiary when it controls it. Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an investee, including:
\u2022 the contractual arrangement with the other vote holders of the investee;
\u2022 rights arising from other contractual arrangements; and
\u2022 the Group\u2019s voting rights and potential voting rights.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or
more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and
ceases when the Group loses control of the subsidiary. Income and expenses of a subsidiary acquired or disposed of during the year
are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to
control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group
and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s
accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between
members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate
of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the
acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair
value or at the proportionate share of the acquiree\u2019s identifiable net assets and other components of non-controlling interests at
their acquisition date fair values. Acquisition-related costs are expensed as incurred and included in administrative expenses.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised
for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units
that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to
those units where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain
or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and
the portion of the cash-generating unit retained.
Investments in associates
Associates are entities in which the Group generally has between 20% and 50% of the voting rights, or is otherwise able to exercise
significant influence over, but which it does not control or jointly control. Investments in associates are accounted for under the
equity method and are initially recognised at cost, including goodwill. Subsequent changes in the carrying value reflect the post-
acquisition changes in the Group\u2019s share of net assets of the associate. The Group\u2019s share of its associates\u2019 profits or losses is
recognised in the consolidated income statement, and its share of movements in reserves is recognised in other comprehensive
income. However, when the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not
recognise further losses, unless the Group is obliged to make further payments to, or on behalf of, the associate.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the
associates; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Investment in an associate is assessed for impairment at each reporting date and recoverable value is determined if any indicators
are identified. Any impairment losses are recorded under profit or loss from associates.
Investments in subsidiaries and associates in parent company financial statements
For the purposes of parent company financial statements, investments in subsidiaries and associates are accounted at cost less any
impairment. Investments in subsidiaries and associates are accounted in accordance with IFRS 5 Non-current Assets Held for Sale
and Discontinued Operations when they are classified as held for sale or distribution. Dividends from a subsidiary or an associate are
recognised in the parent company financial statements when the parent\u2019s right to receive the dividend is established.
3. Summary of significant accounting policies continued
Fair value measurement
The Group measures financial instruments, such as trading and investment securities, certain loans to customers, derivatives and
non-financial assets such as investment properties, at fair value at each balance sheet date. Also, fair values of financial instruments
measured at amortised cost are disclosed in Note 30.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the
asset or transfer the liability takes place either:
\u2022 in the principal market for the asset or liability; or
\u2022 in the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured
using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act
in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability
to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would
use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure
fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
\u2022 Level 1 \u2212 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u2022 Level 2 \u2212 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.
\u2022 Level 3 \u2212 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.
Financial assets and liabilities
Classification and measurement for financial assets and liabilities
The Group classifies all of its financial assets based on the business model for managing the assets and the asset\u2019s contractual
terms, measured at either:
\u2022 fair value through profit or loss (FVTPL);
\u2022 fair value through other comprehensive income (FVOCI) with recycling to profit or loss upon disposal for debt instruments;
\u2022 FVOCI without recycling to profit or loss for equity instruments; or
\u2022 amortised cost.
Classification and measurement
Financial liabilities, other than loan commitments and financial guarantees, are measured at amortised cost or at FVTPL if they are
held for trading.
Embedded derivatives are not separated from a host financial asset. Instead, financial assets are classified based on the business
model and their contractual terms.
All derivative instruments are measured at FVTPL.
Measurement of financial instruments at initial recognition
When financial instruments are recognised initially, they are measured at fair value, adjusted, in the case of instruments not at
FVTPL, for directly attributable fees and costs.
The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price. If the Group
determines that the fair value at initial recognition differs from the transaction price, then:
\u2022 if the fair value is evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or based on
a valuation technique that uses only data from observable markets, the Group recognises the difference between the fair value
at initial recognition and the transaction price as a gain or loss;
\u2022 in all other cases, the initial measurement of the financial instrument is adjusted to defer the difference between the fair value at
initial recognition and the transaction price. After initial recognition, the Group recognises that deferred difference as a gain or
loss only to the extent that it arises from a change in a factor (including time) that market participants would take into account
when pricing the asset or liability.
3. Summary of significant accounting policies continued
Financial assets and liabilities continued
Subsequent measurement of financial instruments
Financial instruments measured at amortised cost
The Group measures amounts due from credit institutions, loans to customers and other financial assets at amortised cost if both
of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual
cash flows.
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding.
The details of these conditions are outlined below.
Business model
The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its
business objective. The business model is not assessed on an instrument by instrument basis, but at a higher level of aggregated
portfolios per instrument type and is based on the following observable factors:
\u2022 The risks that affect the performance of the business model (and the financial assets held within that business model) and, in
particular, the way those risks are managed.
\u2022 How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets
managed or on the contractual cash flows collected).
\u2022 How financial assets held within particular business model are evaluated and reported to key management personnel.
The expected frequency, value and timing of sales are also important aspects of the assessment. The business model assessment
is based on reasonably expected scenarios without taking \u2018worst case\u2019 or \u2018stress case\u2019 scenarios into account. If cash flows after
initial recognition are realised in a way that is different from the Group\u2019s original expectations, the Group does not change the
classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly
originated or newly purchased financial assets going forward.
There are three business models available under IFRS 9:
\u2022 Hold to collect: It is intended to hold the asset to maturity to earn interest, collecting repayments of principal and interest form
the counterparty.
\u2022 Hold to collect and sell: This model is similar to the hold to collect model, except that the entity may elect to sell some or all of the
assets before maturity as circumstances change or to hold the assets for liquidity purposes.
\u2022 Other: All those models that do not meet the \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 qualifying criteria.
Solely Payments of Principal and Interest (SPPI)
If a financial asset is held in either to a \u2018hold to collect\u2019, or a \u2018hold to collect and sell\u2019 business model, then the Group assesses whether
contractual cash flows are SPPI on the principal amount outstanding at initial recognition to determine the classification. The SPPI
test is performed on an individual instrument basis.
Contractual cash flows that represent SPPI on the principal amount outstanding are consistent with basic lending arrangements.
Interest is consideration for the time value of money and the credit risk associated with the principal amount outstanding
during a particular period of time. It can also include consideration for other basic lending risks (e.g. liquidity risk) and costs
(e.g. administrative costs) associated with holding the financial asset for a particular period of time, and a profit margin that is
consistent with a basic lending arrangement.
In assessing whether the contractual cash flows are SPPI, the Group considers whether the contractual terms of the financial asset
contain a term that could change the timing or amount of contractual cash flows arising over the life of the instrument which could
affect whether the instrument is considered to meet the SPPI test.
If the SPPI test is failed, such financial assets are measured at FVTPL with interest earned recognised in other interest income.
Debt instruments at FVOCI
The Group measures debt investment securities at FVOCI when both of the following categories are met:
\u2022 The instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows,
selling financial assets and holding such financial instruments for liquidity management purposes.
\u2022 The contractual terms of the financial asset meet the SPPI test.
FVOCI debt investment securities are subsequently measured at fair value with gains and losses arising due to changes in fair
value recognised in OCI. Interest income and foreign exchange gains and losses are recognised in profit or loss in the same manner
as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in OCI are
reclassified from OCI to profit or loss.
3. Summary of significant accounting policies continued
Financial assets and liabilities continued
Subsequent measurement of financial instruments continued
Equity instruments at FVOCI \u2013 option
Upon initial recognition, the Group may elect to classify irrevocably its equity instruments as equity instruments at FVOCI when they
meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. Such classification is
determined on an instrument by instrument basis.
Gains and losses on these equity instruments are never recycled to profit or loss. Dividends received are recognised in profit or loss.
Equity instruments at FVOCI are not subject to impairment assessment.
Financial assets at FVTPL
Groups of financial assets for which the business model is other than \u2018hold to collect\u2019 and \u2018hold to collect and sell\u2019 are measured
at FVTPL.
Derivatives recorded at FVTPL
The Group enters into derivative transactions with various counterparties. These include interest rate swaps, forwards and other
similar instruments. Derivatives are recorded at fair value and carried as assets when their fair value is positive and as liabilities
when their fair value is negative. Net changes in the fair value of derivatives are included in net gain/loss from financial instruments
measured at FVTPL, excluding gain/loss on foreign exchange derivatives which are presented in net foreign currency gain. From the
beginning of 2019, the Group enters into certain cross-currency swap agreements to match its funding costs in certain currencies
with the income generated from lending activities in these currencies. As a result, the Group economically hedges the interest rate
risk, however, no hedge accounting under IFRS 9 is applied. Net changes in the fair value of such derivative financial instruments,
which are presented in net foreign currency gain, excludes unwinding of the locked-in interest differential which is presented as part
of interest expense to reflect risk management objective of the Group.
Financial guarantees, letter of credits and other financial commitments
The Group enters into the financial guarantee contacts whereby it\u2019s required to make specified payments to reimburse the holder for
a loss it incurs because a specified debtor fails to make payment when due. Financial guarantees, letter of credits and other financial
commitments are initially recognised in the financial statements at fair value, being the premium received. Subsequent to initial
recognition, the Group\u2019s liability under each guarantee is measured at the higher of the amount initially recognised, less cumulative
amortisation recognised in the consolidated income statement and an expected credit loss (ECL) provision.
Non-financial guarantees
The Group enters into non-financial guarantee contracts whereby it\u2019s required to compensate to the holder in case another party
fails to meet its contractual obligations. Non-financial guarantees are initially recognised in the financial statements at fair value,
being the premium received, amortised on a straight-line basis over the life of the contract. Subsequent to initial recognition the
Group\u2019s liability under non-financial guarantee is measured at the amount that represents the best estimate of the expenditure
required to settle the present obligation. The estimate takes into account the probability of another party defaulting on its
obligations as well as available collateral under the guarantee contracts and is recognised in the consolidated income statement as
part of other expected credit loss and provision for performance guarantees.
Offsetting
Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, amounts due from central banks, excluding obligatory reserves with central
banks, and amounts due from credit institutions that mature within 90 days of the date of origination, and are free from
contractual encumbrances and readily convertible to known amounts of cash.
Borrowings
Issued financial instruments or their components are classified as liabilities, where the substance of the contractual arrangement
results in the Group having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation
other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity instruments. Such
instruments include amounts due to credit institutions and amounts due to customers (including promissory notes issued). These are
initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition,
borrowings are subsequently measured at amortised cost, using the effective interest rate (EIR) method. Gains and losses are
recognised in the consolidated income statement when the borrowings are derecognised as well as through the amortisation process.
Issued Additional Tier 1 instruments with perpetual maturity and discretionary interest payments are classified as financial liabilities
when the instruments are not convertible into equity and the Group does not have unconditional right to avoid delivering cash upon
a predetermined trigger event. Such instruments are measured at amortised cost with respective interest presented as part of
interest expense in the consolidated income statement.
If the Group purchases its own debt, it is removed from the statement of financial position and the difference between the carrying
amount of the liability and the consideration paid is recognised in the consolidated income statement.
3. Summary of significant accounting policies continued
Subordinated debt
Subordinated debt represents long-term funds attracted by the Bank on the international financial markets or domestic market.
The holders of subordinated debt would be subordinate to all other creditors to receive repayment of debt in case of the Bank\u2019s
liquidation. Subordinated debt is carried at amortised cost.
Leases
The Group as a lessee
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group
considers the commencement date of the lease the date on which the lessor makes an underlying asset available for use to
the Group.
The Group\u2019s main leasing activities include the leases of service centres, ATM spaces and warehouses. A non-cancellable lease period
is up to ten years. Lease payments are fixed in most cases. The contacts do not generally carry extension or termination options for
the lease term and do not impose any covenants.
Recognition of right-of-use asset and lease liability
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred and an estimated dismantling costs, if any. The right-of-use asset is
subsequently depreciated using the straight-line method over the lease term.
The lease liability is initially measured at the present value of the future lease payments excluding payments for VAT, discounted
using the Group\u2019s incremental borrowing rate (IBR). The lease liability is subsequently measured at amortised cost using the IBR.
Recognition exemptions
The Group applies the recognition exemptions on lease contracts for which the lease term ends within 12 months as of the date
of initial application, and lease contracts for which the underlying asset is of low value. The Group recognises the lease payments
associated with these leases as an expense on a straight-line basis over the lease term.
Modifications of lease contracts
If the lease contract is modified by either changing the scope of the lease, or the consideration for a lease that was not part of the
original terms and conditions of the lease, the Group determines whether the modification results in:
\u2022 a separate lease; or
\u2022 a change in the accounting for the existing lease.
For the lease modifications that are not accounted as separate leases, the Group re-measures the lease liability either by recognising
gain or loss relating to the partial or full termination of the lease or through adjusting respective right-of-use asset.
The Group as a lessor
At the inception of the lease, the Group classifies each of its leases as either an operating lease or a finance lease.
Finance lease
Leases that transfer substantially all the risks and benefits incidental to ownership of the lease item to the lessee are classified as
finance leases. All other leases are classified as operating leases. The Group recognises finance lease receivables in the consolidated
statement of financial position at a value equal to the net investment in the lease, starting from the date of commencement of the
lease term. In calculating the present value of the minimum lease payments, the discount factor used is the interest rate implicit
in the lease. Initial direct costs are included in the initial measurement of the finance lease receivables. Lease payments received
are apportioned between the finance income and the reduction of the outstanding lease receivable. Finance income is based on a
pattern reflecting a constant periodic rate of return on the net investment outstanding.
Operating lease
The Group presents assets subject to operating leases in the consolidated statement of financial position according to the nature of
the asset. Lease income from operating leases is recognised in the consolidated income statement on a straight-line basis over the
lease term as net other income. Initial direct costs incurred specifically to earn revenues from an operating lease are added to the
carrying amount of the leased asset.
3. Summary of significant accounting policies continued
Impairment of financial assets
Overview of the ECL principles
The Group records an allowance for ECL for all loans and other debt financial assets not held at FVTPL, together with loan
commitments and financial guarantee contracts, in this section all referred to as \u2018financial assets\u2019. Equity instruments are not
subject to impairment under IFRS 9.
The allowance is based on the ECL associated with a probability of default (PD) in the next 12 months unless there has been a significant
increase in credit risk since origination, in which case the allowance is based on the ECL over the life of the asset (lifetime ECL). If the
financial asset meets the definition of purchased or originated credit-impaired (POCI), the allowance is based on the change in the
lifetime ECL.
The Group applies the simplified approach for trade, lease and other receivables and contract assets and records lifetime ECLs
on them.
In order to calculate ECL, the Group first evaluates individually whether objective evidence of impairment exists for loans that are
individually significant. It then collectively assesses loans that are not individually significant and loans which are significant but for
which there is no objective evidence of impairment (POCI) available under the individual assessment.
Staged approach to the determination of ECLs
The Group has established a policy to perform an assessment, at the end of each reporting period, of whether a financial asset\u2019s
credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the
remaining life of the financial instrument. Based on the above process, the Group groups its financial instruments into Stage 1,
Stage 2, Stage 3 and POCI, as described below:
\u2022 Stage 1: The Group recognises a credit loss allowance at an amount equal to 12-month ECL. This represents the portion of
lifetime ECL from default events that are expected within 12 months of the reporting date, assuming that credit risk has not
increased significantly after initial recognition. For those financial assets with a remaining maturity of less than 12 months,
a PD is used that corresponds to the remaining maturity.
\u2022 Stage 2: The Group recognises a credit loss allowance at an amount equal to lifetime ECL for those financial instruments which
are considered to have experienced a significant increase in credit risk since initial recognition. This requires the computation
of ECL based on lifetime PD (LTPD) that represents the PD occurring over the remaining lifetime of the financial instrument.
Allowance for expected credit losses is higher in this stage because of an increase in credit risk and the impact of a longer time
horizon being considered compared with 12 months in Stage 1. Financial instruments in Stage 2 are not yet deemed to be credit-
impaired.
\u2022 Stage 3: If the financial instrument is credit-impaired, it is then moved to Stage 3. The Group recognises a loss allowance at an
amount equal to lifetime ECL, reflecting a PD of 100% for those financial instruments that are credit-impaired.
Financial instruments within the scope of the impairment requirements of IFRS 9 are classified into one of the above three stages.
Unless credit-impaired, newly originated assets are classified as Stage 1 and remain in that stage unless there is considered to have
been a significant increase in credit risk since initial recognition, at which point the asset is reclassified to Stage 2.
POCI assets are financial instruments that are credit-impaired on initial recognition. POCI assets are recorded at fair value at
original recognition and interest income is subsequently recognised based on a credit adjusted EIR (CAEIR). CAEIR takes into
account all contractual terms of the financial asset and ECLs. ECLs are only recognised or released to the extent that there is a
subsequent change in the ECL where ECLs are calculated based on lifetime ECL. Once the financial asset is recognised as POCI,
it retains this status until derecognised.
Key judgements and estimates used under IFRS 9 are disclosed in note 4.
Derecognition of financial assets and liabilities
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
derecognised where:
\u2022 the rights to receive cash flows from the asset have expired; or
\u2022 the Group has transferred its rights to receive cash flows from the asset, or retained the right to receive cash flows from
the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019
arrangement; and
\u2022 the Group either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor
retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained
substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the
Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset
is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group
could be required to repay.
3. Summary of significant accounting policies continued
Derecognition of financial assets and liabilities continued
Derecognition of financial assets continued
Where continuing involvement takes the form of a written and/or purchased option (including a cash-settled option or similar
provision) on the transferred asset, the extent of the Group\u2019s continuing involvement is the amount of the transferred asset that
the Group may repurchase, except that in the case of a written put option (including a cash-settled option or similar provision) on
an asset measured at fair value, the extent of the Group\u2019s continuing involvement is limited to the lower of the fair value of the
transferred asset and the option exercise price.
Derecognition and modification of financial assets
The Group sometimes renegotiates or otherwise modifies the contractual cash flows of financial assets. When this happens,
the Group assesses whether or not the new terms are substantially different to the original terms, based on qualitative and
quantitative criteria. The Group derecognises a financial asset, such as a loan to a customer, when the terms and conditions have
been renegotiated to the extent that, substantially, it becomes a new loan, except in cases when renegotiation of contractual
terms happens due to financial difficulties of the borrower. Once the financial asset is derecognised, the difference is recognised as
a derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The newly recognised loans are
classified as Stage 1 for ECL measurement purposes, unless the new loan is deemed to be POCI.
The Group applies derecognition of the financial asset if any of the following criteria are met:
\u2022 Change in currency of the loan.
\u2022 Change in interest rate type.
\u2022 Introduction of an equity feature.
\u2022 Change in counterparty.
\u2022 If the modification is such that the instrument would no longer meet the SPPI criterion.
If the terms are not substantially different, or the renegotiation is due to the financial difficulties of the borrower, such renegotiation
or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised
cash flows of the financial asset and recognises a modification gain or loss in interest income. The new gross carrying amount is
calculated by discounting the modified cash flows at the original EIR.
Forbearance and modified loans
The Group sometimes makes concessions or modifications to the original terms of the loans as a response to the borrower\u2019s
financial difficulties, rather than taking possession or otherwise enforcing collection of collateral. The Group considers a loan
forborne when such concessions or modifications are provided as a result of the borrower\u2019s present or expected financial difficulties
and the Group would not have agreed to them if the borrower had been financially healthy. Forbearance may involve extending
the payment arrangements and the agreement of new loan conditions. Once the terms have been renegotiated, any impairment
is measured using the original EIR as calculated before the modification of terms. Once the asset has been identified as forborne,
the assets are classified in Stage 3. The decision as to how long the asset remains in the forborne category is determined on a
case-by-case basis for commercial and SME loans, when a minimum six consecutive payments are required for the rest of the loans
to exit from the forbearance category and transfer to Stage 2. Once the loan is transferred to Stage 2, the Group continues to
reassess whether there has been a significant increase in credit risk, however, such assets remain in Stage 2 for a minimum 12-month
probation period before being transferred to Stage 1.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the
recognition of a new liability, and the difference in the respective carrying amounts is recognised in the consolidated income statement.
Foreclosed assets
All repossessed land and buildings were previously classified as investment properties at initial recognition given these assets were
managed with a view of capital appreciation or earning a rental income. Commencing from 2022, the Group updated its property
management strategy and decided to move majority of the realizations of such properties at a quicker pace. Respectively, all
repossessed collaterals, including land and buildings, are now classified either as Investment Properties or Foreclosed Assets depending
the Group\u2019s intention in respect of recovery of these assets.
Foreclosed assets are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
The majority of the Group\u2019s foreclosed assets consists of the real estate assets repossessed during recovery of defaulted loans. Such
assets are specific and not ordinarily interchangeable, respectively the Group applies specific identification of their individual costs.
3. Summary of significant accounting policies continued
Non-current assets held for sale
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally
through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are
measured at the lower of their carrying amount and fair value less costs to sell unless scoped out of IFRS 5 in which case the existing
measurement provisions of IFRS apply.
Immediately before the initial classification of the asset as held for sale, the carrying amount of the asset is measured in accordance
with applicable IFRSs.
Property and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately from other assets and liabilities in the statement of
financial position.
Taxation
The current income tax expense is calculated in accordance with the regulations in force in the respective territories in which BOGG
and its subsidiaries operate.
Deferred tax assets and liabilities are calculated in respect of temporary differences using the liability method. Deferred income
taxes are provided for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for
financial reporting purposes, except where the deferred income tax arises from the initial recognition of goodwill or of an asset or
liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.
A deferred tax asset is recorded only to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences can be utilised. Deferred tax assets and liabilities are measured at tax rates that are expected to
apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively
enacted at the reporting date.
Deferred tax liabilities are provided on temporary differences arising on investments in subsidiaries, associates and joint ventures,
except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
Georgia and Belarus also have various operating taxes that are assessed on the Group\u2019s activities. These taxes are included as a
component of other operating expenses.
Uncertain tax positions
The Group reassesses uncertain tax positions at the end of each reporting period. The assessment is based on the interpretation of
the tax laws that have been enacted or substantively enacted by the end of reporting period and any known court or other rulings
on such issues. Liabilities are recorded for income tax positions that are determined as more likely than not to result in additional tax
levied if the positions were to be challenged by the tax authorities. Liabilities for penalties, interest and taxes other than on income
are recognised based on the best estimate of the expenditure required to settle the obligations at the end of the reporting period.
Investment properties
Investment property is land or a building or a part of a building held to earn rental income or for capital appreciation and which is
not used by the Group.
Investment property is initially recognised at cost, including transaction costs, and subsequently re-measured at fair value reflecting
market conditions at the end of the reporting period. Fair value of the Group\u2019s investment property is determined on the basis of
various sources including reports of independent appraisers, who hold a recognised and relevant professional qualification and who
have recent experience in valuation of property of similar location and category. With regards to certain investment properties with
repurchase options granted to previous owners, fair value of the property at the reporting date is capped at repurchase price.
Gains and losses resulting from changes in the fair value of investment property as well as earned rental income are recorded in the
income statement within net other income.
3. Summary of significant accounting policies continued
Property and equipment
Property and equipment is carried at cost less accumulated depreciation and any accumulated impairment in value. Such cost
includes the cost of replacing part of the equipment when that cost is incurred if the recognition criteria are met.
The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that
the carrying value may not be recoverable.
Depreciation of an asset commences from the date the asset is ready and available for use. Depreciation is calculated on a straight-
line basis over the following estimated useful lives:
Years
Office buildings and service centres Up to 100
Furniture and fixtures 3\u201320
Computers and equipment 5\u201310
Motor vehicles 2\u20137
The assets\u2019 residual values, useful lives and methods are reviewed, and adjusted as appropriate, at each financial year-end.
Assets under construction are stated at cost and are not depreciated until the time they are available for use and reclassified to
their respective group of property and equipment.
Leasehold improvements are depreciated over the shorter life of the related leased asset and the expected lease term.
Costs related to repairs and renewals are charged when incurred and included in other operating expenses, unless they qualify for
capitalisation.
Goodwill impairment
Goodwill is reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying
amount may be impaired.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
of the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the
combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Each unit
or group of units to which the goodwill is so allocated:
\u2022 represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
\u2022 is not larger than a segment as defined in IFRS 8 Operating Segments.
Impairment is determined by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units), to
which the goodwill relates. Where the recoverable amount of the cash-generating unit (or group of cash-generating units) is less
than the carrying amount, an impairment loss is recognised. Impairment losses cannot be reversed in future periods.
Intangible assets
The Group\u2019s intangible assets include computer software and licences.
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost
less any accumulated amortisation and any accumulated impairment losses. The economic lives of intangible assets are assessed to
be finite and amortised over four to 15 years and assessed for impairment whenever there is an indication that the intangible asset
may be impaired. Amortisation periods and methods for intangible assets are reviewed at least at each financial year-end.
Costs associated with maintaining computer software programmes are recorded as an expense as incurred. Software development
costs (relating to the design and testing of new or substantially improved software) are recognised as intangible assets only
when the Group can demonstrate the technical feasibility of completing the software so that it will be available for use or sale,
its intention to complete the asset and its ability to use or sell the asset, how the asset will generate future economic benefits,
the availability of resources to complete the asset, and the ability to measure reliably the expenditure during the development.
Other research and software development costs are recognised as an expense as incurred.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the
amount of obligation can be made.
3. Summary of significant accounting policies continued
Share-based payment transactions
Employees (including senior executives) of the Group receive share-based remuneration, whereby they render services and receive
equity instruments of the Group (\u2018equity-settled transactions\u2019) as consideration for the services provided.
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are
granted. The awards of shares in monetary terms are measured by reference to the monetary value (as awarded) adjusted for the
time value of money where necessary.
The cost of equity-settled transactions is recognised together with the corresponding increase in equity as part of additional paid-
in capital, over the period in which the performance and/or service conditions are fulfilled, ending on the date when the relevant
employee is fully entitled to the award (\u2018the vesting date\u2019). The cumulative expense recognised for equity-settled transactions at
each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate
of the number of equity instruments that will ultimately vest. The consolidated income statement charge or credit for the period
represents the movement in cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for the awards that do not ultimately vest except for the awards where vesting is conditional upon
market conditions which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other
performance conditions are satisfied.
Where the terms of an equity-settled award are modified, the minimum expense is recognised as if the terms had not been
modified. An additional expense is recognised for any modification that increases the total fair value of the share-based payment
arrangement, or is otherwise beneficial to the employee as measured at the date of the modification.
Where a new equity-settled award is designated as a replacement of a cancelled equity-settled award, the replacement of equity
instruments are accounted for as a modification.
Where an equity-settled award is cancelled, it is treated as if it has vested on the date of cancellation, and any expense not
yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and
designated as the replacement award on the date that it is granted, the cancelled and the new awards are treated as if they were a
modification of the original award, as described in the previous paragraph.
Equity
Share capital
Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business
combination, are shown as a deduction from the proceeds in equity.
Additional paid-in capital
Any excess of the fair value of consideration received over the par value of shares issued is recognised as additional paid-in capital.
Further, the effects of share-based payments are also recognised as part of the additional paid-in capital.
Treasury shares
Where BOGG or its subsidiaries purchase BOGG shares, the consideration paid, including any attributable transaction costs,
net of income taxes, is deducted from total equity as treasury shares until they are cancelled or reissued. Where such shares
are subsequently sold or reissued, any consideration received is included in equity. Treasury shares are stated at par value, with
adjustment of premiums against additional paid-in capital.
Dividends
Dividends are recognised as liabilities and deducted from equity at the reporting date only if they are declared before or on the
reporting date and do not require further approval. Dividends are disclosed when they are proposed before the reporting date or
proposed or declared after the reporting date but before the consolidated financial statements are authorised for issue. All expenses
associated with dividend distribution are added to dividend amount and recorded directly through equity.
Contingencies
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present
obligation where an outflow of the economic resources is either not expected to occur or can not be measured reliably.
Contingent liabilities are not recognised in the consolidated statement of financial position but are disclosed, unless the possibility
of any outflow in settlement is remote. A contingent asset is not recognised in the consolidated statement of financial position but
disclosed when an inflow of economic benefits is probable.
3. Summary of significant accounting policies continued
Income and expense recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be
reliably measured. The following specific recognition criteria must also be met before revenue and expense are recognised:
Interest and similar income and expense
For all financial instruments measured at amortised cost and interest-bearing securities, interest income or expense is recorded
at the EIR, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the
financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or financial liability.
The calculation takes into account all contractual terms of the financial instrument (for example, prepayment options) and
includes any fees or incremental costs that are directly attributable to the instrument and are an integral part of the EIR, but not
future credit losses. The carrying amount of the financial asset or financial liability is adjusted if the Group revises its estimates of
payments or receipts.
The adjusted carrying amount is calculated based on the original EIR and the change in carrying amount is recorded as interest
income or expense.
For financial instruments in Stage 1 and Stage 2, the Group calculates interest income by applying the EIR to the gross carrying
amount. Interest income for financial assets in Stage 3 is calculated by applying the EIR to the amortised cost (i.e. the gross carrying
amount less credit loss allowance). For financial instruments classified as POCI only, interest income is calculated by applying
a credit adjusted EIR to the amortised cost of these POCI assets. The Group presents interest revenue calculated using the EIR
method separately in the income statement.
Fee and commission income
The Group earns fee and commission income from a diverse range of services it provides to its customers. Fee and commission
income are recognised when the Group satisfies a performance obligation. Fee income can be divided into the following categories:
Fee income earned from services that are provided over a certain period of time
Fees earned for the provision of services over a period of time are accrued over that period. These fees include commission
incomes and asset management, custody, package services on bundled products and other management and advisory fees.
Loan commitment fees for loans that are likely to be drawn-down and other credit-related fees are deferred (together with any
incremental costs), and recognised as an adjustment to the EIR on the loan.
Customer loyalty programme
Customer loyalty programme points accumulated in the business are treated as deferred revenue and recognised in revenues
gradually as they are earned. The Group recognises gross revenue earned from customer loyalty programmes when the performance
obligation is satisfied, i.e. when the customer redeems the points or the points expire, where the Group acts as a principal.
Conversely, the Group measures its revenue as the net amount retained on its account representing the difference between the
consideration allocated to the award credits and the amount payable to the third party for supplying the awards as soon as
the award credits are granted, where the Group acts as an agent. At each reporting date, the Group estimates the portion of
accumulated points that is expected to be utilised by customers based on statistical data. These points are treated as a liability in
the statement of financial position and are only recognised in revenue when points are earned or expired.
Performance obligations satisfied at a point in time
Fees and commissions earned from providing transaction-type services such as settlement, brokerage, cash and currency conversion
operations are recognised when the service has been completed, provided such fees and commissions are not subject to refund or
another contingency beyond the control of the Group. Fees from currency conversion operations represent additional commission
(other than currency dealing revenue recognised in net foreign currency gain) charged on currency conversion service provided to
customers on cards used abroad.
Dividend income
Dividend revenue is recognised when the Group\u2019s right to receive the payment is established.
Non-recurring items
The Group separately classifies and discloses those income and expenses that are non-recurring by nature. The Group defines non-
recurring income or expense as an income or expense triggered by, or originated from, an economic, business or financial event that
is not inherent to the regular and ordinary business course of the Group and is caused by uncertain or unpredictable external factors
that cannot be reasonably expected to occur in the future, and thus should not be taken into account when making projections of
future results.
3. Summary of significant accounting policies continued
Functional, reporting currencies and foreign currency translation
The consolidated financial statements are presented in Georgian Lari, which is the Group\u2019s presentation currency. BOGG\u2019s and the
Bank\u2019s functional currency is Georgian Lari. Each entity in the Group determines its own functional currency and items included in
the financial statements of each entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded in the functional currency, converted at the rate of exchange ruling at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency
at the functional currency rate of exchange ruling at the reporting date.
Gains and losses resulting from the translation of foreign currency transactions are recognised in the consolidated income
statement as gains less losses from foreign currencies \u2013 translation differences. Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was
determined. When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of
that gain or loss is recognised in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognised
in profit or loss, any exchange component of that gain or loss is recognised in the income statement.
Differences between the contractual exchange rate of a certain transaction and the NBG exchange rate on the date of the
transaction are included in gains less losses from foreign currencies (dealing). The official NBG exchange rates at 31 December 2022,
31 December 2021 and 31 December 2020 were:
Lari to GBP Lari to USD Lari to EUR Lari to BYN
31 December 2022 3.2581 2.7020 2.8844 1.0730
31 December 2021 4.1737 3.0976 3.5040 1.2101
31 December 2020 4.4529 3.2766 4.0233 1.2647
As at the reporting date, the assets and liabilities of the entities whose functional currency is different from the presentation
currency of the Group are translated into Georgian Lari at the rate of exchange ruling at the reporting date and their income
statements are translated at the average exchange rates for the year. The exchange differences arising on the translation are taken
to other comprehensive income.
On disposal of a subsidiary or an associate whose functional currency is different from the presentation currency of the Group,
the deferred cumulative amount recognised in other comprehensive income relating to that particular entity is recognised in the
consolidated income statement.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and
liabilities arising on the acquisition are treated as assets and liabilities of the foreign operations, and translated at the rate at the
reporting date.
Adoption of new or revised standards and interpretations
Amendments effective from 1 January 2022
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
In May 2020, the IASB issued amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets to clarify what costs
an entity considers in assessing whether a contract is onerous. The amendments specify that the \u2018cost of fulfilling\u2019 a contract
comprises the \u2018costs that relate directly to the contract\u2019. Costs that relate directly to a contract can either be incremental costs of
fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. General and administrative costs do
not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.
The amendment had no material impact on the Group\u2019s consolidated financial statements.
IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities
As part of its 2018-2020 Annual Improvements to IFRS standards process, the IASB issued an amendment to IFRS 9. The
amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are
substantially different from the terms of the original financial liability. These fees include only those paid or received between the
borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. An entity applies the
amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which
the entity first applies the amendment.
The amendment had no material impact on the Group\u2019s consolidated financial statements.
Amendments to IFRS 3 Business Combinations
The amendment updates a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting
requirements for business combinations. The amendment had no material impact on the Group\u2019s consolidated financial statements.
Amendments to IAS 16 Property, Plant and Equipment
The amendment prohibits a company from deducting from the cost of property, plant and equipment amounts received from selling
items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds
and related cost in profit or loss. The amendment had no material impact on the Group\u2019s consolidated financial statements.
3. Summary of significant accounting policies continued
Adoption of new or revised standards and interpretations continued
Amendments effective from 1 January 2022 continued
IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities continued
Amendments to IFRS 1, \u2018First-time Adoption of International Financial Reporting Standards\u2019 \u2013 Subsidiary as a first-time adopter
The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences
using the amounts reported in the parent\u2019s consolidated financial statements, based on the parent\u2019s date of transition to IFRS, if no
adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired
the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16 (a) of IFRS 1. The
amendment had no material impact on the Group\u2019s consolidated financial statements.
Reclassifications
To improve the quality and understandability of its consolidated income statement, the Group has revisited the presentation
of gains/losses resulting from its debt extinguishment. The Group considered it more appropriate to present such gains/losses
separately from other gains/losses. Comparative amounts were reclassified in line with the updated presentation.
The following reclassifications were made to year ended 31 December 2021 and 31 December 2020 consolidated income statement
to conform to the year ended 31 December 2022 presentation requirements:
Consolidated income statement for the year ended 31 December 2021
As previously
reported Reclassification As reclassified
Net gains/(losses) on extinguishment of debt \u2013 (2,892) (2,892)
Net other gains/(losses) 70,206 2,892 73,098
Consolidated income statement for the year ended 31 December 2020
As previously
reported Reclassification As reclassified
Net gains/(losses) on extinguishment of debt \u2013 (3,282) (3,282)
Net other gains/(losses) 48,474 3,282 51,756
Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the
Group\u2019s consolidated financial statements are disclosed below. The Group intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective.
IAS 1 Presentation of Financial Statements
In January 2020 and July 2020, the IASB issued amendments to IAS 1 \u201cPresentation of Financial Statements: Classification of
Liabilities as Current or Non-Current\u201d. They clarify that the classification of liabilities as current or non-current should be based
on rights that are in existence at the end of the reporting period. The amendments also clarify that classification is unaffected by
expectations about whether an entity will exercise its right to defer settlement of a liability and make clear that settlement refers to
the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments will be effective for annual
periods beginning on or after January 1, 2023 with early adoption permitted. The Group is assessing the potential effect of the
amendment on its consolidated financial statements.
IFRS 17 Insurance Contracts
In May 2017, the IASB issued IFRS 17, Insurance Contracts, which sets out the accounting requirements for contractual rights and
obligations that arise from insurance contracts issued and reinsurance contracts held. IFRS 17 is effective from 1 January 2023.
The Group is assessing the standard, but does not expect it to have a material effect on its consolidated financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12
In May 2021 the Board issued Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction,
that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The
amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that
it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences.
The amendments to IAS 12 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted.
The Group does not expect it to have a material effect on its consolidated financial statements.
Narrow-scope amendments
Definition of Accounting Estimates \u2013 Amendments to IAS 8:
In February 2021, the IASB issued amendments to IAS 8, in which it
introduces a definition of \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in accounting estimates
and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and
inputs to develop accounting estimates.
The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting
policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long
as this fact is disclosed.
3. Summary of significant accounting policies continued
Standards issued but not yet effective continued
Narrow-scope amendments continued
The amendments are not expected to have a material impact on the Group\u2019s consolidated financial statements.
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement: 2
In February 2021, the IASB issued
amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to
help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting
policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with
a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in
making decisions about accounting policy disclosures.
The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted.
The Group is assessing the potential effect of the amendment on its consolidated financial statements.
4. Significant accounting judgements and estimates
Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets
Fair values of investment properties, assets held for sale and foreclosed assets is determined by independent, professionally
qualified appraisers. Fair value is determined using a combination of the internal capitalisation method (also known as discounted
future cash flow method) and the sales comparison method.
The Group performs valuation of its investment properties, assets held for sale and foreclosed assets with a sufficient regularity
to ensure that the carrying amount does not differ materially from that which would be determined using fair value and respective
measurement principles at the end of the reporting period.
The last valuation was performed in 2022. Results of this valuation are presented in Note 14, while valuation inputs and techniques
are presented in Note 30. The Group\u2019s properties are spread across the different parts of the country. While the secondary market
in Georgia provides adequate market information for fair value measurements for small and medium sized properties, valuation
of large properties involves application of various observable and unobservable inputs to determine adjustments to the available
comparable sale prices. These estimates and assumptions are based on the best available information, however, actual results could
be different.
Allowance for financial assets
IFRS 9 requires management to make a number of judgements, assumptions and estimates based on management\u2019s knowledge
and historical experience that affect the allowance for ECL. A summary of the key judgements made by management is set
out below.
Definition of default, credit-impaired and cure (Note 29)
The Group\u2019s definition of default is based on quantitative and qualitative criteria. The definition may differ across products.
The definition is consistent with the definition used for internal credit risk management purposes and it corresponds with internal
financial instrument risk classification rules. A counterparty is classified as defaulted at the latest when payments of interest,
principal or fees are overdue for more than 90 days or when bankruptcy, fraud, insolvency proceedings of enforced liquidation have
commenced, or there is other evidence that the payment obligations will not be fully met. The determination of whether a financial
instrument is credit-impaired focuses on default risk, without taking into consideration the effects of credit risk mitigations such as
collateral or guarantees.
An instrument is classified as credit-impaired if the counterparty is defaulted and/or the instrument is POCI.
Once the financial asset is classified as credit-impaired (except for POCIs) it remains as such unless all past due amounts have
been rectified or there is general evidence of credit recovery. A minimum period of six consecutive months\u2019 payment is applied as
exit criteria to financial assets restructured due to credit risk other than corporate loan portfolio and debt instruments measured
at FVOCI, where exit criteria are determined as exit from bankruptcy or insolvency status, disappearance of liquidity problems or
existence of other general evidence of credit recovery assessed on individual basis.
For other credit-impaired financial instruments, exit criteria is determined as repayment of the entire overdue amount other than
through refinancing or foreclosure.
Once a credit-impaired financial asset meets default exit criteria, it remains in Stage 2 at least for the next 12 consecutive months.
In case no default status is assigned during the 12 consecutive months, it is transferred to Stage 1 if its credit risk is not significantly
higher than at origination date.
4. Significant accounting judgements and estimates continued
Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets continued
Significant increase in credit risk (SICR)
A SICR is not a defined term per IFRS 9, and is determined by management, based on their experience and judgement. In assessing
whether the credit risk has significantly increased, the Group has identified a series of qualitative and quantitative criteria based
on undertaking the holistic analysis of various factors including those which are specific to a particular financial instrument or to a
borrower as well as those applicable to particular sub-portfolios. These criteria are:
\u2022 A significant increase in credit risk, expressed in the relative and/or absolute increase in the risk of default since initial recognition.
SICR is determined based on comparison between credit risk ratings (internal or external) as of the origination date and credit
risk ratings as of the reporting date for each financial asset individually. Thresholds are determined separately for corporate,
retail, SME and other financial instrument portfolios, depending on initial grade assigned at origination.
\u2022 Existence of forecast of adverse changes in commercial, financial or economic conditions that adversely affect the
creditworthiness of the borrower.
\u2022 Modification of the contractual terms due to financial problems of the borrower other than default.
\u2022 The days past due on individual contract level breached the threshold of 30 days.
\u2022 Other qualitative indicators, such as external market indicators of credit risk or general economic conditions, which indicate that
the level of risk has increased significantly since origination.
The above noted SICR indicators are identified at financial instrument level in order to track changes in credit risk since initial
recognition date.
Measurement of ECLs
ECL reflects an unbiased, probability-weighted estimate based on a combination of the following principal factors: PD, loss given
default (LGD), and exposure at default (EAD), which are further explained below:
PD estimation:
The Group estimates PD based on a combination of rating model calibration results and a migration matrices
approach which is further adjusted for macroeconomic expectations for a minimum three years onwards for all portfolios, to
represent the forward-looking estimators of the PD parameters. The migration matrix is built in a way to reflect the weighted
average yearly migration over the historical data period. The risk groups are determined in a way to ensure intra-group homogeneity
and differentiation of expected PD levels. For loan portfolios other than corporate loans, PD is further adjusted considering time
since financial instrument origination. The models incorporate both qualitative and quantitative information and, where practical,
build on information from top rating agencies, Credit Bureau or internal credit rating systems. Since Stage 3 financial instruments
are defaulted, the PD in this case is equal to 100%.
EAD:
The EAD represents an estimate of the exposure to credit risk at the time of a potential default occurring during the life of a
financial asset. It represents the cash flows outstanding at the time of default, considering expected repayments, interest payments
and accruals discounted at the EIR. To calculate EAD for a Stage 1 financial instrument, the Group assesses the possible default
events within 12 months for the calculation of the 12 months ECL. For Stage 2 and POCI financial instruments, the EAD is considered
for events over the lifetime of the instruments. The Group determines EAD differently for products with repayment schedules and
those without repayment schedules. For financial instruments with repayment schedules, the Group estimates forward-looking
EAD using the contractual cash flow approach with further corrections for expected prepayments and overdue days. For products
without the repayment schedules such as credit cards, credit lines and financial guarantees, the Group estimates the forward-
looking EAD using the limit utilisation approach. Under the above approach EAD is calculated using the expected utilisation rate
based on historical data of actual draw-down amounts.
LGD:
LGD is defined as the likely loss in case of a counterparty default. It provides an estimation of the exposure that cannot
be recovered in a default event and therefore captures the severity of a loss. The determination of the LGD takes into account
expected future cash flows from collateral and other credit enhancements, or expected payouts from bankruptcy proceedings for
unsecured claims, and where applicable, time to realisation of collateral and the seniority of claims. The Group segments its financial
instruments into homogeneous portfolios, based on key characteristics that are relevant to the estimation of future cash flows. The
applied data is based on historically collected loss data and involves a wider set of transaction characteristics (e.g. product type,
wider range of collateral types). Based on this information, the Group estimates the recovery rate (other than through collateral),
cure rate and probability of re-default. Recovery through collateral is further considered in LGD calculations individually for each
financial instrument.
Assets considered in the ECL calculations
IFRS 9 requires cash flows expected from collateral and other credit enhancements to be reflected in the ECL calculation. The
treatment and reflection of collateral for IFRS 9 purposes is in line with general risk management principles, policies and processes of
the Group. Collateral, unless repossessed, is not recorded on the Group\u2019s statement of financial position. The fair value of collateral
affects the calculation of ECLs. It is generally assessed at inception and reassessed on an annual basis for all material exposures.
During the period where real estate prices are subject to significant fluctuation, those collaterals not revalued during the last three
months before the end of the reporting date were further adjusted with respective real estate price index movement. The effect of the
noted adjustment amounted to a GEL 26 million decrease of ECL in the 2022 consolidated financial statements (2021: Nil, 2020: Nil).
4. Significant accounting judgements and estimates continued
Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets continued
Management Overlays and improvements to the ECL methodology
In prior periods the Group applied number of management overlays to the existing ECL methodology due to the unprecedented
nature of the COVID-19 pandemic and the uncertainties associated with it. Such overlays related to staging of COVID-19
restructured loans as well as cure and recovery rates. Given a reasonable time has passed for the statistics to properly reflect
effects of COVID-19, the Group decided to remove respective management overlays which positively affected overall ECL of the
Group. In addition, management re-estimated collateral realisation period for LGD calculations resulting in increase of ECL. This
together with removal of management overlays and other minor improvements to the methodology resulted in decrease of ECL by
GEL 21.4 million for the Group.
Forward-looking information
Under IFRS 9, the allowance for expected credit losses is based on reasonable and supportable forward-looking information
obtainable without undue cost or effort, which takes into consideration past events, current conditions and forecasts of future
economic conditions.
To incorporate forward-looking information into the Group\u2019s allowance for expected credit losses, the Group uses the
macroeconomic forecasts provided by the NBG for Group companies operating in Georgia, while data used by Belarusky Narodny
Bank (BNB) is provided by a non-governmental research centre operating in Belarus. Macroeconomic variables covered by these
forecasts and which the Group incorporated in its ECL assessment model include GDP growth, foreign exchange rate and inflation
rate. These forward-looking macroeconomic variables are generally updated on a semi-annual basis for Georgian companies and on
a quarterly basis for BNB.
The determination of the probability-weighted ECL requires evaluating a range of diverse and relevant future economic conditions.
To accommodate this requirement, the Group uses three different economic scenarios in the ECL calculation: an upside (weight 0.25),
a base case (weight 0.50) and a downside (weight 0.25) scenario relevant for each respective portfolio. A weight is calculated for each
scenario by using a probabilistic economic model that considers recent information as well as historical data provided by the NBG.
The Group considers these forecasts to represent its best estimate of the possible outcomes, based on reliable available information.
Forward-looking variable assumptions
The most significant period end assumptions used for ECL estimate as at 31 December 2022 per geographical segments are set out
below. The scenarios \u2018base\u2019, \u2018upside\u2019 and \u2018downside\u2019 were used for all portfolios.
Georgia
Key drivers
ECL
scenario
Assigned
weight
As at 31 December 2022
Assigned
weight
As at 31 December 2021
Assigned
weight
As at 31 December 2020
2023 2024 2025 2022 2023 2024 2021 2022 2023
GDP growth in %
Upside 25% 6.00% 5.00% 5.00% 25% 6.00% 5.00% 4.50% 25% -3.00% 6.00% 5.00%
Base case 50% 4.00% 5.50% 5.00% 50% 5.00% 4.00% 4.50% 50% -4.00% 4.50% 5.00%
Downside 25% 2.00% 4.00% 5.00% 25% 2.00% 4.00% 5.00% 25% -9.00% 2.50% 4.00%
GEL/USD exchange rate %
Upside 25% 2.00% 0.00% 0.00% 25% 4.00% 2.00% 2.00% 25% 5.00% 5.00% 0.00%
Base case 50% 0.00% 0.00% 0.00% 50% 0.00% 0.00% 0.00% 50% 0.00% 0.00% 0.00%
Downside 25% -15.00% 5.00% 5.00% 25% -10.00% 2.00% 3.00% 25% -10.00% -5.00% 5.00%
CPI inflation rate in %
Upside 25% 5.00% 3.00% 3.00% 25% 5.50% 3.00% 3.00% 25% 5.50% 4.00% 3.00%
Base case 50% 5.30% 3.10% 3.00% 50% 7.00% 2.50% 3.00% 50% 4.50% 1.50% 2.50%
Downside 25% 9.00% 6.00% 3.00% 25% 8.00% 4.00% 3.00% 25% 7.00% 2.00% 2.50%
4. Significant accounting judgements and estimates continued
Forward-looking variable assumptions continued
Belarus
Key drivers
ECL
scenario
Assigned
weight
As at 31 December 2022
Assigned
weight
As at 31 December 2021
Assigned
weight
As at 31 December 2020
2023 2024 2022 2023 2021 2022
GDP growth in %
Upside 10% 2.66% 4.26% 25% 2.92% 5.01% 10% 2.28% 4.74%
Base case 50% 0.31% 0.50% 50% 0.56% 1.24% 50% -0.06% 0.98%
Downside 40% -2.05% -3.26% 25% -1.80% -2.52% 40% -2.44% -2.81%
BYN/USD exchange rate %
Upside 10% 0.71% 0.65% 25% 0.56% 0.52% 10% -0.48% -1.17%
Base case 50% 2.53% 1.65% 50% 2.44% 1.37% 50% 1.45% 0.06%
Downside 40% 4.09% 2.41% 25% 4.05% 1.98% 40% 3.29% 1.08%
CPI inflation rate in %
Upside 10% 0.38% -0.58% 25% -0.07% -0.85% 10% 0.72% 0.69%
Base case 50% 2.20% 1.66% 50% 1.83% 1.38% 50% 1.36% 1.42%
Downside 40% 3.93% 3.76% 25% 3.63% 3.46% 40% 1.99% 2.14%
All other parameters held constant, increase in GDP growth and decrease in foreign exchange rate and inflation would result
in decrease in ECL, with opposite changes resulting in ECL increase. GDP growth input has the most significant impact on ECL,
followed by foreign exchange rate and inflation. Retail portfolio ECL is less affected by foreign exchange rate inputs due to larger
share of GEL-denominated exposures. However, retail portfolio ECL is affected by inflation, which does not have a significant
impact on corporate ECL.
The table below shows the sensitivity of the recognised ECL amounts to the forward-looking assumptions used in the model.
For these purposes, 100% weight is assigned to each macroeconomic scenario separately and respective ECL is recalculated.
Sensitivity of ECL to forward looking assumptions
Key drivers
As at 31 December 2022
Reported ECL
Reported ECL
coverage
ECL coverage by scenarios
Upside Base case Downside
Commercial loans 91,557 1.72% 1.58% 1.70% 1.81%
Residential mortgage loans 30,055 0.72% 0.71% 0.71% 0.73%
Micro and SME loans 63,502 1.66% 1.61% 1.65% 1.70%
Consumer loans 135,450 3.76% 3.70% 3.74% 3.84%
Gold \u2013 pawn loans 5,441 3.31% 3.30% 3.30% 3.31%
As at 31 December 2021
Key drivers Reported ECL
Reported ECL
coverage
ECL coverage by scenarios
Upside Base case Downside
Commercial loans 159,215 2.87% 2.82% 2.84% 2.86%
Residential mortgage loans 33,038 0.82% 0.80% 0.81% 0.85%
Micro and SME loans 74,441 1.99% 1.93% 1.96% 2.13%
Consumer loans 136,035 4.56% 4.46% 4.54% 4.70%
Gold \u2013 pawn loans 2,075 1.25% 1.25% 1.25% 1.26%
As at 31 December 2020
Key drivers Reported ECL
Reported ECL
coverage
ECL coverage by scenarios
Upside Base case Downside
Commercial loans 178,556 3.49% 3.46% 3.48% 3.53%
Residential mortgage loans 48,609 1.28% 1.05% 1.06% 1.95%
Micro and SME loans 102,352 3.13% 2.79% 2.83% 4.06%
Consumer loans 113,801 5.15% 4.78% 4.82% 6.18%
Gold \u2013 pawn loans 228 0.22% 0.21% 0.21% 0.23%
4. Significant accounting judgements and estimates continued
Forward-looking variable assumptions continued
Aggregation of financial instruments for collective assessment
For the purpose of a collective evaluation of impairment, financial instruments are grouped within homogeneous pools as follows:
corporate loan portfolio is grouped on the basis of loan repayment source type; and retail loan portfolio is grouped on the basis of
credit risk characteristics such as an asset type, collateralisation level, repayment source type and other relevant factors. As for SME
and micro loan portfolios, financial instruments are grouped based on asset type, overdue buckets, collateralisation level and other
relevant factors.
Determination of expected life for revolving facilities
For revolving products, the expected life of financial instruments is determined either with reference to the next renewal date
or with reference to the behavioural expected life of the financial instrument estimated based on the empirical observation of
the lifetime.
Write-offs
The Group writes off financial assets when there is no reasonable expectation of recovery. For mortgages and other loans secured
by real estate, the number of overdue days after which the balances are considered to be irrecoverable and are to be written off
comprised 1,460 days. If the amount to be written off is greater than the accumulated loan loss allowance, the difference is first
treated as an ECL expense. Any subsequent recoveries are credited to ECL expense.
Backtesting of ECL calculation model
In order to monitor the quality and reliability of the Group\u2019s ECL calculation model, the Group periodically performs backtesting
and benchmarking procedures, whereby model outcomes are compared with actual results, based on internal experience as well
as externally observed results. For PD, the Group uses statistical modelling to derive a predicted distribution of the number of
defaults. The observed number of defaults is then compared with this distribution, allowing the Group to derive a statistical level
of confidence in the model. For LGD, the backtesting compares observed losses with predicted LGDs. If any statistically significant
deviations or shortcomings in parameterisations are observed, the relevant models are redefined and recalibrated. Any changes in
the model as a result of backtesting procedures are accounted as changes in accounting estimates with prospective application.
Impact of climate-related risks on accounting judgements and estimates
While the effects of climate change represent a source of uncertainty, the Group does not consider there to be a material impact
on its judgements and estimates from the physical and transition risks in the short-to-medium term. For further information, see
Note 29 on emerging risks.
5. Segment information
The Group disaggregated revenue from contracts with customers by products and services for each of the segments, as the Group
believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
For management purposes, the Group is organised into the following operating segments based on products and services as follows:
RB \u2013 Retail Banking (excluding Retail Banking of BNB) \u2013 principally provides consumer loans, mortgage loans, overdrafts, credit
cards and other credit facilities, funds transfers and settlement services, and handling of customers\u2019 deposits for both
individuals and legal entities. The Retail Banking business targets the mass retail, mass affluent and high-net-worth client
segments, together with small and medium-sized enterprises, and micro businesses.
CIB \u2013 Corporate Investment Banking \u2013 comprises Corporate Banking and Investment Management operations in Georgia.
Corporate Banking principally provides loans and other credit facilities, funds transfers and settlement services, trade
finance services, documentary operations support and handles saving and term deposits for corporate and institutional
customers. The Investment Management business principally provides brokerage services through Galt & Taggart.
BNB \u2013 Comprising JSC Belarusky Narodny Bank mainly, principally providing retail and corporate banking services in Belarus.
Management monitors the operating results of its segments separately for the purpose of making decisions about resource
allocation and performance assessment. Segment performance, as explained in the table below, is measured in the same manner as
profit or loss in the consolidated income statement.
Transactions between operating segments are on an arm\u2019s length basis in a similar manner to transactions with third parties.
The Group\u2019s operations are primarily concentrated in Georgia, except for BNB, which operates in Belarus.
No revenue from transactions with a single external customer or counterparty amounted to 10% or more of the Group\u2019s operating
income in 2022, 2021 or 2020.
5. Segment information continued
The following table presents the income statement and certain asset and liability information regarding the Group\u2019s operating
segments as at and for the year ended 31 December 2022:
Retail Banking
Corporate
Investment
Banking BNB Eliminations
Group
Total
Net interest income 767,968 376,771 37,511 85 1,182,335
Net fee and commission income 256,287 49,543 11,500 161 317,491
Net foreign currency gain 277,608 123,993 64,493 \u2013 466,094
Net (losses)/gains on extinguishment of debt (2,673) (5,740) (304) \u2013 (8,717)
Other income from settlement of legacy claim \u2013 391,100 \u2013 \u2013 391,100
Net other gains/(losses) 24,074 20,039 1,474 (778) 44,809
Operating income 1,323,264 955,706 114,674 (532) 2,393,112
Operating expenses (480,654) (105,632) (55,432) 532 (641,186)
Profit from associates 754 \u2013 \u2013 \u2013 754
Operating income before cost of risk 843,364 850,074 59,242 \u2013 1,752,680
Cost of risk (172,702) 79,461 (25,827) \u2013 (119,068)
Net operating income before non-recurring items 670,662 929,535 33,415 \u2013 1,633,612
Net non-recurring items 1,241 \u2013 (203) \u2013 1,038
Profit before income tax 671,903 929,535 33,212 \u2013 1,634,650
Income tax expense (105,274) (77,693) (7,684) \u2013 (190,651)
Profit for the year 566,629 851,842 25,528 \u2013 1,443,999
Assets and liabilities
Total assets 18,663,720 9,006,313 1,381,366 (149,499) 28,901,900
Total liabilities 16,345,880 7,226,769 1,229,928 (149,499) 24,653,078
Other segment information
Property and equipment 73,452 2,304 2,241 \u2013 77,997
Intangible assets 33,819 1,965 4,886 \u2013 40,670
Capital expenditure 107,271 4,269 7,127 \u2013 118,667
Depreciation, amortisation and impairment (99,739) (5,292) (6,058) \u2013 (111,089)
The following table presents the income statement and certain asset and liability information regarding the Group\u2019s operating
segments as at and for the year ended 31 December 2021:
Retail Banking
Corporate
Investment
Banking BNB Eliminations
Group
Total
Net interest income 582,531 331,706 39,676 28 953,941
Net fee and commission income 178,928 47,869 5,476 158 232,431
Net foreign currency gain 58,139 37,619 13,341 \u2013 109,099
Net gains/(losses) on extinguishment of debt (456) (1,333) (1,103) \u2013 (2,892)
Net other gains/(losses) 26,325 45,312 2,345 (884) 73,098
Operating income 845,467 461,173 59,735 (698) 1,365,677
Operating expenses (389,915) (79,060) (39,675) 698 (507,952)
Loss from associates (3,781) \u2013 \u2013 \u2013 (3,781)
Operating income before cost of risk 451,771 382,113 20,060 \u2013 853,944
Cost of risk (72,351) 22,662 (1,723) \u2013 (51,412)
Net operating income before non-recurring items 379,420 404,775 18,337 \u2013 802,532
Net non-recurring items 20 (78) (532) \u2013 (590)
Profit before income tax 379,440 404,697 17,805 \u2013 801,942
Income tax expense (32,956) (38,473) (3,395) \u2013 (74,824)
Profit for the year 346,484 366,224 14,410 \u2013 727,118
Assets and liabilities
Total assets 14,865,640 7,683,923 980,920 (100,407) 23,430,076
Total liabilities 13,017,394 6,573,918 846,263 (100,407) 20,337,168
Other segment information
Property and equipment 48,095 3,103 2,031 \u2013 53,229
Intangible assets 37,144 2,921 4,992 \u2013 45,057
Capital expenditure 85,239 6,024 7,023 \u2013 98,286
Depreciation, amortisation and impairment (80,127) (8,551) (4,940) \u2013 (93,618)
5. Segment information continued
The following table presents the income statement and certain asset and liability information regarding the Group\u2019s operating
segments as at and for the year ended 31 December 2020:
Retail Banking
Corporate
Investment
Banking BNB Eliminations
Group
Total
Net interest income 497,155 244,224 36,249 14 777,642
Net fee and commission income 121,973 37,597 5,678 255 165,503
Net foreign currency gain 59,677 33,161 6,202 \u2013 99,040
Net gains/(losses) on extinguishment of debt (1,182) (1,260) (840) \u2013 (3,282)
Net other gains/(losses) 25,937 23,827 2,652 (660) 51,756
Operating income 703,560 337,549 49,941 (391) 1,090,659
Operating expenses (331,029) (69,047) (32,950) 391 (432,635)
Profit from associates 782 \u2013 \u2013 \u2013 782
Operating income before cost of risk 373,313 268,502 16,991 \u2013 658,806
Cost of risk (183,160) (113,856) (3,981) \u2013 (300,997)
Net operating income before non-recurring items 190,153 154,646 13,010 \u2013 357,809
Net non-recurring items (39,898) (1,288) (125) \u2013 (41,311)
Profit before income tax 150,255 153,358 12,885 \u2013 316,498
Income tax expense (6,137) (12,684) (2,734) \u2013 (21,555)
Profit for the year 144,118 140,674 10,151 \u2013 294,943
Assets and liabilities
Total assets 13,447,451 7,635,107 1,018,652 (65,290) 22,035,920
Total liabilities 12,002,660 6,662,538 886,097 (65,290) 19,486,005
Other segment information
Property and equipment 66,707 4,300 616 \u2013 71,623
Intangible assets 36,453 2,681 2,291 \u2013 41,425
Capital expenditure 103,160 6,981 2,907 \u2013 113,048
Depreciation, amortisation and impairment (70,151) (8,539) (4,247) \u2013 (82,937)
6. Cash and cash equivalents
2022 2021 2020
Cash on hand 1,052,055 751,063 703,459
Current accounts with central banks, excluding obligatory reserves 805,503 126,627 158,588
Current accounts with credit institutions 965,046 414,214 590,331
Time deposits with credit institutions with maturities of up to 90 days 762,590 228,683 518,648
Cash and cash equivalents, gross 3,585,194 1,520,587 1,971,026
Less \u2013 Allowance for expected credit loss (351) (25) (71)
Cash and cash equivalents, net 3,584,843 1,520,562 1,970,955
As at 31 December 2022, GEL 1,453,844 (2021: GEL 419,324, 2020: GEL 985,848) was placed on current and time deposit accounts
with internationally recognised OECD banks and central banks that are the counterparties of the Group in performing international
settlements. The Group earned between 0.00-11.10% interest per annum on these deposits (2021: up to 0.07%, 2020: up to 0.21%).
Management does not expect any losses from non-performance by the counterparties holding cash and cash equivalents, and there
are no material differences between their book and fair values.
As at 31 December 2022, cash and cash equivalents held by BOGG of GEL 10,850 (2021: GEL 384, 2020: GEL 199) is represented by
placements on current accounts with Georgian and OECD banks.
7. Amounts due from credit institutions
2022 2021 2020
Obligatory reserves with central banks 2,354,470 1,898,052 1,994,662
Time deposits with maturities of more than 90 days 15,721 28,939 8,424
Restricted cash 68,155 4,730 1,856
Inter-bank loan receivables \u2013 \u2013 11,463
Amounts due from credit institutions, gross 2,438,346 1,931,721 2,016,405
Less \u2013 Allowance for expected credit loss (5,318) (331) (400)
Amounts due from credit institutions, net 2,433,028 1,931,390 2,016,005
Obligatory reserves with central banks represent amounts deposited with the NBG and the National Bank of the Republic of Belarus
(the \u2018NBRB\u2019). Credit institutions are required to maintain cash deposits (obligatory reserve) with the NBG and with the NBRB, the
amount of which depends on the level of funds attracted by the credit institution. The Group\u2019s ability to withdraw these deposits
is restricted by regulation. The Group earned up to 0.00% interest on obligatory reserves with NBG and NBRB for the years ended
31 December 2022 (2021: 0.00%, 2020: 1.25%).
As at 31 December 2022, inter-bank loan receivables does not include any deposits placed with non-OECD banks (2021: Nil,
2020: GEL 11,464).
8. Investment securities
2022 2021 2020
Investment securities measured at FVOCI \u2013 debt instruments 3,960,299 2,586,083 2,539,019
Investment securities designated as at FVOCI \u2013 equity investments 10,893 9,581 5,378
Investment securities 3,971,192 2,595,664 2,544,397
2022 2021 2020
Investment securities measured at amortised cost, gross 381,735 \u2013 \u2013
Less \u2013 Allowance for expected credit loss (3,198) \u2013 \u2013
Investment securities measured at amortised cost, net 378,537 \u2013 \u2013
2022 2021 2020
Ministry of Finance of Georgia treasury bonds 1,470,473 1,312,001 1,344,404
Ministry of Finance of Georgia treasury bills 176,483 82,196 36,879
Foreign treasury bills 1,062,095 \u2013 \u2013
Foreign treasury bonds 92,817 79,156 159,537
Certificates of deposit of central banks 17,675 39,410 \u2013
Other debt instruments 1,140,756 1,073,320 998,199
Investment securities measured at FVOCI \u2013 debt instruments 3,960,299 2,586,083 2,539,019
2022 2021 2020
Ministry of Finance of Georgia treasury bonds 119,918 \u2013 \u2013
Foreign treasury bonds 12,230 \u2013 \u2013
Other debt instruments 249,587 \u2013 \u2013
Investment securities measured at amortised cost \u2013 debt instruments, gross 381,735 \u2013 \u2013
Less \u2013 Allowance for expected credit loss (3,198) \u2013 \u2013
Investment securities measured at amortised cost \u2013 debt instruments, net 378,537 \u2013 \u2013
8. Investment securities continued
Pledged treasury bonds 2022 2021 2020
For short-term loans from the NBG 709,597 490,592 1,044,066
For repo-operations with commencial banks 380,065 \u2013 \u2013
For deposits of Ministry of Finance of Georgia 97,109 220,480 \u2013
For cash kept by the NBG at the Group\u2019s premises under cash custodian services \u2013 14,720 8,188
Total 1,186,771 725,792 1,052,254
Pledged treasury bills 2022 2021 2020
For cash kept by the NBG at the Group\u2019s premises under cash custodian services 24,180 \u2013 \u2013
Total 24,180 \u2013 \u2013
Pledged corporate bonds 2022 2021 2020
For short-term loans from the NBG 121,592 \u2013 685,901
For deposits of Ministry of Finance of Georgia 205,079 109,109 \u2013
Total 326,671 109,109 685,901
Other debt instruments as at 31 December 2022 mainly comprises bonds issued by the European Bank for Reconstruction
and Development of GEL 531,351 (2021: GEL 521,394, 2020: GEL 312,144), GEL-denominated bonds issued by the International
Finance Corporation of GEL 56,523 (2021: GEL 203,351, 2020: GEL 211,250), GEL-denominated bonds issued by the Netherlands
Development Finance Company of GEL 131,126 (2021: GEL 163,593, 2020: GEL 162,949), GEL-denominated bonds issued by the Black
Sea Trade and Development Bank of GEL 200,913 (2021: GEL 65,407, 2020: GEL 151,592), USD-denominated bonds issued by the
National Bank Of Uzbekistan of GEL 12,230 (2021: Nil, 2020: Nil) and GEL-denominated bonds issued by the Asian Development
Bank of GEL 107,835 (2021: GEL 61,609, 2020: GEL 61,350).
Foreign treasury bonds and bills comprise of US Treasury Notes in the amount of GEL 1,062,095 (2021: Nil, 2020: GEL 52,992),
Ministry of Finance of the Republic of Lithuania treasury bonds in the amount of GEL Nil (2021: GEL 15,992, 2020: GEL 26,982),
United Kingdom treasury bonds in the amount of GEL 32,516 (2021: GEL Nil, 2020: Nil) and Ministry of Finance of the Republic of
Belarus treasury bonds in the amount of GEL 60,301 (2021: GEL 63,164, 2020: GEL 79,563).
For the period ended 31 December 2022 net gains on derecognition of investment securities comprised GEL 7,921 (2021: GEL 30,044,
2020: GEL 3,585) which is included in net other income.
As at 31 December 2022, allowance for ECL on investment securities comprised GEL 2,236 (2021: GEL 3,145, 2020: GEL 4,875).
9. Loans to customers and finance lease receivables
2022 2021 2020
Commercial loans 5,315,666 5,554,184 5,123,393
Residential mortgage loans 4,193,204 4,022,058 3,796,384
Micro and SME loans 3,825,663 3,731,756 3,269,454
Consumer loans 3,602,054 2,981,305 2,208,013
Gold \u2013 pawn loans 164,554 165,417 103,384
Loans to customers at amortised cost, gross 17,101,141 16,454,720 14,500,628
Less \u2013 Allowance for expected credit loss (326,005) (404,804) (443,546)
Loans to customers at amortised cost, net 16,775,136 16,049,916 14,057,082
Finance lease receivables, gross 95,348 124,952 139,372
Less \u2013 Allowance for expected credit loss (8,778) (5,895) (4,376)
Finance lease receivables, net 86,570 119,057 134,996
Total loans to customers and finance lease receivables 16,861,706 16,168,973 14,192,078
As at 31 December 2022, loans to customers carried at GEL 1,092,475 (2021: GEL 1,125,955, 2020: GEL 692,052) were pledged for
short-term loans from the NBG.
9. Loans to customers and finance lease receivables continued
Expected credit loss
Movements of the gross loans and respective allowance for expected credit loss/impairment of loans to customers by class are
provided in the table below, within which the new financial asset originated or purchased and the assets repaid during the year
include the effects from revolving loans and increase of exposure to clients, where existing loans have been repaid with new
contracts issued during the year. All new financial assets are originated either in Stage 1 or POCI category. Utilisation of additional
tranches on existing financial assets are reflected in Stage 2 or Stage 3 if the credit risk of the borrower has deteriorated since
initiation. Currency translation differences relate to loans issued by the subsidiaries of the Group whose functional currency is
different from the presentation currency of the Group, while foreign exchange movement relates to foreign currency denominated
loans issued by the Group. Net other changes in gross loan balances includes the effects of changes in accrued interest. Net other
measurement of ECL includes the effect of changes in ECL due to post-model adjustments, changes in PDs and other inputs, as well
as the effect from ECL attributable to changes in accrued interest.
Commercial loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184
New financial asset originated or purchased 4,574,787 34,779 693 6,969 4,617,228
Transfer to Stage 1 202,422 (202,422) \u2013 \u2013 \u2013
Transfer to Stage 2 (773,437) 803,734 (30,297) \u2013 \u2013
Transfer to Stage 3 (5,553) (98,586) 104,139 \u2013 \u2013
Assets derecognised due to pass-through arrangement (23,721) (20) (83) \u2013 (23,824)
Assets repaid (4,092,938) (217,064) (83,154) (9,763) (4,402,919)
Resegmentation 194,578 2,622 (6,567) \u2013 190,633
Impact of modifications 1,330 1,983 184 2 3,499
Write-offs \u2013 \u2013 (55,962) \u2013 (55,962)
Recoveries of amounts previously written off \u2013 \u2013 42,501 2,865 45,366
Unwind of discount \u2013 \u2013 (1,921) 359 (1,562)
Currency translation differences (33,751) (1,051) (1,888) \u2013 (36,690)
Foreign exchange movement (512,131) (89,055) (24,259) (1,843) (627,288)
Net other changes 45,923 1,454 6,277 (653) 53,001
Balance at 31 December 2022 4,511,821 611,307 176,588 15,950 5,315,666
Individually assessed \u2013 \u2013 159,486 13,603 173,089
Collectively assessed 4,511,821 611,307 17,102 2,347 5,142,577
Balance at 31 December 2022 4,511,821 611,307 176,588 15,950 5,315,666
Commercial loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 14,338 6,893 135,061 2,923 159,215
New financial asset originated or purchased 23,237 166 230 2,997 26,630
Transfer to Stage 1 4,323 (4,323) \u2013 \u2013 \u2013
Transfer to Stage 2 (6,172) 12,308 (6,136) \u2013 \u2013
Transfer to Stage 3 (485) (1,503) 1,988 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (2,382) (3,448) 28,233 \u2013 22,403
Assets derecognised due to pass-through arrangement (62) \u2013 (34) \u2013 (96)
Assets repaid (10,492) (4,325) (59,872) (3,151) (77,840)
Resegmentation 5,404 (27) (997) \u2013 4,380
Impact of modifications 30 104 1 2 137
Write-offs \u2013 \u2013 (55,962) \u2013 (55,962)
Recoveries of amounts previously written off \u2013 \u2013 42,501 2,865 45,366
Unwind of discount \u2013 \u2013 (1,921) 359 (1,562)
Currency translation differences (793) (1,079) (2,941) \u2013 (4,813)
Foreign exchange movement (921) (1,696) (10,613) (883) (14,113)
Net other measurement of ECL (6,810) 20,460 (25,291) (547) (12,188)
Balance at 31 December 2022 19,215 23,530 44,247 4,565 91,557
Individually assessed \u2013 \u2013 37, 492 4,493 41,985
Collectively assessed 19,215 23,530 6,755 72 49,572
Balance at 31 December 2022 19,215 23,530 44,247 4,565 91,557
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Residential mortgage loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058
New financial asset originated or purchased 1,466,957 14 \u2013 13,524 1,480,495
Transfer to Stage 1 403,540 (403,398) (142) \u2013 \u2013
Transfer to Stage 2 (375,932) 443,567 (67,635) \u2013 \u2013
Transfer to Stage 3 (45,171) (49,817) 94,988 \u2013 \u2013
Assets repaid (901,792) (57,945) (49,096) (10,849) (1,019,682)
Resegmentation (603) \u2013 \u2013 \u2013 (603)
Impact of modifications 179 37 (2,949) (169) (2,902)
Write-offs \u2013 \u2013 (4,445) (730) (5,175)
Recoveries of amounts previously written off \u2013 \u2013 3,937 357 4,294
Unwind of discount \u2013 \u2013 182 109 291
Currency translation differences (4,670) (98) (23) \u2013 (4,791)
Foreign exchange movement (254,899) (20,553) (10,022) (2,527) (288,001)
Net other changes 8,928 (2,211) 348 155 7,220
Balance at 31 December 2022 3,925,906 169,566 69,657 28,075 4,193,204
Individually assessed \u2013 \u2013 2,940 \u2013 2,940
Collectively assessed 3,925,906 169,566 66,717 28,075 4,190,264
Balance at 31 December 2022 3,925,906 169,566 69,657 28,075 4,193,204
Residential mortgage loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 9,703 3,803 17,039 2,493 33,038
New financial asset originated or purchased 14,452 \u2013 \u2013 2,403 16,855
Transfer to Stage 1 5,673 (5,608) (65) \u2013 \u2013
Transfer to Stage 2 (3,236) 15,977 (12,741) \u2013 \u2013
Transfer to Stage 3 (7,463) (1,484) 8,947 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (1,807) (10,903) 6,767 \u2013 (5,943)
Assets repaid (1,731) (961) (11,220) (2,103) (16,015)
Resegmentation \u2013 \u2013 \u2013 \u2013 \u2013
Impact of modifications 4 1 937 64 1,006
Write-offs \u2013 \u2013 (4,445) (730) (5,175)
Recoveries of amounts previously written off \u2013 \u2013 3,937 357 4,294
Unwind of discount \u2013 \u2013 182 109 291
Foreign exchange movement (244) (122) (1,652) (498) (2,516)
Net other measurement of ECL (6,487) 1,898 6,399 2,412 4,222
Balance at 31 December 2022 8,862 2,601 14,085 4,507 30,055
Individually assessed \u2013 \u2013 576 \u2013 576
Collectively assessed 8,862 2,601 13,509 4,507 29,479
Balance at 31 December 2022 8,862 2,601 14,085 4,507 30,055
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Micro and SME loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756
New financial asset originated or purchased 2,953,940 7,854 1,859 2,435 2,966,088
Transfer to Stage 1 337,049 (337,049) \u2013 \u2013 \u2013
Transfer to Stage 2 (442,020) 501,877 (59,857) \u2013 \u2013
Transfer to Stage 3 (50,683) (106,474) 157,157 \u2013 \u2013
Assets repaid (2,142,937) (125,830) (71,105) (5,917) (2,345,789)
Resegmentation (224,709) (4,680) 5,034 \u2013 (224,355)
Impact of modifications 194 139 (2,627) (36) (2,330)
Write-offs \u2013 \u2013 (37,629) (98) (37,727)
Recoveries of amounts previously written off \u2013 \u2013 11,875 79 11,954
Unwind of discount \u2013 \u2013 1,262 58 1,320
Currency translation differences (11,551) (1,097) (1,147) \u2013 (13,795)
Foreign exchange movement (275,010) (27,918) (17,669) (350) (320,947)
Net other changes 51,417 168 7,865 38 59,488
Balance at 31 December 2022 3,475,839 200,463 146,517 2,844 3,825,663
Individually assessed \u2013 \u2013 39,448 \u2013 39,448
Collectively assessed 3,475,839 200,463 107,069 2,844 3,786,215
Balance at 31 December 2022 3,475,839 200,463 146,517 2,844 3,825,663
Micro and SME loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 28,177 6,556 39,584 124 74,441
New financial asset originated or purchased 38,841 81 97 281 39,300
Transfer to Stage 1 7,921 (7,921) \u2013 \u2013 \u2013
Transfer to Stage 2 (8,873) 20,802 (11,929) \u2013 \u2013
Transfer to Stage 3 (8,295) (7,503) 15,798 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (962) (9,903) 29,077 \u2013 18,212
Assets repaid (13,663) (3,065) (24,514) (496) (41,738)
Resegmentation (5,935) (129) 541 \u2013 (5,523)
Impact of modifications 10 (24) (1,147) 16 (1,145)
Write-offs \u2013 \u2013 (37,629) (98) (37,727)
Recoveries of amounts previously written off \u2013 \u2013 11,875 79 11,954
Unwind of discount \u2013 \u2013 1,262 58 1,320
Currency translation differences (143) (96) (764) \u2013 (1,003)
Foreign exchange movement (1,071) (114) (3,448) (67) (4,700)
Net other measurement of ECL (15,929) 6,764 18,514 762 10,111
Balance at 31 December 2022 20,078 5,448 37,317 659 63,502
Individually assessed \u2013 \u2013 10,552 \u2013 10,552
Collectively assessed 20,078 5,448 26,765 659 52,950
Balance at 31 December 2022 20,078 5,448 37,317 659 63,502
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Consumer loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305
New financial asset originated or purchased 3,313,393 7,566 969 15,493 3,337,421
Transfer to Stage 1 344,640 (344,445) (195) \u2013 \u2013
Transfer to Stage 2 (534,425) 608,146 (73,721) \u2013 \u2013
Transfer to Stage 3 (121,557) (167,897) 289,454 \u2013 \u2013
Assets repaid (2,357,992) (102,236) (64,593) (12,241) (2,537,062)
Resegmentation 30,506 2,058 1,578 34,142
Impact of modifications 1,152 (84) (24,515) (1,236) (24,683)
Write-offs \u2013 \u2013 (171,142) (4,431) (175,573)
Recoveries of amounts previously written off \u2013 \u2013 22,074 879 22,953
Unwind of discount \u2013 \u2013 4,252 922 5,174
Currency translation differences (14,540) (80) (163) (14,783)
Foreign exchange movement (86,830) (4,100) (1,319) (610) (92,859)
Net other changes 33,406 (79) 31,671 1,021 66,019
Balance at 31 December 2022 3,243,191 213,875 121,992 22,996 3,602,054
Individually assessed \u2013 \u2013 2,650 \u2013 2,650
Collectively assessed 3,243,191 213,875 119,342 22,996 3,599,404
Balance at 31 December 2022 3,243,191 213,875 121,992 22,996 3,602,054
Consumer loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 57,083 19,410 58,731 811 136,035
New financial asset originated or purchased 131,916 1,199 478 4,325 137,918
Transfer to Stage 1 26,886 (26,872) (14) \u2013 \u2013
Transfer to Stage 2 (36,429) 72,075 (35,646) \u2013 \u2013
Transfer to Stage 3 (61,445) (37,845) 99,290 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (3,821) (29,191) 48,501 \u2013 15,489
Assets repaid (41,829) (8,884) (38,047) (3,763) (92,523)
Resegmentation 531 156 456 1,143
Impact of modifications 121 (12) (10,792) 122 (10,561)
Write-offs \u2013 \u2013 (171,142) (4,431) (175,573)
Recoveries of amounts previously written off \u2013 \u2013 22,074 879 22,953
Unwind of discount \u2013 \u2013 4,252 922 5,174
Currency translation differences (36) (11) (201) (248)
Foreign exchange movement (191) (60) (763) (63) (1,077)
Net other measurement of ECL (32,188) 29,344 90,779 8,785 96,720
Balance at 31 December 2022 40,598 19,309 67,956 7,587 135,450
Individually assessed \u2013 \u2013 1,054 \u2013 1,054
Collectively assessed 40,598 19,309 66,902 7,587 134,396
Balance at 31 December 2022 40,598 19,309 67,956 7,587 135,450
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Gold \u2013 pawn loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417
New financial asset originated or purchased 122,438 1 54 \u2013 122,493
Transfer to Stage 1 17,460 (17,460) \u2013 \u2013 \u2013
Transfer to Stage 2 (24,040) 25,642 (1,602) \u2013 \u2013
Transfer to Stage 3 (7,251) (2,757) 10,008 \u2013 \u2013
Assets repaid (112,603) (6,938) (4,054) \u2013 (123,595)
Resegmentation 228 \u2013 (45) \u2013 183
Write-offs \u2013 \u2013 (635) \u2013 (635)
Recoveries of amounts previously written off \u2013 \u2013 (25) \u2013 (25)
Unwind of discount \u2013 \u2013 1 \u2013 1
Foreign exchange movement (33) (4) 4 \u2013 (33)
Net other changes (1,461) 13 2,196 \u2013 748
Balance at 31 December 2022 147,525 8,613 8,416 \u2013 164,554
Individually assessed \u2013 \u2013 4,337 \u2013 4,337
Collectively assessed 147,525 8,613 4,079 \u2013 160,217
Balance at 31 December 2022 147,525 8,613 8,416 \u2013 164,554
Gold \u2013 pawn loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 1,823 11 241 \u2013 2,075
New financial asset originated or purchased \u2013 \u2013 \u2013 \u2013 \u2013
Transfer to Stage 1 27 (27) \u2013 \u2013 \u2013
Transfer to Stage 2 (16) 149 (133) \u2013 \u2013
Transfer to Stage 3 (2,502) (6) 2,508 \u2013 \u2013
Assets repaid (18) (6) (30) \u2013 (54)
Write-offs \u2013 \u2013 (635) \u2013 (635)
Recoveries of amounts previously written off \u2013 \u2013 (25) \u2013 (25)
Unwind of discount \u2013 \u2013 1 \u2013 1
Net other measurement of ECL 756 (89) 3,412 \u2013 4,079
Balance at 31 December 2022 70 32 5,339 \u2013 5,441
Individually assessed \u2013 \u2013 4,337 \u2013 4,337
Collectively assessed 70 32 1,002 \u2013 1,104
Balance at 31 December 2022 70 32 5,339 \u2013 5,441
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Commercial loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393
New financial asset originated or purchased 4,357,093 34,815 3,202 10,032 4,405,142
Transfer to Stage 1 231,287 (229,399) (1,888) \u2013 \u2013
Transfer to Stage 2 (373,532) 394,553 (21,021) \u2013 \u2013
Transfer to Stage 3 (13,813) (52,529) 66,342 \u2013 \u2013
Assets derecognised due to pass-through arrangement (28,338) (2,048) (124) \u2013 (30,510)
Assets repaid (3,479,338) (159,200) (102,689) (144) (3,741,371)
Resegmentation 109,367 35,325 2,164 \u2013 146,856
Impact of modifications 686 258 152 (22) 1,074
Write-offs \u2013 \u2013 (4,574) \u2013 (4,574)
Recoveries of amounts previously written off \u2013 \u2013 47,192 69 47,261
Unwind of discount \u2013 \u2013 2,959 4 2,963
Currency translation differences (12,742) (358) (866) \u2013 (13,966)
Foreign exchange movement (361,065) (27,796) (9,555) (380) (398,796)
Net other changes 13,629 (806) 3,810 79 16,712
Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184
Individually assessed \u2013 \u2013 203,431 9,566 212,997
Collectively assessed 4,934,312 374,933 23,494 8,448 5,341,187
Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184
Commercial loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 33,823 8,157 136,572 4 178,556
New financial asset originated or purchased 20,591 1,973 312 3,481 26,357
Transfer to Stage 1 2,934 (2,932) (2) \u2013 \u2013
Transfer to Stage 2 (2,904) 11,116 (8,212) \u2013 \u2013
Transfer to Stage 3 (1,769) (374) 2,143 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (1,373) (6,710) 10,153 \u2013 2,070
Assets derecognised due to pass-through arrangement (138) (74) (70) \u2013 (282)
Assets repaid (9,412) (3,694) (67,366) (80) (80,552)
Resegmentation 192 298 \u2013 \u2013 490
Impact of modifications 11 (2) 12 (14) 7
Write-offs \u2013 \u2013 (4,574) \u2013 (4,574)
Recoveries of amounts previously written off \u2013 \u2013 47,192 69 47,261
Unwind of discount \u2013 \u2013 2,959 4 2,963
Currency translation differences (132) (76) (382) \u2013 (590)
Foreign exchange movement (942) (141) (5,254) 10 (6,327)
Net other measurement of ECL (26,543) (648) 21,578 (551) (6,164)
Balance at 31 December 2021 14,338 6,893 135,061 2,923 159,215
Individually assessed \u2013 \u2013 126,724 2,837 129,561
Collectively assessed 14,338 6,893 8,337 86 29,654
Balance at 31 December 2021 14,338 6,893 135,061 2,923 159,215
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Residential mortgage loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384
New financial asset originated or purchased 1,549,472 238 103 13,615 1,563,428
Transfer to Stage 1 428,840 (407,795) (21,045) \u2013 \u2013
Transfer to Stage 2 (344,981) 588,640 (243,659) \u2013 \u2013
Transfer to Stage 3 (158,425) (129,954) 288,379 \u2013 \u2013
Assets repaid (975,730) (94,131) (73,544) (9,287) (1,152,692)
Resegmentation 5,514 970 \u2013 \u2013 6,484
Impact of modifications 988 670 143 (283) 1,518
Write-offs \u2013 \u2013 (5,750) (561) (6,311)
Recoveries of amounts previously written off \u2013 \u2013 993 205 1,198
Unwind of discount \u2013 \u2013 244 17 261
Currency translation differences (1,910) (45) 2 (2) (1,955)
Foreign exchange movement (155,793) (11,366) (9,238) (1,648) (178,045)
Net other changes (6,450) (1,472) (590) 300 (8,212)
Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058
Individually assessed \u2013 \u2013 277 \u2013 277
Collectively assessed 3,629,369 259,970 104,237 28,205 4,021,781
Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058
Residential mortgage loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 8,652 11,410 25,236 3,311 48,609
New financial asset originated or purchased 29,065 3 4 887 29,959
Transfer to Stage 1 15,750 (12,962) (2,788) \u2013 \u2013
Transfer to Stage 2 (5,679) 46,641 (40,962) \u2013 \u2013
Transfer to Stage 3 (18,908) (5,725) 24,633 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (5,562) (37,935) 22,414 \u2013 (21,083)
Assets repaid (2,621) (2,674) (12,902) (1,763) (19,960)
Resegmentation 21 1 \u2013 \u2013 22
Impact of modifications \u2013 \u2013 438 (198) 240
Write-offs \u2013 \u2013 (5,750) (561) (6,311)
Recoveries of amounts previously written off \u2013 \u2013 993 205 1,198
Unwind of discount \u2013 \u2013 244 17 261
Currency translation differences \u2013 \u2013 \u2013 \u2013 \u2013
Foreign exchange movement (470) 101 (1,732) (409) (2,510)
Net other measurement of ECL (10,545) 4,943 7,211 1,004 2,613
Balance at 31 December 2021 9,703 3,803 17,039 2,493 33,038
Individually assessed \u2013 \u2013 7 \u2013 7
Collectively assessed 9,703 3,803 17,032 2,493 33,031
Balance at 31 December 2021 9,703 3,803 17,039 2,493 33,038
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Micro and SME loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454
New financial asset originated or purchased 3,303,744 17,798 1,152 7,599 3,330,293
Transfer to Stage 1 384,411 (377,752) (6,659) \u2013 \u2013
Transfer to Stage 2 (571,845) 678,669 (106,824) \u2013 \u2013
Transfer to Stage 3 (108,524) (112,029) 220,553 \u2013 \u2013
Assets repaid (1,987,068) (282,948) (96,106) (4,718) (2,370,840)
Resegmentation (247,911) (40,492) (2,790) (5) (291,198)
Impact of modifications 319 210 (4,384) (11) (3,866)
Write-offs \u2013 \u2013 (40,195) (214) (40,409)
Recoveries of amounts previously written off \u2013 \u2013 12,628 686 13,314
Unwind of discount \u2013 \u2013 265 23 288
Currency translation differences (5,494) (473) (386) 2 (6,351)
Foreign exchange movement (180,781) (27,138) (9,910) (271) (218,100)
Net other changes 44,191 (1,777) 6,684 73 49,171
Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756
Individually assessed \u2013 \u2013 23,466 \u2013 23,466
Collectively assessed 3,280,149 293,473 128,033 6,635 3,708,290
Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756
Micro and SME loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 26,157 20,571 55,560 64 102,352
New financial asset originated or purchased 58,476 804 92 81 59,453
Transfer to Stage 1 20,352 (18,841) (1,511) \u2013 \u2013
Transfer to Stage 2 (14,284) 35,909 (21,625) \u2013 \u2013
Transfer to Stage 3 (13,914) (7,459) 21,373 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (4,218) (18,652) 27,259 \u2013 4,389
Assets repaid (16,879) (7,632) (26,573) (968) (52,052)
Resegmentation (1,280) (476) (182) \u2013 (1,938)
Impact of modifications 2 (7) (2,180) 1 (2,184)
Write-offs \u2013 \u2013 (40,195) (214) (40,409)
Recoveries of amounts previously written off \u2013 \u2013 12,628 686 13,314
Unwind of discount \u2013 \u2013 265 23 288
Currency translation differences (62) (34) (268) \u2013 (364)
Foreign exchange movement (1,020) (184) (2,826) (79) (4,109)
Net other measurement of ECL (25,153) 2,557 17,767 530 (4,299)
Balance at 31 December 2021 28,177 6,556 39,584 124 74,441
Individually assessed \u2013 \u2013 10,613 \u2013 10,613
Collectively assessed 28,177 6,556 28,971 124 63,828
Balance at 31 December 2021 28,177 6,556 39,584 124 74,441
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Consumer loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013
New financial asset originated or purchased 2,747,021 7,001 1,718 19,540 2,775,280
Transfer to Stage 1 270,620 (253,910) (16,710) \u2013 \u2013
Transfer to Stage 2 (367,600) 489,718 (122,118) \u2013 \u2013
Transfer to Stage 3 (134,641) (123,558) 258,199 \u2013 \u2013
Assets repaid (1,849,334) (100,322) (65,394) (4,297) (2,019,347)
Resegmentation 110,449 3,487 706 5 114,647
Impact of modifications 246 82 (9,482) (46) (9,200)
Write-offs \u2013 \u2013 (72,832) (415) (73,247)
Recoveries of amounts previously written off \u2013 \u2013 19,405 148 19,553
Unwind of discount \u2013 \u2013 397 345 742
Currency translation differences (6,094) (33) (68) \u2013 (6,195)
Foreign exchange movement (51,792) (1,590) (688) (223) (54,293)
Net other changes 12,381 (215) 13,559 (373) 25,352
Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305
Individually assessed \u2013 \u2013 1,481 \u2013 1,481
Collectively assessed 2,635,438 215,026 106,161 23,199 2,979,824
Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305
Consumer loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 40,597 25,533 46,641 1,030 113,801
New financial asset originated or purchased 153,477 1,570 546 251 155,844
Transfer to Stage 1 33,951 (26,256) (7,695) \u2013 \u2013
Transfer to Stage 2 (26,684) 75,148 (48,464) \u2013 \u2013
Transfer to Stage 3 (57,627) (20,176) 77,803 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (12,239) (40,279) 53,664 \u2013 1,146
Assets repaid (47,437) (11,239) (36,001) (1,449) (96,126)
Resegmentation 548 83 182 \u2013 813
Impact of modifications (2) (1) (5,036) 5 (5,034)
Write-offs \u2013 \u2013 (72,832) (415) (73,247)
Recoveries of amounts previously written off \u2013 \u2013 19,405 148 19,553
Unwind of discount \u2013 \u2013 397 345 742
Currency translation differences (10) (3) (15) \u2013 (28)
Foreign exchange movement (153) (37) (643) (29) (862)
Net other measurement of ECL (27,338) 15,067 30,779 925 19,433
Balance at 31 December 2021 57,083 19,410 58,731 811 136,035
Individually assessed \u2013 \u2013 585 \u2013 585
Collectively assessed 57,083 19,410 58,146 811 135,450
Balance at 31 December 2021 57,083 19,410 58,731 811 136,035
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Gold \u2013 pawn loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384
New financial asset originated or purchased 170,198 1,117 219 \u2013 171,534
Transfer to Stage 1 10,556 (10,148) (408) \u2013 \u2013
Transfer to Stage 2 (21,129) 23,266 (2,137) \u2013 \u2013
Transfer to Stage 3 (3,856) (2,531) 6,387 \u2013 \u2013
Assets repaid (123,964) (6,222) (3,071) \u2013 (133,257)
Resegmentation 22,581 710 (80) \u2013 23,211
Write-offs \u2013 \u2013 (253) \u2013 (253)
Recoveries of amounts previously written off \u2013 \u2013 3 \u2013 3
Unwind of discount \u2013 \u2013 (1) \u2013 (1)
Foreign exchange movement (18) (6) (3) \u2013 (27)
Net other changes 644 51 128 \u2013 823
Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417
Collectively assessed 152,787 10,116 2,514 \u2013 165,417
Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417
Gold \u2013 pawn loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 40 16 172 \u2013 228
Transfer to Stage 1 34 (10) (24) \u2013 \u2013
Transfer to Stage 2 \u2013 85 (85) \u2013 \u2013
Transfer to Stage 3 (2) (4) 6 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (24) \u2013 \u2013 \u2013 (24)
Assets repaid (177) (27) (24) \u2013 (228)
Write-offs \u2013 \u2013 (253) \u2013 (253)
Recoveries of amounts previously written off \u2013 \u2013 3 \u2013 3
Unwind of discount \u2013 \u2013 (1) \u2013 (1)
Foreign exchange movement \u2013 \u2013 \u2013 \u2013 \u2013
Net other measurement of ECL 936 (281) 447 \u2013 1,102
Balance at 31 December 2021 1,823 11 241 \u2013 2,075
Collectively assessed 1,823 11 241 \u2013 2,075
Balance at 31 December 2021 1,823 11 241 \u2013 2,075
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Commercial loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 3,583,051 349,494 161,744 7,661 4,101,950
New financial asset originated or purchased 3,223,279 45,618 2,156 \u2013 3,271,053
Transfer to Stage 1 370,266 (370,266) \u2013 \u2013 \u2013
Transfer to Stage 2 (578,928) 626,550 (47,622) \u2013 \u2013
Transfer to Stage 3 (58,408) (79,014) 137,422 \u2013 \u2013
Assets derecognised due to pass-through arrangement (30,363) (10,340) (52) \u2013 (40,755)
Assets repaid (2,637,752) (218,169) (61,392) (575) (2,917,888)
Resegmentation 21,133 \u2013 \u2013 \u2013 21,133
Impact of modifications (809) 94 (4) (7) (726)
Write-offs \u2013 \u2013 (6,595) \u2013 (6,595)
Recoveries of amounts previously written off \u2013 \u2013 13,531 127 13,658
Unwind of discount \u2013 \u2013 9,691 6 9,697
Currency translation differences (19,819) (471) (1,455) \u2013 (21,745)
Foreign exchange movement 634,072 37,831 31,097 928 703,928
Net other changes (14,644) 791 3,300 236 (10,317)
Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393
Individually assessed \u2013 \u2013 237,593 \u2013 237,593
Collectively assessed 4,491,078 382,118 4,228 8,376 4,885,800
Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393
Commercial loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 16,903 3,414 77,995 298 98,610
New financial asset originated or purchased 4,099 1,253 572 \u2013 5,924
Transfer to Stage 1 3,906 (3,906) \u2013 \u2013 \u2013
Transfer to Stage 2 (2,773) 8,026 (5,253) \u2013 \u2013
Transfer to Stage 3 (541) (12,002) 12,543 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (27,165) (2,523) 24,295 \u2013 (5,393)
Assets derecognised due to pass-through arrangement (9) (294) (12) \u2013 (315)
Assets repaid (9,935) (10,052) (29,340) (304) (49,631)
Resegmentation 140 \u2013 \u2013 \u2013 140
Impact of modifications 1 8 (6) \u2013 3
Write-offs \u2013 \u2013 (6,595) \u2013 (6,595)
Recoveries of amounts previously written off \u2013 \u2013 13,531 127 13,658
Unwind of discount \u2013 \u2013 9,691 6 9,697
Currency translation differences 791 335 2,281 \u2013 3,407
Foreign exchange movement 4,407 (782) 12,544 20 16,189
Net other measurement of ECL 43,999 24,680 24,326 (143) 92,862
Balance at 31 December 2020 33,823 8,157 136,572 4 178,556
Individually assessed \u2013 \u2013 134,424 \u2013 134,424
Collectively assessed 33,823 8,157 2,148 4 44,132
Balance at 31 December 2020 33,823 8,157 136,572 4 178,556
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Residential mortgage loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 2,764,959 160,038 109,413 32,273 3,066,683
New financial asset originated or purchased 1,239,637 430 259 3,101 1,243,427
Transfer to Stage 1 460,728 (419,122) (41,606) \u2013 \u2013
Transfer to Stage 2 (541,668) 600,415 (58,747) \u2013 \u2013
Transfer to Stage 3 (155,514) (40,638) 196,152 \u2013 \u2013
Assets repaid (788,737) (37,503) (51,790) (13,696) (891,726)
Resegmentation (945) \u2013 \u2013 \u2013 (945)
Impact of modifications (8,730) 954 (134) (854) (8,764)
Write-offs \u2013 \u2013 (5,368) (215) (5,583)
Recoveries of amounts previously written off \u2013 \u2013 734 767 1,501
Unwind of discount 2 \u2013 292 91 385
Currency translation differences (1,837) (1) (3) \u2013 (1,841)
Foreign exchange movement 287,057 23,746 12,847 3,604 327,254
Net other changes 32,892 25,896 6,427 778 65,993
Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384
Individually assessed \u2013 \u2013 3,517 \u2013 3,517
Collectively assessed 3,287,844 314,215 164,959 25,849 3,792,867
Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384
Residential mortgage loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 461 160 6,588 1,808 9,017
New financial asset originated or purchased 848 2 9 162 1,021
Transfer to Stage 1 14,030 (7,452) (6,578) \u2013 \u2013
Transfer to Stage 2 (2,420) 10,027 (7,607) \u2013 \u2013
Transfer to Stage 3 (75) (856) 931 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (19,497) (6,049) 2,719 \u2013 (22,827)
Assets repaid (3,281) (965) (8,598) (3,399) (16,243)
Impact of modifications (15) 468 499 (213) 739
Write-offs \u2013 \u2013 (5,368) (215) (5,583)
Recoveries of amounts previously written off \u2013 \u2013 734 767 1,501
Unwind of discount 2 \u2013 292 91 385
Currency translation differences (11) \u2013 \u2013 \u2013 (11)
Foreign exchange movement 136 (63) 1,029 474 1,576
Net other measurement of ECL 18,491 16,138 40,586 3,836 79,051
Balance at 31 December 2020 8,652 11,410 25,236 3,311 48,609
Collectively assessed 8,652 11,410 24,833 3,311 48,206
Balance at 31 December 2020 8,652 11,410 25,236 3,311 48,609
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Micro and SME loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 2,426,866 113,130 118,475 1,749 2,660,220
New financial asset originated or purchased 2,089,047 6,772 887 2,928 2,099,634
Transfer to Stage 1 453,063 (439,267) (13,796) \u2013 \u2013
Transfer to Stage 2 (891,350) 925,785 (34,435) \u2013 \u2013
Transfer to Stage 3 (58,496) (104,533) 163,029 \u2013 \u2013
Assets repaid (1,593,656) (154,459) (70,067) (1,224) (1,819,406)
Resegmentation (19,958) \u2013 \u2013 \u2013 (19,958)
Impact of modifications (6,109) (786) (2,560) (1) (9,456)
Write-offs \u2013 \u2013 (30,561) (976) (31,537)
Recoveries of amounts previously written off \u2013 \u2013 7,831 102 7,933
Unwind of discount \u2013 \u2013 1,319 25 1,344
Currency translation differences (8,429) (1,001) (569) \u2013 (9,999)
Foreign exchange movement 254,683 35,131 13,036 293 303,143
Net other changes 3,446 58,633 24,882 575 87,536
Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454
Individually assessed \u2013 \u2013 25,900 \u2013 25,900
Collectively assessed 2,649,107 439,405 151,571 3,471 3,243,554
Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454
Micro and SME loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 12,890 5,803 24,976 876 44,545
New financial asset originated or purchased 1,636 739 24 50 2,449
Transfer to Stage 1 24,865 (21,624) (3,241) \u2013 \u2013
Transfer to Stage 2 (10,906) 17,875 (6,969) \u2013 \u2013
Transfer to Stage 3 (562) (9,162) 9,724 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (25,202) (2,771) 8,310 \u2013 (19,663)
Assets repaid (13,883) (9,024) (21,668) (270) (44,845)
Resegmentation (123) \u2013 \u2013 \u2013 (123)
Impact of modifications (158) (173) (1,148) \u2013 (1,479)
Write-offs \u2013 \u2013 (30,561) (976) (31,537)
Recoveries of amounts previously written off \u2013 \u2013 7,831 102 7,933
Unwind of discount \u2013 \u2013 1,319 25 1,344
Currency translation differences 368 134 142 \u2013 644
Foreign exchange movement 661 37 2,140 76 2,914
Net other measurement of ECL 36,571 38,737 64,681 181 140,170
Balance at 31 December 2020 26,157 20,571 55,560 64 102,352
Individually assessed \u2013 \u2013 12,976 \u2013 12,976
Collectively assessed 26,157 20,571 42,584 64 89,376
Balance at 31 December 2020 26,157 20,571 55,560 64 102,352
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Consumer loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 1,856,795 110,158 108,414 9,741 2,085,108
New financial asset originated or purchased 1,613,372 7,125 2,925 1,016 1,624,438
Transfer to Stage 1 291,916 (245,014) (46,902) \u2013 \u2013
Transfer to Stage 2 (394,422) 435,335 (40,913) \u2013 \u2013
Transfer to Stage 3 (100,329) (49,583) 149,912 \u2013 \u2013
Assets repaid (1,412,334) (80,602) (70,082) (3,242) (1,566,260)
Resegmentation (230) \u2013 263 \u2013 33
Impact of modifications (12,300) (1,149) (3,328) (148) (16,925)
Write-offs \u2013 \u2013 (34,940) (8) (34,948)
Recoveries of amounts previously written off \u2013 \u2013 21,309 65 21,374
Unwind of discount \u2013 \u2013 431 18 449
Currency translation differences (10,713) (32) (57) \u2013 (10,802)
Foreign exchange movement 16,413 3,656 3,549 419 24,037
Net other changes 56,014 14,472 10,369 654 81,509
Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013
Individually assessed \u2013 \u2013 1,346 \u2013 1,346
Collectively assessed 1,904,182 194,366 99,604 8,515 2,206,667
Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013
Consumer loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 16,823 6,345 49,325 214 72,707
New financial asset originated or purchased 15,299 1,736 907 374 18,316
Transfer to Stage 1 45,315 (23,886) (21,429) \u2013 \u2013
Transfer to Stage 2 (17,770) 38,726 (20,956) \u2013 \u2013
Transfer to Stage 3 (577) (8,973) 9,550 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (39,380) (13,541) (5,993) \u2013 (58,914)
Assets repaid (29,641) (10,116) (44,922) (439) (85,118)
Impact of modifications (519) (171) (1,704) (7) (2,401)
Write-offs \u2013 \u2013 (34,940) (8) (34,948)
Recoveries of amounts previously written off \u2013 \u2013 21,309 65 21,374
Unwind of discount \u2013 \u2013 431 18 449
Currency translation differences (186) (7) (49) \u2013 (242)
Foreign exchange movement 138 46 744 21 949
Net other measurement of ECL 51,095 35,374 94,368 792 181,629
Balance at 31 December 2020 40,597 25,533 46,641 1,030 113,801
Individually assessed \u2013 \u2013 354 \u2013 354
Collectively assessed 40,597 25,533 46,287 1,030 113,447
Balance at 31 December 2020 40,597 25,533 46,641 1,030 113,801
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Gold \u2013 pawn loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 80,794 1,114 3,632 \u2013 85,540
New financial asset originated or purchased 139,676 \u2013 475 \u2013 140,151
Transfer to Stage 1 6,565 (4,313) (2,252) \u2013 \u2013
Transfer to Stage 2 (10,625) 11,552 (927) \u2013 \u2013
Transfer to Stage 3 (5,331) (877) 6,208 \u2013 \u2013
Assets repaid (113,508) (3,726) (5,053) \u2013 (122,287)
Resegmentation \u2013 \u2013 (263) \u2013 (263)
Write-offs \u2013 \u2013 (58) \u2013 (58)
Recoveries of amounts previously written off \u2013 \u2013 6 \u2013 6
Unwind of discount \u2013 \u2013 6 \u2013 6
Foreign exchange movement 148 8 (167) \u2013 (11)
Net other changes 56 121 123 \u2013 300
Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384
Collectively assessed 97,775 3,879 1,730 \u2013 103,384
Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384
Gold \u2013 pawn loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 9 1 244 \u2013 254
New financial asset originated or purchased \u2013 \u2013 \u2013 \u2013 \u2013
Transfer to Stage 1 79 (6) (73) \u2013 \u2013
Transfer to Stage 2 (10) 45 (35) \u2013 \u2013
Transfer to Stage 3 (1) (1) 2 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (82) (1) \u2013 \u2013 (83)
Assets repaid (17) (4) (227) \u2013 (248)
Write-offs \u2013 \u2013 (58) \u2013 (58)
Recoveries of amounts previously written off \u2013 \u2013 6 \u2013 6
Unwind of discount \u2013 \u2013 6 \u2013 6
Foreign exchange movement (1) \u2013 1 \u2013 \u2013
Net other measurement of ECL 63 (18) 306 \u2013 351
Balance at 31 December 2020 40 16 172 \u2013 228
Collectively assessed 40 16 172 \u2013 228
Balance at 31 December 2020 40 16 172 \u2013 228
The contractual amounts outstanding on loans to customers that have been written off during the reporting period but are still
subject to enforcement activity was GEL 188,545 (2021: GEL 95,469, 2020: GEL 50,718).
Collateral and other credit enhancements
The amount and type of collateral required depends on an assessment of the credit risk of the counterparty. Guidelines are
implemented regarding the acceptability of types of collateral and valuation parameters.
The main types of collateral obtained are as follows:
\u2022 For commercial lending, charges over real estate properties, equipment and machinery, corporate shares, inventory, trade
receivables, third-party corporate guarantees and personal guarantees of shareholders.
\u2022 For retail lending, mortgages over residential properties, cars, gold and jewellery, third-party corporate guarantees and personal
guarantees of shareholders.
Management requests additional collateral in accordance with the underlying agreement and monitors the market value of
collateral obtained during its review of the adequacy of the allowance for expected credit loss/impairment of loans.
It is the Group\u2019s policy to dispose of repossessed properties in an orderly fashion or to hold them for capital appreciation or earning
rentals, as appropriate in each case. In general, the Group does not occupy repossessed properties for business use.
9. Loans to customers and finance lease receivables continued
Expected credit loss continued
Without taking into account the discounted value of collateral, the ECL for credit-impaired loans would be as follows:
2022
ECL for credit-
impaired loans
ECL without
taking into
account the
discounted value
of collateral
Commercial loans 48,812 187,653
Residential mortgage loans 18,592 67,534
Micro and SME loans 37,976 131,404
Consumer loans 75,543 103,597
Gold \u2013 pawn loans 5,339 6,947
Total 186,262 497,135
2021
ECL for credit-
impaired loans
ECL without
taking into
account the
discounted value
of collateral
Commercial loans 137,984 231,968
Residential mortgage loans 19,532 93,804
Micro and SME loans 39,708 140,929
Consumer loans 59,542 87,891
Gold \u2013 pawn loans 241 1,802
Total 257,007 556,394
2020
ECL for credit-
impaired loans
ECL without
taking into
account the
discounted value
of collateral
Commercial loans 136,576 243,178
Residential mortgage loans 28,547 146,945
Micro and SME loans 55,624 160,862
Consumer loans 47,671 85,569
Gold \u2013 pawn loans 172 1,430
Total 268,590 637,984
9. Loans to customers and finance lease receivables continued
Concentration of loans to customers
As at 31 December 2022, the concentration of loans granted by the Group to the ten largest third-party borrowers comprised
GEL 1,017,629 accounting for 6% of the gross loan portfolio of the Group (2021: GEL 1,375,536 and 8% respectively, 2020: GEL 1,415,618
and 10% respectively). An allowance of expected credit loss of GEL 8,209 (2021: GEL 2,770, 2020: GEL 13,612) was established against
these loans.
As at 31 December 2022, the concentration of loans granted by the Group to the ten largest third-party group of borrowers (borrower
and its related parties) comprised GEL 1,736,614 accounting for 10% of the gross loan portfolio of the Group (2021: GEL 2,136,228 and
13% respectively, 2020: GEL 2,051,055 and 14% respectively). An allowance of expected credit loss of GEL 17,392 (2021: GEL 7,386, 2020:
GEL 16,927) was established against these loans.
As at 31 December 2022, 31 December 2021 and 31 December 2020, loans were principally issued within Georgia, and their
distribution by industry sector was as follows:
2022 2021 2020
Individuals 10,011,378 9,184,255 7,900,831
Trade 1,135,693 1,189,036 1,112,910
Manufacturing 1,065,693 1,377,023 1,338,778
Real estate 1,024,364 1,025,298 1,050,823
Hospitality 828,577 946,224 829,635
Electricity, gas and water supply 458,415 384,554 251,829
Construction 512,345 379,813 269,250
Service 302,442 307,602 306,520
Financial intermediation 291,778 244,215 197,409
Transport and communication 190,175 234,512 171,406
Mining and quarrying 148,489 183,270 199,484
Other 1,131,792 998,918 871,753
Loans to customers, gross 17,101,141 16,454,720 14,500,628
Less \u2013 Allowance for expected credit loss (326,005) (404,804) (443,546)
Loans to customers, net 16,775,136 16,049,916 14,057,082
Loans have been extended to the following types of customers:
2022 2021 2020
Individuals 10,011,378 9,184,255 7,900,831
Private companies 7,086,069 7,257,993 6,579,663
State-owned entities 3,694 12,472 20,134
Loans to customers, gross 17,101,141 16,454,720 14,500,628
Less \u2013 Allowance for expected credit loss (326,005) (404,804) (443,546)
Loans to customers, net 16,775,136 16,049,916 14,057,082
9. Loans to customers and finance lease receivables continued
Finance lease receivables
2022 2021 2020
Minimum lease payments receivable 120,740 168,508 189,959
Less \u2013 Unearned finance lease income (25,392) (43,556) (50,587)
Finance lease receivables, gross 95,348 124,952 139,372
Less \u2013 Allowance for expected credit loss/impairment loss (8,778) (5,895) (4,376)
Finance lease receivables, net 86,570 119,057 134,996
The difference between the minimum lease payments to be received in the future and the finance lease receivables represents
unearned finance income.
As at 31 December 2022, finance lease receivables carried at GEL 16,965 were pledged for inter-bank loans received from several
credit institutions (2021: GEL 67,556, 2020: 75,134).
As at 31 December 2022, the concentration of investment in the five largest lease receivables comprised GEL 20,515 or 22% of
total finance lease receivables (2021: GEL 22,417 or 18%, 2020: GEL 20,486 or 15%). An allowance of GEL 973 (2021: GEL 956, 2020:
GEL 1,176) was established against these lease receivables.
Future minimum lease payments to be received after 31 December 2022, 31 December 2021 and 31 December 2020 are as follows:
2022 2021 2020
Within 1 year 51,944 76,407 92,391
From 1 to 2 years 22,480 35,929 45,482
From 2 to 3 years 18,109 24,390 28,145
From 3 to 4 years 7,613 14,996 15,936
From 4 to 5 years 3,036 3,159 5,189
More than 5 years 17,559 13,627 2,815
Minimum lease payment receivables 120,740 168,508 189,959
Movements of the gross finance lease receivables and respective allowance for expected credit loss/impairment of finance lease
receivables are as follows:
Finance lease receivables, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952
New financial asset originated or purchased 47,812 \u2013 \u2013 12,081 59,893
Transfer to Stage 1 25,182 (19,801) (5,381) \u2013 \u2013
Transfer to Stage 2 (26,267) 33,605 (7,338) \u2013 \u2013
Transfer to Stage 3 (3,139) (15,782) 18,921 \u2013 \u2013
Assets repaid (60,440) (8,077) (5,299) (6,537) (80,353)
Impact of modifications 278 \u2013 \u2013 \u2013 278
Write-offs \u2013 \u2013 (2,724) \u2013 (2,724)
Unwind of discount \u2013 \u2013 105 \u2013 105
Currency translation differences (6,273) (1,022) (1,040) \u2013 (8,335)
Foreign exchange movement 865 (66) 86 \u2013 885
Net other changes 339 10 213 85 647
Balance at 31 December 2022 59,531 6,451 14,155 15,211 95,348
Individually assessed \u2013 \u2013 1,245 \u2013 1,245
Collectively assessed 59,531 6,451 12,910 15,211 94,103
Balance at 31 December 2022 59,531 6,451 14,155 15,211 95,348
9. Loans to customers and finance lease receivables continued
Finance lease receivables continued
Finance lease receivables, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2021 1,126 763 2,810 1,196 5,895
New financial asset originated or purchased 1,537 \u2013 \u2013 \u2013 1,537
Transfer to Stage 1 1,686 (1,044) (642) \u2013 \u2013
Transfer to Stage 2 (1,241) 2,013 (772) \u2013 \u2013
Transfer to Stage 3 (188) (1,253) 1,441 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (1,513) 586 2,104 \u2013 1,177
Assets repaid (664) (299) (1,645) (1,856) (4,464)
Write-offs \u2013 \u2013 (480) \u2013 (480)
Unwind of discount \u2013 \u2013 105 \u2013 105
Currency translation differences 18 (18) 51 (1) 50
Net other measurement of ECL 27 (487) 611 4,741 4,892
Balance at 31 December 2022 852 258 3,588 4,080 8,778
Individually assessed \u2013 \u2013 352 \u2013 352
Collectively assessed 852 258 3,236 4,080 8,426
Balance at 31 December 2022 852 258 3,588 4,080 8,778
Finance lease receivables, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372
New financial asset originated or purchased 90,739 \u2013 465 3,107 94,311
Transfer to Stage 1 34,761 (34,715) (46) \u2013 \u2013
Transfer to Stage 2 (43,879) 57,480 (13,601) \u2013 \u2013
Transfer to Stage 3 (3,925) (33,434) 37,359 \u2013 \u2013
Assets repaid (60,625) (23,912) (4,116) (122) (88,775)
Impact of modifications 20 \u2013 \u2013 \u2013 20
Write-offs \u2013 \u2013 (21,232) \u2013 (21,232)
Unwind of discount \u2013 \u2013 10 13 23
Currency translation differences (2,087) (1,057) (931) \u2013 (4,075)
Foreign exchange movement (641) (47) (66) (249) (1,003)
Net other changes (535) (7) 20 6,833 6,311
Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952
Individually assessed \u2013 \u2013 2,746 \u2013 2,746
Collectively assessed 81,174 17,584 13,866 9,582 122,206
Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952
Finance lease receivables, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2020 649 1,109 2,618 \u2013 4,376
New financial asset originated or purchased 1,570 \u2013 256 \u2013 1,826
Transfer to Stage 1 684 (683) (1) \u2013 \u2013
Transfer to Stage 2 (976) 2,371 (1,395) \u2013 \u2013
Transfer to Stage 3 (85) (1,975) 2,060 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year (12) 1,036 2,151 \u2013 3,175
Assets repaid (461) (467) (361) \u2013 (1,289)
Impact of modifications \u2013 \u2013 \u2013 \u2013 \u2013
Write-offs \u2013 \u2013 (2,704) \u2013 (2,704)
Unwind of discount \u2013 \u2013 10 13 23
Currency translation differences (36) (550) (152) (12) (750)
Foreign exchange movement \u2013 \u2013 \u2013 \u2013 \u2013
Net other measurement of ECL (207) (78) 328 1,195 1,238
Balance at 31 December 2021 1,126 763 2,810 1,196 5,895
Individually assessed \u2013 \u2013 1,236 \u2013 1,236
Collectively assessed 1,126 763 1,574 1,196 4,659
Balance at 31 December 2021 1,126 763 2,810 1,196 5,895
9. Loans to customers and finance lease receivables continued
Finance lease receivables continued
Finance lease receivables, gross: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 130,232 12,498 16,461 \u2013 159,191
New financial asset originated or purchased 77,711 \u2013 2,254 \u2013 79,965
Transfer to Stage 1 53,417 (49,918) (3,499) \u2013 \u2013
Transfer to Stage 2 (130,587) 148,126 (17,539) \u2013 \u2013
Transfer to Stage 3 (12,089) (55,528) 67,617 \u2013 \u2013
Assets repaid (57,227) (6,157) (13,094) \u2013 (76,478)
Write-offs \u2013 \u2013 (34,933) \u2013 (34,933)
Currency translation differences (1,402) (90) (107) \u2013 (1,599)
Foreign exchange movement 5,801 5,312 1,891 \u2013 13,004
Net other changes 1,490 6 (86) \u2013 1,410
Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372
Collectively assessed 67,346 53,276 15,611 \u2013 136,233
Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372
Finance lease receivables, ECL: Stage 1 Stage 2 Stage 3 POCI Total
Balance at 31 December 2019 759 95 1,443 \u2013 2,297
New financial asset originated or purchased 869 \u2013 945 \u2013 1,814
Transfer to Stage 1 305 (292) (13) \u2013 \u2013
Transfer to Stage 2 (1,162) 1,513 (351) \u2013 \u2013
Transfer to Stage 3 (812) (4,588) 5,400 \u2013 \u2013
Impact on ECL of exposures transferred between stages
during the year 1,396 4,449 1,416 \u2013 7,261
Assets repaid (528) (70) (347) \u2013 (945)
Write-offs \u2013 \u2013 (6,161) \u2013 (6,161)
Currency translation differences 200 (4) 35 \u2013 231
Foreign exchange movement 5 27 191 \u2013 223
Net other measurement of ECL (383) (20) 94 \u2013 (309)
Balance at 31 December 2020 649 1,109 2,618 \u2013 4,376
Collectively assessed 649 1,109 1,596 \u2013 3,354
Balance at 31 December 2020 649 1,109 2,618 \u2013 4,376
10. Accounts receivable and other loans
In 2016 the Group disbursed a loan to the client with the purpose to finance the purchase of an industrial asset from one of the
Bank\u2019s defaulted borrowers. As part of the overall financing package, the Group entered into the dual option agreement with the
shareholders of the new borrower over the shares in the new borrower. A dispute has arisen over the terms of the concluded option
agreement. The outstanding legacy claim was settled at the end of 2022 and the Group recognised GEL 391,100 one-off income with
respective receivable estimated at fair value in its consolidated financial statements. On 9 January 2023 the Group received part
of the settlement in amount of GEL 371,922. The Group does not expect any material tax consequences from this settlement in the
foreseeable future.
11. Right-of-use assets and lease liabilities
2022 2021 2020
Right-of-use assets 117,387 80,186 83,208
Lease liability 114,470 87,662 95,635
Administrative expenses include occupancy and rent expenses on lease contracts where the recognition exemptions have
been applied:
2022 2021 2020
Short-term leases (4,672) (3,982) (4,142)
Leases of low-value assets (1,585) (1,908) (1,835)
(6,257) (5,890) (5,977)
Movement in liabilities arising from financing activities
Movement in
liabilities arising
from financing
activities
Carrying amount at 1 January 2020 115,220
Cash payments for the principal portion of the lease liability (11,695)
Change in accrued interest 737
Additions 12,027
Other movements* (20,654)
Carrying amount at 31 December 2020 95,635
Cash payments for the principal portion of the lease liability (29,518)
Change in accrued interest 342
Additions 42,242
Other movements* (21,039)
Carrying amount at 31 December 2021 87,662
Cash payments for the principal portion of the lease liability (25,980)
Change in accrued interest 1,151
Additions 70,553
Other movements* (18,916)
Carrying amount at 31 December 2022 114,470
* Other movement mainly includes translation effect of foreign currency contracts and cancelled lease contracts.
The movements in right-of-use assets were as follows:
Office buildings
and service
centres
Computers and
equipment Total
Cost
31 December 2021 127,080 2,631 129,711
Additions 74,231 \u2013 74,231
Disposals (19,135) \u2013 (19,135)
Currency translation differences (949) (298) (1,247)
31 December 2022 181,227 2,333 183,560
Accumulated depreciation
31 December 2021 48,661 864 49,525
Depreciation charge 25,406 345 25,751
Disposals (8,838) \u2013 (8,838)
Currency translation differences (156) (109) (265)
31 December 2022 65,073 1,100 66,173
Net book value
31 December 2021 78,419 1,767 80,186
31 December 2022 116,154 1,233 117,387
11. Right-of-use assets and lease liabilities continued
Office buildings
and service
centres
Computers and
equipment Total
Cost
31 December 2020 115,970 2,749 118,719
Additions 42,728 \u2013 42,728
Disposals (31,478) \u2013 (31,478)
Transfers \u2013 \u2013 \u2013
Currency translation differences (140) (118) (258)
31 December 2021 127,080 2,631 129,711
Accumulated depreciation
31 December 2020 34,995 516 35,511
Depreciation charge 21,628 388 22,016
Disposals (7,906) \u2013 (7,906)
Transfers \u2013 \u2013 \u2013
Currency translation differences (56) (40) (96)
31 December 2021 48,661 864 49,525
Net book value
31 December 2020 80,975 2,233 83,208
31 December 2021 78,419 1,767 80,186
Office buildings
and service
centres
Computers and
equipment Total
Cost
1 January 2020 115,220 \u2013 115,220
Additions 11,988 \u2013 11,988
Disposals (7,794) \u2013 (7,794)
Transfers (2,965) 2,965 \u2013
Currency translation differences (479) (216) (695)
31 December 2020 115,970 2,749 118,719
Accumulated depreciation
1 January 2020 19,125 \u2013 19,125
Depreciation charge 18,466 391 18,857
Disposals (2,061) \u2013 (2,061)
Transfers (139) 139 \u2013
Currency translation differences (396) (14) (410)
31 December 2020 34,995 516 35,511
Net book value
1 January 2020 96,095 \u2013 96,095
31 December 2020 80,975 2,233 83,208
12. Property and equipment
The movements in property and equipment were as follows:
Office buildings
and service
centres
Furniture and
fixtures
Computers and
equipment Motor vehicles
Leasehold
improvements
Assets under
construction Total
Cost
31 December 2021 216,897 188,890 252,861 6,911 29,328 1,680 696,567
Additions 171 10,853 32,951 2,860 119 31,043 77,997
Transfers 23,333 32 414 \u2013 3,804 (27,583) \u2013
Transfers to investment
properties 769 \u2013 \u2013 \u2013 \u2013 \u2013 769
Transfers to other assets \u2013 (1,571) (2,135) (265) \u2013 (231) (4,202)
Disposals (3,011) (135) (1,507) (489) (27) (1) (5,170)
Write-offs (29) (4,750) (2,513) (241) (4,053) (146) (11,732)
Currency translation
differences (2,881) (216) (812) (47) (87) (7) (4,050)
31 December 2022 235,249 193,103 279,259 8,729 29,084 4,755 750,179
Accumulated impairment
31 December 2021 2,557 36 98 8 \u2013 \u2013 2,699
31 December 2022 2,557 36 98 8 \u2013 \u2013 2,699
Accumulated depreciation
31 December 2021 28,859 113,399 154,941 4,095 13,766 \u2013 315,060
Depreciation charge 4,278 13,814 28,737 1,076 4,369 146 52,420
Transfers (13) 13 \u2013 \u2013 \u2013 \u2013 \u2013
Transfers to investment
properties (155) \u2013 \u2013 \u2013 \u2013 \u2013 (155)
Transfers to other assets \u2013 (916) (2,479) (230) \u2013 \u2013 (3,625)
Disposals (795) (183) (998) (176) (25) \u2013 (2,177)
Write-offs 2 (4,598) (2,473) (130) (4,029) (146) (11,374)
Currency translation
differences (851) (114) (468) (20) (71) \u2013 (1,524)
31 December 2022 31,325 121,415 177,260 4,615 14,010 \u2013 348,625
Net book value
31 December 2021 185,481 75,455 97,822 2,808 15,562 1,680 378,808
31 December 2022 201,367 71,652 101,901 4,106 15,074 4,755 398,855
12. Property and equipment continued
Office buildings
and service
centres
Furniture and
fixtures
Computers and
equipment Motor vehicles
Leasehold
improvements
Assets under
construction Total
Cost
31 December 2020 216,795 178,481 231,436 6,768 34,275 4,732 672,487
Additions 2,056 11,958 31,048 986 10 7,171 53,229
Transfers 6,408 3 976 \u2013 2,493 (9,880) \u2013
Transfers to investment
properties (9,175) \u2013 \u2013 \u2013 \u2013 \u2013 (9,175)
Transfers to assets held
for sale 2,245 \u2013 \u2013 \u2013 \u2013 \u2013 2,245
Transfers to other assets \u2013 (998) (8,647) \u2013 \u2013 (183) (9,828)
Disposals (764) (433) (1,719) (224) \u2013 (46) (3,186)
Write-offs \u2013 (71) (1) (602) (7,416) \u2013 (8,090)
Currency translation
differences (668) (50) (232) (17) (34) (114) (1,115)
31 December 2021 216,897 188,890 252,861 6,911 29,328 1,680 696,567
Accumulated impairment
31 December 2020 2,557 36 98 8 \u2013 \u2013 2,699
31 December 2021 2,557 36 98 8 \u2013 \u2013 2,699
Accumulated depreciation
31 December 2020 25,216 102,137 133,958 3,833 16,793 \u2013 281,937
Depreciation charge 4,201 12,916 24,699 931 4,416 \u2013 47,163
Transfers to investment
properties (238) \u2013 \u2013 \u2013 \u2013 \u2013 (238)
Transfers to other assets \u2013 (1,224) (2,643) \u2013 \u2013 \u2013 (3,867)
Disposals (51) (318) (910) (85) \u2013 \u2013 (1,364)
Write-offs 5 (51) 3 (576) (7,416) \u2013 (8,035)
Currency translation
differences (274) (61) (166) (8) (27) \u2013 (536)
31 December 2021 28,859 113,399 154,941 4,095 13,766 \u2013 315,060
Net book value
31 December 2020 189,022 76,308 97,380 2,927 17,482 4,732 387,851
31 December 2021 185,481 75,455 97,822 2,808 15,562 1,680 378,808
12. Property and equipment continued
Office buildings
and service
centres
Furniture and
fixtures
Computers and
equipment Motor vehicles
Leasehold
improvements
Assets under
construction Total
Cost
31 December 2019 204,753 178,391 207,329 5,624 30,589 10,046 636,732
Additions 274 8,908 33,186 1,602 110 27,543 71,623
Transfers 21,600 (439) 4,158 41 6,625 (31,985) \u2013
Transfers to investment
properties (11,068) \u2013 \u2013 (22) \u2013 \u2013 (11,090)
Transfers to assets held
for sale 1,333 \u2013 \u2013 (46) \u2013 \u2013 1,287
Transfers to other assets (101) (4,930) (8,895) \u2013 \u2013 (867) (14,793)
Disposals \u2013 (257) (476) (220) \u2013 \u2013 (953)
Write-offs (293) (3,029) (3,452) (174) (2,990) \u2013 (9,938)
Currency translation
differences 297 (163) (414) (37) (59) (5) (381)
31 December 2020 216,795 178,481 231,436 6,768 34,275 4,732 672,487
Accumulated impairment
31 December 2019 2,557 36 98 8 \u2013 \u2013 2,699
31 December 2020 2,557 36 98 8 \u2013 \u2013 2,699
Accumulated depreciation
31 December 2019 23,731 93,751 119,081 3,051 14,631 \u2013 254,245
Depreciation charge 4,085 12,497 22,008 1,072 4,927 \u2013 44,589
Transfers \u2013 (138) \u2013 4 134 \u2013 \u2013
Transfers to investment
properties (2,160) \u2013 \u2013 (20) \u2013 \u2013 (2,180)
Transfers to assets held
for sale \u2013 \u2013 \u2013 (30) \u2013 \u2013 (30)
Transfers to other assets \u2013 (1,111) (3,077) \u2013 \u2013 \u2013 (4,188)
Disposals \u2013 (105) (274) (103) \u2013 \u2013 (482)
Write-offs (263) (2,635) (3,418) (121) (2,857) \u2013 (9,294)
Currency translation
differences (177) (122) (362) (20) (42) \u2013 (723)
31 December 2020 25,216 102,137 133,958 3,833 16,793 \u2013 281,937
Net book value
31 December 2019 178,465 84,604 88,150 2,565 15,958 10,046 379,788
31 December 2020 189,022 76,308 97,380 2,927 17,482 4,732 387,851
13. Intangible assets
The movements in intangible assets were as follows:
Software and
licence Other Total
Cost
31 December 2021 219,073 27,286 246,359
Additions 40,506 164 40,670
Disposals (7,331) \u2013 (7,331)
Write-offs (2,889) (1) (2,890)
Currency translation differences (1,416) \u2013 (1,416)
31 December 2022 247,943 27,4 49 275,392
Accumulated impairment
31 December 2021 \u2013 \u2013 \u2013
Impairment charge 2,358 \u2013 2,358
31 December 2022 2,358 \u2013 2,358
Accumulated amortisation
31 December 2021 96,311 5,797 102,108
Amortisation charge 30,392 168 30,560
Disposals (5,683) \u2013 (5,683)
Write-offs (2,889) (1) (2,890)
Currency translation differences (502) \u2013 (502)
31 December 2022 117,629 5,964 123,593
Net book value
31 December 2021 122,762 21,489 144,251
31 December 2022 127,956 21,485 149,441
Software and
licence Other Total
Cost
31 December 2020 177,012 26,944 203,956
Additions 44,715 342 45,057
Disposals (741) \u2013 (741)
Write-offs (1,385) \u2013 (1,385)
Currency translation differences (528) \u2013 (528)
31 December 2021 219,073 27,286 246,359
Accumulated amortisation
31 December 2020 72,532 5,618 78,150
Amortisation charge 26,090 179 26,269
Disposals (747) \u2013 (747)
Write-offs (1,385) \u2013 (1,385)
Currency translation differences (179) \u2013 (179)
31 December 2021 96,311 5,797 102,108
Net book value
31 December 2020 104,480 21,326 125,806
31 December 2021 122,762 21,489 144,251
13. Intangible assets continued
Software and
licence Other Total
Cost
31 December 2019 139,750 26,797 166,547
Additions 41,262 163 41,425
Disposals (235) \u2013 (235)
Write-offs (3,329) (16) (3,345)
Currency translation differences (436) \u2013 (436)
31 December 2020 177,012 26,944 203,956
Accumulated amortisation
31 December 2019 56,789 3,468 60,257
Amortisation charge 18,985 2,165 21,150
Disposals (235) \u2013 (235)
Write-offs (2,884) (15) (2,899)
Currency translation differences (123) \u2013 (123)
31 December 2020 72,532 5,618 78,150
Net book value
31 December 2019 82,961 23,329 106,290
31 December 2020 104,480 21,326 125,806
14. Investment properties
2022 2021 2020
At 1 January 226,849 231,241 225,073
Additions 5,871 83,912 79,761
Disposals (54,713) (68,713) (44,908)
Net gains from revaluation of investment property 7,421 437 20,346
Transfers from (to) assets held for sale (16,955) (28,390) (56,810)
Transfers from (to) property and equipment (924) 8,937 8,910
Transfers from (to) finance lease receivables \u2013 \u2013 532
Transfers from (to) other assets \u2013 inventories \u2013 \u2013 (277)
Currency translation differences (1,003) (575) (1,386)
At 31 December 166,546 226,849 231,241
Investment properties are stated at fair value. The fair value represents the price that would be received to sell an asset in an orderly
transaction between market participants at the measurement date. As at 31 December 2022, the fair values of the properties
are based on valuations performed by accredited independent valuers. Refer to Note 30 for details on fair value measurements of
investment properties.
15. Goodwill
Movements in goodwill were as follows:
2022 2021 2020
Cost
1 January 57,745 57,745 57,745
At 31 December 57,745 57,745 57,745
Accumulated impairment
1 January 24,394 24,394 24,394
At 31 December 24,394 24,394 24,394
Net book value:
1 January 33,351 33,351 33,351
At 31 December 33,351 33,351 33,351
Impairment test for goodwill
Goodwill acquired through business combinations with indefinite lives have been allocated to two individual cash-generating units
(CGUs), for impairment testing: Corporate Banking and Retail Banking.
The carrying amount of goodwill allocated to each of the CGUs is as follows:
2022 2021 2020
Retail Banking 23,386 23,386 23,386
Corporate Banking 9,965 9,965 9,965
Total 33,351 33,351 33,351
Key assumptions used in value-in-use calculations
The recoverable amounts of the CGUs have been determined based on a value-in-use calculation, using cash flow projections based
on financial budgets approved by senior management covering a one to three-year period. Discount rates were not adjusted for
either a constant or a declining growth rate beyond the three-year periods covered in financial budgets. For the purposes of the
impairment test, a 3% permanent growth rate has been assumed when assessing the future operating cash flows of the CGU
beyond the three-year period covered in financial budgets.
The following discount rates were used by the Group for Corporate Banking and Retail Banking:
Corporate Banking Retail Banking
2022 2021 2020 2022 2021 2020
Discount rate 4.3% 3.9% 4.4% 8.4% 8.1% 7.7%
Discount rates
Discount rates reflect management\u2019s estimate of return required in each business. This is the benchmark used by management to
assess operating performance and to evaluate future investment proposals. Discount rates are calculated by using pre-tax weighted
average cost of capital (WACC).
For the Retail Banking and Corporate Banking CGUs, the following additional assumptions were made:
\u2022 stable, business as usual growth of loans and deposits;
\u2022 no material changes in cost/income structure or ratio; and
\u2022 stable, business as usual growth of trade finance and other documentary businesses.
Sensitivity to changes in assumptions
Management believes that reasonable possible changes to key assumptions used to determine the recoverable amount for each
CGU will not result in an impairment of goodwill. The excess of value-in-use over carrying value is determined by reference to the
net book value as at 31 December 2022. Possible change was taken as +/-3% in discount rate and growth rate.
16. Taxation
The corporate income tax expense in the income statement comprises:
2022 2021 2020
Current income benefit/(expense) (137,430) (111,652) 4,539
Deferred income tax benefit/(expense) (53,221) 36,828 (26,094)
Income tax expense (190,651) (74,824) (21,555)
The income tax rate applicable to most of the Group\u2019s income is the income tax rate applicable to subsidiaries\u2019 income, which ranges
from 15% to 25% (2021: from 15% to 25%, 2020: from 15% to 25%).
On 12 June 2018, an amendment to the current corporate taxation model applicable to financial institutions, including banks and
insurance businesses, became effective. The change implied a zero corporate tax rate on retained earnings and a 15% corporate
tax rate on distributed earnings starting from 1 January 2023. On 16 December 2022, an amendment to the corporate tax code
was passed into law abolishing the expected transition to taxation on distributed earnings from 1 January 2023. According to the
amendment, effective from 1 January 2023, existing taxation rules for financial institutions, including banks, will be maintained.
At the same time, the existing corporate tax rate for banks will be increased from 15% to 20% from 2023 going forward. In addition,
with effect from 2023, taxable interest income and deductible ECLs on loans to customers will be defined as per IFRS, instead of
local NBG regulations. Transition differences in ECLs will be taxed one-off at 15%. The amended law lacks clarification in treatment
of transition differences in interest income. Management considers it reasonable that an approach similar to ECL on transition is
applicable on interest income and calculates deferred tax respectively.
The change had an immediate impact on deferred tax asset and deferred tax liability balances attributable to previously recognised
temporary differences arising from prior periods. As at 31 December 2022, deferred tax assets and liabilities balances have been re-
measured, in line with the updated legislation. The change resulted in a material one-off deferred tax charge as previously the Bank
recognised deferred taxes only to the extent they were expected to realise before 1 January 2023.
The effective income tax rate differs from the statutory income tax rates. As at 31 December 2022, 31 December 2021 and
31 December 2020, a reconciliation of the income tax expense based on statutory rates with the actual expense is as follows:
2022 2021 2020
Profit before income tax expense 1,634,650 801,942 316,498
Statutory tax rate in Georgia 15% 15% 15%
Theoretical income tax expense at average tax rate (245,198) (120,291) (47,475)
Non-taxable income 115,636 50,671 35,910
Non-deductible expenses (3,229) (2,931) (6,425)
Correction of prior year declarations (2,846) (15) (3,343)
Tax at the domestic rates applicable to profits in each country (1,991) (2,401) (525)
Effects from changes in tax legislation (53,074) \u2013 \u2013
Other 51 143 303
Income tax expense (190,651) (74,824) (21,555)
Applicable taxes in Georgia and Belarus include corporate income tax (profit tax), individuals\u2019 withholding taxes, property tax and
value added tax, among others. However, regulations are often unclear or non-existent and few precedents have been established.
This creates tax risks in Georgia and Belarus, substantially more significant than typically found in countries with more developed tax
systems. Management believes that the Group is in substantial compliance with the tax laws affecting its operations. However, the
risk remains that relevant authorities could take differing positions with regard to interpretative issues.
As at 31 December 2022, 31 December 2021 and 31 December 2020, income tax assets and liabilities consist of the following:
2022 2021 2020
Current income tax assets 224 109 21,841
Deferred income tax assets 640 183 192
Income tax assets 864 292 22,033
Current income tax liabilities 20,258 85,270 \u2013
Deferred income tax liabilities 79,275 25,598 62,434
Income tax liabilities 99,533 110,868 62,434
16. Taxation continued
Deferred tax assets and liabilities as at 31 December 2022, 31 December 2021 and 31 December 2020, and their movements for the
respective years, are as follows:
Origination and reversal of temporary differences
2019
In the income
statement 2020
In the income
statement 2021
In the income
statement
Tax effect of deductible
temporary differences:
Amounts due to credit
institutions 63 (63) \u2013 \u2013 \u2013 193 193
Investment securities 66 (66) \u2013 \u2013 \u2013 294 294
Investment properties 228 (169) 59 108 167 1,954 2,121
Property and equipment 2,127 258 2,385 29 2,414 (182) 2,232
Intangible assets 199 (199) \u2013 \u2013 \u2013 \u2013 \u2013
Assets held for sale \u2013 \u2013 \u2013 \u2013 \u2013 465 465
Lease liability 8,306 (2,300) 6,006 (2,236) 3,770 19,389 23,159
Accruals and deferred income 1,691 5,514 7,205 12,539 19,744 18,388 38,132
Other assets and liabilities 2,759 (2,692) 67 368 435 3,845 4,280
Deferred tax assets 15,439 283 15,722 10,808 26,530 44,346 70,876
Tax effect of taxable
temporary differences:
Amounts due to credit
institutions 1,950 278 2,228 59 2,287 1,660 3,947
Debt securities issued 2,311 (687) 1,624 (932) 692 1,259 1,951
Cash and cash equivalents 2,070 (2,070) \u2013 \u2013 \u2013 \u2013 \u2013
Investment securities 208 (208) \u2013 \u2013 \u2013 \u2013 \u2013
Loans to customers and
finance lease receivables 25,696 28,370 54,066 (24,192) 29,874 30,697 60,571
Client deposits and notes 35 141 176 (176) \u2013 \u2013 \u2013
Property and equipment 9,151 (130) 9,021 (3,121) 5,900 37,342 43,242
Right-of-use assets 8,465 (2,955) 5,510 (2,294) 3,216 20,606 23,822
Investment properties 228 112 340 625 965 7,822 8,787
Intangible assets 21 (21) \u2013 \u2013 \u2013 \u2013 \u2013
Assets held for sale 1,227 313 1,540 (1,055) 485 (485) \u2013
Accruals and deferred income 225 68 293 (180) 113 (113) \u2013
Other assets and liabilities \u2013 3,166 3,166 5,246 8,412 (1,221) 7,191
Deferred tax liabilities 51,587 26,377 77,96 4 (26,020) 51,944 97,567 149,511
Net deferred tax liabilities (36,148) (26,094) (62,242) 36,828 (25,414) (53,221) (78,635)
For more details on temporary differences associated with investments in subsidiaries for which no deferred tax has been recognised
refer to Note 10.
17. Other assets and other liabilities
Other assets comprise:
2022 2021 2020
Foreclosed assets 119,924 3,216 5,989
Receivables from remittance operations 86,742 35,041 26,045
Derivative financial assets 39,270 135,079 9,154
Derivatives margin 21,053 18,586 210,816
Other receivables 17,365 17,534 14,174
Investments in associates 11,606 10,079 14,261
Operating tax assets 4,809 8,169 8,398
Investment securities at FVTPL 2,660 2,146 5,731
Assets purchased for finance lease purposes 2,140 13,093 39,742
Other 29,542 18,487 6,663
Other assets, gross 335,111 261,430 340,973
Less \u2013 Allowance for impairment of other assets (17,225) (14,483) (14,979)
Other assets, net 317,886 246,947 325,994
Other liabilities comprise:
2022 2021 2020
Derivative financial liabilities 59,020 7,865 247,520
Creditors 29,562 25,814 30,678
Payables for remittance operations 24,671 8,457 8,597
Other taxes payable 6,504 12,498 10,045
Accounts payable 5,605 7,708 11,651
Provisions 5,127 6,993 15,325
Dividends payable to non-controlling shareholders 2,379 1,746 1,578
Advances received 838 268 731
Derivatives margin \u2013 98,844 \u2013
Other 24,985 13,156 6,197
Other liabilities 158,691 183,349 332,322
The amount of write down of foreclosed assets recognised as an expense in the period amounts to GEL 2,440. The amount of
foreclosed assets recognized as an expense amounted to GEL 5,423.
In 2020, the Bank\u2019s derivative financial liabilities comprised mainly of USD-EUR contracts, the balance on which has significantly
increased as a result of a devaluation of USD as compared to EUR. The Bank was also required to provide respective collateral for
the exposure in the form of a derivatives margin.
The table below shows the fair values of derivative financial instruments, recorded as assets or liabilities, together with their
notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset or liability, reference rate
or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of
transactions outstanding at the year-end and are not indicative of the credit risk.
2022
Notional
amount
Fair value
Asset Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic 1,392,118 5,688 2,873
Forwards and swaps \u2013 foreign 4,615,758 33,234 56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR) 1,209 348 \u2013
Total derivative assets/liabilities 6,009,085 39,270 59,020
17. Other assets and other liabilities continued
2021 2020
Notional
amount
Fair value
Notional
amount
Fair value
Asset Liability Asset Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic 1,065,639 931 3,141 574,563 6,881 2,908
Forwards and swaps \u2013 foreign 5,678,727 131,321 3,339 7,057,736 724 243,510
Interest rate contracts
Forwards and swaps \u2013 foreign (IR) 1,129 296 \u2013 \u2013 \u2013 \u2013
Options \u2013 foreign (IR) 7,434 2,531 1,385 7,864 1,549 1,102
Total derivative assets/liabilities 6,752,929 135,079 7,865 7,640,163 9,154 247,520
18. Client deposits and notes
The amounts due to customers include the following:
2022 2021 2020
Current accounts 11,002,863 6,997,946 5,995,109
Time deposits 7,258,534 7,040,056 8,025,100
Client deposits and notes 18,261,397 14,038,002 14,020,209
At 31 December 2022, amounts due to customers of GEL 2,107,058 (12%) were due to the ten largest customers (2021: GEL 1,953,107
(14%), 2020: GEL 2,951,893 (21%)).
Amounts due to customers include accounts with the following types of customers:
2022 2021 2020
Individuals 11,188,080 8,501,021 7,836,351
Private enterprises 6,382,083 4,914,845 4,268,313
State and state-owned entities 691,234 622,136 1,915,545
Client deposits and notes 18,261,397 14,038,002 14,020,209
The breakdown of customer accounts by industry sector is as follows:
2022 2021 2020
Individuals 11,188,080 8,501,021 7,836,351
Financial intermediation 1,261,530 1,280,955 777,786
Trade 1,158,977 853,307 842,355
Construction 796,019 664,695 587,632
Manufacturing 759,005 444,095 315,192
Service 709,442 345,130 387,108
Government services 682,809 613,710 1,866,342
Transport and communication 513,099 418,243 538,950
Real estate 232,508 214,082 159,038
Electricity, gas and water supply 186,517 112,244 75,197
Hospitality 173,639 70,375 65,042
Other 599,772 520,145 569,216
Client deposits and notes 18,261,397 14,038,002 14,020,209
19. Amounts owed to credit institutions
Amounts due to credit institutions comprise:
2022 2021 2020
Short-term loans from the NBG 1,715,257 1,413,333 590,293
Borrowings from international credit institutions 1,439,136 1,839,921 1,583,056
Time deposits and inter-bank loans 777,638 226,015 258,920
Correspondent accounts 660,767 170,410 196,049
4,592,798 3,649,679 2,628,318
Non-convertible subordinated debt 537,794 668,766 707,648
Additional Tier 1 136,061 \u2013 \u2013
Amounts due to credit institutions 5,266,653 4,318,445 3,335,966
During the year ended 31 December 2022, the Group paid up to 7.52% on USD borrowings from international credit institutions
(2021: up to 4.18%, 2020: up to 5.49%). During the year ended 31 December 2022, the Group paid up to 10.73% on USD subordinated
debt (2021: up to 7.75%, 2020: up to 9.39%).
Some long-term borrowings from international credit institutions are received upon certain conditions (the \u2018Lender Covenants\u2019)
that the Group maintains different limits for capital adequacy, liquidity, currency positions, credit exposures, leverage and others.
At 31 December 2022, 31 December 2021 and 31 December 2020, the Group complied with all the Lender Covenants of the
significant borrowings from international credit institutions.
On 31 May 2022, the Bank signed a US$ 50 million Additional Tier 1 Capital Perpetual Subordinated Syndicated Facility with the
European Bank for Reconstruction and Development and Swedfund International AB as lenders. The amount was fully utilised as at
31 December 2022.
In June 2022, the Bank repaid the outstanding US$ 70 million of its initial US$ 90 million subordinated loan facility from the
International Finance Corporation, out of which US$ 42 million qualified as Tier II capital.
20. Debt securities issued
Debt securities issued comprise:
2022 2021 2020
Additional Tier 1 capital notes issued 267,702 306,239 323,320
Eurobonds and notes issued 226,725 932,260 1,019,120
Local bonds 44,520 151,703 102,187
Certificates of deposit 107,021 128,483 140,918
Debt securities issued 645,968 1,518,685 1,585,545
Changes in liabilities arising from financing activities
Eurobonds and
notes issued
Additional Tier
1 capital notes
issued
Carrying amount at 31 December 2019 1,406,200 282,407
Repurchase of debt securities issued (120,549) \u2013
Repayment of the principal portion of the debt securities issued (440,410) \u2013
Other movements 173,879 40,913
Carrying amount at 31 December 2020 1,019,120 323,320
Repurchase of debt securities issued (28,825) \u2013
Repayment of the principal portion of the debt securities issued (46,706) \u2013
Other movements (11,329) (17,081)
Carrying amount at 31 December 2021 932,260 306,239
Repurchase of debt securities issued (617,194) \u2013
Repayment of the principal portion of the debt securities issued (31,581) \u2013
Other movements (56,760) (38,537)
Carrying amount at 31 December 2022 226,725 267,702
21. Commitments and contingencies
Legal
Sai-invest
As at 31 December 2022, the Bank was engaged in litigation with Sai-Invest LLC (Sai-Invest) in relation to a deposit pledge in the
amount of EUR 7 million for the benefit LTD Sport Invest\u2019s loans owing to JSC Bank of Georgia. Sai-Invest LLC has challenged the
validity of the deposit pledge in the Georgian courts, and its challenge has been substantially sustained in the Court of Appeal, a
determination which the Bank believes to be erroneous and without merit, and which the Bank has appealed to the Supreme Court.
The matter is currently under review by the Supreme Court, and a decision is expected during 2023. The Bank\u2019s management is of
the opinion that the probability of incurring material losses on this claim is low, and, accordingly, no provision has been made in these
consolidated financial statements.
Financial commitments and contingencies
As at 31 December 2022, 31 December 2021 and 31 December 2020, the Group\u2019s financial commitments and contingencies comprised
the following:
2022 2021 2020
Credit-related commitments
Financial and performance guarantees issued* 1,717,308 1,686,913 1,490,028
Letters of credit 116,309 71,676 125,031
Undrawn loan facilities 869,061 809,481 685,533
2,702,678 2,568,070 2,300,592
Less \u2013 Cash held as security against letters of credit and guarantees (Note 18) (121,753) (117,379) (131,946)
Less \u2013 Provisions (5,127) (6,993) (15,325)
Operating lease commitments
Not later than 1 year 1,975 1,875 2,356
Later than 1 year but not later than 5 years 2,592 2,486 2,774
Later than 5 years 451 986 1,657
5,018 5,347 6,787
Capital expenditure commitments 6,790 4,539 2,863
* Out of total guarantees issued as at 31 December 2022 financial and performance guarantees of the Group comprised GEL 988,094 (31 December 2021: GEL 1,030,122,
31 December 2020: GEL 888,905) and GEL 729,214 (31 December 2021: GEL 656,791, 31 December 2020: GEL 601,123), respectively.
The Group discloses its undrawn loan facility balances based on the contractual terms and existing practice in regards to
disbursement of these amounts. The balances are disclosed as commitments if the Group has an established practice of disbursing
undrawn amounts without any subsequent approval.
22. Equity
Share capital
As at 31 December 2022, 31 December 2021 and 31 December 2020, issued share capital comprised 47,498,982 common shares of
BOGG, all of which were fully paid. Each share has a nominal value of one (1) British penny. Shares issued and outstanding as at
31 December 2022 are described below:
Number of
ordinary shares
Share
Capital
31 December 2019 49,169,428 1,618
31 December 2020 49,169,428 1,618
31 December 2021 49,169,428 1,618
Buyback and cancellation of own shares (1,670,446) (55)
31 December 2022 47,498,982 1,563
In the second half of 2022, the Group commenced a share buyback and cancellation programme in amount of GEL 112,700 with
the purpose to reduce its share capital and consistent with its capital and distribution policy to target a dividend/share buyback
payout ratio in the range of 30-50% of annual profits. The Group appointed Numis Securities Limited to manage the programme
and purchase shares in the open market. The share buyback and cancellation programme was completed by the end of 2022 with
purchased and cancelled ordinary shares of 1,670,446.
22. Equity continued
Treasury shares
Treasury shares are held by the Group solely for the purpose of future employee share-based compensation.
The number of treasury shares held by the Group as at 31 December 2022, comprised 2,516,151 (31 December 2021: 2,268,446,
31 December 2020: 1,638,844), with a nominal amount of GEL 83 (31 December 2021: GEL 75, 31 December 2020: GEL 54).
Dividends
Shareholders are entitled to dividends in pounds sterling.
In 2022, 2021 and 2020 the Group distributed dividends on the shares vested and exercised during 2022, 2021 and 2020, respectively.
On 16 August 2022, the shareholders of Bank of Georgia Group PLC declared an interim dividend for 2022 of Georgian Lari 1.85 per
share. The currency conversion period was set to be for the period 3 October to 7 October 2022, with the official GEL:GBP exchange
rate of 3.1671, resulting in a GBP-denominated final dividend of 0.5841 per share. Payment of the total GEL 84,418 interim dividends
was received by shareholders on 20 October 2022.
On 20 June 2022, the shareholders of Bank of Georgia Group PLC declared a final dividend for 2021 of Georgian Lari 2.33 per share.
The currency conversion period was set to be for the period 27 June to 1 July 2022, with the official GEL:GBP exchange rate of
3.5858, resulting in a GBP-denominated final dividend of 0.6498 per share. Payment of the total GEL 112,096 final dividends was
received by shareholders on 11 July 2022.
On 17 August 2021, the Board of Bank of Georgia Group PLC declared an interim dividend for 2021 of Georgian Lari 1.48 per share.
The currency conversion period was set to be 18 to 22 October 2021, with the official GEL:GBP exchange rate of 4.3219, resulting
in a GBP-denominated final dividend of 0.3424 per share. Payment of the total GEL 71,838 interim dividends was received by
shareholders on 5 November 2021.
No other dividends have been declared by Bank of Georgia Group PLC in 2020.
Nature and purpose of other reserves
Unrealised gains and losses on investment securities
This reserve records fair value changes on investment securities.
Unrealised gains and losses from dilution or sale/acquisition of shares in existing subsidiaries
This reserve records unrealised gains and losses from dilution or sale/acquisition of shares in existing subsidiaries.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial
statements of subsidiaries with functional currency other than GEL.
Movements on this account during the years ended 31 December 2022, 31 December 2021 and 31 December 2020, are presented in
the statements of other comprehensive income.
Earnings per share
2022 2021 2020
Basic earnings per share
Profit for the year attributable to ordinary shareholders of the Group 1,439,507 723,806 293,584
Weighted average number of ordinary shares outstanding during the year 46,443,820 47,543,881 47,563,734
Basic earnings per share 30.9946 15.2240 6.1724
2022 2021 2020
Diluted earnings per share
Effect of dilution on weighted average number of ordinary shares:
Dilutive unvested share options 1,013,330 1,098,682 13,690
Weighted average number of ordinary shares adjusted for the effect of dilution 47,457,150 48,642,563 47,577,424
Diluted earnings per share 30.3328 14.8801 6.1707
23. Net interest income
2022 2021 2020
Interest income calculated using EIR method 2,236,307 1,822,307 1,563,362
From loans to customers 1,917,053 1,614,647 1,371,392
From investment securities 297,528 199,802 170,281
From amounts due from credit institutions 47,864 18,312 19,002
Net (losses)/gains on modification of financial assets (26,138) (10,454) 2,687
Other interest income 20,574 28,737 32,065
From finance lease receivable 20,574 28,727 31,999
From other assets \u2013 10 66
Interest income 2,256,881 1,851,044 1,595,427
On client deposits and notes (569,436) (497,742) (443,616)
On amounts owed to credit institutions (426,950) (297,953) (267,306)
On debt securities issued (84,990) (112,431) (142,373)
Interest element of cross-currency swaps 29,402 30,632 52,312
On lease liability (4,855) (4,980) (5,387)
Interest expense (1,056,829) (882,474) (806,370)
Deposit insurance fees (17,717) (14,629) (11,415)
Net interest income 1,182,335 953,941 777,642
In 2020, a GEL 39,730 (Note 27) net one-off loss on modification of financial assets was recorded in relation to the three-month
payment holidays on principal and interest offered to our Retail Banking clients, as an immediate response to the COVID-19 pandemic
outbreak, in order to reduce the requirement for customers to physically visit Bank branches and reduce the risk of the virus spreading.
The net loss incurred as a result of these modifications has been classified as a non-recurring item in the income statement.
24. Net fee and commission income
2022 2021 2020
Settlements operations 446,092 307,471 213,865
Guarantees and letters of credit 35,283 34,402 28,373
Currency conversion operations 34,546 15,783 8,438
Cash operations 26,896 14,439 11,883
Brokerage service fees 7,676 6,912 6,501
Advisory 4,241 5,981 1,463
Other 4,731 5,841 3,935
Fee and commission income 559,465 390,829 274,458
Settlements operations (197,089) (134,390) (90,357)
Cash operations (27,211) (9,626) (8,903)
Currency conversion operations (6,403) (2,571) (2,256)
Brokerage service fees (5,079) (4,894) (3,847)
Guarantees and letters of credit (323) (724) (505)
Advisory (316) (653) (63)
Other (5,553) (5,540) (3,024)
Fee and commission expense (241,974) (158,398) (108,955)
Net fee and commission income 317,491 232,431 165,503
Revenue from customers
In 2022, the Group recognised GEL 481,375 revenue from contracts with customers in the income statement, including fee and
commission as well as net other income (2021: GEL 341,873, 2020: GEL 242,238).
24. Net fee and commission income continued
Contract assets and liabilities
As at 31 December 2022, the Group has recognised GEL 50,451 revenue-related contract liabilities (2021: GEL 40,878, 2020:
GEL 36,653). Accounts receivable are recognised when the right to consideration becomes unconditional. Deferred revenue is
recognised as revenue as we perform under the contract.
The Group does not adjust the promised amount of consideration for the effects of a significant financing component if the Group
expects, at contract inception, that the period between when the Group transfers a promised good or service to a customer and
when the customer pays for that good or service will be one year or less.
In 2022, the Group recognised GEL 38,495 revenue (2021: GEL 10,619, 2020: GEL 11,802) that relates to carried-forward contract
liabilities and was previously included in the deferred income.
Transaction price allocated to the remaining performance obligations
The following table includes revenue expected to be recognised in the future related to performance obligations that are unsatisfied
at the reporting date:
In 1 year In 2 years In 3 years In 3 to 5 years In 5 to 10 years Total
As at 31 December 2022 47,793 2,466 128 46 18 50,451
As at 31 December 2021 39,292 1,119 388 76 3 40,878
As at 31 December 2020 12,905 1,544 1,303 2,198 18,703 36,653
25. Salaries and other employee benefits, and general and administrative expenses
Salaries and other employee benefits
2022 2021 2020
Salaries and bonuses (350,758) (272,148) (232,097)
Social security costs (6,818) (5,107) (4,410)
Pension costs (4,443) (3,832) (3,100)
Salaries and other employee benefits (362,019) (281,087) (239,607)
In 2022, salaries and bonuses include GEL 82,025 of the Equity Compensation Plan costs (2021: GEL 45,307, 2020: GEL 53,741),
associated with the existing share-based compensation scheme approved by the Group (Note 28).
The average number of staff employed by the Group for the years ended 31 December 2022, 31 December 2021 and 31 December
2020, comprised:
2022 2021 2020
The Bank 6,324 6,012 5,758
BNB 654 540 545
Other 1,041 1,035 960
Average total number of staff employed 8,019 7,587 7,263
25. Salaries and other employee benefits, and general and administrative
expenses continued
General and administrative expenses
2022 2021 2020
Repairs and maintenance (47,943) (40,257) (24,320)
Marketing and advertising (35,316) (23,264) (17,394)
Legal and other professional services (17,396) (14,682) (14,508)
Operating taxes (13,539) (13,393) (14,183)
Office supplies (8,571) (6,562) (6,275)
Communication (7,959) (6,440) (5,830)
Occupancy and rent (6,257) (5,890) (5,977)
Travel expenses (5,387) (3,808) (3,231)
Insurance (3,945) (3,685) (3,420)
Security (3,219) (3,461) (2,782)
Corporate hospitality and entertainment (6,181) (2,022) (1,380)
Personnel training and recruitment (4,304) (1,895) (1,726)
Other (4,433) (4,165) (4,505)
General and administrative expenses (164,450) (129,524) (105,531)
Auditor remuneration
Auditor remuneration comprises:
2022 2021 2020
Fees payable for the audit of the Company\u2019s current year Annual Report 770 635 587
Fees payable for other services:
Audit of the Company\u2019s subsidiaries 905 968 973
Total audit fees 1,675 1,603 1,560
Audit-related assurance services:
Review of the Company\u2019s and subsidiaries\u2019 interim accounts 397 366 339
Other assurance services 32 31 307
Total audit-related fees 429 397 646
Non-audit services:
Other assurance services 12 12 \u2013
Total other services fees 12 12 \u2013
Total fees 2,116 2,012 2,206
The figures shown in the above table relate to fees of Ernst & Young LLP (EY) and its associates. In 2022, fees paid to other auditors
not associated with EY in respect of the audit of the Parent and Group\u2019s subsidiaries were GEL 247 (2021: GEL 273, 2020: GEL 257),
and in respect of other services of the Group were GEL 579 (2021: GEL 823, 2020: GEL 377).
26. Cost of risk
The table below shows ECL charges on financial instruments and provision for guarantees for the year recorded in the
income statement:
Stage 1 Stage 2 Stage 3
POCI TotalIndividual Collective Collective Individual Collective
Cash and cash equivalents \u2013 (334) \u2013 \u2013 \u2013 \u2013 (334)
Amounts due from credit institutions \u2013 (5,179) \u2013 \u2013 \u2013 \u2013 (5,179)
Investment securities measured at amortised cost \u2013
debt instruments \u2013 (2,387) \u2013 \u2013 \u2013 \u2013 (2,387)
Investment securities measured at FVOCI \u2013
debt instruments \u2013 (3,896) \u2013 \u2013 \u2013 \u2013 (3,896)
Loans to customers at amortised cost \u2013 21,327 (15,433) 53,195 (177,169) (10,598) (128,678)
Finance lease receivables \u2013 292 487 784 (1,886) (2,885) (3,208)
Accounts receivable and other loans \u2013 \u2013 \u2013 (255) \u2013 \u2013 (255)
Other financial assets \u2013 (4,205) \u2013 \u2013 \u2013 \u2013 (4,205)
Financial and performance guarantees \u2013 (437) 6 32 2 \u2013 (397)
Letter of credit to customers \u2013 (33) \u2013 65 \u2013 \u2013 32
Other financial commitments \u2013 140 292 \u2013 \u2013 \u2013 432
For the year ended 31 December 2022 \u2013 5,288 (14,648) 53,821 (179,053) (13,483) (148,075)
Stage 1 Stage 2 Stage 3
POCI TotalIndividual Collective Collective Individual Collective
Cash and cash equivalents \u2013 48 \u2013 \u2013 \u2013 \u2013 48
Amounts due from credit institutions \u2013 66 \u2013 \u2013 \u2013 \u2013 66
Investment securities measured at FVOCI \u2013
debt instruments \u2013 1,090 \u2013 \u2013 \u2013 \u2013 1,090
Loans to customers at amortised cost \u2013 (2,059) 28,901 4,632 (31,291) (1,635) (1,452)
Finance lease receivables \u2013 (513) (204) (264) (2,774) (1,195) (4,950)
Accounts receivable and other loans (117) \u2013 \u2013 \u2013 \u2013 \u2013 (117)
Other financial assets \u2013 (2,621) \u2013 \u2013 \u2013 \u2013 (2,621)
Financial and performance guarantees \u2013 6,599 53 3,733 (7) \u2013 10,378
Letter of credit to customers \u2013 1,543 \u2013 328 \u2013 \u2013 1,871
Other financial commitments \u2013 (1,136) (443) \u2013 \u2013 \u2013 (1,579)
For the year ended 31 December 2021 (117) 3,780 28,307 8,429 (34,072) (2,830) 3,497
Stage 1 Stage 2 Stage 3
POCI TotalIndividual Collective Collective Individual Collective
Cash and cash equivalents \u2013 63 \u2013 \u2013 \u2013 \u2013 63
Amounts due from credit institutions \u2013 (56) \u2013 \u2013 \u2013 \u2013 (56)
Investment securities measured at FVOCI \u2013
debt instruments \u2013 (458) \u2013 \u2013 \u2013 \u2013 (458)
Loans to customers at amortised cost \u2013 (61,219) (49,502) (62,612) (62,439) (1,211) (236,983)
Finance lease receivables \u2013 310 (1,018) (967) (6,350) \u2013 (8,025)
Accounts receivable and other loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Financial and performance guarantees \u2013 (4,091) (33) (3,091) \u2013 \u2013 (7,215)
Letter of credit to customers \u2013 (1,317) \u2013 (380) \u2013 \u2013 (1,697)
Other financial commitments \u2013 158 (69) \u2013 \u2013 \u2013 89
For the year ended 31 December 2020 \u2013 (80,558) (50,622) (67,050) (68,789) (1,211) (268,230)
In addition, in 2022 ECL charge includes GEL 16,105 cost incurred by the Group through synthetic agreement to accelerate the
recovery process related to one of its defaulted borrowers. Such cost is not reflected in the ECL movement, but recorded directly
through the consolidated income statement.
Impairment charge on other assets and provisions comprise:
2022 2021 2020
Litigation provision reversal/(charge) 46,645 (35,584) (19,538)
Impairment (charge)/reversal on assets held for sale (4,296) (3,805) (6,640)
Other impairment charge (13,342) (15,520) (6,589)
Impairment charge on other assets and provisions 29,007 (54,909) (32,767)
27. Net non-recurring items
2022 2021 2020
Modification loss of financial assets* \u2013 \u2013 (39,730)
Corporate social responsibility expense** \u2013 \u2013 (1,454)
Other 1,038 (590) (127)
Net non-recurring gains/(losses) 1,038 (590) (41,311)
* Modification loss of financial assets: in response to the COVID-19 outbreak, the Group implemented an initiative to grant a three-month grace period to its borrowers with
the interest accrued for grace period being deferred and either allocated over the original repayment schedule till maturity on a straight-line basis (i.e. no compounding
applied) or in some cases beyond maturity (i.e. maturity extended by three months). The payment holiday was intended to reduce customer traffic to branches and thus
reduce chances of a rapid spread of the virus in the country. The noted immediate social response to the COVID-19 pandemic resulted in modification loss in amount of
GEL 39,730. Given the initiative was driven by high social responsibility motives and was similar to a CSR cost with high degree of abnormality and extraordinary nature,
such modification losses were presented as a non-recurring item in the Group\u2019s consolidated financial statements.
** In 2020, corporate social responsibly expense: in order to assist in the fight against the COVID-19 pandemic the Group purchased and donated laboratory tests, respiratory
equipment, etc. to the Government of Georgia on a one-off basis.
28. Share-based payments
Executives\u2019 Equity Compensation Plan (EECP) and Employees\u2019 Equity Compensation Plan
In 2015, the Group set up the Executive Equity Compensation Trustee \u2013 Apex Group Fiduciary Services Limited (previously known
as Sanne Fiduciary Services Limited) Limited (the \u2018Trustee\u2019) which acts as the trustee of the Group\u2019s EECP. In 2022, the Trustee has
repurchased 695,750 shares (2021: 699,998 shares, 2020: 0 shares).
In 2019, the Group set up the Group\u2019s Employee Equity Compensation Trustee \u2013 Apex Group Fiduciary Services Limited (previously
known as Sanne Fiduciary Services Limited) Limited (the \u2018Trustee\u2019) which acts as the trustee of Employees\u2019 Equity Compensation
Plan. In 2022, the Trustee has repurchased 319,231 shares (2021: 485,820 shares, 2020: 234,563 shares).
Share-based payment transactions fixed in monetary terms
In 2022, the Group introduced the new remuneration policy for the Management Board and Key Material Risk Taker (MRT) employees.
Under the new policy, part of the fixed component of the remuneration is fixed in monetary terms at the date of the contract and
shall be paid by award of the number of shares equivalent to the fixed monetary value as at the date of the award. Such awards
vest immediately following the award year and are subject to up to four-year holding period. For the CEO, annual remuneration
paid in shares are fixed every three years, whereas for other members of the Management Board and MRTs the remuneration is
set on annual basis. As for the variable share remuneration, it is awarded annually in the form of nil-cost options over the shares of
BOGG PLC and is also fixed in monetary terms at the date of the contract. Such awards are subject to vesting and holding periods.
The awards of shares in monetary terms are accounted as equity-settled transactions and are measured by reference to the
monetary value (as awarded) adjusted for the time value of money where necessary. The cost of equity-settled transactions is
recognised together with the corresponding increase in equity as part of additional paid-in capital, over the period in which the
service conditions are fulfilled, ending on the date when the relevant employee is fully entitled to the award (the \u2018vesting date\u2019).
In January 2022, BOGG\u2019s Remuneration Committee resolved to award 350,017 ordinary shares of Bank of Georgia Group PLC to the
members of the Management Board and 54,851 ordinary shares of Bank of Georgia Group PLC to the Group\u2019s 13 executives. Shares
awarded to the Management Board are subject to two-year vesting and two-year holding periods, while those awarded to the
other 13 executives are subject to three-year vesting periods with continuous employment being the only vesting condition for both
awards. The Group considers 31 January 2022 as the grant date. The Group estimates that the fair value of the shares awarded on
31 January 2022 was Georgian Lari 59.98 per share.
In March 2021, BOGG\u2019s Remuneration Committee resolved to award 20,100 ordinary shares of Bank of Georgia Group PLC to
the members of the Management Board and 176,218 ordinary shares of Bank of Georgia Group PLC to the Group\u2019s 46 executives.
Shares awarded to the Management Board and to the other 46 executives are subject to three-year vesting periods with continuous
employment being the only vesting condition for both awards. The Group considers 11 March 2021 as the grant date. The Group
estimates that the fair value of the shares awarded on 11 March 2021 was Georgian Lari 50.12 per share.
In January 2020, BOGG\u2019s Remuneration Committee resolved to award 271,460 ordinary shares of Bank of Georgia Group PLC to
the members of the Management Board and 315,869 ordinary shares of Bank of Georgia Group PLC to the Group\u2019s 49 executives.
Shares awarded to the Management Board are subject to two-year vesting and two-year holding periods, while those awarded
to the other 49 executives are subject to three-year vesting periods with continuous employment being the only vesting condition
for both awards. The Group considers 31 January 2020 as the grant date. The Group estimates that the fair value of the shares
awarded on 31 January 2020 was Georgian Lari 56.98 per share.
28. Share-based payments continued
Executives\u2019 Equity Compensation Plan (EECP) and Employees\u2019 Equity Compensation Plan continued
Share-based payment transactions fixed in monetary terms continued
In 2022, Management Board members signed fixed contingent share-based compensation agreements, with fixed contract values
of GEL 46,168. The Group considers 1 January 2022 and 30 June 2022 as the grant dates for the awards. The Group estimated the
value of the shares were Georgian Lari 64.10 and 60.77 per share respectively, based on the five working day average share price
before the 25 December 2021, respectively. The awards will be subject to one-year vesting and three-year holding periods.
In 2022, the Group\u2019s other executive members signed fixed contingent share-based compensation agreements, with fixed contract
values of GEL 4,493. The Group considers 1 January 2022 and 1 July 2022 as the grant dates for the awards. The Group estimated
the value of the shares were Georgian Lari 64.10 and 60.76 per share respectively, based on the five working day average share price
before the 25 December 2021, respectively. The awards will be subject to one-year vesting and three-year holding periods.
In 2021, key executive members signed fixed contingent share-based compensation agreements with the total of 10,000 ordinary
shares of BOGG. The awards will be subject to three-year vesting periods. The Group considers 1 March 2021 as the grant dates for
the awards. The Group estimated that the fair value of the shares awarded on 1 March 2021 were Georgian Lari 45.89 per share.
In 2021, the Group\u2019s other executive members signed fixed contingent share-based compensation agreements, with fixed contract
values of GEL 2,065. The Group considers 1 May 2021 and 1 October 2021 as the grant dates for the awards. The Group estimated
the value of the shares were Georgian Lari 51.57 and 66.12 per share, respectively, based on the five working day average share price
before the grant dates of 1 May 2021 and 1 October 2021, respectively. The awards will be subject to one-year vesting and three-year
holding periods.
In 2020, new Management Board members and one key executive signed new three-year fixed contingent share-based compensation
agreements with the total of 120,000 and 30,000 ordinary shares of BOGG, respectively. The total amount of shares fixed to each
executive will be awarded in three equal instalments during the three consecutive years, of which each award will be subject to a
three-year vesting period. The Group considers 3 June 2020 and 29 December 2020 as the grant dates for the awards. The Group
estimated that the fair value of the shares awarded on 3 June 2020 and 29 December 2020 were Georgian Lari 39.91 and 54.61 per
share, respectively.
In 2020, existing Management Board members\u2019 share-based compensation agreements were amended with the total effect of
33,333 ordinary shares of BOGG. The Group considers 23 December 2020 as the grant date for the awards. The Group estimated
that the fair value of the shares awarded on 23 December 2020 were Georgian Lari 53.48 per share.
The Bank grants share compensation to its non-executive employees. In January 2022, March 2021 and January 2020, the
Supervisory Board of the Bank resolved to award 212,327, 188,694 and 252,614 ordinary shares, respectively, to its certain non-
executive employees. All these awards are subject to three-year vesting periods, with continuous employment being the only
vesting condition for all awards. The Group considers 31 January 2022, 11 March 2021 and 31 January 2020 as the grant dates of
these awards, respectively. The Group estimated that the fair values of the shares awarded on 31 January 2022, 11 March 2021 and
31 January 2020 were Georgian Lari 59.98, 50.12 and 56.98 per share, respectively.
Summary
Fair value of the shares granted at the measurement date is determined based on available market quotations.
The weighted average fair value of share-based awards at the grant date was Georgian Lari 62.25 per share in year ended
31 December 2022 (31 December 2021: Georgian Lari 50.93 per share, 31 December 2020: Georgian Lari 55.91).
The Group\u2019s total share-based payment expenses for the year ended 31 December 2022 amounted to GEL 82,025 (31 December 2021:
GEL 45,307, 31 December 2020: GEL 53,741) and are included in \u2018salaries and other employee benefits\u2019, as \u2018salaries and bonuses\u2019.
Below is the summary of the share-based payments-related data:
2022 2021 2020
Total number of equity instruments awarded 1,405,389 434,770 1,023,276
\u2013 Among them, to the Management Board
1,071,053 30,100 424,793
Weighted average value at grant date, per share (GEL in full amount) 62.25 50.93 55.91
Value at grant date, total (GEL) 87,481 22,143 57,211
Total expense recognised during the year (GEL) (82,025) (45,307) (53,741)
During 2022 BOGG Directors exercised 70,646 (2021: 16,965) share options with fair value of GEL 3,602 (2021: 966). Weighted average
share price was GEL 19.61 per share. During 2020 BOGG Directors did not exercise any share options.
29. Risk management
Introduction
Risk is inherent in the Group\u2019s activities, but it is managed through a process of ongoing identification, measurement and monitoring,
subject to risk limits and other controls. This process of risk management is critical to the Group\u2019s continuing profitability and each
individual within the Group is accountable for the risk exposures relating to his or her responsibilities. The Group is exposed to credit
risk, liquidity risk and market risk, the latter being subdivided into trading and non-trading risks. It is also subject to operational risks.
The independent risk control process does not include business risks such as changes in the environment, technology and industry.
They are monitored through the Group\u2019s strategic planning process.
Risk management structure
The Bank\u2019s risk management framework and risk appetite framework policies are based on the three lines of defence model and
reflect the requirements of the Corporate Governance Code adopted by the NBG. The three lines of defence model enhances the
understanding of risk management and control by clarifying roles and responsibilities within the Bank\u2019s different risk management
bodies and business units in order to increase the effective management of risk and control.
Audit Committee
The Audit Committee assists the Board in relation to the oversight of the Group\u2019s financial and reporting processes. It monitors
the integrity of the financial statements and is responsible for governance around both the Internal Audit function and external
auditor, reporting back to the Board. It reviews the effectiveness of the policies, procedures and systems in place related to, among
other operational risks, compliance, IT and internal security (including cyber-security), and works closely with the Risk Committee
in connection with assessing the effectiveness of the risk management and internal control framework.
Risk Committee
The Risk Committee assists the Board in relation to the oversight of risk. It reviews the Group\u2019s risk appetite in line with strategy,
identifies and monitors risk exposure and the risk management infrastructure, oversees the implementation of strategy to address
risk, and in conjunction with the Audit Committee, assesses the strength and effectiveness of the risk management and internal
control framework.
Management Board
The Management Board has overall responsibility for the Bank\u2019s asset, liability and risk management activities, policies and
procedures. In order to effectively implement the risk management system, the Management Board delegates individual risk
management functions to each of the various decision-making and execution bodies within the Bank.
Credit Committees
The Bank has five Credit Committees, each responsible for supervising and managing the Bank\u2019s credit risks in respect of loans and
counterparty credit exposures. Each Credit Committee comprises tiers of subcommittees and approves individual loan transactions.
Lower tier subcommittees meet on a daily basis, whereas higher tier ones meet as needed, typically one or two times a week. Each
of the subcommittees of the Credit Committees makes its decisions by a majority vote of its members.
Bank Asset and Liability Management Committee
The Bank\u2019s Asset and Liability Management Committee (ALCO) is the core asset liability management (ALM) and risk management
body that establishes policies and guidelines with respect to capital adequacy, market risks and respective limits, funding liquidity
risk and respective limits, interest rate and prepayment risks and respective limits, money market general terms and credit exposure
limits. ALCO designs and implements respective risk management and stress testing models, regularly monitors compliance with
the pre-set risk limits, and approves treasury deals with non-standard terms.
Internal Audit
The Internal Audit function is responsible for the annual audit of the Group\u2019s risk management, internal control and corporate
governance processes, with the aim of reducing the levels of operational and other risks, auditing the Group\u2019s internal control
systems and detecting any infringements or errors on the part of the Group\u2019s departments and divisions. It examines both the
adequacy and the Group\u2019s compliance with those procedures. The Group\u2019s Internal Audit department discusses the results of all
assessments with management, and reports its findings and recommendations to the Audit Committee.
Risk measurement and reporting systems
The Bank applies a variety of risk metrics to measure its exposures, ranging from operational indicators to forward looking/
statistical model-based approaches and stress scenarios.
The Bank has established risk appetite limits for its principal risks, which are approved by the Supervisory Board. Monitoring and
controlling of these risks are performed with reference to these limits. They reflect the business strategy and market environment
in which the Bank operates and they set the boundaries for the level of risk the Bank is willing to take in pursuit of its strategic
objectives. The Bank continuously monitors the landscape to ensure that any significant changes in the underlying assumptions
and/or conditions are identified and adapted in a timely manner.
29. Risk management continued
Introduction continued
Risk measurement and reporting systems continued
Information compiled from all the businesses is examined and processed in order to analyse, control and identify early risks. This
information is presented and explained to the Management Board, and the head of each business division. The reports include
aggregate credit exposures, liquidity ratios and changes to the risk profile. Senior management assesses the appropriateness of the
ECL on a monthly basis. The Management Board receives a comprehensive credit risk report and ALCO report. These reports are
designed to provide all the necessary information to assess and conclude on the risks of the Bank.
For all levels throughout the Bank, specifically tailored risk reports are prepared and distributed in order to ensure that all business
divisions have access to extensive, relevant and up-to-date information.
A daily briefing is given to the Management Board and all other relevant employees of the Group on the utilisation of market limits,
proprietary investments and liquidity, plus any other risk developments.
Risk mitigation
As part of its overall risk management, the Group uses derivatives and other instruments to manage exposures resulting from
changes in interest rates, foreign currencies, equity risks, credit risks, and exposures arising from forecast transactions. While these
are intended for hedging, they do not qualify for hedge accounting.
The Group actively uses collateral to reduce its credit risks (see below for more detail).
Excessive risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same
geographic region, or these counterparties represent related parties to each other, or have similar economic features that would
cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions.
Concentrations also involve combined, aggregate exposures of large and significant credits compared with the total outstanding
balance of the respective financial instrument. Concentrations indicate the relative sensitivity of the Group\u2019s performance to
developments affecting a particular industry or geographical location.
In order to avoid excessive concentrations of risks, the Group\u2019s policies and procedures include specific guidelines to focus on,
maintaining a diversified portfolio of financial assets. Identified concentrations of credit risks or liquidity/repayment risks are
controlled and managed accordingly.
Credit risk
Credit risk is the risk that the Group will incur a loss because its customers fail to discharge their contractual obligations. The Group
manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties and for
geographical, industry, product and currency concentrations, and by monitoring exposures in relation to such limits.
The Group has established a credit quality review process to provide early identification of possible changes in the creditworthiness
of counterparties, including regular collateral revisions. Counterparty limits are established by the use of a credit risk classification
system, which assigns each counterparty a risk rating. Risk ratings are subject to regular revision.
The credit quality review process allows the Group to assess the potential loss as a result of the risks to which it is exposed and take
corrective action. The maximum credit exposure is limited to the carrying value of respective instruments and notional amounts of
guarantees and commitments provided.
Derivative financial instruments
Credit risk arising from derivative financial instruments is, at any time, limited to those with positive fair values, as recorded in the
statement of financial position.
Credit-related commitment risks
The Group makes available to its customers guarantees and letters of credit which may require that the Group make payments on
their behalf. Such payments are collected from customers based on the terms of the guarantee and letter of credit. They expose the
Group to similar risks to loans and these are mitigated by the same control processes and policies.
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets
The credit quality of financial assets is managed by the Group through internal and external credit ratings used in ECL calculations.
For corporate loan portfolios, the Group runs an internal rating model in which its customers are rated from 1 to 7 using internal
grades. The models incorporate both qualitative and quantitative information and, in addition to information specific to each
borrower, utilising supplemental external information that could affect the borrower\u2019s behaviour. It is the Group\u2019s policy to maintain
accurate and consistent risk ratings across the credit portfolio. This facilitates focused management of the applicable risks and
the comparison of credit exposures across all lines of business, geographic regions and products. The rating system is supported
by a variety of financial analytics to provide the main inputs for the measurement of counterparty risk. All internal risk ratings are
tailored to the various categories and are derived in accordance with the Group\u2019s rating policy. Attributable risk ratings are assessed
and updated regularly.
For Retail, Micro and SME loans, the Group uses external ratings provided by Credit Bureau.
The Group\u2019s treasury, trading and inter-bank relationships and counterparties comprise financial services institutions, banks and
broker-dealers. For these, where external ratings provided by rating agencies are available, the Group Credit Risk department uses
such external ratings. For those where external ratings are not available internal ratings are assigned.
The table below shows internal and external grades used in ECL calculating.
Internal rating description* Internal rating grades
External rating grades
Credit Bureau Standard & Poor\u2019s
High grade
Aaa 1 A AAA
Aa1 2+ B AA+
Aa2 2 C1 AA
Aa3 2- C2 AA-
A1 3+ C3 A+
A2 3 A
A3 3- A-
Baa1 4+ BBB+
Baa2 4 BBB
Baa3 4- BBB-
Standard grade
Ba1 5+ D1 BB+
Ba2 5 D2 BB
Ba3 5- D3 BB-
B1 6+ B+
B2 6 B
Low grade
B3 6- E1 B-
Caa1 7+ E2 CCC+
Caa2 7 E3 CCC
Caa3 7- CCC-
Ca CC
C
* Grades are not supposed to be linked to each other across the rating categories above.
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
The table below shows the credit quality by class of asset in the statement of financial position, presented in gross amounts, based
on the Group\u2019s credit rating system.
A defaulted financial asset that is past due more than 90 days is assessed as a non-performing loan or as determined on individual
basis based on other available information regarding financial difficulties of the borrower.
Cash and cash equivalents, excluding cash on hand Stage 1 Total
High grade 1,372,649 1,372,649
Standard grade 610,846 610,846
Low grade 18,466 18,466
Not rated 531,178 531,178
Balance at 31 December 2022 2,533,139 2,533,139
Amounts due from credit institutions Stage 1 Total
High grade 2,396,898 2,396,898
Standard grade 11,871 11,871
Low grade \u2013 \u2013
Not rated 29,577 29,577
Balance at 31 December 2022 2,438,346 2,438,346
Investment securities measured at amortised cost \u2013 debt instruments Stage 1 Total
High grade 129,670 129,670
Standard grade 197,658 197,658
Not rated 54,407 54,407
Balance at 31 December 2022 381,735 381,735
Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Stage 3 Total
High grade 2,337,628 \u2013 2,337,628
Standard grade 1,546,907 \u2013 1,546,907
Low grade \u2013 \u2013 \u2013
Not rated 76,381 1,619 78,000
Balance at 31 December 2022 3,960,916 1,619 3,962,535
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 2,484,436 78,817 \u2013 \u2013 2,563,253
Standard grade 1,466,457 123,274 \u2013 310 1,590,041
Low grade 238,808 391,875 \u2013 1,187 631,870
Not rated 322,120 17,341 3,605 \u2013 343,066
Defaulted
Non-performing \u2013 \u2013 169,661 14,453 184,114
Other \u2013 \u2013 3,322 \u2013 3,322
Balance at 31 December 2022 4,511,821 611,307 176,588 15,950 5,315,666
Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 3,020,624 22,479 \u2013 4,103 3,047,206
Standard grade 657,117 37,241 \u2013 4,446 698,804
Low grade 107,484 108,764 \u2013 3,402 219,650
Not rated 140,681 1,082 \u2013 \u2013 141,763
Defaulted
Non-performing \u2013 \u2013 53,073 13,650 66,723
Other \u2013 \u2013 16,584 2,474 19,058
Balance at 31 December 2022 3,925,906 169,566 69,657 28,075 4,193,204
Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 2,026,620 43,580 \u2013 347 2,070,547
Standard grade 1,022,762 67,959 \u2013 361 1,091,082
Low grade 145,066 75,782 \u2013 45 220,893
Not rated 281,391 13,142 10 207 294,750
Defaulted
Non-performing \u2013 \u2013 135,965 1,658 137,623
Other \u2013 \u2013 10,542 226 10,768
Balance at 31 December 2022 3,475,839 200,463 146,517 2,844 3,825,663
Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 2,003,630 13,253 \u2013 2,412 2,019,295
Standard grade 872,122 39,737 \u2013 1,763 913,622
Low grade 202,919 159,751 \u2013 2,021 364,691
Not rated 164,520 1,134 103 \u2013 165,757
Defaulted
Non-performing \u2013 \u2013 70,885 11,279 82,164
Other \u2013 \u2013 51,004 5,521 56,525
Balance at 31 December 2022 3,243,191 213,875 121,992 22,996 3,602,054
Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 61,635 195 \u2013 \u2013 61,830
Standard grade 43,456 1,077 \u2013 \u2013 44,533
Low grade 39,509 7,339 \u2013 \u2013 46,848
Not rated 2,925 2 493 \u2013 3,420
Defaulted
Non-performing \u2013 \u2013 1,318 \u2013 1,318
Other \u2013 \u2013 6,605 \u2013 6,605
Balance at 31 December 2022 147,525 8,613 8,416 \u2013 164,554
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total
High grade 17,702 4,495 \u2013 \u2013 22,197
Standard grade \u2013 694 \u2013 \u2013 694
Low grade \u2013 \u2013 \u2013 \u2013 \u2013
Not rated 41,829 1,262 5,101 \u2013 48,192
Defaulted
Non-performing \u2013 \u2013 3,814 11,909 15,723
Other \u2013 \u2013 5,240 3,302 8,542
Balance at 31 December 2022 59,531 6,451 14,155 15,211 95,348
Accounts receivable Stage 1 Total
Not rated 400,111 400,111
Balance at 31 December 2022 400,111 400,111
Other financial assets Stage 1 Total
Not rated 104,107 104,107
Balance at 31 December 2022 104,107 104,107
Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total
High grade 1,049,817 103 \u2013 \u2013 1,049,920
Standard grade 241,914 4,357 \u2013 \u2013 246,271
Low grade 223,983 20,097 \u2013 \u2013 244,080
Not rated 163,278 111 \u2013 \u2013 163,389
Other \u2013 \u2013 13,648 \u2013 13,648
Balance at 31 December 2022 1,678,992 24,668 13,648 \u2013 1,717,308
Letters of credit Stage 1 Stage 2 Stage 3 POCI Total
High grade 76,091 \u2013 \u2013 \u2013 76,091
Standard grade 39,671 \u2013 \u2013 \u2013 39,671
Not rated 547 \u2013 \u2013 \u2013 547
Balance at 31 December 2022 116,309 \u2013 \u2013 \u2013 116,309
Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total
High grade 498,164 306 \u2013 \u2013 498,470
Standard grade 259,919 6,168 \u2013 \u2013 266,087
Low grade 7,719 7,829 \u2013 \u2013 15,548
Not rated 87,136 82 \u2013 1 87,219
Defaulted
Non-performing \u2013 \u2013 1,537 1 1,538
Other \u2013 \u2013 199 \u2013 199
Balance at 31 December 2022 852,938 14,385 1,736 2 869,061
Cash and cash equivalents, excluding cash on hand Stage 1 Total
High grade 480,889 480,889
Standard grade 78,953 78,953
Low grade 134 134
Not rated 209,548 209,548
Balance at 31 December 2021 769,524 769,524
Amounts due from credit institutions Stage 1 Total
Standard grade 1,903,301 1,903,301
Not rated 28,420 28,420
Balance at 31 December 2021 1,931,721 1,931,721
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Total
High grade 1,031,369 1,031,369
Standard grade 1,464,107 1,464,107
Low grade 13,804 13,804
Not rated 79,948 79,948
Balance at 31 December 2021 2,589,228 2,589,228
Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 2,815,718 11,769 \u2013 \u2013 2,827,487
Standard grade 1,318,613 166,392 \u2013 \u2013 1,485,005
Low grade 369,056 176,236 \u2013 7,131 552,423
Not rated 430,925 20,536 3,524 \u2013 454,985
Defaulted
Non-performing \u2013 \u2013 212,134 10,883 223,017
Other \u2013 \u2013 11,267 \u2013 11,267
Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184
Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 2,751,165 67,134 \u2013 2,163 2,820,462
Standard grade 616,665 84,564 \u2013 4,284 705,513
Low grade 112,440 106,454 \u2013 5,083 223,977
Not rated 149,099 1,818 \u2013 \u2013 150,917
Defaulted
Non-performing \u2013 \u2013 31,140 3,767 34,907
Other \u2013 \u2013 73,374 12,908 86,282
Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058
Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 1,733,636 103,160 \u2013 308 1,837,104
Standard grade 932,109 90,631 \u2013 1,588 1,024,328
Low grade 108,045 69,942 \u2013 561 178,548
Not rated 506,359 29,740 11 \u2013 536,110
Defaulted
Non-performing \u2013 \u2013 115,794 2,125 117,919
Other \u2013 \u2013 35,694 2,053 37,747
Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756
Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 1,415,629 23,339 \u2013 858 1,439,826
Standard grade 758,684 54,826 \u2013 1,640 815,150
Low grade 272,104 135,897 \u2013 2,259 410,260
Not rated 189,021 964 267 \u2013 190,252
Defaulted
Non-performing \u2013 \u2013 41,757 1,141 42,898
Other \u2013 \u2013 65,618 17,301 82,919
Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 58,481 295 \u2013 \u2013 58,776
Standard grade 41,990 2,606 \u2013 \u2013 44,596
Low grade 19,639 7,215 \u2013 \u2013 26,854
Not rated 32,677 \u2013 \u2013 \u2013 32,677
Defaulted
Non-performing \u2013 \u2013 1,003 \u2013 1,003
Other \u2013 \u2013 1,511 \u2013 1,511
Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417
Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total
High grade 8,585 3,221 \u2013 \u2013 11,806
Standard grade 8,337 2,733 \u2013 \u2013 11,070
Low grade 8,515 5,850 \u2013 \u2013 14,365
Not rated 55,737 5,780 \u2013 \u2013 61,517
Defaulted
Non-performing \u2013 \u2013 605 \u2013 605
Other \u2013 \u2013 16,007 9,582 25,589
Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952
Accounts receivable Stage 1 Total
Not rated 6,097 6,097
Balance at 31 December 2021 6,097 6,097
Other financial assets Stage 1 Total
Not rated 52,575 52,575
Balance at 31 December 2021 52,575 52,575
Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total
High grade 307,607 24,337 \u2013 \u2013 331,944
Standard grade 91,528 7,799 \u2013 \u2013 99,327
Low grade 58,376 3,334 \u2013 \u2013 61,710
Not rated 1,193,179 9 \u2013 \u2013 1,193,188
Defaulted
Other \u2013 \u2013 744 \u2013 744
Balance at 31 December 2021 1,650,690 35,479 744 \u2013 1,686,913
Letters of credit Stage 1 Stage 2 Stage 3 POCI Total
High grade 67,925 \u2013 \u2013 \u2013 67,925
Standard grade 1,743 \u2013 \u2013 \u2013 1,743
Low grade 410 \u2013 \u2013 \u2013 410
Not rated 1,598 \u2013 \u2013 \u2013 1,598
Balance at 31 December 2021 71,676 \u2013 \u2013 \u2013 71,676
Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total
High grade 581,310 1,415 \u2013 \u2013 582,725
Standard grade 121,376 3,011 \u2013 \u2013 124,387
Low grade 12,986 4,561 \u2013 \u2013 17,547
Not rated 83,653 240 9 \u2013 83,902
Defaulted
Non-performing \u2013 \u2013 5 \u2013 5
Other \u2013 \u2013 909 6 915
Balance at 31 December 2021 799,325 9,227 923 6 809,481
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
Cash and cash equivalents, excluding cash on hand Stage 1 Total
High grade 1,077,536 1,077,536
Standard grade 98,062 98,062
Low grade 87,355 87,355
Not rated 4,614 4,614
Balance at 31 December 2020 1,267,567 1,267,567
Amounts due from credit institutions Stage 1 Total
Standard grade 1,986,932 1,986,932
Not rated 29,473 29,473
Balance at 31 December 2020 2,016,405 2,016,405
Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Total
High grade 1,010,177 1,010,177
Standard grade 1,414,785 1,414,785
Low grade 11,003 11,003
Not rated 107,929 107,929
Balance at 31 December 2020 2,543,894 2,543,894
Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 1,801,003 41,693 \u2013 \u2013 1,842,696
Standard grade 1,343,887 110,608 \u2013 \u2013 1,454,495
Low grade 361,573 194,295 \u2013 7,402 563,270
Not rated 984,615 35,522 \u2013 \u2013 1,020,137
Defaulted
Non-performing \u2013 \u2013 236,992 974 237,966
Other \u2013 \u2013 4,829 \u2013 4,829
Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393
Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 2,521,205 108,883 \u2013 1,283 2,631,371
Standard grade 534,592 102,058 \u2013 4,390 641,040
Low grade 111,250 101,843 \u2013 4,968 218,061
Not rated 120,797 1,431 \u2013 \u2013 122,228
Defaulted
Non-performing \u2013 \u2013 110,378 6,056 116,434
Other \u2013 \u2013 58,098 9,152 67,250
Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384
Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 1,278,947 151,938 \u2013 409 1,431,294
Standard grade 834,885 135,345 \u2013 309 970,539
Low grade 96,053 86,728 \u2013 1,987 184,768
Not rated 439,222 65,394 \u2013 11 504,627
Defaulted
Non-performing \u2013 \u2013 144,323 706 145,029
Other \u2013 \u2013 33,148 49 33,197
Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 1,041,103 31,976 \u2013 412 1,073,491
Standard grade 514,395 51,890 \u2013 965 567,250
Low grade 150,067 109,522 \u2013 2,388 261,977
Not rated 198,617 978 \u2013 \u2013 199,595
Defaulted
Non-performing \u2013 \u2013 66,765 1,619 68,384
Other \u2013 \u2013 34,185 3,131 37,316
Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013
Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total
High grade 31,764 262 \u2013 \u2013 32,026
Standard grade 42,352 703 \u2013 \u2013 43,055
Low grade 21,929 2,914 \u2013 \u2013 24,843
Not rated 1,730 \u2013 \u2013 \u2013 1,730
Defaulted
Non-performing \u2013 \u2013 406 \u2013 406
Other \u2013 \u2013 1,324 \u2013 1,324
Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384
Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total
High grade 12,756 7,605 \u2013 \u2013 20,361
Standard grade 8,673 17,403 \u2013 \u2013 26,076
Low grade 201 12,767 \u2013 \u2013 12,968
Not rated 45,716 15,501 \u2013 \u2013 61,217
Defaulted
Non-performing \u2013 \u2013 3,595 \u2013 3,595
Other \u2013 \u2013 15,155 \u2013 15,155
Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372
Accounts receivable Stage 1 Total
Not rated 4,935 4,935
Balance at 31 December 2020 4,935 4,935
Other financial assets Stage 1 Total
Not rated 40,219 40,219
Balance at 31 December 2020 40,219 40,219
Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total
High grade 160,612 7,628 \u2013 \u2013 168,240
Standard grade 40,554 7,414 \u2013 \u2013 47,968
Low grade 39,485 5,250 \u2013 \u2013 44,735
Not rated 1,198,042 6 \u2013 \u2013 1,198,048
Defaulted
Other \u2013 \u2013 31,037 \u2013 31,037
Balance at 31 December 2020 1,438,693 20,298 31,037 \u2013 1,490,028
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
Letters of credit Stage 1 Stage 2 Stage 3 POCI Total
High grade 49,162 \u2013 \u2013 \u2013 49,162
Standard grade 10,970 \u2013 \u2013 \u2013 10,970
Low grade 261 \u2013 \u2013 \u2013 261
Not rated 58,698 \u2013 \u2013 \u2013 58,698
Defaulted
Other \u2013 \u2013 5,940 \u2013 5,940
Balance at 31 December 2020 119,091 \u2013 5,940 \u2013 125,031
Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total
High grade 450,119 2,683 \u2013 \u2013 452,802
Standard grade 62,708 878 \u2013 \u2013 63,586
Low grade 15,682 14,740 \u2013 \u2013 30,422
Not rated 136,726 799 \u2013 \u2013 137,525
Defaulted
Other \u2013 \u2013 1,198 \u2013 1,198
Balance at 31 December 2020 665,235 19,100 1,198 \u2013 685,533
Types of collateral the Group accepts include real estate, movable properties as well as financial assets (deposits, shares and
guarantees) and other registered liens. Measurement and processing of collateral is governed by generally acceptable standards
and collateral-specific instructions. These transactions are structured under legally verified standard agreements where the pledges
are secured through public registry where eligible. The following table shows the ratio of the loan portfolio to the market value of
collateral held by the Group in respect of the portfolio. As at 31 December 2022, up to 78.6% of the collateral held has been revalued
within the last two years (2021: 76.0%, 2020: 76.2%). For residential mortgage loans, in cases where the collateral for a loan may not
be officially registered until its construction is complete, respective loan is shown as unsecured, even though it is usually secured by
the corporate guarantee of the construction company.
29. Risk management continued
Credit risk continued
Credit quality per class of financial assets continued
As at 31 December 2022
Total gross
carrying
amount Unsecured
Loan-to-value %
Less than
50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400%
More than
400%
Commercial loans 5,315,666 714,675 1,037,528 900,866 158,713 245,750 1,243,415 340,917 70,694 603,108
ECL coverage 1.72% 2.79% 0.56% 1.18% 0.82% 1.56% 3.14% 1.18% 1.31% 1.01%
Residential mortgage
loans 4,193,204 120,439 981,034 1,859,064 532,412 441,719 230,274 8,114 2,665 17,483
ECL coverage 0.72% 2.45% 0.01% 0.38% 1.00% 1.45% 3.07% 4.42% 1.43% 4.06%
Micro and SME loans 3,825,663 405,004 885,724 966,056 278,684 280,462 800,119 73,083 30,447 106,084
ECL coverage 1.66% 4.73% 0.02% 0.41% 0.92% 1.48% 2.92% 3.42% 4.59% 5.88%
Consumer loans 3,602,054 1,794,035 629,846 694,153 217,045 174,755 83,286 4,926 1,196 2,812
ECL coverage 3.76% 6.79% 0.03% 0.51% 1.36% 1.59% 4.58% 7.69% 0.92% 1.53%
Gold \u2013 pawn loans 164,554 1 8,589 58,481 94,082 2,044 1,338 \u2013 \u2013 19
ECL coverage 3.31% N/A 50.54% 0.07% 0.30% 13.65% 35.87% N/A N/A 84.21%
Loans to customers
at amortised cost,
gross 17,101,141 3,034,154 3,542,721 4,478,620 1,280,936 1,144,730 2,358,432 427,040 105,002 729,506
As at 31 December 2021
Total gross
carrying
amount Unsecured
Loan-to-value %
Less than
50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400%
More than
400%
Commercial loans 5,554,184 670,741 474,531 1,396,633 167,960 238,995 1,193,148 814,879 197,306 399,991
ECL coverage 2.87% 1.51% 1.43% 0.69% 1.04% 2.71% 2.50% 10.60% 1.87% 1.17%
Residential mortgage
loans 4,022,058 94,513 715,692 1,556,323 651,029 519,179 440,231 11,085 4,739 29,267
ECL coverage 0.82% 4.19% 0.02% 0.09% 0.66% 1.19% 3.41% 9.24% 2.15% 3.32%
Micro and SME loans 3,731,756 429,366 725,310 933,874 272,270 328,758 835,894 90,748 34,841 80,695
ECL coverage 1.99% 5.89% 0.10% 0.27% 0.66% 1.65% 3.11% 4.59% 2.43% 9.47%
Consumer loans 2,981,305 1,560,864 443,343 514,287 178,141 143,989 132,295 3,634 731 4,021
ECL coverage 4.56% 8.07% 0.07% 0.36% 1.02% 1.43% 2.67% 11.23% 2.60% 3.13%
Gold \u2013 pawn loans 165,417 1 4,182 37,427 118,095 4,568 1,128 \u2013 \u2013 16
ECL coverage 1.25% N/A 0.02% 4.83% 0.09% 2.47% 2.48% N/A N/A 75.00%
Loans to customers
at amortised cost,
gross 16,454,720 2,755,485 2,363,058 4,438,544 1,387,495 1,235,489 2,602,696 920,346 237,617 513,990
As at 31 December 2020
Total gross
carrying
amount Unsecured
Loan-to-value %
Less than
50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400%
More than
400%
Commercial loans 5,123,393 499,548 635,950 1,147,875 114,903 146,474 1,018,590 147,898 750,360 661,795
ECL coverage 3.49% 3.10% 0.45% 1.14% 5.01% 8.62% 9.36% 6.17% 2.48% 0.87%
Residential mortgage
loans 3,796,384 90,628 972,294 1,896,005 438,750 200,236 129,234 9,315 2,236 57,686
ECL coverage 1.28% 3.19% 0.03% 0.77% 2.59% 3.55% 7.87% 4.64% 3.31% 2.86%
Micro and SME loans 3,269,454 353,143 919,622 938,206 264,999 217,848 494,492 38,622 7,581 34,941
ECL coverage 3.13% 10.74% 0.10% 1.12% 2.08% 5.71% 5.30% 7.79% 13.78% 13.82%
Consumer loans 2,208,013 1,118,714 460,494 436,194 90,076 48,783 49,946 1,055 640 2,111
ECL coverage 5.15% 9.38% 0.13% 1.01% 2.36% 0.71% 2.66% 4.83% 1.72% 1.94%
Gold \u2013 pawn loans 103,384 \u2013 3,340 23,313 72,392 1,748 2,576 2 \u2013 13
ECL coverage 0.22% N/A 0.09% 0.06% 0.20% 2.06% 0.78% 0.00% N/A 76.92%
Loans to customers
at amortised cost,
gross 14,500,628 2,062,033 2,991,700 4,441,593 981,120 615,089 1,694,838 196,892 760,817 756,546
29. Risk management continued
Credit risk continued
Carrying amount per class of financial assets whose terms have been renegotiated
During the year, the Group modified the contractual cash flows on certain loans and advances to customers. All such loans had
previously been transferred to at least Stage 2, with a loss allowance measured at an amount equal to lifetime ECL.
The following table provides information on financial assets that were modified while they had a loss allowance measured at
an amount equal to lifetime ECL:
Financial assets modified during 2022:
Amortised
cost before
modification
Net gain/(loss)
arising from
modification
Commercial loans 621,067 2,169
Residential mortgage loans 73,863 (3,081)
Micro and SME loans 173,382 (2,524)
Consumer loans 305,726 (25,835)
Gold \u2013 pawn loans \u2013 \u2013
Loans to customers 1,174,038 (29,271)
Finance lease receivables \u2013 \u2013
Total loans to customers and finance lease receivables 1,174,038 (29,271)
Financial assets modified during 2021:
Amortised
cost before
modification
Net gain/(loss)
arising from
modification
Commercial loans 437,979 388
Residential mortgage loans 132,638 530
Micro and SME loans 243,217 (4,185)
Consumer loans 271,896 (9,446)
Gold \u2013 pawn loans \u2013 \u2013
Loans to customers 1,085,730 (12,713)
Finance lease receivables \u2013 \u2013
Total loans to customers and finance lease receivables 1,085,730 (12,713)
Financial assets modified during 2020:
Amortised
cost before
modification
Net gain/(loss)
arising from
modification
Commercial loans 117,119 83
Residential mortgage loans 364,619 (34)
Micro and SME loans 347,449 (3,347)
Consumer loans 347,562 (4,625)
Gold \u2013 pawn loans \u2013 \u2013
Loans to customers 1,176,749 (7,923)
Finance lease receivables 52,188 (1,172)
Total loans to customers and finance lease receivables 1,228,937 (9,095)
The gross carrying value of loans that have previously been modified (when they were in Stage 2 or 3) which are now categorised
as Stage 1, with loss allowance measured at an amount equal to 12 months expected losses, are shown in the table below:
Financial assets modified since initial recognition, as at 31 December 2022
Gross carrying
amount
Corresponding
ECL
Commercial loans 10,100 (24)
Residential mortgage loans 72,919 (104)
Micro and SME loans 40,925 (129)
Consumer loans 19,482 (204)
Loans to customers 143,426 (461)
Finance lease receivables \u2013 \u2013
Total loans to customers and finance lease receivables 143,426 (461)
29. Risk management continued
Credit risk continued
Carrying amount per class of financial assets whose terms have been renegotiated continued
Financial assets modified since initial recognition, as at 31 December 2021
Gross carrying
amount
Corresponding
ECL
Commercial loans 19,521 (121)
Residential mortgage loans 81,892 (231)
Micro and SME loans 35,301 (347)
Consumer loans 25,063 (633)
Loans to customers 161,777 (1,332)
Finance lease receivables \u2013 \u2013
Total loans to customers and finance lease receivables 161,777 (1,332)
Financial assets modified since initial recognition, as at 31 December 2020
Gross carrying
amount
Corresponding
ECL
Commercial loans 14,952 (1)
Residential mortgage loans 100,079 (444)
Micro and SME loans 68,748 (1,023)
Gold \u2013 pawn loans \u2013 \u2013
Loans to customers 226,187 (3,430)
Finance lease receivables 717 (3)
Total loans to customers and finance lease receivables 226,904 (3,433)
The geographical concentration of the Group\u2019s assets and liabilities is set out below:
2022
Georgia OECD
CIS and other
foreign countries Total
Assets:
Cash and cash equivalents 1,508,225 1,453,844 622,774 3,584,843
Amounts due from credit institutions 2,358,551 54,175 20,302 2,433,028
Investment securities 1,798,172 2,436,465 115,092 4,349,729
Loans to customers and finance lease receivables 16,339,883 \u2013 521,823 16,861,706
All other assets 1,473,703 120,271 78,620 1,672,594
23,478,534 4,064,755 1,358,611 28,901,900
Liabilities:
Client deposits and notes 13,017,449 966,722 4,277,226 18,261,397
Amounts owed to credit institutions 2,622,787 2,142,083 501,783 5,266,653
Debt securities issued 312,053 333,915 \u2013 645,968
Lease Liability 101,402 \u2013 13,068 114,470
All other liabilities 275,030 81,893 7,667 364,590
16,328,721 3,524,613 4,799,744 24,653,078
Net balance sheet position 7,149,813 540,142 (3,441,133) 4,248,822
29. Risk management continued
Credit risk continued
Carrying amount per class of financial assets whose terms have been renegotiated continued
2021 2020
Georgia OECD
CIS and
other foreign
countries Total Georgia OECD
CIS and
other foreign
countries Total
Assets:
Cash and cash equivalents 836,325 419,324 264,913 1,520,562 742,844 985,848 242,263 1,970,955
Amounts due from credit
institutions 1,922,671 \u2013 8,719 1,931,390 1,995,963 \u2013 20,042 2,016,005
Investment securities 1,477,367 970,901 147,396 2,595,664 1,421,642 939,964 182,791 2,544,397
Loans to customers and
finance lease receivables 15,524,427 \u2013 644,546 16,168,973 13,504,237 \u2013 687,841 14,192,078
All other assets 977,703 178,765 57,019 1,213,487 1,020,701 247,355 44,429 1,312,485
20,738,493 1,568,990 1,122,593 23,430,076 18,685,387 2,173,167 1,177,366 22,035,920
Liabilities:
Client deposits and notes 11,180,811 894,192 1,962,999 14,038,002 11,211,760 875,634 1,932,815 14,020,209
Amounts owed to credit
institutions 1,609,565 2,619,885 88,995 4,318,445 872,239 2,393,872 69,855 3,335,966
Debt securities issued 450,155 1,061,203 7,327 1,518,685 102,104 1,449,374 34,067 1,585,545
Lease Liability 84,875 \u2013 2,787 87,662 91,217 \u2013 4,418 95,635
All other liabilities 309,068 55,291 10,015 374,374 178,246 246,109 24,295 448,650
13,634,474 4,630,571 2,072,123 20,337,168 12,455,566 4,964,989 2,065,450 19,486,005
Net balance sheet position 7,104,019 (3,061,581) (949,530) 3,092,908 6,229,821 (2,791,822) (888,084) 2,549,915
Liquidity risk and funding management
Liquidity risk is the risk that the Group will be unable to meet its payment obligations when they fall due under normal and stress
circumstances. To limit this risk, management has arranged diversified funding sources in addition to its core deposit base, manages
assets with liquidity in mind, and monitors future cash flows and liquidity on a regular basis. This incorporates an assessment of
expected cash flows and the availability of high-grade collateral which could be used to secure additional funding if required.
The Group maintains a portfolio of highly marketable and diverse assets that can be easily liquidated in the event of an unforeseen
interruption of cash flow. The Group also has committed lines of credit that it can access to meet liquidity needs. In addition,
the Group maintains a cash deposit (obligatory reserve) with the NBG, the amount of which depends on the level of customer
funds attracted.
The liquidity position is assessed and managed by the Group primarily on a standalone Bank basis, based on certain liquidity ratios
established by the NBG. Banks are required to maintain a liquidity coverage ratio, which is defined as the ratio of high-quality liquid
assets to net cash outflow over the next 30 days. The order requires that, absent a stress-period, the value of the ratio be no lower
than 100%. The liquidity coverage ratio as at 31 December 2022 was 132.4% (2021: 124.0%, 2020: 138.6%).
The Bank holds a comfortable buffer on top of Net Stable Funding Ratio (NSFR) requirement of 100%, which came into effect on
1 September 2019. A solid buffer over NSFR provides stable funding sources over a longer time span. This approach is designed to
ensure that the funding framework is sufficiently flexible to secure liquidity under a wide range of market conditions. NSFR as at
31 December 2022 was 131.9%, (2021: 132.5%, 2020: 137.5%), all comfortably above the NBG\u2019s minimum regulatory requirements.
The Group also matches the maturity of financial assets and financial liabilities and regularly monitors negative gaps compared
with the Bank\u2019s standalone total regulatory capital calculated per NBG regulation.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted repayment
obligations. Repayments that are subject to notice are treated as if notice were to be given immediately. However, the Group
expects that many customers will not request repayment on the earliest date the Bank could be required to pay, and the table
does not reflect the expected cash flows indicated by the Bank\u2019s deposit retention history.
29. Risk management continued
Liquidity risk and funding management continued
Financial liabilities, as at 31 December 2022
Less than 3
months
3 to 12
months
1 to 5
years
Over
5 years Total
Client deposits and notes 8,278,805 8,366,525 1,946,856 342,592 18,934,778
Amounts owed to credit institutions 3,300,204 623,612 1,310,937 654,002 5,888,755
Debt securities issued 7,843 343,014 411,265 \u2013 762,122
Lease liability 7,633 22,444 77,028 16,756 123,861
Derivative financial liabilities 43,876 14,401 743 \u2013 59,020
Other liabilities 98,779 455 319 118 99,671
Total undiscounted financial liabilities 11,737,140 9,370,451 3,747,148 1,013,468 25,868,207
Financial liabilities, as at 31 December 2021
Less than 3
months
3 to 12
months
1 to 5
years
Over
5 years Total
Client deposits and notes 5,301,533 7,317,413 1,657,540 352,824 14,629,310
Amounts owed to credit institutions 1,815,989 628,686 1,870,941 610,949 4,926,565
Debt securities issued 37,678 310,707 1,432,079 \u2013 1,780,464
Lease liability 6,145 16,729 66,981 10,992 100,847
Derivative financial liabilities 3,206 2,972 1,687 \u2013 7,865
Other liabilities 174,322 816 328 18 175,484
Total undiscounted financial liabilities 7,338,873 8,277,323 5,029,556 974,783 21,620,535
Financial liabilities, as at 31 December 2020
Less than 3
months
3 to 12
months
1 to 5
years
Over
5 years Total
Client deposits and notes 5,974,433 6,593,251 1,651,120 353,414 14,572,218
Amounts owed to credit institutions 982,039 811,129 1,553,898 558,866 3,905,932
Debt securities issued 72,994 143,409 1,408,547 345,886 1,970,836
Lease liability 6,342 19,057 69,248 21,751 116,398
Derivative financial liabilities 92,554 130,785 24,181 \u2013 247,520
Other liabilities 75,519 2,525 6,656 102 84,802
Total undiscounted financial liabilities 7,203,881 7,700,156 4,713,650 1,280,019 20,897,706
The table below shows the contractual expiry by maturity of the Group\u2019s financial commitments and contingencies.
Less than 3
months
3 to 12
months
1 to
5 years
Over
5 years Total
31 December 2022 1,280,906 625,011 778,275 30,294 2,714,486
31 December 2021 1,010,650 663,865 885,895 17,546 2,577,956
31 December 2020 857,416 492,293 933,097 27,436 2,310,242
The Group expects that not all guarantees or commitments will be drawn before expiry of the commitment.
The maturity analysis does not reflect the historical stability of current accounts. Their liquidation has historically taken place over a
longer period than indicated in the tables above. These balances are included in amounts due in less than three months in the tables
above. Perpetual Tier 1 capital notes are presented in \u2018Over 5 years\u2019 category given the fact that management does not consider
them to be covered earlier than that.
Market risk
Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market
variables such as interest rates, foreign exchanges, and equity prices. The Group classifies exposures to market risk into either
trading or non-trading portfolios. Trading and non-trading positions are managed and monitored using sensitivity analysis.
29. Risk management continued
Market risk continued
Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial
instruments. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other
variables held constant, on the Group\u2019s consolidated income statement.
The sensitivity of the consolidated income statement is the effect of the assumed changes in interest rates on the net interest
income for the year, based on the floating rate non-trading financial assets and financial liabilities held at 31 December 2022.
Changes in basis points are calculated as standard deviations of daily changes in floating rates over the last month multiplied by
respective floating rates. During the years ended 31 December 2022, 2021 and 2020, sensitivity analysis did not reveal any significant
potential effect on the Group\u2019s equity.
2022
Currency
Increase
in basis points
Sensitivity
of net interest
income
Sensitivity
of other
comprehensive
income
GEL 14 2,432 1,348
EUR 24 3,732 107
USD 21 1,624 1,022
2022
Currency
Decrease in
basis points
Sensitivity of
net
interest income
Sensitivity
of other
comprehensive
income
GEL 14 (2,432) (1,348)
EUR 24 (3,732) (107)
USD 21 (1,624) (1,022)
2021
Currency
Increase
in basis points
Sensitivity
of net
interest income
Sensitivity
of other
comprehensive
income
GEL 53 6,733 5,516
EUR 2 238 \u2013
USD 5 355 \u2013
2021
Currency
Decrease in
basis points
Sensitivity of
net
interest income
Sensitivity
of other
comprehensive
income
GEL 53 (6,733) (5,516)
EUR 2 (238) \u2013
USD 5 (355) \u2013
2020
Currency
Increase in basis
points
Sensitivity of
net
interest income
Sensitivity
of other
comprehensive
income
GEL 15 1,427 1,452
EUR 2 242 \u2013
USD 3 13 \u2013
2020
Currency
Decrease in
basis points
Sensitivity of
net
interest income
Sensitivity
of other
comprehensive
income
GEL 15 (1,427) (1,452)
EUR 2 (242) \u2013
USD 3 (13) \u2013
29. Risk management continued
Market risk continued
Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.
The Management Board has set limits on positions by currency based on the NBG regulations. Positions are monitored daily.
The tables below indicate the currencies to which the Group had significant exposure at 31 December 2022 on its monetary assets
and liabilities. The analysis calculates the effect of a reasonably possible movement of the currency rate against the Georgian Lari,
with all other variables held constant on the income statement. The reasonably possible movement of the currency rate against
the Georgian Lari is calculated as a standard deviation of daily changes in exchange rates over the 12 months. A negative amount
in the table reflects a potential net reduction in income statement or equity, while a positive amount reflects a net potential
increase. During the years ended 31 December 2022, 31 December 2021 and 31 December 2020, sensitivity analysis did not reveal
any significant potential effect on the Group\u2019s equity.
Currency
2022 2021 2020
Change in
currency
rate in %
Effect on profit
before tax
Change in
currency
rate in %
Effect on profit
before tax
Change in
currency
rate in %
Effect on profit
before tax
EUR 13.4% 1,251 8.6% 209 15.1% 2,527
USD 10.9% 806 6.4% 1,027 13.0% 3,049
Prepayment risk
Prepayment risk is the risk that the Group will incur a financial loss because its customers and counterparties repay or request
repayment earlier than expected, such as fixed rate mortgages when interest rates fall, or other credit facilities, for similar reasons.
The Group calculates the effect of early repayments by calculating the weighted average rates of early repayments across each
loan product individually, applying these historical rates to the outstanding carrying amount of respective products as at the
reporting date and multiplying by the weighted average effective annual interest rates for each product. The model does not make a
distinction between different reasons for repayment (e.g. relocation, refinancing or renegotiation) and takes into account the effect
of any prepayment penalties on the Group\u2019s income.
The estimated effect of prepayment risk on net interest income of the Group for the years ended 31 December 2022, 31 December
2021 and 31 December 2020, is as follows:
Effect on net
interest income
2022 (51,899)
2021 (52,552)
2020 (40,748)
Operational risk
Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to perform,
operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Group cannot
expect to eliminate all operational risks, but through a control framework and by monitoring and responding to potential risks,
the Group is able to manage the risks. Controls include effective segregation of duties, access, authorisation and reconciliation
procedures, staff education and assessment processes, including the use of Internal Audit.
Operating environment
Most of the Group\u2019s business is concentrated in Georgia. As an emerging market, Georgia does not possess a well-developed
business and regulatory infrastructure that would generally exist in a more mature market economy. Operations in Georgia may
involve risks that are not typically associated with those in developed markets (including the risk that the Georgian Lari is not freely
convertible outside the country, and that Georgia has undeveloped debt and equity markets). However, over the last few years the
Georgian Government has made a number of developments that positively affect the overall investment climate of the country,
specifically implementing the reforms necessary to create banking, judicial, taxation and regulatory systems.
This includes the adoption of a new body of legislation (including a new tax code and procedural laws). In the view of the Board,
these steps contribute to mitigating the risks of doing business in Georgia.
The existing tendency aimed at the overall improvement of the business environment is expected to persist. The future stability
of the Georgian economy is largely dependent upon these reforms and developments, and the effectiveness of economic, financial
and monetary measures undertaken by the Government. However, the Georgian economy is vulnerable to market downturns and
economic slowdowns elsewhere in the world.
29. Risk management continued
Emerging risks
Information compiled from all the businesses is examined and processed in order to analyse, control and identify emerging risks.
The Group has identified climate risk as an emerging risk. Climate-related risk is the risk of financial loss and/or damage to the
Group\u2019s reputation as a result of accelerating transition to a lower-carbon economy as well as the materialisation of actual physical
damage as a result of acute or chronic weather events. Among other things, transitional and physical risks may impact
the performance and financial position of our customers and their ability to repay their loans.
The Bank conducted a qualitative analysis to understand how, under different scenarios, the transition and physical effects of
climate change can drive credit, liquidity, capital, market, operational and reputational risk for the Bank over \u2018short-term\u2019 (i.e. one
to two years) to \u2018very long-term\u2019 (i.e. over eight years) time horizons. Risks are perceived to be low over the coming years. However,
reputational risks can occur if our climate action lacks ambition and credibility. Moreover, the Bank conducted a qualitative analysis
of the transition and physical risks for the sectors in which our corporate and MSME clients are active. The results of this analysis
showed that although both strong climate policy (transition risks) and untamed climate change (physical risks) can negatively affect
borrowers\u2019 repayment capacity and value of collateral in the future (from 2030 and beyond), risks over the next years are expected
to be low for our commercial portfolio and are not likely to affect current expectations of credit loss. We thus do not currently
consider the impacts of climate change in individual clients\u2019 credit risk assessment. However, we have started collecting data from
clients to refine our assessment of their climate-related risks as part of standard due diligence. Transition and physical risks for
retail clients still have to be assessed.
Overall, many of the effects of climate change will be longer term in nature, with an inherent level of uncertainty, and have no effect
on accounting judgements and estimates for the current period. As a result, there are no additional notes provided in the financial
statements. Potential impacts of climate-related risks will be subject to further analysis in the future.
The Group acknowledges climate change risk as an emerging risk. For further details please refer to principal risks and uncertainties
on page 81.
The Group has described climate-related risks in line with the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations in the climate-related disclosures on pages 103 to 117.
30. Fair value measurements
Fair value hierarchy
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature,
characteristics and risks of the asset or liability. The following tables show analysis of assets and liabilities measured at fair value or
for which fair values are disclosed by level of the fair value hierarchy:
At 31 December 2022 Level 1 Level 2 Level 3 Total
Assets measured at fair value
Total investment properties \u2013 \u2013 166,546 166,546
Land
\u2013 \u2013 9,008 9,008
Residential properties
\u2013 \u2013 112,890 112,890
Non-residential properties
\u2013 \u2013 44,648 44,648
Investment securities 5,285 3,960,360 5,547 3,971,192
Other assets \u2013 derivative financial assets \u2013 39,270 \u2013 39,270
Other assets \u2013 investment securities at FVTPL 2,660 \u2013 \u2013 2,660
Assets for which fair values are disclosed
Cash and cash equivalents 3,584,843 \u2013 \u2013 3,584,843
Amounts due from credit institutions \u2013 2,433,028 \u2013 2,433,028
Loans to customers and finance lease receivables \u2013 \u2013 16,266,826 16,266,826
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities \u2013 59,020 \u2013 59,020
Liabilities for which fair values are disclosed
Client deposits and notes \u2013 18,228,352 \u2013 18,228,352
Amounts owed to credit institutions \u2013 4,033,727 1,209,141 5,242,868
Debt securities issued \u2013 490,559 151,808 642,367
Lease liability \u2013 13,068 104,670 117,738
30. Fair value measurements continued
Fair value hierarchy continued
At 31 December 2021 Level 1 Level 2 Level 3 Total
Assets measured at fair value
Total investment properties \u2013 \u2013 226,849 226,849
Land
\u2013 \u2013 11,762 11,762
Residential properties
\u2013 \u2013 152,167 152,167
Non-residential properties
\u2013 \u2013 62,920 62,920
Investment securities 5,823 2,586,152 3,689 2,595,664
Other assets \u2013 derivative financial assets \u2013 135,079 \u2013 135,079
Other assets \u2013 investment securities at FVTPL 2,146 \u2013 \u2013 2,146
Assets for which fair values are disclosed
Cash and cash equivalents 1,520,562 \u2013 \u2013 1,520,562
Amounts due from credit institutions \u2013 1,931,390 \u2013 1,931,390
Loans to customers and finance lease receivables \u2013 \u2013 15,787,725 15,787,725
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities \u2013 7,865 \u2013 7,865
Liabilities for which fair values are disclosed
Client deposits and notes \u2013 14,013,500 \u2013 14,013,500
Amounts owed to credit institutions \u2013 3,635,353 683,092 4,318,445
Debt securities issued \u2013 1,310,806 280,109 1,590,915
Lease liability 35 3,574 90,760 94,369
At 31 December 2020 Level 1 Level 2 Level 3 Total
Assets measured at fair value
Total investment properties \u2013 \u2013 231,241 231,241
Land
\u2013 \u2013 10,981 10,981
Residential properties
\u2013 \u2013 147,585 147,585
Non-residential properties
\u2013 \u2013 72,675 72,675
Investment securities 3,229 2,539,092 2,076 2,544,397
Other assets \u2013 derivative financial assets \u2013 9,154 \u2013 9,154
Other assets \u2013 investment securities at FVTPL 5,731 \u2013 \u2013 5,731
Assets for which fair values are disclosed
Cash and cash equivalents 1,970,955 \u2013 \u2013 1,970,955
Amounts due from credit institutions \u2013 2,016,005 \u2013 2,016,005
Loans to customers and finance lease receivables \u2013 \u2013 13,896,221 13,896,221
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities \u2013 247,520 \u2013 247,520
Liabilities for which fair values are disclosed
Client deposits and notes \u2013 14,007,521 \u2013 14,007,521
Amounts owed to credit institutions \u2013 2,899,263 436,703 3,335,966
Debt securities issued \u2013 1,402,958 241,976 1,644,934
Lease liability \u2013 \u2013 103,012 103,012
The following is a description of the determination of fair value for financial instruments which are recorded at fair value using
valuation techniques. These incorporate the Group\u2019s estimate of assumptions that a market participant would make when valuing
the instruments.
Derivative financial instruments
Derivative financial instruments valued using a valuation technique with market observable inputs are mainly interest rate swaps,
currency swaps, forward foreign exchange contracts and option contracts. The most frequently applied valuation techniques
include forward pricing and swap models, using present value calculations, as well as standard option pricing models. The models
incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate
curves and implied volatilities.
30. Fair value measurements continued
Fair value hierarchy continued
Trading securities and investment securities
Trading securities and a certain part of investment securities are quoted equity and debt securities. Investment securities
valued using a valuation technique or pricing models consist of unquoted equity and debt securities. These securities are valued
using models which sometimes only incorporate data observable in the market and at other times use both observable and
non-observable data. The non-observable inputs to the models include assumptions regarding the future financial performance
of the investee, its risk profile, and economic assumptions regarding the industry and geographical jurisdiction in which the
investee operates.
Assets and liabilities not measured at fair value but for which fair value is disclosed
The fair values in the level 2 and level 3 of the fair value hierarchy are estimated using the discounted cash flows valuation technique.
Current interest rates for new instruments with similar credit risk, currency and remaining maturity is used as discount rate in the
valuation model.
Movements in Level 3 financial instruments measured at fair value
The following tables show a reconciliation of the opening and closing amounts of Level 3 financial assets which are recorded at
fair value:
At 31 December
2019
Purchase of
securities
At 31 December
2020
Purchase of
securities
At 31 December
2021
Purchase of
securities
At 31 December
2022
Level 3 financial assets
Equity investment securities 973 1,103 2,076 1,613 3,689 1,858 5,547
Movements in Level 3 non-financial assets measured at fair value
All investment properties are Level 3. Reconciliations of their opening and closing amounts are provided in Note 14.
Impact on fair value of Level 3 financial instruments measured at fair value of changes to key assumptions
The following table shows the impact on the fair value of Level 3 instruments of using reasonably possible alternative assumptions:
2022 2021 2020
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
Level 3 financial assets
Equity investment securities 5,547 +/- 826 3,689 +/- 549 2,076 +/- 309
In order to determine reasonably possible alternative assumptions, the Group\u2019s adjusted key unobservable model inputs are
as follows:
For equities, the Group adjusted the price-over-book-value multiple by increasing and decreasing the ratio by 10%, which is
considered by the Group to be within a range of reasonably possible alternatives based on the price-over-book-value multiples used
across peers within the same geographic area of the same industry.
30. Fair value measurements continued
Fair value hierarchy continued
Description of significant unobservable inputs to valuations of non-financial assets
The following tables show descriptions of significant unobservable inputs to Level 3 valuations of investment properties:
2022
Valuation
technique
Significant
unobservable
inputs MIN MAX
Weighted
average
Other key
information MIN MAX
Weighted
average
Investment
property
166,546
Land 9,008
Development
land
6,872 Market
approach
Price per
square
metre
0.012 2.220 1.033 Square
metres,
land
32 20,000 4,026
Agricultural
land
2,136 Income
approach
Rent per
square
metre
0.006 0.006 0.006 Square
metres,
land
5,178 26,796 23,295
Occupancy
rate
65% 65% 65%
Market
approach
Price per
square
metre
0.001 0.709 0.337 Square
metres,
land
310 140,000 19,296
Residential
properties
112,890 Market
approach
Price per
square
metre
0.049 5.466 1.004 Square
metres,
building
18 3,170 225
Non-residential
properties
44,648
40,611 Market
approach
Price per
square
metre
22.870 3,838.861 1,321.071 Square
metres,
land
50 23,884 2,684
Square
metres,
building
32 3,000 984
4,037 Income
approach
Rent per
square
metre
0.006 0.006 0.006 Square
metres,
building
1,701 12,706 358
Occupancy
rate
65% 65% 65%
* Price, rate and cost of unobservable inputs in this table are presented in Georgian Lari (\u201cGEL\u201d), unless otherwise indicated.
30. Fair value measurements continued
Fair value hierarchy continued
Description of significant unobservable inputs to valuations of non-financial assets continued
Set out below is an overview of all financial instruments, other than cash and short-term deposits, held by the Group as at
31 December 2022, 31 December 2021 and 31 December 2020:
At 31 December 2022
Amortised
cost FVOCI FVTPL
Financial assets
Cash and cash equivalents 3,584,843 \u2013 \u2013
Amounts due from credit institutions 2,433,028 \u2013 \u2013
Loans to customers and finance lease receivables 16,861,706 \u2013 \u2013
Accounts receivable and other loans 397,990 \u2013 \u2013
Equity instruments \u2013 10,893 \u2013
Debt instruments 378,537 3,960,299 \u2013
Interest rate contracts \u2013 \u2013 348
Foreign currency derivative financial instruments \u2013 \u2013 38,922
Investment securities at FVTPL \u2013 \u2013 2,660
Total 23,656,104 3,971,192 41,930
Financial liabilities
Client deposits and notes 18,261,397 \u2013 \u2013
Amounts owed to credit institutions 5,266,653 \u2013 \u2013
Debt securities issued 645,968 \u2013 \u2013
Lease liability 114,470 \u2013 \u2013
Trade and other payables (in other liabilities) 68,721 \u2013 \u2013
Foreign currency derivative financial instruments \u2013 \u2013 59,020
Total 24,357,209 \u2013 59,020
At 31 December 2021 At 31 December 2020
Amortised
cost FVOCI FVTPL
Amortised
cost FVOCI FVTPL
Financial assets
Cash and cash equivalents 1,520,562 \u2013 \u2013 1,970,955 \u2013 \u2013
Amounts due from credit institutions 1,931,390 \u2013 \u2013 2,016,005 \u2013 \u2013
Loans to customers and finance lease
receivables 16,168,973 \u2013 \u2013 14,192,078 \u2013 \u2013
Accounts receivable and other loans 3,680 \u2013 \u2013 2,420 \u2013 \u2013
Equity instruments \u2013 9,581 \u2013 \u2013 5,378 \u2013
Debt instruments \u2013 2,586,083 \u2013 \u2013 2,539,019 \u2013
Interest rate contracts \u2013 \u2013 2,827 \u2013 \u2013 1,549
Foreign currency derivative financial
instruments \u2013 \u2013 132,252 \u2013 \u2013 7,605
Investment securities at FVTPL \u2013 \u2013 2,146 \u2013 \u2013 5,731
Total 19,624,605 2,595,664 137,225 18,181,458 2,544,397 14,885
Financial liabilities
Client deposits and notes 14,038,002 \u2013 \u2013 14,020,209 \u2013 \u2013
Amounts owed to credit institutions 4,318,445 \u2013 \u2013 3,335,966 \u2013 \u2013
Debt securities issued 1,518,685 \u2013 \u2013 1,585,545 \u2013 \u2013
Lease liability 87,662 \u2013 \u2013 95,635 \u2013 \u2013
Trade and other payables (in other liabilities) 56,223 \u2013 \u2013 53,952 \u2013 \u2013
Interest rate contracts \u2013 \u2013 1,385 \u2013 \u2013 1,102
Foreign currency derivative financial
instruments \u2013 \u2013 6,480 \u2013 \u2013 246,418
Total 20,019,017 \u2013 7,865 19,091,307 \u2013 247,520
30. Fair value measurements continued
Fair value of financial instruments that are carried in the financial statements not at fair value
Set out below is a comparison by class of the carrying amounts and fair values of the Group\u2019s financial instruments that are carried
in the financial statements. The table does not include the fair values of non-financial assets and non-financial liabilities, fair values
of other smaller financial assets and financial liabilities, or cash and short-term deposits, fair values of which are materially close to
their carrying values.
2022
Carrying value Fair value
Unrecognised
gain/(loss)
Financial assets
Cash and cash equivalents 3,584,843 3,584,843 \u2013
Amounts due from credit institutions 2,433,028 2,433,028 \u2013
Loans to customers and finance lease receivables 16,861,706 16,266,826 (594,880)
Financial liabilities
Client deposits and notes 18,261,397 18,228,352 33,045
Amounts owed to credit institutions 5,266,653 5,242,868 23,785
Debt securities issued 645,968 642,367 3,601
Lease liability 114,470 117,738 (3,268)
Total unrecognised change in unrealised fair value (537,717)
2021 2020
Carrying value Fair value
Unrecognised
gain/(loss) Carrying value Fair value
Unrecognised
gain/(loss)
Financial assets
Cash and cash equivalents 1,520,562 1,520,562 \u2013 1,970,955 1,970,955 \u2013
Amounts due from credit institutions 1,931,390 1,931,390 \u2013 2,016,005 2,016,005 \u2013
Loans to customers and finance lease
receivables 16,168,973 15,787,725 (381,248) 14,192,078 13,896,221 (295,857)
Financial liabilities
Client deposits and notes 14,038,002 14,013,500 24,502 14,020,209 14,007,521 12,688
Amounts owed to credit institutions 4,318,445 4,318,445 \u2013 3,335,966 3,335,966 \u2013
Debt securities issued 1,518,685 1,590,915 (72,230) 1,585,545 1,644,934 (59,389)
Lease liability 87,662 94,369 (6,707) 95,635 103,012 (7,377)
Total unrecognised change in unrealised
fair value (435,683) (349,935)
The following describes the methodologies and assumptions used to determine fair values for those financial instruments which are
not already recorded at fair value in the consolidated financial statements.
Assets for which fair value approximates carrying value
For financial assets and financial liabilities that are liquid or have a short-term maturity (less than three months), it is assumed that
the carrying amounts approximate to their fair value. This assumption is also applied to demand deposits, savings accounts without
a specific maturity, and variable rate financial instruments.
Fixed rate financial instruments
The fair value of fixed rate financial assets and liabilities carried at amortised cost are estimated by comparing market interest
rates when they were first recognised with current market rates offered for similar financial instruments. The estimated fair value of
fixed interest-bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar
credit risk and maturity. For financial assets and financial liabilities maturing in less than a year, it is assumed that the carrying
amounts approximate to their fair value.
31. Maturity analysis of financial assets and liabilities
The table below shows an analysis of financial assets and liabilities according to their contractual maturities, except for current
accounts and credit card loans as described below. See Note 29 \u201cRisk management\u201d for the Group\u2019s contractual undiscounted
repayment obligations.
At 31 December 2022
On
demand
Up to
3 months
Up to
6 months
Up to
1 year
Up to
3 years
Up to
5 years
Over
5 years Total
Financial assets
Cash and cash equivalents 2,853,938 730,905 \u2013 \u2013 \u2013 \u2013 \u2013 3,584,843
Amounts due from credit
institutions 2,396,574 733 2,257 2,885 8,986 1,291 20,302 2,433,028
Investment securities 953,357 2,315,414 536,088 217,956 142,195 182,498 2,221 4,349,729
Loans to customers and
finance lease receivables 4,204 2,087,706 1,238,926 2,103,947 4,575,809 2,420,979 4,430,135 16,861,706
Accounts receivable and
other loans 2,057 375,736 35 1,518 18,644 \u2013 \u2013 397,990
Total 6,210,130 5,510,494 1,777,306 2,326,306 4,745,634 2,604,768 4,452,658 27,627,296
Financial liabilities
Client deposits and notes 5,406,670 2,812,580 1,298,966 6,963,532 1,229,394 283,703 266,552 18,261,397
Amounts owed to credit
institutions 701,207 2,599,102 168,560 396,759 677,401 363,797 359,827 5,266,653
Debt securities issued \u2013 7,816 51,107 281,519 109,683 195,843 \u2013 645,968
Lease liability \u2013 6,899 7,161 14,146 46,624 26,963 12,677 114,470
Total 6,107,877 5,426,397 1,525,794 7,655,956 2,063,102 870,306 639,056 24,288,488
Net 102,253 84,097 251,512 (5,329,650) 2,682,532 1,734,462 3,813,602 3,338,808
Accumulated gap 102,253 186,350 437,862 (4,891,788) (2,209,256) (474,794) 3,338,808
At 31 December 2021
On
demand
Up to
3 months
Up to
6 months
Up to
1 year
Up to
3 years
Up to
5 years
Over
5 years Total
Financial assets
Cash and cash equivalents 1,291,890 228,672 \u2013 \u2013 \u2013 \u2013 \u2013 1,520,562
Amounts due from credit
institutions 1,893,732 8,003 7,74 4 \u2013 9,652 3,540 8,719 1,931,390
Investment securities 1,162,051 1,282,493 7,478 12,486 39,734 88,776 2,646 2,595,664
Loans to customers and
finance lease receivables 2,966 3,046,387 926,061 1,976,611 4,005,985 2,281,105 3,929,858 16,168,973
Accounts receivable and
other loans 261 1,608 9 1,802 \u2013 \u2013 \u2013 3,680
Total 4,350,900 4,567,163 941,292 1,990,899 4,055,371 2,373,421 3,941,223 22,220,269
Financial liabilities
Client deposits and notes 2,455,123 2,783,998 1,177,931 6,048,073 852,196 454,304 266,377 14,038,002
Amounts owed to credit
institutions 170,410 1,638,683 221,013 355,637 996,956 526,697 409,049 4,318,445
Debt securities issued \u2013 37,515 16,364 233,824 1,008,104 222,878 \u2013 1,518,685
Lease liability \u2013 6,198 5,782 10,355 35,238 22,808 7,281 87,662
Total 2,625,533 4,466,394 1,421,090 6,647,889 2,892,494 1,226,687 682,707 19,962,794
Net 1,725,367 100,769 (479,798) (4,656,990) 1,162,877 1,146,734 3,258,516 2,257,475
Accumulated gap 1,725,367 1,826,136 1,346,338 (3,310,652) (2,147,775) (1,001,041) 2,257,475
31. Maturity analysis of financial assets and liabilities continued
At 31 December 2020
On
demand
Up to
3 months
Up to
6 months
Up to
1 year
Up to
3 years
Up to
5 years
Over
5 years Total
Financial assets
Cash and cash equivalents 1,452,379 518,576 \u2013 \u2013 \u2013 \u2013 \u2013 1,970,955
Amounts due from credit
institutions 1,987,538 12,054 539 1,931 4,161 1,203 8,579 2,016,005
Investment securities 309,234 2,101,428 23,996 11,165 12,013 31,404 55,157 2,544,397
Loans to customers and
finance lease receivables \u2013 2,671,296 842,716 1,594,714 3,482,213 2,189,857 3,411,282 14,192,078
Accounts receivable and
other loans 101 1,942 29 348 \u2013 \u2013 \u2013 2,420
Total 3,749,252 5,305,296 867,280 1,608,158 3,498,387 2,222,464 3,475,018 20,725,855
Financial liabilities 2,167,103 3,761,867 1,164,650 5,349,181 971,894 345,709 259,805 14,020,209
Client deposits and notes 196,049 781,139 225,093 558,857 721,802 501,080 351,946 3,335,966
Amounts owed to credit
institutions \u2013 72,550 36,352 98,412 1,144,567 46,258 187,406 1,585,545
Debt securities issued \u2013 6,229 6,234 11,846 34,630 22,802 13,894 95,635
Lease liability
Total 2,363,152 4,621,785 1,432,329 6,018,296 2,872,893 915,849 813,051 19,037,355
Net 1,386,100 683,511 (565,049) (4,410,138) 625,494 1,306,615 2,661,967 1,688,500
Accumulated gap 1,386,100 2,069,611 1,504,562 (2,905,576) (2,280,082) (973,467) 1,688,500
The Group\u2019s capability to discharge its liabilities relies on its ability to realise equivalent assets within the same period of time.
In the Georgian marketplace, where most of the Group\u2019s business is concentrated, many short-term credits are granted with
the expectation of renewing the loans at maturity. As such, the ultimate maturity of assets may be different from the analysis
presented above. To reflect the historical stability of current accounts, the Group calculates the minimal daily balance of current
accounts over the past two years and includes the amount in the \u2018Up to 1 year\u2019 category in the table above. The remaining current
accounts are included in the \u2018On demand\u2019 category. To match the coverage of short-term borrowings from the NBG with the
investment securities pledged to secure it, those securities are included in the \u2018On demand\u2019 category. Considering credit cards
have no contractual maturities, the above allocation per category is done based on the statistical coverage rates observed.
The Group\u2019s principal sources of liquidity are as follows:
\u2022 deposits;
\u2022 borrowings from international credit institutions;
\u2022 inter-bank deposit agreements;
\u2022 debt issues;
\u2022 proceeds from sale of securities;
\u2022 principal repayments on loans;
\u2022 interest income; and
\u2022 fees and commissions income.
As at 31 December 2022, client deposits and notes amounted to GEL 18,261,397 (2021: GEL 14,038,002, 2020: GEL 14,020,209) and
represented 74% (2021: 69%, 2020: 72%) of the Group\u2019s total liabilities. These funds continue to provide a majority of the Group\u2019s
funding and represent a diversified and stable source of funds. As at 31 December 2022, amounts owed to credit institutions
amounted to GEL 5,266,653 (2021: GEL 4,318,445, 2020: GEL 3,335,966) and represented 21% (2021: 21%, 2020: 17%) of total
liabilities. As at 31 December 2022, debt securities issued amounted to GEL 645,968 (2021: GEL 1,518,685, 2020: GEL 1,585,545)
and represented 3% (2021: 7%, 2020: 8%) of total liabilities.
In the Board\u2019s opinion, liquidity is sufficient to meet the Group\u2019s present requirements.
31. Maturity analysis of financial assets and liabilities continued
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled,
except for current accounts which are included in the 'Up to 1 year' category in the table above, noting that respective contractual
maturity may expand over significantly longer periods:
At 31 December 2022
Less than
1 year
More than
1 year Total
Cash and cash equivalents 3,584,843 \u2013 3,584,843
Amounts due from credit institutions 2,402,449 30,579 2,433,028
Investment securities 4,022,815 326,914 4,349,729
Loans to customers and finance lease receivables 5,434,783 11,426,923 16,861,706
Accounts receivable and other loans 379,346 18,644 397,990
Prepayments 40,020 3,592 43,612
Inventories 17,096 \u2013 17,096
Right-of-use assets \u2013 117,387 117,387
Investment properties \u2013 166,546 166,546
Property and equipment \u2013 398,855 398,855
Goodwill \u2013 33,351 33,351
Intangible assets \u2013 149,441 149,441
Income tax assets 224 640 864
Other assets 189,080 128,806 317,886
Assets held for sale 29,566 \u2013 29,566
Total assets 16,110,222 12,801,678 28,901,900
Client deposits and notes 16,481,748 1,779,649 18,261,397
Amounts owed to credit institutions 3,865,628 1,401,025 5,266,653
Debt securities issued 340,442 305,526 645,968
Lease liability 28,206 86,264 114,470
Accruals and deferred income 73,660 32,706 106,366
Income tax liabilities 20,258 79,275 99,533
Other liabilities 157,948 743 158,691
Total liabilities 20,967,890 3,685,188 24,653,078
Net (4,867,668) 9,116,490 4,248,822
At 31 December 2021 At 31 December 2020
Less than
1 year
More than
1 year Total
Less than
1 year
More than
1 year Total
Cash and cash equivalents 1,520,562 \u2013 1,520,562 1,970,955 \u2013 1,970,955
Amounts due from credit institutions 1,909,479 21,911 1,931,390 2,002,062 13,943 2,016,005
Investment securities 2,464,508 131,156 2,595,664 2,445,823 98,574 2,544,397
Loans to customers and finance lease
receivables 5,952,025 10,216,948 16,168,973 5,108,726 9,083,352 14,192,078
Accounts receivable and other loans 3,680 \u2013 3,680 2,420 \u2013 2,420
Prepayments 39,276 1,602 40,878 26,467 1,126 27,593
Inventories 11,514 \u2013 11,514 10,340 \u2013 10,340
Right-of-use assets \u2013 80,186 80,186 \u2013 83,208 83,208
Investment properties \u2013 226,849 226,849 \u2013 231,241 231,241
Property and equipment \u2013 378,808 378,808 \u2013 387,851 387,851
Goodwill \u2013 33,351 33,351 \u2013 33,351 33,351
Intangible assets \u2013 144,251 144,251 \u2013 125,806 125,806
Income tax assets 109 183 292 21,841 192 22,033
Other assets 235,049 11,898 246,947 288,602 37,392 325,994
Assets held for sale 46,731 \u2013 46,731 62,648 \u2013 62,648
Total assets 12,182,933 11,247,143 23,430,076 11,939,884 10,096,036 22,035,920
Client deposits and notes 12,465,125 1,572,877 14,038,002 12,442,801 1,577,408 14,020,209
Amounts owed to credit institutions 2,385,743 1,932,702 4,318,445 1,761,138 1,574,828 3,335,966
Debt securities issued 287,703 1,230,982 1,518,685 207,314 1,378,231 1,585,545
Lease liability 22,335 65,327 87,662 24,309 71,326 95,635
Accruals and deferred income 53,346 26,811 80,157 30,536 23,358 53,894
Income tax liabilities 85,270 25,598 110,868 \u2013 62,434 62,434
Other liabilities 182,070 1,279 183,349 306,299 26,023 332,322
Total liabilities 15,481,592 4,855,576 20,337,168 14,772,397 4,713,608 19,486,005
Net (3,298,659) 6,391,567 3,092,908 (2,832,513) 5,382,428 2,549,915
32. Related party disclosures
In accordance with IAS 24 \u2018Related Party Disclosures\u2019, parties are considered to be related if one party has the ability to control the
other party or exercise significant influence over the other party in making financial or operational decisions. In considering each
possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.
Related parties may enter into transactions which unrelated parties might not, and transactions between related parties may not
be affected on the same terms, conditions and amounts as transactions between unrelated parties. All transactions with related
parties disclosed below have been conducted on an arm\u2019s length basis.
The volumes of related party transactions, outstanding balances at the year-end, and related expenses and income for the year
are as follows:
At 31 December 2022 At 31 December 2021 At 31 December 2020
Associates
Key
management
personnel* Associates
Key
management
personnel* Associates
Key
management
personnel*
Loans outstanding at 1 January, gross \u2013 12,050 \u2013 10,646 \u2013 6,718
Loans issued during the year \u2013 7,090 \u2013 8,944 \u2013 7,798
Loan repayments during the year \u2013 (7,246) \u2013 (6,531) \u2013 (5,322)
Other movements \u2013 (2,075) \u2013 (1,009) \u2013 1,452
Loans outstanding at 31 December, gross \u2013 9,819 \u2013 12,050 \u2013 10,646
Less: allowance for impairment at
31 December \u2013 (67) \u2013 (27) \u2013 (9)
Loans outstanding at 31 December, net \u2013 9,752 \u2013 12,023 \u2013 10,637
Interest income on loans \u2013 745 \u2013 644 \u2013 424
Expected credit loss \u2013 (200) \u2013 \u2013 \u2013 (69)
Deposits at 1 January 202 31,127 166 32,619 3 30,475
Deposits received during the year \u2013 9,212 36 21,490 163 23,211
Deposits repaid during the year \u2013 (15,773) \u2013 (32,337) \u2013 (19,565)
Other movements 41 (11,933) \u2013 9,355 \u2013 (1,502)
Deposits at 31 December 243 12,633 202 31,127 166 32,619
Interest expense on deposits \u2013 (959) \u2013 (1,368) \u2013 (1,249)
* Key management personnel includes members of BOGG\u2019s Board of Directors and key executives of the Group.
Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 202 to 222. Compensation of key management
personnel comprised the following:
2022 2021 2020
Salaries and other benefits 11,841 12,915 11,932
Share-based payments compensation 58,208 25,048 27,188
Social security costs \u2013 \u2013 \u2013
Total key management compensation 70,049 37,963 39,120
Key management personnel do not receive cash-settled compensation, except for fixed salaries. The major part of the total
compensation is share-based (Note 28). The number of key management personnel at 31 December 2022 was 23 (31 December 2021:
21, 31 December 2020: 20).
33. Capital adequacy
The Group maintains an actively managed capital base to cover risks inherent to the business. The adequacy of the Group\u2019s capital
is monitored using, among other measures, the ratios established by the NBG in supervising the Bank.
During the year ended 31 December 2022, the Bank and the Group complied in full with all its externally imposed capital
requirements.
The primary objectives of the Group\u2019s capital management are to ensure that the Bank complies with externally imposed capital
requirements and that the Group maintains strong credit ratings and healthy capital ratios in order to support its business and
to maximise shareholder value. The Group manages its capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Group may
adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities. No changes were
made in the objectives, policies and processes from the previous years.
NBG (Basel III) capital adequacy ratio
In December 2017, the NBG adopted amendments to the regulations relating to capital adequacy requirements, including
amendments to the regulation on capital adequacy requirements for commercial banks, and introduced new requirements on the
determination of the countercyclical buffer rate, on the identification of systematically important banks, on determining systemic
buffer requirements and on additional capital buffer requirements for commercial banks within Pillar 2. The NBG requires the Bank
to maintain a minimum total capital adequacy ratio of risk-weighted assets, computed based on the Bank\u2019s standalone special-
purpose financial statements prepared in accordance with NBG regulations and pronouncements, based on Basel III requirements.
As at 31 December 2022, 31 December 2021 and 31 December 2020, the Bank\u2019s capital adequacy ratio on this basis was as follows:
2022 2021 2020
Tier 1 capital 3,388,048 2,691,000 1,989,190
Tier 2 capital 618,232 784,800 830,145
Total capital 4,006,280 3,475,800 2,819,335
Risk-weighted assets 20,279,424 17,977,949 16,040,094
Tier 1 capital ratio 16.7% 15.0% 12.4%
Total capital ratio 19.8% 19.3% 17.6%
Min. requirement for Tier 1 capital ratio 13.8% 13.6% 9.2%
Min. requirement for Total capital ratio 17.2% 17.7% 13.8%
34. Events after the reporting period
On 16 February 2023, the Group\u2019s Board of Directors approved a GEL 148 million share buyback and cancellation programme which
commenced from 16 February 2023. The shares will be purchased in the open market. The purpose of the buyback is to reduce the
share capital, and the cancellation of the treasury shares will be executed on a monthly basis.
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"fact-5": {
"value": "England and Wales",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "Together with the Bank and other subsidiaries, the Group makes up a group of companies (the \u2018Group\u2019) and provides banking, leasing, brokerage and investment management services to corporate and individual customers. The shares of BOGG (\u2018BOGG Shares\u2019) are admitted to the premium listing segment of the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange PLC\u2019s Main Market for listed securities, effective 21 May 2018. The Bank is the Group\u2019s main operating unit and accounts for most of the Group\u2019s activities. ",
"dimensions": {
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"fact-653": {
"value": "2. Basis of preparation General In accordance with the exemption permitted under section 408 of the Companies Act 2006, the separate income statement of BOGG is not presented as part of these financial statements. BOGG\u2019s income for the year is disclosed within the separate statement of financial position and the separate statement of changes in equity. The financial statements of Bank of Georgia Group PLC are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and prepared in accordance with UK-adopted international accounting standards as at 31 December 2022. These financial statements are prepared under the historical cost convention except for: \u2022 the measurement at fair value of financial assets and investment securities, derivative financial assets and liabilities and investment properties; \u2022 the measurement of inventories at lower of cost and net realisable value; and \u2022 the measurement of non-current assets classified as held for sale at lower of cost and fair value less costs to sell. The financial statements are presented in thousands of Georgian Lari (GEL), except per-share amounts and unless otherwise indicated. Going concern In adopting the going concern basis for preparing the consolidated financial statements, the Directors have considered the Group\u2019s business activities, objectives and strategy, principal risks and uncertainties in achieving its objectives, and performance. The Directors have performed a robust assessment of the Group\u2019s financial forecasts across a range of scenarios over 12-month from the date the financial statements are authorised for issue by carrying out stress testing, incorporating extreme downside scenario and reverse stress testing, which involved examining the level of disruption that may cause the Group to fail. Based on this, the Directors confirm that they have a reasonable expectation that the Company and the Group, as a whole, have adequate resources to continue in operational existence for the 12 months from the date the financial statements are authorised for issue. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Group\u2019s ability to continue as a going concern for the foreseeable future. Therefore, the financial statements continue to be prepared on the going concern basis. Impact of climate-related risks on the Group\u2019s financial position and performance As described in Note 29 to the financial statements, the Group has identified Climate Risk as an emerging risk. However, qualitative analysis of the impact of climate change and low-carbon transitions on traditional banking risk and on the sectors in which our clients are active lead us to believe that there is currently no material short-to-medium term impact of climate change expected. The Group will refine its assessment of such risks in 2023 and beyond and will re-assess whether the impact of climate-related risks on its financial position and performance need to be considered. 2. Basis of preparation continued Subsidiaries and associates The consolidated financial statements as at 31 December 2022, 31 December 2021 and 31 December 2020 include the following subsidiaries and associates: Subsidiaries Proportion of voting rights and ordinary share capital held Country of incorporation Address Industry Date of incorporation Date of acquisition 31 December 2022 31 December 2021 31 December 2020 BGEO Group Limited 100.00% 100.00% 100.00% United Kingdom 42 Brook Street, London, W1K 5DB Holding Company 14/10/2011 \u2013 JSC BGEO Group 100.00% 100.00% 100.00% Georgia 29a Gagarini Street, Tbilisi, 0105 Investment 28/5/2015 \u2013 JSC Idea 100.00% 100.00% 100.00% Georgia 3 Pushkin Street, Tbilisi 0105 Insurance 26/12/2018 \u2013 JSC Bank of Georgia 99.55% 99.55% 99.55% Georgia 29a Gagarini Street, Tbilisi, 0105 Banking 21/10/1994 \u2013 Bank of Georgia Representative Office UK Limited 100.00% 100.00% 100.00% United Kingdom 42 Brook Street, London, W1K 5DB Information sharing and market research 17/8/2010 \u2013 Tree of Life Foundation NPO (formerly known as Bank of Georgia Future Foundation, NPO) 100.00% 100.00% 100.00% Georgia 3 Pushkin Street, Tbilisi 0105 Charitable activities 25/8/2008 \u2013 Bank of Georgia Representative Office Hungary 100.00% 100.00% 100.00% Hungary 1054 Budapest, Szabads\u00e1g t\u00e9r 7; Bank Center Representative office 18/6/2012 \u2013 Representative Office of JSC Bank of Georgia in Turkey 100.00% 100.00% 100.00% Turkey S\u00fcleyman Seba Caddesi No:48 A Blok Daire 82 Akaretler Be\u015fikta\u015f 34357 Istanbul Representative office 25/12/2013 \u2013 Georgia Financial Investments, LLC 100.00% 100.00% 100.00% Israel 7 Menahem Begin, Ramat Gan 52681 Information sharing and market research 9/2/2009 \u2013 Benderlock Investments Limited 100.00% 100.00% 100.00% Cyprus Arch. Makariou III 58, IRIS TOWER, 8th floor, Flat/ Office 702 P.C. 1075, Nicosia Investments 12/5/2009 13/10/2009 JSC Belarusky Narodny Bank 99.98% 99.98% 99.98% Belarus Nezavisimosty Avenue 87A, Minsk, 220012 Banking 16/4/1992 3/6/2008 BNB Leasing, LLC 99.90% 99.90% 99.90% Belarus Nezavisimosty Avenue 87A, room 3, Minsk, 220012 Leasing 30/3/2006 3/6/2008 Georgian Leasing Company, LLC 100.00% 100.00% 100.00% Georgia 3-5 Kazbegi Street, Tbilisi Leasing 29/10/2001 31/12/2004 Prime Leasing 100.00% 100.00% 100.00% Georgia Didube-Chughureti district, No:114, Ak. Tsereteli Avenue, Tbilisi Leasing 27/1/2012 21/1/2015 JSC BG Financial 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Investment 7/8/2015 \u2013 JSC Galt & Taggart 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Brokerage and asset management 19/12/1995 28/12/2004 Branch Office of \u201cBG Kapital\u201d JSC in Azerbaijan 100.00% 100.00% 100.00% Azerbaijan 1C Mikayil Mushvig, Kempinski Hotel Badamdar, 6th floor, Yasamal. AZ1006, Baku Representative office 28/12/2013 \u2013 Subsidiaries
Proportion of voting rights and
ordinary share capital held
Country of
incorporation Address Industry
Date of
incorporation
Date of
acquisition
31
December
2022
31
December
2021
31
December
2020
Galt and Taggart Holdings
Limited
100.00% 100.00% 100.00% Cyprus Arch. Makariou III
58, IRIS TOWER,
8th floor, Flat/
Office 702 P.C.
1075, Nicosia
Investments 3/7/2006 \u2013
BG Capital (Belarus), LLC 100.00% 100.00% 100.00% Belarus 5A-3H,
K.Chornogo lane,
Minsk, 220012
Brokerage 19/2/2008 \u2013
JSC Digital Area (former JSC
Polymath Group)
100.00% 100.00% 100.00% Georgia 79 David
Agmashenebeli
Avenue, 0102,
Tbilisi
Digital 8/6/2018 \u2013
JSC Extra area 99.34% 98.68% 97.82% Georgia 79 David
Agmashenebeli
Avenue, 0102,
Tbilisi
Digital 22/5/2019 \u2013
Easy Box LLC 100.00% 100.00% 100.00% Georgia 41, Pekini Street,
Tbilisi
Transportation 22/12/2020 \u2013
JSC Optimo Global* 100.00% 0.00% 0.00% Georgia 41, Pekini Street
Tbilisi
Digital 8/11/2022 \u2013
Solo, LLC 100.00% 100.00% 100.00% Georgia 79 David
Agmashenebeli
Avenue, 0102,
Tbilisi
Trade 22/4/2015 \u2013
JSC United Securities Registrar
of Georgia
100.00% 100.00% 100.00% Georgia 74a Chavchavadze
Avenue, Tbilisi,
0162
Registrar 29/5/2006 \u2013
JSC Express Technologies 100.00% 100.00% 100.00% Georgia 1b, Budapest
Street, Tbilisi,
0160
Investments 29/10/2007 \u2013
JSC Georgian Card 99.41% 99.41% 99.46% Georgia 221 Nutsubidze
Street, Tbilisi,
0168
Card processing 17/1/1997 20/10/2004
Direct Debit Georgia, LLC 100.00% 100.00% 100.00% Georgia Luxemburg 25,
Tbilisi, 0160
Electronic
payment
services
7/3/2006 \u2013
LLC Didi Digomi Research
Center
100.00% 100.00% 100.00% Georgia 80-82,
D.Agmashenebeli
Street, Tbilisi,
0102
Communication
services
23/4/2007 \u2013
Metro Service +, LLC 100.00% 100.00% 100.00% Georgia 74a Chavchavadze
Avenue, Tbilisi,
0162
Business
servicing
10/5/2006 \u2013
Premium Compliance Advisory,
LLC
100.00% 100.00% 100.00% Georgia Kazbegi Street 3-5,
Tbilisi
Various 17/2/2012 \u2013
Associates
Proportion of voting rights and
ordinary share capital held
Country of
incorporation Address Industry
Date of
incorporation
Date of
acquisition
31
December
2022
31
December
2021
31
December
2020
JSC Credit info 21.08% 21.08% 21.08% Georgia 2 Tarkhnishvili
Street, Tbilisi
Financial
intermediation
14/2/2005 14/2/2005
JSC Tbilisi Stock Exchange 24.04% 24.04% 24.04% Georgia 72 Vazha-Pshavela
Avenue, Tbilisi
Financial
intermediation
8/5/2015 23/12/2016
LLC Delivery** 25.75% 0.00% 0.00% Georgia 6 A. Andronikashvili
Street, II Dead
End, Tbilisi
Financial
intermediation
14/12/2017 8/11/2022
* JSC Digital Area established a new company JSC Optimo Global on 8 November 2022. Total investment amount in JSC Optimo Global amounts to GEL 100.
** JSC Digital Area invested GEL 1,260 in 25.75% stake of LLC Delivery on 8 November 2022. For the period ended 31 December 2022, the Group\u2019s loss from associate
comprised GEL 65.
2. Basis of preparation continued
Subsidiaries and associates continued
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-713": {
"value": "General In accordance with the exemption permitted under section 408 of the Companies Act 2006, the separate income statement of BOGG is not presented as part of these financial statements. BOGG\u2019s income for the year is disclosed within the separate statement of financial position and the separate statement of changes in equity. The financial statements of Bank of Georgia Group PLC are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and prepared in accordance with UK-adopted international accounting standards as at 31 December 2022. These financial statements are prepared under the historical cost convention except for: \u2022 the measurement at fair value of financial assets and investment securities, derivative financial assets and liabilities and investment properties; \u2022 the measurement of inventories at lower of cost and net realisable value; and \u2022 the measurement of non-current assets classified as held for sale at lower of cost and fair value less costs to sell. The financial statements are presented in thousands of Georgian Lari (GEL), except per-share amounts and unless otherwise indicated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-714": {
"value": "Going concern In adopting the going concern basis for preparing the consolidated financial statements, the Directors have considered the Group\u2019s business activities, objectives and strategy, principal risks and uncertainties in achieving its objectives, and performance. The Directors have performed a robust assessment of the Group\u2019s financial forecasts across a range of scenarios over 12-month from the date the financial statements are authorised for issue by carrying out stress testing, incorporating extreme downside scenario and reverse stress testing, which involved examining the level of disruption that may cause the Group to fail. Based on this, the Directors confirm that they have a reasonable expectation that the Company and the Group, as a whole, have adequate resources to continue in operational existence for the 12 months from the date the financial statements are authorised for issue. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Group\u2019s ability to continue as a going concern for the foreseeable future. Therefore, the financial statements continue to be prepared on the going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-715": {
"value": "Subsidiaries and associates The consolidated financial statements as at 31 December 2022, 31 December 2021 and 31 December 2020 include the following subsidiaries and associates: Subsidiaries Proportion of voting rights and ordinary share capital held Country of incorporation Address Industry Date of incorporation Date of acquisition 31 December 2022 31 December 2021 31 December 2020 BGEO Group Limited 100.00% 100.00% 100.00% United Kingdom 42 Brook Street, London, W1K 5DB Holding Company 14/10/2011 \u2013 JSC BGEO Group 100.00% 100.00% 100.00% Georgia 29a Gagarini Street, Tbilisi, 0105 Investment 28/5/2015 \u2013 JSC Idea 100.00% 100.00% 100.00% Georgia 3 Pushkin Street, Tbilisi 0105 Insurance 26/12/2018 \u2013 JSC Bank of Georgia 99.55% 99.55% 99.55% Georgia 29a Gagarini Street, Tbilisi, 0105 Banking 21/10/1994 \u2013 Bank of Georgia Representative Office UK Limited 100.00% 100.00% 100.00% United Kingdom 42 Brook Street, London, W1K 5DB Information sharing and market research 17/8/2010 \u2013 Tree of Life Foundation NPO (formerly known as Bank of Georgia Future Foundation, NPO) 100.00% 100.00% 100.00% Georgia 3 Pushkin Street, Tbilisi 0105 Charitable activities 25/8/2008 \u2013 Bank of Georgia Representative Office Hungary 100.00% 100.00% 100.00% Hungary 1054 Budapest, Szabads\u00e1g t\u00e9r 7; Bank Center Representative office 18/6/2012 \u2013 Representative Office of JSC Bank of Georgia in Turkey 100.00% 100.00% 100.00% Turkey S\u00fcleyman Seba Caddesi No:48 A Blok Daire 82 Akaretler Be\u015fikta\u015f 34357 Istanbul Representative office 25/12/2013 \u2013 Georgia Financial Investments, LLC 100.00% 100.00% 100.00% Israel 7 Menahem Begin, Ramat Gan 52681 Information sharing and market research 9/2/2009 \u2013 Benderlock Investments Limited 100.00% 100.00% 100.00% Cyprus Arch. Makariou III 58, IRIS TOWER, 8th floor, Flat/ Office 702 P.C. 1075, Nicosia Investments 12/5/2009 13/10/2009 JSC Belarusky Narodny Bank 99.98% 99.98% 99.98% Belarus Nezavisimosty Avenue 87A, Minsk, 220012 Banking 16/4/1992 3/6/2008 BNB Leasing, LLC 99.90% 99.90% 99.90% Belarus Nezavisimosty Avenue 87A, room 3, Minsk, 220012 Leasing 30/3/2006 3/6/2008 Georgian Leasing Company, LLC 100.00% 100.00% 100.00% Georgia 3-5 Kazbegi Street, Tbilisi Leasing 29/10/2001 31/12/2004 Prime Leasing 100.00% 100.00% 100.00% Georgia Didube-Chughureti district, No:114, Ak. Tsereteli Avenue, Tbilisi Leasing 27/1/2012 21/1/2015 JSC BG Financial 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Investment 7/8/2015 \u2013 JSC Galt & Taggart 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Brokerage and asset management 19/12/1995 28/12/2004 Branch Office of \u201cBG Kapital\u201d JSC in Azerbaijan 100.00% 100.00% 100.00% Azerbaijan 1C Mikayil Mushvig, Kempinski Hotel Badamdar, 6th floor, Yasamal. AZ1006, Baku Representative office 28/12/2013 \u2013 Subsidiaries Proportion of voting rights and ordinary share capital held Country of incorporation Address Industry Date of incorporation Date of acquisition 31 December 2022 31 December 2021 31 December 2020 Galt and Taggart Holdings Limited 100.00% 100.00% 100.00% Cyprus Arch. Makariou III 58, IRIS TOWER, 8th floor, Flat/ Office 702 P.C. 1075, Nicosia Investments 3/7/2006 \u2013 BG Capital (Belarus), LLC 100.00% 100.00% 100.00% Belarus 5A-3H, K.Chornogo lane, Minsk, 220012 Brokerage 19/2/2008 \u2013 JSC Digital Area (former JSC Polymath Group) 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Digital 8/6/2018 \u2013 JSC Extra area 99.34% 98.68% 97.82% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Digital 22/5/2019 \u2013 Easy Box LLC 100.00% 100.00% 100.00% Georgia 41, Pekini Street, Tbilisi Transportation 22/12/2020 \u2013 JSC Optimo Global* 100.00% 0.00% 0.00% Georgia 41, Pekini Street Tbilisi Digital 8/11/2022 \u2013 Solo, LLC 100.00% 100.00% 100.00% Georgia 79 David Agmashenebeli Avenue, 0102, Tbilisi Trade 22/4/2015 \u2013 JSC United Securities Registrar of Georgia 100.00% 100.00% 100.00% Georgia 74a Chavchavadze Avenue, Tbilisi, 0162 Registrar 29/5/2006 \u2013 JSC Express Technologies 100.00% 100.00% 100.00% Georgia 1b, Budapest Street, Tbilisi, 0160 Investments 29/10/2007 \u2013 JSC Georgian Card 99.41% 99.41% 99.46% Georgia 221 Nutsubidze Street, Tbilisi, 0168 Card processing 17/1/1997 20/10/2004 Direct Debit Georgia, LLC 100.00% 100.00% 100.00% Georgia Luxemburg 25, Tbilisi, 0160 Electronic payment services 7/3/2006 \u2013 LLC Didi Digomi Research Center 100.00% 100.00% 100.00% Georgia 80-82, D.Agmashenebeli Street, Tbilisi, 0102 Communication services 23/4/2007 \u2013 Metro Service +, LLC 100.00% 100.00% 100.00% Georgia 74a Chavchavadze Avenue, Tbilisi, 0162 Business servicing 10/5/2006 \u2013 Premium Compliance Advisory, LLC 100.00% 100.00% 100.00% Georgia Kazbegi Street 3-5, Tbilisi Various 17/2/2012 \u2013 Subsidiaries and associates continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-651": {
"value": "3. Summary of significant accounting policies Basis of consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2022. The Group consolidates a subsidiary when it controls it. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 the contractual arrangement with the other vote holders of the investee; \u2022 rights arising from other contractual arrangements; and \u2022 the Group\u2019s voting rights and potential voting rights. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets and other components of non-controlling interests at their acquisition date fair values. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Investments in associates Associates are entities in which the Group generally has between 20% and 50% of the voting rights, or is otherwise able to exercise significant influence over, but which it does not control or jointly control. Investments in associates are accounted for under the equity method and are initially recognised at cost, including goodwill. Subsequent changes in the carrying value reflect the post- acquisition changes in the Group\u2019s share of net assets of the associate. The Group\u2019s share of its associates\u2019 profits or losses is recognised in the consolidated income statement, and its share of movements in reserves is recognised in other comprehensive income. However, when the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless the Group is obliged to make further payments to, or on behalf of, the associate. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Investment in an associate is assessed for impairment at each reporting date and recoverable value is determined if any indicators are identified. Any impairment losses are recorded under profit or loss from associates. Investments in subsidiaries and associates in parent company financial statements For the purposes of parent company financial statements, investments in subsidiaries and associates are accounted at cost less any impairment. Investments in subsidiaries and associates are accounted in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations when they are classified as held for sale or distribution. Dividends from a subsidiary or an associate are recognised in the parent company financial statements when the parent\u2019s right to receive the dividend is established. 3. Summary of significant accounting policies continued Fair value measurement The Group measures financial instruments, such as trading and investment securities, certain loans to customers, derivatives and non-financial assets such as investment properties, at fair value at each balance sheet date. Also, fair values of financial instruments measured at amortised cost are disclosed in Note 30. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2212 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. \u2022 Level 2 \u2212 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. \u2022 Level 3 \u2212 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Financial assets and liabilities Classification and measurement for financial assets and liabilities The Group classifies all of its financial assets based on the business model for managing the assets and the asset\u2019s contractual terms, measured at either: \u2022 fair value through profit or loss (FVTPL); \u2022 fair value through other comprehensive income (FVOCI) with recycling to profit or loss upon disposal for debt instruments; \u2022 FVOCI without recycling to profit or loss for equity instruments; or \u2022 amortised cost. Classification and measurement Financial liabilities, other than loan commitments and financial guarantees, are measured at amortised cost or at FVTPL if they are held for trading. Embedded derivatives are not separated from a host financial asset. Instead, financial assets are classified based on the business model and their contractual terms. All derivative instruments are measured at FVTPL. Measurement of financial instruments at initial recognition When financial instruments are recognised initially, they are measured at fair value, adjusted, in the case of instruments not at FVTPL, for directly attributable fees and costs. The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price. If the Group determines that the fair value at initial recognition differs from the transaction price, then: \u2022 if the fair value is evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the Group recognises the difference between the fair value at initial recognition and the transaction price as a gain or loss; \u2022 in all other cases, the initial measurement of the financial instrument is adjusted to defer the difference between the fair value at initial recognition and the transaction price. After initial recognition, the Group recognises that deferred difference as a gain or loss only to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the asset or liability. 3. Summary of significant accounting policies continued Financial assets and liabilities continued Subsequent measurement of financial instruments Financial instruments measured at amortised costThe Group measures amounts due from credit institutions, loans to customers and other financial assets at amortised cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows. \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. The details of these conditions are outlined below. Business model The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective. The business model is not assessed on an instrument by instrument basis, but at a higher level of aggregated portfolios per instrument type and is based on the following observable factors: \u2022 The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed. \u2022 How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected). \u2022 How financial assets held within particular business model are evaluated and reported to key management personnel. The expected frequency, value and timing of sales are also important aspects of the assessment. The business model assessment is based on reasonably expected scenarios without taking \u2018worst case\u2019 or \u2018stress case\u2019 scenarios into account. If cash flows after initial recognition are realised in a way that is different from the Group\u2019s original expectations, the Group does not change the classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly originated or newly purchased financial assets going forward. There are three business models available under IFRS 9: \u2022 Hold to collect: It is intended to hold the asset to maturity to earn interest, collecting repayments of principal and interest form the counterparty. \u2022 Hold to collect and sell: This model is similar to the hold to collect model, except that the entity may elect to sell some or all of the assets before maturity as circumstances change or to hold the assets for liquidity purposes. \u2022 Other: All those models that do not meet the \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 qualifying criteria. Solely Payments of Principal and Interest (SPPI) If a financial asset is held in either to a \u2018hold to collect\u2019, or a \u2018hold to collect and sell\u2019 business model, then the Group assesses whether contractual cash flows are SPPI on the principal amount outstanding at initial recognition to determine the classification. The SPPI test is performed on an individual instrument basis. Contractual cash flows that represent SPPI on the principal amount outstanding are consistent with basic lending arrangements. Interest is consideration for the time value of money and the credit risk associated with the principal amount outstanding during a particular period of time. It can also include consideration for other basic lending risks (e.g. liquidity risk) and costs (e.g. administrative costs) associated with holding the financial asset for a particular period of time, and a profit margin that is consistent with a basic lending arrangement. In assessing whether the contractual cash flows are SPPI, the Group considers whether the contractual terms of the financial asset contain a term that could change the timing or amount of contractual cash flows arising over the life of the instrument which could affect whether the instrument is considered to meet the SPPI test. If the SPPI test is failed, such financial assets are measured at FVTPL with interest earned recognised in other interest income. Debt instruments at FVOCI The Group measures debt investment securities at FVOCI when both of the following categories are met: \u2022 The instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows, selling financial assets and holding such financial instruments for liquidity management purposes. \u2022 The contractual terms of the financial asset meet the SPPI test. FVOCI debt investment securities are subsequently measured at fair value with gains and losses arising due to changes in fair value recognised in OCI. Interest income and foreign exchange gains and losses are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in OCI are reclassified from OCI to profit or loss. 3. Summary of significant accounting policies continued Financial assets and liabilities continued Subsequent measurement of financial instruments continued Equity instruments at FVOCI \u2013 optionUpon initial recognition, the Group may elect to classify irrevocably its equity instruments as equity instruments at FVOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. Such classification is determined on an instrument by instrument basis. Gains and losses on these equity instruments are never recycled to profit or loss. Dividends received are recognised in profit or loss. Equity instruments at FVOCI are not subject to impairment assessment. Financial assets at FVTPL Groups of financial assets for which the business model is other than \u2018hold to collect\u2019 and \u2018hold to collect and sell\u2019 are measured at FVTPL. Derivatives recorded at FVTPL The Group enters into derivative transactions with various counterparties. These include interest rate swaps, forwards and other similar instruments. Derivatives are recorded at fair value and carried as assets when their fair value is positive and as liabilities when their fair value is negative. Net changes in the fair value of derivatives are included in net gain/loss from financial instruments measured at FVTPL, excluding gain/loss on foreign exchange derivatives which are presented in net foreign currency gain. From the beginning of 2019, the Group enters into certain cross-currency swap agreements to match its funding costs in certain currencies with the income generated from lending activities in these currencies. As a result, the Group economically hedges the interest rate risk, however, no hedge accounting under IFRS 9 is applied. Net changes in the fair value of such derivative financial instruments, which are presented in net foreign currency gain, excludes unwinding of the locked-in interest differential which is presented as part of interest expense to reflect risk management objective of the Group. Financial guarantees, letter of credits and other financial commitmentsThe Group enters into the financial guarantee contacts whereby it\u2019s required to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due. Financial guarantees, letter of credits and other financial commitments are initially recognised in the financial statements at fair value, being the premium received. Subsequent to initial recognition, the Group\u2019s liability under each guarantee is measured at the higher of the amount initially recognised, less cumulative amortisation recognised in the consolidated income statement and an expected credit loss (ECL) provision. Non-financial guarantees The Group enters into non-financial guarantee contracts whereby it\u2019s required to compensate to the holder in case another party fails to meet its contractual obligations. Non-financial guarantees are initially recognised in the financial statements at fair value, being the premium received, amortised on a straight-line basis over the life of the contract. Subsequent to initial recognition the Group\u2019s liability under non-financial guarantee is measured at the amount that represents the best estimate of the expenditure required to settle the present obligation. The estimate takes into account the probability of another party defaulting on its obligations as well as available collateral under the guarantee contracts and is recognised in the consolidated income statement as part of other expected credit loss and provision for performance guarantees. Offsetting Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, amounts due from central banks, excluding obligatory reserves with central banks, and amounts due from credit institutions that mature within 90 days of the date of origination, and are free from contractual encumbrances and readily convertible to known amounts of cash. Borrowings Issued financial instruments or their components are classified as liabilities, where the substance of the contractual arrangement results in the Group having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity instruments. Such instruments include amounts due to credit institutions and amounts due to customers (including promissory notes issued). These are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost, using the effective interest rate (EIR) method. Gains and losses are recognised in the consolidated income statement when the borrowings are derecognised as well as through the amortisation process. Issued Additional Tier 1 instruments with perpetual maturity and discretionary interest payments are classified as financial liabilities when the instruments are not convertible into equity and the Group does not have unconditional right to avoid delivering cash upon a predetermined trigger event. Such instruments are measured at amortised cost with respective interest presented as part of interest expense in the consolidated income statement. If the Group purchases its own debt, it is removed from the statement of financial position and the difference between the carrying amount of the liability and the consideration paid is recognised in the consolidated income statement. 3. Summary of significant accounting policies continued Subordinated debt Subordinated debt represents long-term funds attracted by the Bank on the international financial markets or domestic market. The holders of subordinated debt would be subordinate to all other creditors to receive repayment of debt in case of the Bank\u2019s liquidation. Subordinated debt is carried at amortised cost. Leases The Group as a lessee At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group considers the commencement date of the lease the date on which the lessor makes an underlying asset available for use to the Group. The Group\u2019s main leasing activities include the leases of service centres, ATM spaces and warehouses. A non-cancellable lease period is up to ten years. Lease payments are fixed in most cases. The contacts do not generally carry extension or termination options for the lease term and do not impose any covenants. Recognition of right-of-use asset and lease liabilityThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimated dismantling costs, if any. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The lease liability is initially measured at the present value of the future lease payments excluding payments for VAT, discounted using the Group\u2019s incremental borrowing rate (IBR). The lease liability is subsequently measured at amortised cost using the IBR. Recognition exemptionsThe Group applies the recognition exemptions on lease contracts for which the lease term ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Modifications of lease contractsIf the lease contract is modified by either changing the scope of the lease, or the consideration for a lease that was not part of the original terms and conditions of the lease, the Group determines whether the modification results in: \u2022 a separate lease; or \u2022 a change in the accounting for the existing lease. For the lease modifications that are not accounted as separate leases, the Group re-measures the lease liability either by recognising gain or loss relating to the partial or full termination of the lease or through adjusting respective right-of-use asset. The Group as a lessor At the inception of the lease, the Group classifies each of its leases as either an operating lease or a finance lease. Finance leaseLeases that transfer substantially all the risks and benefits incidental to ownership of the lease item to the lessee are classified as finance leases. All other leases are classified as operating leases. The Group recognises finance lease receivables in the consolidated statement of financial position at a value equal to the net investment in the lease, starting from the date of commencement of the lease term. In calculating the present value of the minimum lease payments, the discount factor used is the interest rate implicit in the lease. Initial direct costs are included in the initial measurement of the finance lease receivables. Lease payments received are apportioned between the finance income and the reduction of the outstanding lease receivable. Finance income is based on a pattern reflecting a constant periodic rate of return on the net investment outstanding. Operating leaseThe Group presents assets subject to operating leases in the consolidated statement of financial position according to the nature of the asset. Lease income from operating leases is recognised in the consolidated income statement on a straight-line basis over the lease term as net other income. Initial direct costs incurred specifically to earn revenues from an operating lease are added to the carrying amount of the leased asset. 3. Summary of significant accounting policies continued Impairment of financial assets Overview of the ECL principles The Group records an allowance for ECL for all loans and other debt financial assets not held at FVTPL, together with loan commitments and financial guarantee contracts, in this section all referred to as \u2018financial assets\u2019. Equity instruments are not subject to impairment under IFRS 9. The allowance is based on the ECL associated with a probability of default (PD) in the next 12 months unless there has been a significant increase in credit risk since origination, in which case the allowance is based on the ECL over the life of the asset (lifetime ECL). If the financial asset meets the definition of purchased or originated credit-impaired (POCI), the allowance is based on the change in the lifetime ECL. The Group applies the simplified approach for trade, lease and other receivables and contract assets and records lifetime ECLs on them. In order to calculate ECL, the Group first evaluates individually whether objective evidence of impairment exists for loans that are individually significant. It then collectively assesses loans that are not individually significant and loans which are significant but for which there is no objective evidence of impairment (POCI) available under the individual assessment. Staged approach to the determination of ECLs The Group has established a policy to perform an assessment, at the end of each reporting period, of whether a financial asset\u2019s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. Based on the above process, the Group groups its financial instruments into Stage 1, Stage 2, Stage 3 and POCI, as described below: \u2022 Stage 1: The Group recognises a credit loss allowance at an amount equal to 12-month ECL. This represents the portion of lifetime ECL from default events that are expected within 12 months of the reporting date, assuming that credit risk has not increased significantly after initial recognition. For those financial assets with a remaining maturity of less than 12 months, a PD is used that corresponds to the remaining maturity. \u2022 Stage 2: The Group recognises a credit loss allowance at an amount equal to lifetime ECL for those financial instruments which are considered to have experienced a significant increase in credit risk since initial recognition. This requires the computation of ECL based on lifetime PD (LTPD) that represents the PD occurring over the remaining lifetime of the financial instrument. Allowance for expected credit losses is higher in this stage because of an increase in credit risk and the impact of a longer time horizon being considered compared with 12 months in Stage 1. Financial instruments in Stage 2 are not yet deemed to be credit- impaired. \u2022 Stage 3: If the financial instrument is credit-impaired, it is then moved to Stage 3. The Group recognises a loss allowance at an amount equal to lifetime ECL, reflecting a PD of 100% for those financial instruments that are credit-impaired. Financial instruments within the scope of the impairment requirements of IFRS 9 are classified into one of the above three stages. Unless credit-impaired, newly originated assets are classified as Stage 1 and remain in that stage unless there is considered to have been a significant increase in credit risk since initial recognition, at which point the asset is reclassified to Stage 2. POCI assets are financial instruments that are credit-impaired on initial recognition. POCI assets are recorded at fair value at original recognition and interest income is subsequently recognised based on a credit adjusted EIR (CAEIR). CAEIR takes into account all contractual terms of the financial asset and ECLs. ECLs are only recognised or released to the extent that there is a subsequent change in the ECL where ECLs are calculated based on lifetime ECL. Once the financial asset is recognised as POCI, it retains this status until derecognised. Key judgements and estimates used under IFRS 9 are disclosed in note 4. Derecognition of financial assets and liabilities Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised where: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group has transferred its rights to receive cash flows from the asset, or retained the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and \u2022 the Group either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. 3. Summary of significant accounting policies continued Derecognition of financial assets and liabilities continued Derecognition of financial assets continued Where continuing involvement takes the form of a written and/or purchased option (including a cash-settled option or similar provision) on the transferred asset, the extent of the Group\u2019s continuing involvement is the amount of the transferred asset that the Group may repurchase, except that in the case of a written put option (including a cash-settled option or similar provision) on an asset measured at fair value, the extent of the Group\u2019s continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price. Derecognition and modification of financial assets The Group sometimes renegotiates or otherwise modifies the contractual cash flows of financial assets. When this happens, the Group assesses whether or not the new terms are substantially different to the original terms, based on qualitative and quantitative criteria. The Group derecognises a financial asset, such as a loan to a customer, when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new loan, except in cases when renegotiation of contractual terms happens due to financial difficulties of the borrower. Once the financial asset is derecognised, the difference is recognised as a derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The newly recognised loans are classified as Stage 1 for ECL measurement purposes, unless the new loan is deemed to be POCI. The Group applies derecognition of the financial asset if any of the following criteria are met: \u2022 Change in currency of the loan. \u2022 Change in interest rate type. \u2022 Introduction of an equity feature. \u2022 Change in counterparty. \u2022 If the modification is such that the instrument would no longer meet the SPPI criterion. If the terms are not substantially different, or the renegotiation is due to the financial difficulties of the borrower, such renegotiation or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognises a modification gain or loss in interest income. The new gross carrying amount is calculated by discounting the modified cash flows at the original EIR. Forbearance and modified loans The Group sometimes makes concessions or modifications to the original terms of the loans as a response to the borrower\u2019s financial difficulties, rather than taking possession or otherwise enforcing collection of collateral. The Group considers a loan forborne when such concessions or modifications are provided as a result of the borrower\u2019s present or expected financial difficulties and the Group would not have agreed to them if the borrower had been financially healthy. Forbearance may involve extending the payment arrangements and the agreement of new loan conditions. Once the terms have been renegotiated, any impairment is measured using the original EIR as calculated before the modification of terms. Once the asset has been identified as forborne, the assets are classified in Stage 3. The decision as to how long the asset remains in the forborne category is determined on a case-by-case basis for commercial and SME loans, when a minimum six consecutive payments are required for the rest of the loans to exit from the forbearance category and transfer to Stage 2. Once the loan is transferred to Stage 2, the Group continues to reassess whether there has been a significant increase in credit risk, however, such assets remain in Stage 2 for a minimum 12-month probation period before being transferred to Stage 1. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in the consolidated income statement. Foreclosed assets All repossessed land and buildings were previously classified as investment properties at initial recognition given these assets were managed with a view of capital appreciation or earning a rental income. Commencing from 2022, the Group updated its property management strategy and decided to move majority of the realizations of such properties at a quicker pace. Respectively, all repossessed collaterals, including land and buildings, are now classified either as Investment Properties or Foreclosed Assets depending the Group\u2019s intention in respect of recovery of these assets. Foreclosed assets are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The majority of the Group\u2019s foreclosed assets consists of the real estate assets repossessed during recovery of defaulted loans. Such assets are specific and not ordinarily interchangeable, respectively the Group applies specific identification of their individual costs. 3. Summary of significant accounting policies continued Non-current assets held for sale The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell unless scoped out of IFRS 5 in which case the existing measurement provisions of IFRS apply. Immediately before the initial classification of the asset as held for sale, the carrying amount of the asset is measured in accordance with applicable IFRSs. Property and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately from other assets and liabilities in the statement of financial position. Taxation The current income tax expense is calculated in accordance with the regulations in force in the respective territories in which BOGG and its subsidiaries operate. Deferred tax assets and liabilities are calculated in respect of temporary differences using the liability method. Deferred income taxes are provided for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes, except where the deferred income tax arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. A deferred tax asset is recorded only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Georgia and Belarus also have various operating taxes that are assessed on the Group\u2019s activities. These taxes are included as a component of other operating expenses. Uncertain tax positions The Group reassesses uncertain tax positions at the end of each reporting period. The assessment is based on the interpretation of the tax laws that have been enacted or substantively enacted by the end of reporting period and any known court or other rulings on such issues. Liabilities are recorded for income tax positions that are determined as more likely than not to result in additional tax levied if the positions were to be challenged by the tax authorities. Liabilities for penalties, interest and taxes other than on income are recognised based on the best estimate of the expenditure required to settle the obligations at the end of the reporting period. Investment properties Investment property is land or a building or a part of a building held to earn rental income or for capital appreciation and which is not used by the Group. Investment property is initially recognised at cost, including transaction costs, and subsequently re-measured at fair value reflecting market conditions at the end of the reporting period. Fair value of the Group\u2019s investment property is determined on the basis of various sources including reports of independent appraisers, who hold a recognised and relevant professional qualification and who have recent experience in valuation of property of similar location and category. With regards to certain investment properties with repurchase options granted to previous owners, fair value of the property at the reporting date is capped at repurchase price. Gains and losses resulting from changes in the fair value of investment property as well as earned rental income are recorded in the income statement within net other income. 3. Summary of significant accounting policies continued Property and equipment Property and equipment is carried at cost less accumulated depreciation and any accumulated impairment in value. Such cost includes the cost of replacing part of the equipment when that cost is incurred if the recognition criteria are met. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Depreciation of an asset commences from the date the asset is ready and available for use. Depreciation is calculated on a straight- line basis over the following estimated useful lives: Years Office buildings and service centres Up to 100 Furniture and fixtures 3\u201320 Computers and equipment 5\u201310 Motor vehicles 2\u20137 The assets\u2019 residual values, useful lives and methods are reviewed, and adjusted as appropriate, at each financial year-end. Assets under construction are stated at cost and are not depreciated until the time they are available for use and reclassified to their respective group of property and equipment. Leasehold improvements are depreciated over the shorter life of the related leased asset and the expected lease term. Costs related to repairs and renewals are charged when incurred and included in other operating expenses, unless they qualify for capitalisation. Goodwill impairment Goodwill is reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Each unit or group of units to which the goodwill is so allocated: \u2022 represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and \u2022 is not larger than a segment as defined in IFRS 8 Operating Segments. Impairment is determined by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units), to which the goodwill relates. Where the recoverable amount of the cash-generating unit (or group of cash-generating units) is less than the carrying amount, an impairment loss is recognised. Impairment losses cannot be reversed in future periods. Intangible assets The Group\u2019s intangible assets include computer software and licences. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The economic lives of intangible assets are assessed to be finite and amortised over four to 15 years and assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortisation periods and methods for intangible assets are reviewed at least at each financial year-end. Costs associated with maintaining computer software programmes are recorded as an expense as incurred. Software development costs (relating to the design and testing of new or substantially improved software) are recognised as intangible assets only when the Group can demonstrate the technical feasibility of completing the software so that it will be available for use or sale, its intention to complete the asset and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset, and the ability to measure reliably the expenditure during the development. Other research and software development costs are recognised as an expense as incurred. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of obligation can be made. 3. Summary of significant accounting policies continued Share-based payment transactions Employees (including senior executives) of the Group receive share-based remuneration, whereby they render services and receive equity instruments of the Group (\u2018equity-settled transactions\u2019) as consideration for the services provided. Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The awards of shares in monetary terms are measured by reference to the monetary value (as awarded) adjusted for the time value of money where necessary. The cost of equity-settled transactions is recognised together with the corresponding increase in equity as part of additional paid- in capital, over the period in which the performance and/or service conditions are fulfilled, ending on the date when the relevant employee is fully entitled to the award (\u2018the vesting date\u2019). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The consolidated income statement charge or credit for the period represents the movement in cumulative expense recognised as at the beginning and end of that period. No expense is recognised for the awards that do not ultimately vest except for the awards where vesting is conditional upon market conditions which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other performance conditions are satisfied. Where the terms of an equity-settled award are modified, the minimum expense is recognised as if the terms had not been modified. An additional expense is recognised for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of the modification. Where a new equity-settled award is designated as a replacement of a cancelled equity-settled award, the replacement of equity instruments are accounted for as a modification. Where an equity-settled award is cancelled, it is treated as if it has vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as the replacement award on the date that it is granted, the cancelled and the new awards are treated as if they were a modification of the original award, as described in the previous paragraph. Equity Share capital Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business combination, are shown as a deduction from the proceeds in equity. Additional paid-in capital Any excess of the fair value of consideration received over the par value of shares issued is recognised as additional paid-in capital. Further, the effects of share-based payments are also recognised as part of the additional paid-in capital. Treasury shares Where BOGG or its subsidiaries purchase BOGG shares, the consideration paid, including any attributable transaction costs, net of income taxes, is deducted from total equity as treasury shares until they are cancelled or reissued. Where such shares are subsequently sold or reissued, any consideration received is included in equity. Treasury shares are stated at par value, with adjustment of premiums against additional paid-in capital. Dividends Dividends are recognised as liabilities and deducted from equity at the reporting date only if they are declared before or on the reporting date and do not require further approval. Dividends are disclosed when they are proposed before the reporting date or proposed or declared after the reporting date but before the consolidated financial statements are authorised for issue. All expenses associated with dividend distribution are added to dividend amount and recorded directly through equity. Contingencies A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation where an outflow of the economic resources is either not expected to occur or can not be measured reliably. Contingent liabilities are not recognised in the consolidated statement of financial position but are disclosed, unless the possibility of any outflow in settlement is remote. A contingent asset is not recognised in the consolidated statement of financial position but disclosed when an inflow of economic benefits is probable. 3. Summary of significant accounting policies continued Income and expense recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue and expense are recognised: Interest and similar income and expense For all financial instruments measured at amortised cost and interest-bearing securities, interest income or expense is recorded at the EIR, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or financial liability. The calculation takes into account all contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly attributable to the instrument and are an integral part of the EIR, but not future credit losses. The carrying amount of the financial asset or financial liability is adjusted if the Group revises its estimates of payments or receipts. The adjusted carrying amount is calculated based on the original EIR and the change in carrying amount is recorded as interest income or expense. For financial instruments in Stage 1 and Stage 2, the Group calculates interest income by applying the EIR to the gross carrying amount. Interest income for financial assets in Stage 3 is calculated by applying the EIR to the amortised cost (i.e. the gross carrying amount less credit loss allowance). For financial instruments classified as POCI only, interest income is calculated by applying a credit adjusted EIR to the amortised cost of these POCI assets. The Group presents interest revenue calculated using the EIR method separately in the income statement. Fee and commission income The Group earns fee and commission income from a diverse range of services it provides to its customers. Fee and commission income are recognised when the Group satisfies a performance obligation. Fee income can be divided into the following categories: Fee income earned from services that are provided over a certain period of time Fees earned for the provision of services over a period of time are accrued over that period. These fees include commission incomes and asset management, custody, package services on bundled products and other management and advisory fees. Loan commitment fees for loans that are likely to be drawn-down and other credit-related fees are deferred (together with any incremental costs), and recognised as an adjustment to the EIR on the loan. Customer loyalty programme Customer loyalty programme points accumulated in the business are treated as deferred revenue and recognised in revenues gradually as they are earned. The Group recognises gross revenue earned from customer loyalty programmes when the performance obligation is satisfied, i.e. when the customer redeems the points or the points expire, where the Group acts as a principal. Conversely, the Group measures its revenue as the net amount retained on its account representing the difference between the consideration allocated to the award credits and the amount payable to the third party for supplying the awards as soon as the award credits are granted, where the Group acts as an agent. At each reporting date, the Group estimates the portion of accumulated points that is expected to be utilised by customers based on statistical data. These points are treated as a liability in the statement of financial position and are only recognised in revenue when points are earned or expired. Performance obligations satisfied at a point in time Fees and commissions earned from providing transaction-type services such as settlement, brokerage, cash and currency conversion operations are recognised when the service has been completed, provided such fees and commissions are not subject to refund or another contingency beyond the control of the Group. Fees from currency conversion operations represent additional commission (other than currency dealing revenue recognised in net foreign currency gain) charged on currency conversion service provided to customers on cards used abroad. Dividend income Dividend revenue is recognised when the Group\u2019s right to receive the payment is established. Non-recurring items The Group separately classifies and discloses those income and expenses that are non-recurring by nature. The Group defines non- recurring income or expense as an income or expense triggered by, or originated from, an economic, business or financial event that is not inherent to the regular and ordinary business course of the Group and is caused by uncertain or unpredictable external factors that cannot be reasonably expected to occur in the future, and thus should not be taken into account when making projections of future results. 3. Summary of significant accounting policies continued Functional, reporting currencies and foreign currency translation The consolidated financial statements are presented in Georgian Lari, which is the Group\u2019s presentation currency. BOGG\u2019s and the Bank\u2019s functional currency is Georgian Lari. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded in the functional currency, converted at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the functional currency rate of exchange ruling at the reporting date. Gains and losses resulting from the translation of foreign currency transactions are recognised in the consolidated income statement as gains less losses from foreign currencies \u2013 translation differences. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is recognised in the income statement. Differences between the contractual exchange rate of a certain transaction and the NBG exchange rate on the date of the transaction are included in gains less losses from foreign currencies (dealing). The official NBG exchange rates at 31 December 2022, 31 December 2021 and 31 December 2020 were: Lari to GBP Lari to USD Lari to EUR Lari to BYN 31 December 2022 3.2581 2.7020 2.8844 1.0730 31 December 2021 4.1737 3.0976 3.5040 1.2101 31 December 2020 4.4529 3.2766 4.0233 1.2647 As at the reporting date, the assets and liabilities of the entities whose functional currency is different from the presentation currency of the Group are translated into Georgian Lari at the rate of exchange ruling at the reporting date and their income statements are translated at the average exchange rates for the year. The exchange differences arising on the translation are taken to other comprehensive income. On disposal of a subsidiary or an associate whose functional currency is different from the presentation currency of the Group, the deferred cumulative amount recognised in other comprehensive income relating to that particular entity is recognised in the consolidated income statement. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operations, and translated at the rate at the reporting date. Adoption of new or revised standards and interpretations Amendments effective from 1 January 2022 IAS 37 Provisions, Contingent Liabilities and Contingent AssetsIn May 2020, the IASB issued amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets to clarify what costs an entity considers in assessing whether a contract is onerous. The amendments specify that the \u2018cost of fulfilling\u2019 a contract comprises the \u2018costs that relate directly to the contract\u2019. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendment had no material impact on the Group\u2019s consolidated financial statements. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities As part of its 2018-2020 Annual Improvements to IFRS standards process, the IASB issued an amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 3 Business CombinationsThe amendment updates a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IAS 16 Property, Plant and EquipmentThe amendment prohibits a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. The amendment had no material impact on the Group\u2019s consolidated financial statements. 3. Summary of significant accounting policies continued Adoption of new or revised standards and interpretations continued Amendments effective from 1 January 2022 continued IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities continuedAmendments to IFRS 1, \u2018First-time Adoption of International Financial Reporting Standards\u2019 \u2013 Subsidiary as a first-time adopter The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent\u2019s consolidated financial statements, based on the parent\u2019s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16 (a) of IFRS 1. The amendment had no material impact on the Group\u2019s consolidated financial statements. Reclassifications To improve the quality and understandability of its consolidated income statement, the Group has revisited the presentation of gains/losses resulting from its debt extinguishment. The Group considered it more appropriate to present such gains/losses separately from other gains/losses. Comparative amounts were reclassified in line with the updated presentation. The following reclassifications were made to year ended 31 December 2021 and 31 December 2020 consolidated income statement to conform to the year ended 31 December 2022 presentation requirements: Consolidated income statement for the year ended 31 December 2021 As previously reported Reclassification As reclassified Net gains/(losses) on extinguishment of debt \u2013 (2,892) (2,892) Net other gains/(losses) 70,206 2,892 73,098 Consolidated income statement for the year ended 31 December 2020 As previously reported Reclassification As reclassified Net gains/(losses) on extinguishment of debt \u2013 (3,282) (3,282) Net other gains/(losses) 48,474 3,282 51,756 Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s consolidated financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. IAS 1 Presentation of Financial Statements In January 2020 and July 2020, the IASB issued amendments to IAS 1 \u201cPresentation of Financial Statements: Classification of Liabilities as Current or Non-Current\u201d. They clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. The amendments also clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments will be effective for annual periods beginning on or after January 1, 2023 with early adoption permitted. The Group is assessing the potential effect of the amendment on its consolidated financial statements. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17, Insurance Contracts, which sets out the accounting requirements for contractual rights and obligations that arise from insurance contracts issued and reinsurance contracts held. IFRS 17 is effective from 1 January 2023. The Group is assessing the standard, but does not expect it to have a material effect on its consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 In May 2021 the Board issued Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction, that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The amendments to IAS 12 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. The Group does not expect it to have a material effect on its consolidated financial statements. Narrow-scope amendments Definition of Accounting Estimates \u2013 Amendments to IAS 8: In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. 3. Summary of significant accounting policies continued Standards issued but not yet effective continued Narrow-scope amendments continued The amendments are not expected to have a material impact on the Group\u2019s consolidated financial statements. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement: 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. The Group is assessing the potential effect of the amendment on its consolidated financial statements. 4. Significant accounting judgements and estimates Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets Fair values of investment properties, assets held for sale and foreclosed assets is determined by independent, professionally qualified appraisers. Fair value is determined using a combination of the internal capitalisation method (also known as discounted future cash flow method) and the sales comparison method. The Group performs valuation of its investment properties, assets held for sale and foreclosed assets with a sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value and respective measurement principles at the end of the reporting period. The last valuation was performed in 2022. Results of this valuation are presented in Note 14, while valuation inputs and techniques are presented in Note 30. The Group\u2019s properties are spread across the different parts of the country. While the secondary market in Georgia provides adequate market information for fair value measurements for small and medium sized properties, valuation of large properties involves application of various observable and unobservable inputs to determine adjustments to the available comparable sale prices. These estimates and assumptions are based on the best available information, however, actual results could be different. Allowance for financial assets IFRS 9 requires management to make a number of judgements, assumptions and estimates based on management\u2019s knowledge and historical experience that affect the allowance for ECL. A summary of the key judgements made by management is set out below. Definition of default, credit-impaired and cure (Note 29) The Group\u2019s definition of default is based on quantitative and qualitative criteria. The definition may differ across products. The definition is consistent with the definition used for internal credit risk management purposes and it corresponds with internal financial instrument risk classification rules. A counterparty is classified as defaulted at the latest when payments of interest, principal or fees are overdue for more than 90 days or when bankruptcy, fraud, insolvency proceedings of enforced liquidation have commenced, or there is other evidence that the payment obligations will not be fully met. The determination of whether a financial instrument is credit-impaired focuses on default risk, without taking into consideration the effects of credit risk mitigations such as collateral or guarantees. An instrument is classified as credit-impaired if the counterparty is defaulted and/or the instrument is POCI. Once the financial asset is classified as credit-impaired (except for POCIs) it remains as such unless all past due amounts have been rectified or there is general evidence of credit recovery. A minimum period of six consecutive months\u2019 payment is applied as exit criteria to financial assets restructured due to credit risk other than corporate loan portfolio and debt instruments measured at FVOCI, where exit criteria are determined as exit from bankruptcy or insolvency status, disappearance of liquidity problems or existence of other general evidence of credit recovery assessed on individual basis. For other credit-impaired financial instruments, exit criteria is determined as repayment of the entire overdue amount other than through refinancing or foreclosure. Once a credit-impaired financial asset meets default exit criteria, it remains in Stage 2 at least for the next 12 consecutive months. In case no default status is assigned during the 12 consecutive months, it is transferred to Stage 1 if its credit risk is not significantly higher than at origination date. 4. Significant accounting judgements and estimates continued Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets continued Significant increase in credit risk (SICR) A SICR is not a defined term per IFRS 9, and is determined by management, based on their experience and judgement. In assessing whether the credit risk has significantly increased, the Group has identified a series of qualitative and quantitative criteria based on undertaking the holistic analysis of various factors including those which are specific to a particular financial instrument or to a borrower as well as those applicable to particular sub-portfolios. These criteria are: \u2022 A significant increase in credit risk, expressed in the relative and/or absolute increase in the risk of default since initial recognition. SICR is determined based on comparison between credit risk ratings (internal or external) as of the origination date and credit risk ratings as of the reporting date for each financial asset individually. Thresholds are determined separately for corporate, retail, SME and other financial instrument portfolios, depending on initial grade assigned at origination. \u2022 Existence of forecast of adverse changes in commercial, financial or economic conditions that adversely affect the creditworthiness of the borrower. \u2022 Modification of the contractual terms due to financial problems of the borrower other than default. \u2022 The days past due on individual contract level breached the threshold of 30 days. \u2022 Other qualitative indicators, such as external market indicators of credit risk or general economic conditions, which indicate that the level of risk has increased significantly since origination. The above noted SICR indicators are identified at financial instrument level in order to track changes in credit risk since initial recognition date. Measurement of ECLs ECL reflects an unbiased, probability-weighted estimate based on a combination of the following principal factors: PD, loss given default (LGD), and exposure at default (EAD), which are further explained below: PD estimation: The Group estimates PD based on a combination of rating model calibration results and a migration matrices approach which is further adjusted for macroeconomic expectations for a minimum three years onwards for all portfolios, to represent the forward-looking estimators of the PD parameters. The migration matrix is built in a way to reflect the weighted average yearly migration over the historical data period. The risk groups are determined in a way to ensure intra-group homogeneity and differentiation of expected PD levels. For loan portfolios other than corporate loans, PD is further adjusted considering time since financial instrument origination. The models incorporate both qualitative and quantitative information and, where practical, build on information from top rating agencies, Credit Bureau or internal credit rating systems. Since Stage 3 financial instruments are defaulted, the PD in this case is equal to 100%. EAD: The EAD represents an estimate of the exposure to credit risk at the time of a potential default occurring during the life of a financial asset. It represents the cash flows outstanding at the time of default, considering expected repayments, interest payments and accruals discounted at the EIR. To calculate EAD for a Stage 1 financial instrument, the Group assesses the possible default events within 12 months for the calculation of the 12 months ECL. For Stage 2 and POCI financial instruments, the EAD is considered for events over the lifetime of the instruments. The Group determines EAD differently for products with repayment schedules and those without repayment schedules. For financial instruments with repayment schedules, the Group estimates forward-looking EAD using the contractual cash flow approach with further corrections for expected prepayments and overdue days. For products without the repayment schedules such as credit cards, credit lines and financial guarantees, the Group estimates the forward- looking EAD using the limit utilisation approach. Under the above approach EAD is calculated using the expected utilisation rate based on historical data of actual draw-down amounts. LGD: LGD is defined as the likely loss in case of a counterparty default. It provides an estimation of the exposure that cannot be recovered in a default event and therefore captures the severity of a loss. The determination of the LGD takes into account expected future cash flows from collateral and other credit enhancements, or expected payouts from bankruptcy proceedings for unsecured claims, and where applicable, time to realisation of collateral and the seniority of claims. The Group segments its financial instruments into homogeneous portfolios, based on key characteristics that are relevant to the estimation of future cash flows. The applied data is based on historically collected loss data and involves a wider set of transaction characteristics (e.g. product type, wider range of collateral types). Based on this information, the Group estimates the recovery rate (other than through collateral), cure rate and probability of re-default. Recovery through collateral is further considered in LGD calculations individually for each financial instrument. Assets considered in the ECL calculations IFRS 9 requires cash flows expected from collateral and other credit enhancements to be reflected in the ECL calculation. The treatment and reflection of collateral for IFRS 9 purposes is in line with general risk management principles, policies and processes of the Group. Collateral, unless repossessed, is not recorded on the Group\u2019s statement of financial position. The fair value of collateral affects the calculation of ECLs. It is generally assessed at inception and reassessed on an annual basis for all material exposures. During the period where real estate prices are subject to significant fluctuation, those collaterals not revalued during the last three months before the end of the reporting date were further adjusted with respective real estate price index movement. The effect of the noted adjustment amounted to a GEL 26 million decrease of ECL in the 2022 consolidated financial statements (2021: Nil, 2020: Nil). 4. Significant accounting judgements and estimates continued Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets continued Management Overlays and improvements to the ECL methodology In prior periods the Group applied number of management overlays to the existing ECL methodology due to the unprecedented nature of the COVID-19 pandemic and the uncertainties associated with it. Such overlays related to staging of COVID-19 restructured loans as well as cure and recovery rates. Given a reasonable time has passed for the statistics to properly reflect effects of COVID-19, the Group decided to remove respective management overlays which positively affected overall ECL of the Group. In addition, management re-estimated collateral realisation period for LGD calculations resulting in increase of ECL. This together with removal of management overlays and other minor improvements to the methodology resulted in decrease of ECL by GEL 21.4 million for the Group. Forward-looking information Under IFRS 9, the allowance for expected credit losses is based on reasonable and supportable forward-looking information obtainable without undue cost or effort, which takes into consideration past events, current conditions and forecasts of future economic conditions. To incorporate forward-looking information into the Group\u2019s allowance for expected credit losses, the Group uses the macroeconomic forecasts provided by the NBG for Group companies operating in Georgia, while data used by Belarusky Narodny Bank (BNB) is provided by a non-governmental research centre operating in Belarus. Macroeconomic variables covered by these forecasts and which the Group incorporated in its ECL assessment model include GDP growth, foreign exchange rate and inflation rate. These forward-looking macroeconomic variables are generally updated on a semi-annual basis for Georgian companies and on a quarterly basis for BNB. The determination of the probability-weighted ECL requires evaluating a range of diverse and relevant future economic conditions. To accommodate this requirement, the Group uses three different economic scenarios in the ECL calculation: an upside (weight 0.25), a base case (weight 0.50) and a downside (weight 0.25) scenario relevant for each respective portfolio. A weight is calculated for each scenario by using a probabilistic economic model that considers recent information as well as historical data provided by the NBG. The Group considers these forecasts to represent its best estimate of the possible outcomes, based on reliable available information. Forward-looking variable assumptions The most significant period end assumptions used for ECL estimate as at 31 December 2022 per geographical segments are set out below. The scenarios \u2018base\u2019, \u2018upside\u2019 and \u2018downside\u2019 were used for all portfolios. Georgia Key drivers ECL scenario Assigned weight As at 31 December 2022 Assigned weight As at 31 December 2021 Assigned weight As at 31 December 2020 2023 2024 2025 2022 2023 2024 2021 2022 2023 GDP growth in % Upside 25% 6.00% 5.00% 5.00% 25% 6.00% 5.00% 4.50% 25% -3.00% 6.00% 5.00% Base case 50% 4.00% 5.50% 5.00% 50% 5.00% 4.00% 4.50% 50% -4.00% 4.50% 5.00% Downside 25% 2.00% 4.00% 5.00% 25% 2.00% 4.00% 5.00% 25% -9.00% 2.50% 4.00% GEL/USD exchange rate % Upside 25% 2.00% 0.00% 0.00% 25% 4.00% 2.00% 2.00% 25% 5.00% 5.00% 0.00% Base case 50% 0.00% 0.00% 0.00% 50% 0.00% 0.00% 0.00% 50% 0.00% 0.00% 0.00% Downside 25% -15.00% 5.00% 5.00% 25% -10.00% 2.00% 3.00% 25% -10.00% -5.00% 5.00% CPI inflation rate in % Upside 25% 5.00% 3.00% 3.00% 25% 5.50% 3.00% 3.00% 25% 5.50% 4.00% 3.00% Base case 50% 5.30% 3.10% 3.00% 50% 7.00% 2.50% 3.00% 50% 4.50% 1.50% 2.50% Downside 25% 9.00% 6.00% 3.00% 25% 8.00% 4.00% 3.00% 25% 7.00% 2.00% 2.50% 4. Significant accounting judgements and estimates continued Forward-looking variable assumptions continued Belarus Key drivers ECL scenario Assigned weight As at 31 December 2022 Assigned weight As at 31 December 2021 Assigned weight As at 31 December 2020 2023 2024 2022 2023 2021 2022 GDP growth in % Upside 10% 2.66% 4.26% 25% 2.92% 5.01% 10% 2.28% 4.74% Base case 50% 0.31% 0.50% 50% 0.56% 1.24% 50% -0.06% 0.98% Downside 40% -2.05% -3.26% 25% -1.80% -2.52% 40% -2.44% -2.81% BYN/USD exchange rate % Upside 10% 0.71% 0.65% 25% 0.56% 0.52% 10% -0.48% -1.17% Base case 50% 2.53% 1.65% 50% 2.44% 1.37% 50% 1.45% 0.06% Downside 40% 4.09% 2.41% 25% 4.05% 1.98% 40% 3.29% 1.08% CPI inflation rate in % Upside 10% 0.38% -0.58% 25% -0.07% -0.85% 10% 0.72% 0.69% Base case 50% 2.20% 1.66% 50% 1.83% 1.38% 50% 1.36% 1.42% Downside 40% 3.93% 3.76% 25% 3.63% 3.46% 40% 1.99% 2.14% All other parameters held constant, increase in GDP growth and decrease in foreign exchange rate and inflation would result in decrease in ECL, with opposite changes resulting in ECL increase. GDP growth input has the most significant impact on ECL, followed by foreign exchange rate and inflation. Retail portfolio ECL is less affected by foreign exchange rate inputs due to larger share of GEL-denominated exposures. However, retail portfolio ECL is affected by inflation, which does not have a significant impact on corporate ECL. The table below shows the sensitivity of the recognised ECL amounts to the forward-looking assumptions used in the model. For these purposes, 100% weight is assigned to each macroeconomic scenario separately and respective ECL is recalculated. Sensitivity of ECL to forward looking assumptions Key drivers As at 31 December 2022 Reported ECL Reported ECL coverage ECL coverage by scenarios Upside Base case Downside Commercial loans 91,557 1.72% 1.58% 1.70% 1.81% Residential mortgage loans 30,055 0.72% 0.71% 0.71% 0.73% Micro and SME loans 63,502 1.66% 1.61% 1.65% 1.70% Consumer loans 135,450 3.76% 3.70% 3.74% 3.84% Gold \u2013 pawn loans 5,441 3.31% 3.30% 3.30% 3.31% As at 31 December 2021 Key drivers Reported ECL Reported ECL coverage ECL coverage by scenarios Upside Base case Downside Commercial loans 159,215 2.87% 2.82% 2.84% 2.86% Residential mortgage loans 33,038 0.82% 0.80% 0.81% 0.85% Micro and SME loans 74,441 1.99% 1.93% 1.96% 2.13% Consumer loans 136,035 4.56% 4.46% 4.54% 4.70% Gold \u2013 pawn loans 2,075 1.25% 1.25% 1.25% 1.26% As at 31 December 2020 Key drivers Reported ECL Reported ECL coverage ECL coverage by scenarios Upside Base case Downside Commercial loans 178,556 3.49% 3.46% 3.48% 3.53% Residential mortgage loans 48,609 1.28% 1.05% 1.06% 1.95% Micro and SME loans 102,352 3.13% 2.79% 2.83% 4.06% Consumer loans 113,801 5.15% 4.78% 4.82% 6.18% Gold \u2013 pawn loans 228 0.22% 0.21% 0.21% 0.23% 4. Significant accounting judgements and estimates continued Forward-looking variable assumptions continued Aggregation of financial instruments for collective assessment For the purpose of a collective evaluation of impairment, financial instruments are grouped within homogeneous pools as follows: corporate loan portfolio is grouped on the basis of loan repayment source type; and retail loan portfolio is grouped on the basis of credit risk characteristics such as an asset type, collateralisation level, repayment source type and other relevant factors. As for SME and micro loan portfolios, financial instruments are grouped based on asset type, overdue buckets, collateralisation level and other relevant factors. Determination of expected life for revolving facilities For revolving products, the expected life of financial instruments is determined either with reference to the next renewal date or with reference to the behavioural expected life of the financial instrument estimated based on the empirical observation of the lifetime. Write-offs The Group writes off financial assets when there is no reasonable expectation of recovery. For mortgages and other loans secured by real estate, the number of overdue days after which the balances are considered to be irrecoverable and are to be written off comprised 1,460 days. If the amount to be written off is greater than the accumulated loan loss allowance, the difference is first treated as an ECL expense. Any subsequent recoveries are credited to ECL expense. Backtesting of ECL calculation model In order to monitor the quality and reliability of the Group\u2019s ECL calculation model, the Group periodically performs backtesting and benchmarking procedures, whereby model outcomes are compared with actual results, based on internal experience as well as externally observed results. For PD, the Group uses statistical modelling to derive a predicted distribution of the number of defaults. The observed number of defaults is then compared with this distribution, allowing the Group to derive a statistical level of confidence in the model. For LGD, the backtesting compares observed losses with predicted LGDs. If any statistically significant deviations or shortcomings in parameterisations are observed, the relevant models are redefined and recalibrated. Any changes in the model as a result of backtesting procedures are accounted as changes in accounting estimates with prospective application. Impact of climate-related risks on accounting judgements and estimates While the effects of climate change represent a source of uncertainty, the Group does not consider there to be a material impact on its judgements and estimates from the physical and transition risks in the short-to-medium term. For further information, see Note 29 on emerging risks. ",
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"value": "Basis of consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2022. The Group consolidates a subsidiary when it controls it. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 the contractual arrangement with the other vote holders of the investee; \u2022 rights arising from other contractual arrangements; and \u2022 the Group\u2019s voting rights and potential voting rights. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. ",
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"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets and other components of non-controlling interests at their acquisition date fair values. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. ",
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"value": "Investments in associates Associates are entities in which the Group generally has between 20% and 50% of the voting rights, or is otherwise able to exercise significant influence over, but which it does not control or jointly control. Investments in associates are accounted for under the equity method and are initially recognised at cost, including goodwill. Subsequent changes in the carrying value reflect the post- acquisition changes in the Group\u2019s share of net assets of the associate. The Group\u2019s share of its associates\u2019 profits or losses is recognised in the consolidated income statement, and its share of movements in reserves is recognised in other comprehensive income. However, when the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless the Group is obliged to make further payments to, or on behalf of, the associate. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Investment in an associate is assessed for impairment at each reporting date and recoverable value is determined if any indicators are identified. Any impairment losses are recorded under profit or loss from associates. ",
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"value": "Investments in subsidiaries and associates in parent company financial statements For the purposes of parent company financial statements, investments in subsidiaries and associates are accounted at cost less any impairment. Investments in subsidiaries and associates are accounted in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations when they are classified as held for sale or distribution. Dividends from a subsidiary or an associate are recognised in the parent company financial statements when the parent\u2019s right to receive the dividend is established. ",
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"value": "Fair value measurement The Group measures financial instruments, such as trading and investment securities, certain loans to customers, derivatives and non-financial assets such as investment properties, at fair value at each balance sheet date. Also, fair values of financial instruments measured at amortised cost are disclosed in Note 30. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2212 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. \u2022 Level 2 \u2212 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. \u2022 Level 3 \u2212 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. ",
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"value": "Financial assets and liabilities Classification and measurement for financial assets and liabilities The Group classifies all of its financial assets based on the business model for managing the assets and the asset\u2019s contractual terms, measured at either: \u2022 fair value through profit or loss (FVTPL); \u2022 fair value through other comprehensive income (FVOCI) with recycling to profit or loss upon disposal for debt instruments; \u2022 FVOCI without recycling to profit or loss for equity instruments; or \u2022 amortised cost. Classification and measurement Financial liabilities, other than loan commitments and financial guarantees, are measured at amortised cost or at FVTPL if they are held for trading. Embedded derivatives are not separated from a host financial asset. Instead, financial assets are classified based on the business model and their contractual terms. All derivative instruments are measured at FVTPL. Measurement of financial instruments at initial recognition When financial instruments are recognised initially, they are measured at fair value, adjusted, in the case of instruments not at FVTPL, for directly attributable fees and costs. The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price. If the Group determines that the fair value at initial recognition differs from the transaction price, then: \u2022 if the fair value is evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the Group recognises the difference between the fair value at initial recognition and the transaction price as a gain or loss; \u2022 in all other cases, the initial measurement of the financial instrument is adjusted to defer the difference between the fair value at initial recognition and the transaction price. After initial recognition, the Group recognises that deferred difference as a gain or loss only to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the asset or liability. Financial assets and liabilities continued Subsequent measurement of financial instruments Financial instruments measured at amortised costThe Group measures amounts due from credit institutions, loans to customers and other financial assets at amortised cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows. \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. The details of these conditions are outlined below. Business model The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective. The business model is not assessed on an instrument by instrument basis, but at a higher level of aggregated portfolios per instrument type and is based on the following observable factors: \u2022 The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed. \u2022 How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected). \u2022 How financial assets held within particular business model are evaluated and reported to key management personnel. The expected frequency, value and timing of sales are also important aspects of the assessment. The business model assessment is based on reasonably expected scenarios without taking \u2018worst case\u2019 or \u2018stress case\u2019 scenarios into account. If cash flows after initial recognition are realised in a way that is different from the Group\u2019s original expectations, the Group does not change the classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly originated or newly purchased financial assets going forward. There are three business models available under IFRS 9: \u2022 Hold to collect: It is intended to hold the asset to maturity to earn interest, collecting repayments of principal and interest form the counterparty. \u2022 Hold to collect and sell: This model is similar to the hold to collect model, except that the entity may elect to sell some or all of the assets before maturity as circumstances change or to hold the assets for liquidity purposes. \u2022 Other: All those models that do not meet the \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 qualifying criteria. Solely Payments of Principal and Interest (SPPI) If a financial asset is held in either to a \u2018hold to collect\u2019, or a \u2018hold to collect and sell\u2019 business model, then the Group assesses whether contractual cash flows are SPPI on the principal amount outstanding at initial recognition to determine the classification. The SPPI test is performed on an individual instrument basis. Contractual cash flows that represent SPPI on the principal amount outstanding are consistent with basic lending arrangements. Interest is consideration for the time value of money and the credit risk associated with the principal amount outstanding during a particular period of time. It can also include consideration for other basic lending risks (e.g. liquidity risk) and costs (e.g. administrative costs) associated with holding the financial asset for a particular period of time, and a profit margin that is consistent with a basic lending arrangement. In assessing whether the contractual cash flows are SPPI, the Group considers whether the contractual terms of the financial asset contain a term that could change the timing or amount of contractual cash flows arising over the life of the instrument which could affect whether the instrument is considered to meet the SPPI test. If the SPPI test is failed, such financial assets are measured at FVTPL with interest earned recognised in other interest income. Debt instruments at FVOCI The Group measures debt investment securities at FVOCI when both of the following categories are met: \u2022 The instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows, selling financial assets and holding such financial instruments for liquidity management purposes. \u2022 The contractual terms of the financial asset meet the SPPI test. FVOCI debt investment securities are subsequently measured at fair value with gains and losses arising due to changes in fair value recognised in OCI. Interest income and foreign exchange gains and losses are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in OCI are reclassified from OCI to profit or loss. Financial assets and liabilities continued Subsequent measurement of financial instruments continued Equity instruments at FVOCI \u2013 optionUpon initial recognition, the Group may elect to classify irrevocably its equity instruments as equity instruments at FVOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. Such classification is determined on an instrument by instrument basis. Gains and losses on these equity instruments are never recycled to profit or loss. Dividends received are recognised in profit or loss. Equity instruments at FVOCI are not subject to impairment assessment. Financial assets at FVTPL Groups of financial assets for which the business model is other than \u2018hold to collect\u2019 and \u2018hold to collect and sell\u2019 are measured at FVTPL. Derivatives recorded at FVTPL The Group enters into derivative transactions with various counterparties. These include interest rate swaps, forwards and other similar instruments. Derivatives are recorded at fair value and carried as assets when their fair value is positive and as liabilities when their fair value is negative. Net changes in the fair value of derivatives are included in net gain/loss from financial instruments measured at FVTPL, excluding gain/loss on foreign exchange derivatives which are presented in net foreign currency gain. From the beginning of 2019, the Group enters into certain cross-currency swap agreements to match its funding costs in certain currencies with the income generated from lending activities in these currencies. As a result, the Group economically hedges the interest rate risk, however, no hedge accounting under IFRS 9 is applied. Net changes in the fair value of such derivative financial instruments, which are presented in net foreign currency gain, excludes unwinding of the locked-in interest differential which is presented as part of interest expense to reflect risk management objective of the Group. Financial guarantees, letter of credits and other financial commitmentsThe Group enters into the financial guarantee contacts whereby it\u2019s required to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due. Financial guarantees, letter of credits and other financial commitments are initially recognised in the financial statements at fair value, being the premium received. Subsequent to initial recognition, the Group\u2019s liability under each guarantee is measured at the higher of the amount initially recognised, less cumulative amortisation recognised in the consolidated income statement and an expected credit loss (ECL) provision. Non-financial guarantees The Group enters into non-financial guarantee contracts whereby it\u2019s required to compensate to the holder in case another party fails to meet its contractual obligations. Non-financial guarantees are initially recognised in the financial statements at fair value, being the premium received, amortised on a straight-line basis over the life of the contract. Subsequent to initial recognition the Group\u2019s liability under non-financial guarantee is measured at the amount that represents the best estimate of the expenditure required to settle the present obligation. The estimate takes into account the probability of another party defaulting on its obligations as well as available collateral under the guarantee contracts and is recognised in the consolidated income statement as part of other expected credit loss and provision for performance guarantees. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-716": {
"value": "Debt instruments at FVOCI The Group measures debt investment securities at FVOCI when both of the following categories are met: \u2022 The instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows, selling financial assets and holding such financial instruments for liquidity management purposes. \u2022 The contractual terms of the financial asset meet the SPPI test. FVOCI debt investment securities are subsequently measured at fair value with gains and losses arising due to changes in fair value recognised in OCI. Interest income and foreign exchange gains and losses are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in OCI are reclassified from OCI to profit or loss. Subsequent measurement of financial instruments continued Equity instruments at FVOCI \u2013 optionUpon initial recognition, the Group may elect to classify irrevocably its equity instruments as equity instruments at FVOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. Such classification is determined on an instrument by instrument basis. Gains and losses on these equity instruments are never recycled to profit or loss. Dividends received are recognised in profit or loss. Equity instruments at FVOCI are not subject to impairment assessment. Financial assets at FVTPL Groups of financial assets for which the business model is other than \u2018hold to collect\u2019 and \u2018hold to collect and sell\u2019 are measured at FVTPL. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-717": {
"value": "Derivatives recorded at FVTPL The Group enters into derivative transactions with various counterparties. These include interest rate swaps, forwards and other similar instruments. Derivatives are recorded at fair value and carried as assets when their fair value is positive and as liabilities when their fair value is negative. Net changes in the fair value of derivatives are included in net gain/loss from financial instruments measured at FVTPL, excluding gain/loss on foreign exchange derivatives which are presented in net foreign currency gain. From the beginning of 2019, the Group enters into certain cross-currency swap agreements to match its funding costs in certain currencies with the income generated from lending activities in these currencies. As a result, the Group economically hedges the interest rate risk, however, no hedge accounting under IFRS 9 is applied. Net changes in the fair value of such derivative financial instruments, which are presented in net foreign currency gain, excludes unwinding of the locked-in interest differential which is presented as part of interest expense to reflect risk management objective of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-718": {
"value": "Financial guarantees, letter of credits and other financial commitmentsThe Group enters into the financial guarantee contacts whereby it\u2019s required to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due. Financial guarantees, letter of credits and other financial commitments are initially recognised in the financial statements at fair value, being the premium received. Subsequent to initial recognition, the Group\u2019s liability under each guarantee is measured at the higher of the amount initially recognised, less cumulative amortisation recognised in the consolidated income statement and an expected credit loss (ECL) provision. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-660": {
"value": "Offsetting Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-661": {
"value": "Cash and cash equivalents Cash and cash equivalents consist of cash on hand, amounts due from central banks, excluding obligatory reserves with central banks, and amounts due from credit institutions that mature within 90 days of the date of origination, and are free from contractual encumbrances and readily convertible to known amounts of cash. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-662": {
"value": "Borrowings Issued financial instruments or their components are classified as liabilities, where the substance of the contractual arrangement results in the Group having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity instruments. Such instruments include amounts due to credit institutions and amounts due to customers (including promissory notes issued). These are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost, using the effective interest rate (EIR) method. Gains and losses are recognised in the consolidated income statement when the borrowings are derecognised as well as through the amortisation process. Issued Additional Tier 1 instruments with perpetual maturity and discretionary interest payments are classified as financial liabilities when the instruments are not convertible into equity and the Group does not have unconditional right to avoid delivering cash upon a predetermined trigger event. Such instruments are measured at amortised cost with respective interest presented as part of interest expense in the consolidated income statement. If the Group purchases its own debt, it is removed from the statement of financial position and the difference between the carrying amount of the liability and the consideration paid is recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-663": {
"value": "Subordinated debt Subordinated debt represents long-term funds attracted by the Bank on the international financial markets or domestic market. The holders of subordinated debt would be subordinate to all other creditors to receive repayment of debt in case of the Bank\u2019s liquidation. Subordinated debt is carried at amortised cost. ",
"dimensions": {
"concept": "bogg:DisclosureOfSubordinatedDebt",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-664": {
"value": "Leases The Group as a lessee At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group considers the commencement date of the lease the date on which the lessor makes an underlying asset available for use to the Group. The Group\u2019s main leasing activities include the leases of service centres, ATM spaces and warehouses. A non-cancellable lease period is up to ten years. Lease payments are fixed in most cases. The contacts do not generally carry extension or termination options for the lease term and do not impose any covenants. Recognition of right-of-use asset and lease liabilityThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimated dismantling costs, if any. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The lease liability is initially measured at the present value of the future lease payments excluding payments for VAT, discounted using the Group\u2019s incremental borrowing rate (IBR). The lease liability is subsequently measured at amortised cost using the IBR. Recognition exemptionsThe Group applies the recognition exemptions on lease contracts for which the lease term ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Modifications of lease contractsIf the lease contract is modified by either changing the scope of the lease, or the consideration for a lease that was not part of the original terms and conditions of the lease, the Group determines whether the modification results in: \u2022 a separate lease; or \u2022 a change in the accounting for the existing lease. For the lease modifications that are not accounted as separate leases, the Group re-measures the lease liability either by recognising gain or loss relating to the partial or full termination of the lease or through adjusting respective right-of-use asset. The Group as a lessor At the inception of the lease, the Group classifies each of its leases as either an operating lease or a finance lease. Finance leaseLeases that transfer substantially all the risks and benefits incidental to ownership of the lease item to the lessee are classified as finance leases. All other leases are classified as operating leases. The Group recognises finance lease receivables in the consolidated statement of financial position at a value equal to the net investment in the lease, starting from the date of commencement of the lease term. In calculating the present value of the minimum lease payments, the discount factor used is the interest rate implicit in the lease. Initial direct costs are included in the initial measurement of the finance lease receivables. Lease payments received are apportioned between the finance income and the reduction of the outstanding lease receivable. Finance income is based on a pattern reflecting a constant periodic rate of return on the net investment outstanding. Operating leaseThe Group presents assets subject to operating leases in the consolidated statement of financial position according to the nature of the asset. Lease income from operating leases is recognised in the consolidated income statement on a straight-line basis over the lease term as net other income. Initial direct costs incurred specifically to earn revenues from an operating lease are added to the carrying amount of the leased asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-665": {
"value": "Impairment of financial assets Overview of the ECL principles The Group records an allowance for ECL for all loans and other debt financial assets not held at FVTPL, together with loan commitments and financial guarantee contracts, in this section all referred to as \u2018financial assets\u2019. Equity instruments are not subject to impairment under IFRS 9. The allowance is based on the ECL associated with a probability of default (PD) in the next 12 months unless there has been a significant increase in credit risk since origination, in which case the allowance is based on the ECL over the life of the asset (lifetime ECL). If the financial asset meets the definition of purchased or originated credit-impaired (POCI), the allowance is based on the change in the lifetime ECL. The Group applies the simplified approach for trade, lease and other receivables and contract assets and records lifetime ECLs on them. In order to calculate ECL, the Group first evaluates individually whether objective evidence of impairment exists for loans that are individually significant. It then collectively assesses loans that are not individually significant and loans which are significant but for which there is no objective evidence of impairment (POCI) available under the individual assessment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-666": {
"value": "Staged approach to the determination of ECLs The Group has established a policy to perform an assessment, at the end of each reporting period, of whether a financial asset\u2019s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. Based on the above process, the Group groups its financial instruments into Stage 1, Stage 2, Stage 3 and POCI, as described below: \u2022 Stage 1: The Group recognises a credit loss allowance at an amount equal to 12-month ECL. This represents the portion of lifetime ECL from default events that are expected within 12 months of the reporting date, assuming that credit risk has not increased significantly after initial recognition. For those financial assets with a remaining maturity of less than 12 months, a PD is used that corresponds to the remaining maturity. \u2022 Stage 2: The Group recognises a credit loss allowance at an amount equal to lifetime ECL for those financial instruments which are considered to have experienced a significant increase in credit risk since initial recognition. This requires the computation of ECL based on lifetime PD (LTPD) that represents the PD occurring over the remaining lifetime of the financial instrument. Allowance for expected credit losses is higher in this stage because of an increase in credit risk and the impact of a longer time horizon being considered compared with 12 months in Stage 1. Financial instruments in Stage 2 are not yet deemed to be credit- impaired. \u2022 Stage 3: If the financial instrument is credit-impaired, it is then moved to Stage 3. The Group recognises a loss allowance at an amount equal to lifetime ECL, reflecting a PD of 100% for those financial instruments that are credit-impaired. Financial instruments within the scope of the impairment requirements of IFRS 9 are classified into one of the above three stages. Unless credit-impaired, newly originated assets are classified as Stage 1 and remain in that stage unless there is considered to have been a significant increase in credit risk since initial recognition, at which point the asset is reclassified to Stage 2. POCI assets are financial instruments that are credit-impaired on initial recognition. POCI assets are recorded at fair value at original recognition and interest income is subsequently recognised based on a credit adjusted EIR (CAEIR). CAEIR takes into account all contractual terms of the financial asset and ECLs. ECLs are only recognised or released to the extent that there is a subsequent change in the ECL where ECLs are calculated based on lifetime ECL. Once the financial asset is recognised as POCI, it retains this status until derecognised. Key judgements and estimates used under IFRS 9 are disclosed in note 4. ",
"dimensions": {
"concept": "bogg:DescriptionOfAccountingPolicyForStagedApproachToTheDeterminationOfECLs",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-667": {
"value": "Derecognition of financial assets and liabilities Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised where: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group has transferred its rights to receive cash flows from the asset, or retained the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and \u2022 the Group either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Derecognition of financial assets and liabilities continued Derecognition of financial assets continued Where continuing involvement takes the form of a written and/or purchased option (including a cash-settled option or similar provision) on the transferred asset, the extent of the Group\u2019s continuing involvement is the amount of the transferred asset that the Group may repurchase, except that in the case of a written put option (including a cash-settled option or similar provision) on an asset measured at fair value, the extent of the Group\u2019s continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price. Derecognition and modification of financial assets The Group sometimes renegotiates or otherwise modifies the contractual cash flows of financial assets. When this happens, the Group assesses whether or not the new terms are substantially different to the original terms, based on qualitative and quantitative criteria. The Group derecognises a financial asset, such as a loan to a customer, when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new loan, except in cases when renegotiation of contractual terms happens due to financial difficulties of the borrower. Once the financial asset is derecognised, the difference is recognised as a derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The newly recognised loans are classified as Stage 1 for ECL measurement purposes, unless the new loan is deemed to be POCI. The Group applies derecognition of the financial asset if any of the following criteria are met: \u2022 Change in currency of the loan. \u2022 Change in interest rate type. \u2022 Introduction of an equity feature. \u2022 Change in counterparty. \u2022 If the modification is such that the instrument would no longer meet the SPPI criterion. If the terms are not substantially different, or the renegotiation is due to the financial difficulties of the borrower, such renegotiation or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognises a modification gain or loss in interest income. The new gross carrying amount is calculated by discounting the modified cash flows at the original EIR. Forbearance and modified loans The Group sometimes makes concessions or modifications to the original terms of the loans as a response to the borrower\u2019s financial difficulties, rather than taking possession or otherwise enforcing collection of collateral. The Group considers a loan forborne when such concessions or modifications are provided as a result of the borrower\u2019s present or expected financial difficulties and the Group would not have agreed to them if the borrower had been financially healthy. Forbearance may involve extending the payment arrangements and the agreement of new loan conditions. Once the terms have been renegotiated, any impairment is measured using the original EIR as calculated before the modification of terms. Once the asset has been identified as forborne, the assets are classified in Stage 3. The decision as to how long the asset remains in the forborne category is determined on a case-by-case basis for commercial and SME loans, when a minimum six consecutive payments are required for the rest of the loans to exit from the forbearance category and transfer to Stage 2. Once the loan is transferred to Stage 2, the Group continues to reassess whether there has been a significant increase in credit risk, however, such assets remain in Stage 2 for a minimum 12-month probation period before being transferred to Stage 1. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-668": {
"value": "Foreclosed assets All repossessed land and buildings were previously classified as investment properties at initial recognition given these assets were managed with a view of capital appreciation or earning a rental income. Commencing from 2022, the Group updated its property management strategy and decided to move majority of the realizations of such properties at a quicker pace. Respectively, all repossessed collaterals, including land and buildings, are now classified either as Investment Properties or Foreclosed Assets depending the Group\u2019s intention in respect of recovery of these assets. Foreclosed assets are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The majority of the Group\u2019s foreclosed assets consists of the real estate assets repossessed during recovery of defaulted loans. Such assets are specific and not ordinarily interchangeable, respectively the Group applies specific identification of their individual costs. ",
"dimensions": {
"concept": "bogg:DescriptionOfAccountingPolicyForForeclosedAssets",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-669": {
"value": "Non-current assets held for sale The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell unless scoped out of IFRS 5 in which case the existing measurement provisions of IFRS apply. Immediately before the initial classification of the asset as held for sale, the carrying amount of the asset is measured in accordance with applicable IFRSs. Property and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately from other assets and liabilities in the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-670": {
"value": "Taxation The current income tax expense is calculated in accordance with the regulations in force in the respective territories in which BOGG and its subsidiaries operate. Deferred tax assets and liabilities are calculated in respect of temporary differences using the liability method. Deferred income taxes are provided for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes, except where the deferred income tax arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. A deferred tax asset is recorded only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Georgia and Belarus also have various operating taxes that are assessed on the Group\u2019s activities. These taxes are included as a component of other operating expenses. Uncertain tax positions The Group reassesses uncertain tax positions at the end of each reporting period. The assessment is based on the interpretation of the tax laws that have been enacted or substantively enacted by the end of reporting period and any known court or other rulings on such issues. Liabilities are recorded for income tax positions that are determined as more likely than not to result in additional tax levied if the positions were to be challenged by the tax authorities. Liabilities for penalties, interest and taxes other than on income are recognised based on the best estimate of the expenditure required to settle the obligations at the end of the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-719": {
"value": "Deferred tax assets and liabilities are calculated in respect of temporary differences using the liability method. Deferred income taxes are provided for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes, except where the deferred income tax arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. A deferred tax asset is recorded only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Georgia and Belarus also have various operating taxes that are assessed on the Group\u2019s activities. These taxes are included as a component of other operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-671": {
"value": "Investment properties Investment property is land or a building or a part of a building held to earn rental income or for capital appreciation and which is not used by the Group. Investment property is initially recognised at cost, including transaction costs, and subsequently re-measured at fair value reflecting market conditions at the end of the reporting period. Fair value of the Group\u2019s investment property is determined on the basis of various sources including reports of independent appraisers, who hold a recognised and relevant professional qualification and who have recent experience in valuation of property of similar location and category. With regards to certain investment properties with repurchase options granted to previous owners, fair value of the property at the reporting date is capped at repurchase price. Gains and losses resulting from changes in the fair value of investment property as well as earned rental income are recorded in the income statement within net other income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-672": {
"value": "Property and equipment Property and equipment is carried at cost less accumulated depreciation and any accumulated impairment in value. Such cost includes the cost of replacing part of the equipment when that cost is incurred if the recognition criteria are met. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Depreciation of an asset commences from the date the asset is ready and available for use. Depreciation is calculated on a straight- line basis over the following estimated useful lives: Years Office buildings and service centres Up to 100 Furniture and fixtures 3\u201320 Computers and equipment 5\u201310 Motor vehicles 2\u20137 The assets\u2019 residual values, useful lives and methods are reviewed, and adjusted as appropriate, at each financial year-end. Assets under construction are stated at cost and are not depreciated until the time they are available for use and reclassified to their respective group of property and equipment. Leasehold improvements are depreciated over the shorter life of the related leased asset and the expected lease term. Costs related to repairs and renewals are charged when incurred and included in other operating expenses, unless they qualify for capitalisation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-673": {
"value": "Goodwill impairment Goodwill is reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Each unit or group of units to which the goodwill is so allocated: \u2022 represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and \u2022 is not larger than a segment as defined in IFRS 8 Operating Segments. Impairment is determined by assessing the recoverable amount of the cash-generating unit (or group of cash-generating units), to which the goodwill relates. Where the recoverable amount of the cash-generating unit (or group of cash-generating units) is less than the carrying amount, an impairment loss is recognised. Impairment losses cannot be reversed in future periods. ",
"dimensions": {
"concept": "bogg:DescriptionOfAccountingPolicyForGoodwillImpairment",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-674": {
"value": "Intangible assets The Group\u2019s intangible assets include computer software and licences. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The economic lives of intangible assets are assessed to be finite and amortised over four to 15 years and assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortisation periods and methods for intangible assets are reviewed at least at each financial year-end. Costs associated with maintaining computer software programmes are recorded as an expense as incurred. Software development costs (relating to the design and testing of new or substantially improved software) are recognised as intangible assets only when the Group can demonstrate the technical feasibility of completing the software so that it will be available for use or sale, its intention to complete the asset and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset, and the ability to measure reliably the expenditure during the development. Other research and software development costs are recognised as an expense as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-675": {
"value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of obligation can be made. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-676": {
"value": "Share-based payment transactions Employees (including senior executives) of the Group receive share-based remuneration, whereby they render services and receive equity instruments of the Group (\u2018equity-settled transactions\u2019) as consideration for the services provided. Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The awards of shares in monetary terms are measured by reference to the monetary value (as awarded) adjusted for the time value of money where necessary. The cost of equity-settled transactions is recognised together with the corresponding increase in equity as part of additional paid- in capital, over the period in which the performance and/or service conditions are fulfilled, ending on the date when the relevant employee is fully entitled to the award (\u2018the vesting date\u2019). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The consolidated income statement charge or credit for the period represents the movement in cumulative expense recognised as at the beginning and end of that period. No expense is recognised for the awards that do not ultimately vest except for the awards where vesting is conditional upon market conditions which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other performance conditions are satisfied. Where the terms of an equity-settled award are modified, the minimum expense is recognised as if the terms had not been modified. An additional expense is recognised for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of the modification. Where a new equity-settled award is designated as a replacement of a cancelled equity-settled award, the replacement of equity instruments are accounted for as a modification. Where an equity-settled award is cancelled, it is treated as if it has vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as the replacement award on the date that it is granted, the cancelled and the new awards are treated as if they were a modification of the original award, as described in the previous paragraph. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-677": {
"value": "Equity Share capital Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business combination, are shown as a deduction from the proceeds in equity. Additional paid-in capital Any excess of the fair value of consideration received over the par value of shares issued is recognised as additional paid-in capital. Further, the effects of share-based payments are also recognised as part of the additional paid-in capital. Treasury shares Where BOGG or its subsidiaries purchase BOGG shares, the consideration paid, including any attributable transaction costs, net of income taxes, is deducted from total equity as treasury shares until they are cancelled or reissued. Where such shares are subsequently sold or reissued, any consideration received is included in equity. Treasury shares are stated at par value, with adjustment of premiums against additional paid-in capital. Dividends Dividends are recognised as liabilities and deducted from equity at the reporting date only if they are declared before or on the reporting date and do not require further approval. Dividends are disclosed when they are proposed before the reporting date or proposed or declared after the reporting date but before the consolidated financial statements are authorised for issue. All expenses associated with dividend distribution are added to dividend amount and recorded directly through equity. ",
"dimensions": {
"concept": "bogg:DescriptionOfAccountingPolicyForEquity",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-722": {
"value": "Share capital Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business combination, are shown as a deduction from the proceeds in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-721": {
"value": "Treasury shares Where BOGG or its subsidiaries purchase BOGG shares, the consideration paid, including any attributable transaction costs, net of income taxes, is deducted from total equity as treasury shares until they are cancelled or reissued. Where such shares are subsequently sold or reissued, any consideration received is included in equity. Treasury shares are stated at par value, with adjustment of premiums against additional paid-in capital. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-720": {
"value": "Dividends Dividends are recognised as liabilities and deducted from equity at the reporting date only if they are declared before or on the reporting date and do not require further approval. Dividends are disclosed when they are proposed before the reporting date or proposed or declared after the reporting date but before the consolidated financial statements are authorised for issue. All expenses associated with dividend distribution are added to dividend amount and recorded directly through equity. Dividend income Dividend revenue is recognised when the Group\u2019s right to receive the payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-678": {
"value": "Contingencies A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation where an outflow of the economic resources is either not expected to occur or can not be measured reliably. Contingent liabilities are not recognised in the consolidated statement of financial position but are disclosed, unless the possibility of any outflow in settlement is remote. A contingent asset is not recognised in the consolidated statement of financial position but disclosed when an inflow of economic benefits is probable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-679": {
"value": "Income and expense recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue and expense are recognised: Interest and similar income and expense For all financial instruments measured at amortised cost and interest-bearing securities, interest income or expense is recorded at the EIR, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or financial liability. The calculation takes into account all contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly attributable to the instrument and are an integral part of the EIR, but not future credit losses. The carrying amount of the financial asset or financial liability is adjusted if the Group revises its estimates of payments or receipts. The adjusted carrying amount is calculated based on the original EIR and the change in carrying amount is recorded as interest income or expense. For financial instruments in Stage 1 and Stage 2, the Group calculates interest income by applying the EIR to the gross carrying amount. Interest income for financial assets in Stage 3 is calculated by applying the EIR to the amortised cost (i.e. the gross carrying amount less credit loss allowance). For financial instruments classified as POCI only, interest income is calculated by applying a credit adjusted EIR to the amortised cost of these POCI assets. The Group presents interest revenue calculated using the EIR method separately in the income statement. Fee and commission income The Group earns fee and commission income from a diverse range of services it provides to its customers. Fee and commission income are recognised when the Group satisfies a performance obligation. Fee income can be divided into the following categories: Fee income earned from services that are provided over a certain period of time Fees earned for the provision of services over a period of time are accrued over that period. These fees include commission incomes and asset management, custody, package services on bundled products and other management and advisory fees. Loan commitment fees for loans that are likely to be drawn-down and other credit-related fees are deferred (together with any incremental costs), and recognised as an adjustment to the EIR on the loan. Customer loyalty programme Customer loyalty programme points accumulated in the business are treated as deferred revenue and recognised in revenues gradually as they are earned. The Group recognises gross revenue earned from customer loyalty programmes when the performance obligation is satisfied, i.e. when the customer redeems the points or the points expire, where the Group acts as a principal. Conversely, the Group measures its revenue as the net amount retained on its account representing the difference between the consideration allocated to the award credits and the amount payable to the third party for supplying the awards as soon as the award credits are granted, where the Group acts as an agent. At each reporting date, the Group estimates the portion of accumulated points that is expected to be utilised by customers based on statistical data. These points are treated as a liability in the statement of financial position and are only recognised in revenue when points are earned or expired. Performance obligations satisfied at a point in time Fees and commissions earned from providing transaction-type services such as settlement, brokerage, cash and currency conversion operations are recognised when the service has been completed, provided such fees and commissions are not subject to refund or another contingency beyond the control of the Group. Fees from currency conversion operations represent additional commission (other than currency dealing revenue recognised in net foreign currency gain) charged on currency conversion service provided to customers on cards used abroad. Dividend income Dividend revenue is recognised when the Group\u2019s right to receive the payment is established. Non-recurring items The Group separately classifies and discloses those income and expenses that are non-recurring by nature. The Group defines non- recurring income or expense as an income or expense triggered by, or originated from, an economic, business or financial event that is not inherent to the regular and ordinary business course of the Group and is caused by uncertain or unpredictable external factors that cannot be reasonably expected to occur in the future, and thus should not be taken into account when making projections of future results. ",
"dimensions": {
"concept": "bogg:DescriptionOfAccountingPolicyForIncomeAndExpenseRecognition",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-723": {
"value": "Interest and similar income and expense For all financial instruments measured at amortised cost and interest-bearing securities, interest income or expense is recorded at the EIR, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or financial liability. The calculation takes into account all contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly attributable to the instrument and are an integral part of the EIR, but not future credit losses. The carrying amount of the financial asset or financial liability is adjusted if the Group revises its estimates of payments or receipts. The adjusted carrying amount is calculated based on the original EIR and the change in carrying amount is recorded as interest income or expense. For financial instruments in Stage 1 and Stage 2, the Group calculates interest income by applying the EIR to the gross carrying amount. Interest income for financial assets in Stage 3 is calculated by applying the EIR to the amortised cost (i.e. the gross carrying amount less credit loss allowance). For financial instruments classified as POCI only, interest income is calculated by applying a credit adjusted EIR to the amortised cost of these POCI assets. The Group presents interest revenue calculated using the EIR method separately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-724": {
"value": "Fee and commission income The Group earns fee and commission income from a diverse range of services it provides to its customers. Fee and commission income are recognised when the Group satisfies a performance obligation. Fee income can be divided into the following categories: Fee income earned from services that are provided over a certain period of time Fees earned for the provision of services over a period of time are accrued over that period. These fees include commission incomes and asset management, custody, package services on bundled products and other management and advisory fees. Loan commitment fees for loans that are likely to be drawn-down and other credit-related fees are deferred (together with any incremental costs), and recognised as an adjustment to the EIR on the loan. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-725": {
"value": "Customer loyalty programme Customer loyalty programme points accumulated in the business are treated as deferred revenue and recognised in revenues gradually as they are earned. The Group recognises gross revenue earned from customer loyalty programmes when the performance obligation is satisfied, i.e. when the customer redeems the points or the points expire, where the Group acts as a principal. Conversely, the Group measures its revenue as the net amount retained on its account representing the difference between the consideration allocated to the award credits and the amount payable to the third party for supplying the awards as soon as the award credits are granted, where the Group acts as an agent. At each reporting date, the Group estimates the portion of accumulated points that is expected to be utilised by customers based on statistical data. These points are treated as a liability in the statement of financial position and are only recognised in revenue when points are earned or expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-726": {
"value": "Functional, reporting currencies and foreign currency translation The consolidated financial statements are presented in Georgian Lari, which is the Group\u2019s presentation currency. BOGG\u2019s and the Bank\u2019s functional currency is Georgian Lari. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded in the functional currency, converted at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the functional currency rate of exchange ruling at the reporting date. Gains and losses resulting from the translation of foreign currency transactions are recognised in the consolidated income statement as gains less losses from foreign currencies \u2013 translation differences. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is recognised in the income statement. Differences between the contractual exchange rate of a certain transaction and the NBG exchange rate on the date of the transaction are included in gains less losses from foreign currencies (dealing). The official NBG exchange rates at 31 December 2022, 31 December 2021 and 31 December 2020 were: Lari to GBP Lari to USD Lari to EUR Lari to BYN 31 December 2022 3.2581 2.7020 2.8844 1.0730 31 December 2021 4.1737 3.0976 3.5040 1.2101 31 December 2020 4.4529 3.2766 4.0233 1.2647 As at the reporting date, the assets and liabilities of the entities whose functional currency is different from the presentation currency of the Group are translated into Georgian Lari at the rate of exchange ruling at the reporting date and their income statements are translated at the average exchange rates for the year. The exchange differences arising on the translation are taken to other comprehensive income. On disposal of a subsidiary or an associate whose functional currency is different from the presentation currency of the Group, the deferred cumulative amount recognised in other comprehensive income relating to that particular entity is recognised in the consolidated income statement. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operations, and translated at the rate at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-680": {
"value": "Functional, reporting currencies and foreign currency translation The consolidated financial statements are presented in Georgian Lari, which is the Group\u2019s presentation currency. BOGG\u2019s and the Bank\u2019s functional currency is Georgian Lari. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded in the functional currency, converted at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the functional currency rate of exchange ruling at the reporting date. Gains and losses resulting from the translation of foreign currency transactions are recognised in the consolidated income statement as gains less losses from foreign currencies \u2013 translation differences. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is recognised in the income statement. Differences between the contractual exchange rate of a certain transaction and the NBG exchange rate on the date of the transaction are included in gains less losses from foreign currencies (dealing). The official NBG exchange rates at 31 December 2022, 31 December 2021 and 31 December 2020 were: Lari to GBP Lari to USD Lari to EUR Lari to BYN 31 December 2022 3.2581 2.7020 2.8844 1.0730 31 December 2021 4.1737 3.0976 3.5040 1.2101 31 December 2020 4.4529 3.2766 4.0233 1.2647 As at the reporting date, the assets and liabilities of the entities whose functional currency is different from the presentation currency of the Group are translated into Georgian Lari at the rate of exchange ruling at the reporting date and their income statements are translated at the average exchange rates for the year. The exchange differences arising on the translation are taken to other comprehensive income. On disposal of a subsidiary or an associate whose functional currency is different from the presentation currency of the Group, the deferred cumulative amount recognised in other comprehensive income relating to that particular entity is recognised in the consolidated income statement. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operations, and translated at the rate at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-681": {
"value": "Adoption of new or revised standards and interpretations Amendments effective from 1 January 2022 IAS 37 Provisions, Contingent Liabilities and Contingent AssetsIn May 2020, the IASB issued amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets to clarify what costs an entity considers in assessing whether a contract is onerous. The amendments specify that the \u2018cost of fulfilling\u2019 a contract comprises the \u2018costs that relate directly to the contract\u2019. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendment had no material impact on the Group\u2019s consolidated financial statements. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities As part of its 2018-2020 Annual Improvements to IFRS standards process, the IASB issued an amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 3 Business CombinationsThe amendment updates a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IAS 16 Property, Plant and EquipmentThe amendment prohibits a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. The amendment had no material impact on the Group\u2019s consolidated financial statements. Adoption of new or revised standards and interpretations continued Amendments effective from 1 January 2022 continued IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities continuedAmendments to IFRS 1, \u2018First-time Adoption of International Financial Reporting Standards\u2019 \u2013 Subsidiary as a first-time adopter The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent\u2019s consolidated financial statements, based on the parent\u2019s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16 (a) of IFRS 1. The amendment had no material impact on the Group\u2019s consolidated financial statements. Reclassifications To improve the quality and understandability of its consolidated income statement, the Group has revisited the presentation of gains/losses resulting from its debt extinguishment. The Group considered it more appropriate to present such gains/losses separately from other gains/losses. Comparative amounts were reclassified in line with the updated presentation. The following reclassifications were made to year ended 31 December 2021 and 31 December 2020 consolidated income statement to conform to the year ended 31 December 2022 presentation requirements: Consolidated income statement for the year ended 31 December 2021 As previously reported Reclassification As reclassified Net gains/(losses) on extinguishment of debt \u2013 (2,892) (2,892) Net other gains/(losses) 70,206 2,892 73,098 Consolidated income statement for the year ended 31 December 2020 As previously reported Reclassification As reclassified Net gains/(losses) on extinguishment of debt \u2013 (3,282) (3,282) Net other gains/(losses) 48,474 3,282 51,756 Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s consolidated financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. IAS 1 Presentation of Financial Statements In January 2020 and July 2020, the IASB issued amendments to IAS 1 \u201cPresentation of Financial Statements: Classification of Liabilities as Current or Non-Current\u201d. They clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. The amendments also clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments will be effective for annual periods beginning on or after January 1, 2023 with early adoption permitted. The Group is assessing the potential effect of the amendment on its consolidated financial statements. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17, Insurance Contracts, which sets out the accounting requirements for contractual rights and obligations that arise from insurance contracts issued and reinsurance contracts held. IFRS 17 is effective from 1 January 2023. The Group is assessing the standard, but does not expect it to have a material effect on its consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 In May 2021 the Board issued Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction, that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The amendments to IAS 12 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. The Group does not expect it to have a material effect on its consolidated financial statements. Narrow-scope amendments Definition of Accounting Estimates \u2013 Amendments to IAS 8: In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. Standards issued but not yet effective continued Narrow-scope amendments continued The amendments are not expected to have a material impact on the Group\u2019s consolidated financial statements. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement: 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. The Group is assessing the potential effect of the amendment on its consolidated financial statements. ",
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"value": "Adoption of new or revised standards and interpretations Amendments effective from 1 January 2022 IAS 37 Provisions, Contingent Liabilities and Contingent AssetsIn May 2020, the IASB issued amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets to clarify what costs an entity considers in assessing whether a contract is onerous. The amendments specify that the \u2018cost of fulfilling\u2019 a contract comprises the \u2018costs that relate directly to the contract\u2019. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendment had no material impact on the Group\u2019s consolidated financial statements. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities As part of its 2018-2020 Annual Improvements to IFRS standards process, the IASB issued an amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 3 Business CombinationsThe amendment updates a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IAS 16 Property, Plant and EquipmentThe amendment prohibits a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. The amendment had no material impact on the Group\u2019s consolidated financial statements. ",
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"value": "4. Significant accounting judgements and estimates Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets Fair values of investment properties, assets held for sale and foreclosed assets is determined by independent, professionally qualified appraisers. Fair value is determined using a combination of the internal capitalisation method (also known as discounted future cash flow method) and the sales comparison method. The Group performs valuation of its investment properties, assets held for sale and foreclosed assets with a sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value and respective measurement principles at the end of the reporting period. The last valuation was performed in 2022. Results of this valuation are presented in Note 14, while valuation inputs and techniques are presented in Note 30. The Group\u2019s properties are spread across the different parts of the country. While the secondary market in Georgia provides adequate market information for fair value measurements for small and medium sized properties, valuation of large properties involves application of various observable and unobservable inputs to determine adjustments to the available comparable sale prices. These estimates and assumptions are based on the best available information, however, actual results could be different. Allowance for financial assets IFRS 9 requires management to make a number of judgements, assumptions and estimates based on management\u2019s knowledge and historical experience that affect the allowance for ECL. A summary of the key judgements made by management is set out below. Definition of default, credit-impaired and cure (Note 29) The Group\u2019s definition of default is based on quantitative and qualitative criteria. The definition may differ across products. The definition is consistent with the definition used for internal credit risk management purposes and it corresponds with internal financial instrument risk classification rules. A counterparty is classified as defaulted at the latest when payments of interest, principal or fees are overdue for more than 90 days or when bankruptcy, fraud, insolvency proceedings of enforced liquidation have commenced, or there is other evidence that the payment obligations will not be fully met. The determination of whether a financial instrument is credit-impaired focuses on default risk, without taking into consideration the effects of credit risk mitigations such as collateral or guarantees. An instrument is classified as credit-impaired if the counterparty is defaulted and/or the instrument is POCI. Once the financial asset is classified as credit-impaired (except for POCIs) it remains as such unless all past due amounts have been rectified or there is general evidence of credit recovery. A minimum period of six consecutive months\u2019 payment is applied as exit criteria to financial assets restructured due to credit risk other than corporate loan portfolio and debt instruments measured at FVOCI, where exit criteria are determined as exit from bankruptcy or insolvency status, disappearance of liquidity problems or existence of other general evidence of credit recovery assessed on individual basis. For other credit-impaired financial instruments, exit criteria is determined as repayment of the entire overdue amount other than through refinancing or foreclosure. Once a credit-impaired financial asset meets default exit criteria, it remains in Stage 2 at least for the next 12 consecutive months. In case no default status is assigned during the 12 consecutive months, it is transferred to Stage 1 if its credit risk is not significantly higher than at origination date. 4. Significant accounting judgements and estimates continued Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets continued Significant increase in credit risk (SICR) A SICR is not a defined term per IFRS 9, and is determined by management, based on their experience and judgement. In assessing whether the credit risk has significantly increased, the Group has identified a series of qualitative and quantitative criteria based on undertaking the holistic analysis of various factors including those which are specific to a particular financial instrument or to a borrower as well as those applicable to particular sub-portfolios. These criteria are: \u2022 A significant increase in credit risk, expressed in the relative and/or absolute increase in the risk of default since initial recognition. SICR is determined based on comparison between credit risk ratings (internal or external) as of the origination date and credit risk ratings as of the reporting date for each financial asset individually. Thresholds are determined separately for corporate, retail, SME and other financial instrument portfolios, depending on initial grade assigned at origination. \u2022 Existence of forecast of adverse changes in commercial, financial or economic conditions that adversely affect the creditworthiness of the borrower. \u2022 Modification of the contractual terms due to financial problems of the borrower other than default. \u2022 The days past due on individual contract level breached the threshold of 30 days. \u2022 Other qualitative indicators, such as external market indicators of credit risk or general economic conditions, which indicate that the level of risk has increased significantly since origination. The above noted SICR indicators are identified at financial instrument level in order to track changes in credit risk since initial recognition date. Measurement of ECLs ECL reflects an unbiased, probability-weighted estimate based on a combination of the following principal factors: PD, loss given default (LGD), and exposure at default (EAD), which are further explained below: PD estimation: The Group estimates PD based on a combination of rating model calibration results and a migration matrices approach which is further adjusted for macroeconomic expectations for a minimum three years onwards for all portfolios, to represent the forward-looking estimators of the PD parameters. The migration matrix is built in a way to reflect the weighted average yearly migration over the historical data period. The risk groups are determined in a way to ensure intra-group homogeneity and differentiation of expected PD levels. For loan portfolios other than corporate loans, PD is further adjusted considering time since financial instrument origination. The models incorporate both qualitative and quantitative information and, where practical, build on information from top rating agencies, Credit Bureau or internal credit rating systems. Since Stage 3 financial instruments are defaulted, the PD in this case is equal to 100%. EAD: The EAD represents an estimate of the exposure to credit risk at the time of a potential default occurring during the life of a financial asset. It represents the cash flows outstanding at the time of default, considering expected repayments, interest payments and accruals discounted at the EIR. To calculate EAD for a Stage 1 financial instrument, the Group assesses the possible default events within 12 months for the calculation of the 12 months ECL. For Stage 2 and POCI financial instruments, the EAD is considered for events over the lifetime of the instruments. The Group determines EAD differently for products with repayment schedules and those without repayment schedules. For financial instruments with repayment schedules, the Group estimates forward-looking EAD using the contractual cash flow approach with further corrections for expected prepayments and overdue days. For products without the repayment schedules such as credit cards, credit lines and financial guarantees, the Group estimates the forward- looking EAD using the limit utilisation approach. Under the above approach EAD is calculated using the expected utilisation rate based on historical data of actual draw-down amounts. LGD: LGD is defined as the likely loss in case of a counterparty default. It provides an estimation of the exposure that cannot be recovered in a default event and therefore captures the severity of a loss. The determination of the LGD takes into account expected future cash flows from collateral and other credit enhancements, or expected payouts from bankruptcy proceedings for unsecured claims, and where applicable, time to realisation of collateral and the seniority of claims. The Group segments its financial instruments into homogeneous portfolios, based on key characteristics that are relevant to the estimation of future cash flows. The applied data is based on historically collected loss data and involves a wider set of transaction characteristics (e.g. product type, wider range of collateral types). Based on this information, the Group estimates the recovery rate (other than through collateral), cure rate and probability of re-default. Recovery through collateral is further considered in LGD calculations individually for each financial instrument. Assets considered in the ECL calculations IFRS 9 requires cash flows expected from collateral and other credit enhancements to be reflected in the ECL calculation. The treatment and reflection of collateral for IFRS 9 purposes is in line with general risk management principles, policies and processes of the Group. Collateral, unless repossessed, is not recorded on the Group\u2019s statement of financial position. The fair value of collateral affects the calculation of ECLs. It is generally assessed at inception and reassessed on an annual basis for all material exposures. During the period where real estate prices are subject to significant fluctuation, those collaterals not revalued during the last three months before the end of the reporting date were further adjusted with respective real estate price index movement. The effect of the noted adjustment amounted to a GEL 26 million decrease of ECL in the 2022 consolidated financial statements (2021: Nil, 2020: Nil). 4. Significant accounting judgements and estimates continued Estimates involved in measurement of investment properties, assets held for sale and foreclosed assets continued Management Overlays and improvements to the ECL methodology In prior periods the Group applied number of management overlays to the existing ECL methodology due to the unprecedented nature of the COVID-19 pandemic and the uncertainties associated with it. Such overlays related to staging of COVID-19 restructured loans as well as cure and recovery rates. Given a reasonable time has passed for the statistics to properly reflect effects of COVID-19, the Group decided to remove respective management overlays which positively affected overall ECL of the Group. In addition, management re-estimated collateral realisation period for LGD calculations resulting in increase of ECL. This together with removal of management overlays and other minor improvements to the methodology resulted in decrease of ECL by GEL 21.4 million for the Group. Forward-looking information Under IFRS 9, the allowance for expected credit losses is based on reasonable and supportable forward-looking information obtainable without undue cost or effort, which takes into consideration past events, current conditions and forecasts of future economic conditions. To incorporate forward-looking information into the Group\u2019s allowance for expected credit losses, the Group uses the macroeconomic forecasts provided by the NBG for Group companies operating in Georgia, while data used by Belarusky Narodny Bank (BNB) is provided by a non-governmental research centre operating in Belarus. Macroeconomic variables covered by these forecasts and which the Group incorporated in its ECL assessment model include GDP growth, foreign exchange rate and inflation rate. These forward-looking macroeconomic variables are generally updated on a semi-annual basis for Georgian companies and on a quarterly basis for BNB. The determination of the probability-weighted ECL requires evaluating a range of diverse and relevant future economic conditions. To accommodate this requirement, the Group uses three different economic scenarios in the ECL calculation: an upside (weight 0.25), a base case (weight 0.50) and a downside (weight 0.25) scenario relevant for each respective portfolio. A weight is calculated for each scenario by using a probabilistic economic model that considers recent information as well as historical data provided by the NBG. The Group considers these forecasts to represent its best estimate of the possible outcomes, based on reliable available information. Forward-looking variable assumptions The most significant period end assumptions used for ECL estimate as at 31 December 2022 per geographical segments are set out below. The scenarios \u2018base\u2019, \u2018upside\u2019 and \u2018downside\u2019 were used for all portfolios. Georgia Key drivers ECL scenario Assigned weight As at 31 December 2022 Assigned weight As at 31 December 2021 Assigned weight As at 31 December 2020 2023 2024 2025 2022 2023 2024 2021 2022 2023 GDP growth in % Upside 25% 6.00% 5.00% 5.00% 25% 6.00% 5.00% 4.50% 25% -3.00% 6.00% 5.00% Base case 50% 4.00% 5.50% 5.00% 50% 5.00% 4.00% 4.50% 50% -4.00% 4.50% 5.00% Downside 25% 2.00% 4.00% 5.00% 25% 2.00% 4.00% 5.00% 25% -9.00% 2.50% 4.00% GEL/USD exchange rate % Upside 25% 2.00% 0.00% 0.00% 25% 4.00% 2.00% 2.00% 25% 5.00% 5.00% 0.00% Base case 50% 0.00% 0.00% 0.00% 50% 0.00% 0.00% 0.00% 50% 0.00% 0.00% 0.00% Downside 25% -15.00% 5.00% 5.00% 25% -10.00% 2.00% 3.00% 25% -10.00% -5.00% 5.00% CPI inflation rate in % Upside 25% 5.00% 3.00% 3.00% 25% 5.50% 3.00% 3.00% 25% 5.50% 4.00% 3.00% Base case 50% 5.30% 3.10% 3.00% 50% 7.00% 2.50% 3.00% 50% 4.50% 1.50% 2.50% Downside 25% 9.00% 6.00% 3.00% 25% 8.00% 4.00% 3.00% 25% 7.00% 2.00% 2.50% 4. Significant accounting judgements and estimates continued Forward-looking variable assumptions continued Belarus Key drivers ECL scenario Assigned weight As at 31 December 2022 Assigned weight As at 31 December 2021 Assigned weight As at 31 December 2020 2023 2024 2022 2023 2021 2022 GDP growth in % Upside 10% 2.66% 4.26% 25% 2.92% 5.01% 10% 2.28% 4.74% Base case 50% 0.31% 0.50% 50% 0.56% 1.24% 50% -0.06% 0.98% Downside 40% -2.05% -3.26% 25% -1.80% -2.52% 40% -2.44% -2.81% BYN/USD exchange rate % Upside 10% 0.71% 0.65% 25% 0.56% 0.52% 10% -0.48% -1.17% Base case 50% 2.53% 1.65% 50% 2.44% 1.37% 50% 1.45% 0.06% Downside 40% 4.09% 2.41% 25% 4.05% 1.98% 40% 3.29% 1.08% CPI inflation rate in % Upside 10% 0.38% -0.58% 25% -0.07% -0.85% 10% 0.72% 0.69% Base case 50% 2.20% 1.66% 50% 1.83% 1.38% 50% 1.36% 1.42% Downside 40% 3.93% 3.76% 25% 3.63% 3.46% 40% 1.99% 2.14% All other parameters held constant, increase in GDP growth and decrease in foreign exchange rate and inflation would result in decrease in ECL, with opposite changes resulting in ECL increase. GDP growth input has the most significant impact on ECL, followed by foreign exchange rate and inflation. Retail portfolio ECL is less affected by foreign exchange rate inputs due to larger share of GEL-denominated exposures. However, retail portfolio ECL is affected by inflation, which does not have a significant impact on corporate ECL. The table below shows the sensitivity of the recognised ECL amounts to the forward-looking assumptions used in the model. For these purposes, 100% weight is assigned to each macroeconomic scenario separately and respective ECL is recalculated. Sensitivity of ECL to forward looking assumptions Key drivers As at 31 December 2022 Reported ECL Reported ECL coverage ECL coverage by scenarios Upside Base case Downside Commercial loans 91,557 1.72% 1.58% 1.70% 1.81% Residential mortgage loans 30,055 0.72% 0.71% 0.71% 0.73% Micro and SME loans 63,502 1.66% 1.61% 1.65% 1.70% Consumer loans 135,450 3.76% 3.70% 3.74% 3.84% Gold \u2013 pawn loans 5,441 3.31% 3.30% 3.30% 3.31% As at 31 December 2021 Key drivers Reported ECL Reported ECL coverage ECL coverage by scenarios Upside Base case Downside Commercial loans 159,215 2.87% 2.82% 2.84% 2.86% Residential mortgage loans 33,038 0.82% 0.80% 0.81% 0.85% Micro and SME loans 74,441 1.99% 1.93% 1.96% 2.13% Consumer loans 136,035 4.56% 4.46% 4.54% 4.70% Gold \u2013 pawn loans 2,075 1.25% 1.25% 1.25% 1.26% As at 31 December 2020 Key drivers Reported ECL Reported ECL coverage ECL coverage by scenarios Upside Base case Downside Commercial loans 178,556 3.49% 3.46% 3.48% 3.53% Residential mortgage loans 48,609 1.28% 1.05% 1.06% 1.95% Micro and SME loans 102,352 3.13% 2.79% 2.83% 4.06% Consumer loans 113,801 5.15% 4.78% 4.82% 6.18% Gold \u2013 pawn loans 228 0.22% 0.21% 0.21% 0.23% 4. Significant accounting judgements and estimates continued Forward-looking variable assumptions continued Aggregation of financial instruments for collective assessment For the purpose of a collective evaluation of impairment, financial instruments are grouped within homogeneous pools as follows: corporate loan portfolio is grouped on the basis of loan repayment source type; and retail loan portfolio is grouped on the basis of credit risk characteristics such as an asset type, collateralisation level, repayment source type and other relevant factors. As for SME and micro loan portfolios, financial instruments are grouped based on asset type, overdue buckets, collateralisation level and other relevant factors. Determination of expected life for revolving facilities For revolving products, the expected life of financial instruments is determined either with reference to the next renewal date or with reference to the behavioural expected life of the financial instrument estimated based on the empirical observation of the lifetime. Write-offs The Group writes off financial assets when there is no reasonable expectation of recovery. For mortgages and other loans secured by real estate, the number of overdue days after which the balances are considered to be irrecoverable and are to be written off comprised 1,460 days. If the amount to be written off is greater than the accumulated loan loss allowance, the difference is first treated as an ECL expense. Any subsequent recoveries are credited to ECL expense. Backtesting of ECL calculation model In order to monitor the quality and reliability of the Group\u2019s ECL calculation model, the Group periodically performs backtesting and benchmarking procedures, whereby model outcomes are compared with actual results, based on internal experience as well as externally observed results. For PD, the Group uses statistical modelling to derive a predicted distribution of the number of defaults. The observed number of defaults is then compared with this distribution, allowing the Group to derive a statistical level of confidence in the model. For LGD, the backtesting compares observed losses with predicted LGDs. If any statistically significant deviations or shortcomings in parameterisations are observed, the relevant models are redefined and recalibrated. Any changes in the model as a result of backtesting procedures are accounted as changes in accounting estimates with prospective application. Impact of climate-related risks on accounting judgements and estimates While the effects of climate change represent a source of uncertainty, the Group does not consider there to be a material impact on its judgements and estimates from the physical and transition risks in the short-to-medium term. For further information, see Note 29 on emerging risks. ",
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"value": "5. Segment information The Group disaggregated revenue from contracts with customers by products and services for each of the segments, as the Group believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. For management purposes, the Group is organised into the following operating segments based on products and services as follows: RB \u2013 Retail Banking (excluding Retail Banking of BNB) \u2013 principally provides consumer loans, mortgage loans, overdrafts, credit cards and other credit facilities, funds transfers and settlement services, and handling of customers\u2019 deposits for both individuals and legal entities. The Retail Banking business targets the mass retail, mass affluent and high-net-worth client segments, together with small and medium-sized enterprises, and micro businesses. CIB \u2013 Corporate Investment Banking \u2013 comprises Corporate Banking and Investment Management operations in Georgia. Corporate Banking principally provides loans and other credit facilities, funds transfers and settlement services, trade finance services, documentary operations support and handles saving and term deposits for corporate and institutional customers. The Investment Management business principally provides brokerage services through Galt & Taggart. BNB \u2013 Comprising JSC Belarusky Narodny Bank mainly, principally providing retail and corporate banking services in Belarus. Management monitors the operating results of its segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance, as explained in the table below, is measured in the same manner as profit or loss in the consolidated income statement. Transactions between operating segments are on an arm\u2019s length basis in a similar manner to transactions with third parties. The Group\u2019s operations are primarily concentrated in Georgia, except for BNB, which operates in Belarus. No revenue from transactions with a single external customer or counterparty amounted to 10% or more of the Group\u2019s operating income in 2022, 2021 or 2020. 5. Segment information continued The following table presents the income statement and certain asset and liability information regarding the Group\u2019s operating segments as at and for the year ended 31 December 2022: Retail Banking Corporate Investment Banking BNB Eliminations Group Total Net interest income 767,968 376,771 37,511 85 1,182,335 Net fee and commission income 256,287 49,543 11,500 161 317,491 Net foreign currency gain 277,608 123,993 64,493 \u2013 466,094 Net (losses)/gains on extinguishment of debt (2,673) (5,740) (304) \u2013 (8,717) Other income from settlement of legacy claim \u2013 391,100 \u2013 \u2013 391,100 Net other gains/(losses) 24,074 20,039 1,474 (778) 44,809 Operating income 1,323,264 955,706 114,674 (532) 2,393,112 Operating expenses (480,654) (105,632) (55,432) 532 (641,186) Profit from associates 754 \u2013 \u2013 \u2013 754 Operating income before cost of risk 843,364 850,074 59,242 \u2013 1,752,680 Cost of risk (172,702) 79,461 (25,827) \u2013 (119,068) Net operating income before non-recurring items 670,662 929,535 33,415 \u2013 1,633,612 Net non-recurring items 1,241 \u2013 (203) \u2013 1,038 Profit before income tax 671,903 929,535 33,212 \u2013 1,634,650 Income tax expense (105,274) (77,693) (7,684) \u2013 (190,651) Profit for the year 566,629 851,842 25,528 \u2013 1,443,999 Assets and liabilities Total assets 18,663,720 9,006,313 1,381,366 (149,499) 28,901,900 Total liabilities 16,345,880 7,226,769 1,229,928 (149,499) 24,653,078 Other segment information Property and equipment 73,452 2,304 2,241 \u2013 77,997 Intangible assets 33,819 1,965 4,886 \u2013 40,670 Capital expenditure 107,271 4,269 7,127 \u2013 118,667 Depreciation, amortisation and impairment (99,739) (5,292) (6,058) \u2013 (111,089) The following table presents the income statement and certain asset and liability information regarding the Group\u2019s operating segments as at and for the year ended 31 December 2021: Retail Banking Corporate Investment Banking BNB Eliminations Group Total Net interest income 582,531 331,706 39,676 28 953,941 Net fee and commission income 178,928 47,869 5,476 158 232,431 Net foreign currency gain 58,139 37,619 13,341 \u2013 109,099 Net gains/(losses) on extinguishment of debt (456) (1,333) (1,103) \u2013 (2,892) Net other gains/(losses) 26,325 45,312 2,345 (884) 73,098 Operating income 845,467 461,173 59,735 (698) 1,365,677 Operating expenses (389,915) (79,060) (39,675) 698 (507,952) Loss from associates (3,781) \u2013 \u2013 \u2013 (3,781) Operating income before cost of risk 451,771 382,113 20,060 \u2013 853,944 Cost of risk (72,351) 22,662 (1,723) \u2013 (51,412) Net operating income before non-recurring items 379,420 404,775 18,337 \u2013 802,532 Net non-recurring items 20 (78) (532) \u2013 (590) Profit before income tax 379,440 404,697 17,805 \u2013 801,942 Income tax expense (32,956) (38,473) (3,395) \u2013 (74,824) Profit for the year 346,484 366,224 14,410 \u2013 727,118 Assets and liabilities Total assets 14,865,640 7,683,923 980,920 (100,407) 23,430,076 Total liabilities 13,017,394 6,573,918 846,263 (100,407) 20,337,168 Other segment information Property and equipment 48,095 3,103 2,031 \u2013 53,229 Intangible assets 37,144 2,921 4,992 \u2013 45,057 Capital expenditure 85,239 6,024 7,023 \u2013 98,286 Depreciation, amortisation and impairment (80,127) (8,551) (4,940) \u2013 (93,618) 5. Segment information continued The following table presents the income statement and certain asset and liability information regarding the Group\u2019s operating segments as at and for the year ended 31 December 2020: Retail Banking Corporate Investment Banking BNB Eliminations Group Total Net interest income 497,155 244,224 36,249 14 777,642 Net fee and commission income 121,973 37,597 5,678 255 165,503 Net foreign currency gain 59,677 33,161 6,202 \u2013 99,040 Net gains/(losses) on extinguishment of debt (1,182) (1,260) (840) \u2013 (3,282) Net other gains/(losses) 25,937 23,827 2,652 (660) 51,756 Operating income 703,560 337,549 49,941 (391) 1,090,659 Operating expenses (331,029) (69,047) (32,950) 391 (432,635) Profit from associates 782 \u2013 \u2013 \u2013 782 Operating income before cost of risk 373,313 268,502 16,991 \u2013 658,806 Cost of risk (183,160) (113,856) (3,981) \u2013 (300,997) Net operating income before non-recurring items 190,153 154,646 13,010 \u2013 357,809 Net non-recurring items (39,898) (1,288) (125) \u2013 (41,311) Profit before income tax 150,255 153,358 12,885 \u2013 316,498 Income tax expense (6,137) (12,684) (2,734) \u2013 (21,555) Profit for the year 144,118 140,674 10,151 \u2013 294,943 Assets and liabilities Total assets 13,447,451 7,635,107 1,018,652 (65,290) 22,035,920 Total liabilities 12,002,660 6,662,538 886,097 (65,290) 19,486,005 Other segment information Property and equipment 66,707 4,300 616 \u2013 71,623 Intangible assets 36,453 2,681 2,291 \u2013 41,425 Capital expenditure 103,160 6,981 2,907 \u2013 113,048 Depreciation, amortisation and impairment (70,151) (8,539) (4,247) \u2013 (82,937) ",
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"fact-684": {
"value": "6. Cash and cash equivalents 2022 2021 2020 Cash on hand 1,052,055 751,063 703,459 Current accounts with central banks, excluding obligatory reserves 805,503 126,627 158,588 Current accounts with credit institutions 965,046 414,214 590,331 Time deposits with credit institutions with maturities of up to 90 days 762,590 228,683 518,648 Cash and cash equivalents, gross 3,585,194 1,520,587 1,971,026 Less \u2013 Allowance for expected credit loss (351) (25) (71) Cash and cash equivalents, net 3,584,843 1,520,562 1,970,955 As at 31 December 2022, GEL 1,453,844 (2021: GEL 419,324, 2020: GEL 985,848) was placed on current and time deposit accounts with internationally recognised OECD banks and central banks that are the counterparties of the Group in performing international settlements. The Group earned between 0.00-11.10% interest per annum on these deposits (2021: up to 0.07%, 2020: up to 0.21%). Management does not expect any losses from non-performance by the counterparties holding cash and cash equivalents, and there are no material differences between their book and fair values. As at 31 December 2022, cash and cash equivalents held by BOGG of GEL 10,850 (2021: GEL 384, 2020: GEL 199) is represented by placements on current accounts with Georgian and OECD banks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-685": {
"value": "7. Amounts due from credit institutions 2022 2021 2020 Obligatory reserves with central banks 2,354,470 1,898,052 1,994,662 Time deposits with maturities of more than 90 days 15,721 28,939 8,424 Restricted cash 68,155 4,730 1,856 Inter-bank loan receivables \u2013 \u2013 11,463 Amounts due from credit institutions, gross 2,438,346 1,931,721 2,016,405 Less \u2013 Allowance for expected credit loss (5,318) (331) (400) Amounts due from credit institutions, net 2,433,028 1,931,390 2,016,005 Obligatory reserves with central banks represent amounts deposited with the NBG and the National Bank of the Republic of Belarus (the \u2018NBRB\u2019). Credit institutions are required to maintain cash deposits (obligatory reserve) with the NBG and with the NBRB, the amount of which depends on the level of funds attracted by the credit institution. The Group\u2019s ability to withdraw these deposits is restricted by regulation. The Group earned up to 0.00% interest on obligatory reserves with NBG and NBRB for the years ended 31 December 2022 (2021: 0.00%, 2020: 1.25%). As at 31 December 2022, inter-bank loan receivables does not include any deposits placed with non-OECD banks (2021: Nil, 2020: GEL 11,464). ",
"dimensions": {
"concept": "bogg:DisclosureOfAmountsDueFromCreditInstitutions",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-686": {
"value": "8. Investment securities 2022 2021 2020 Investment securities measured at FVOCI \u2013 debt instruments 3,960,299 2,586,083 2,539,019 Investment securities designated as at FVOCI \u2013 equity investments 10,893 9,581 5,378 Investment securities 3,971,192 2,595,664 2,544,397 2022 2021 2020 Investment securities measured at amortised cost, gross 381,735 \u2013 \u2013 Less \u2013 Allowance for expected credit loss (3,198) \u2013 \u2013 Investment securities measured at amortised cost, net 378,537 \u2013 \u2013 2022 2021 2020 Ministry of Finance of Georgia treasury bonds 1,470,473 1,312,001 1,344,404 Ministry of Finance of Georgia treasury bills 176,483 82,196 36,879 Foreign treasury bills 1,062,095 \u2013 \u2013 Foreign treasury bonds 92,817 79,156 159,537 Certificates of deposit of central banks 17,675 39,410 \u2013 Other debt instruments 1,140,756 1,073,320 998,199 Investment securities measured at FVOCI \u2013 debt instruments 3,960,299 2,586,083 2,539,019 2022 2021 2020 Ministry of Finance of Georgia treasury bonds 119,918 \u2013 \u2013 Foreign treasury bonds 12,230 \u2013 \u2013 Other debt instruments 249,587 \u2013 \u2013 Investment securities measured at amortised cost \u2013 debt instruments, gross 381,735 \u2013 \u2013 Less \u2013 Allowance for expected credit loss (3,198) \u2013 \u2013 Investment securities measured at amortised cost \u2013 debt instruments, net 378,537 \u2013 \u2013 8. Investment securities continued Pledged treasury bonds 2022 2021 2020 For short-term loans from the NBG 709,597 490,592 1,044,066 For repo-operations with commencial banks 380,065 \u2013 \u2013 For deposits of Ministry of Finance of Georgia 97,109 220,480 \u2013 For cash kept by the NBG at the Group\u2019s premises under cash custodian services \u2013 14,720 8,188 Total 1,186,771 725,792 1,052,254 Pledged treasury bills 2022 2021 2020 For cash kept by the NBG at the Group\u2019s premises under cash custodian services 24,180 \u2013 \u2013 Total 24,180 \u2013 \u2013 Pledged corporate bonds 2022 2021 2020 For short-term loans from the NBG 121,592 \u2013 685,901 For deposits of Ministry of Finance of Georgia 205,079 109,109 \u2013 Total 326,671 109,109 685,901 Other debt instruments as at 31 December 2022 mainly comprises bonds issued by the European Bank for Reconstruction and Development of GEL 531,351 (2021: GEL 521,394, 2020: GEL 312,144), GEL-denominated bonds issued by the International Finance Corporation of GEL 56,523 (2021: GEL 203,351, 2020: GEL 211,250), GEL-denominated bonds issued by the Netherlands Development Finance Company of GEL 131,126 (2021: GEL 163,593, 2020: GEL 162,949), GEL-denominated bonds issued by the Black Sea Trade and Development Bank of GEL 200,913 (2021: GEL 65,407, 2020: GEL 151,592), USD-denominated bonds issued by the National Bank Of Uzbekistan of GEL 12,230 (2021: Nil, 2020: Nil) and GEL-denominated bonds issued by the Asian Development Bank of GEL 107,835 (2021: GEL 61,609, 2020: GEL 61,350). Foreign treasury bonds and bills comprise of US Treasury Notes in the amount of GEL 1,062,095 (2021: Nil, 2020: GEL 52,992), Ministry of Finance of the Republic of Lithuania treasury bonds in the amount of GEL Nil (2021: GEL 15,992, 2020: GEL 26,982), United Kingdom treasury bonds in the amount of GEL 32,516 (2021: GEL Nil, 2020: Nil) and Ministry of Finance of the Republic of Belarus treasury bonds in the amount of GEL 60,301 (2021: GEL 63,164, 2020: GEL 79,563). For the period ended 31 December 2022 net gains on derecognition of investment securities comprised GEL 7,921 (2021: GEL 30,044, 2020: GEL 3,585) which is included in net other income. As at 31 December 2022, allowance for ECL on investment securities comprised GEL 2,236 (2021: GEL 3,145, 2020: GEL 4,875). ",
"dimensions": {
"concept": "bogg:DisclosureOfInvestmentSecurities",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-687": {
"value": "9. Loans to customers and finance lease receivables 2022 2021 2020 Commercial loans 5,315,666 5,554,184 5,123,393 Residential mortgage loans 4,193,204 4,022,058 3,796,384 Micro and SME loans 3,825,663 3,731,756 3,269,454 Consumer loans 3,602,054 2,981,305 2,208,013 Gold \u2013 pawn loans 164,554 165,417 103,384 Loans to customers at amortised cost, gross 17,101,141 16,454,720 14,500,628 Less \u2013 Allowance for expected credit loss (326,005) (404,804) (443,546) Loans to customers at amortised cost, net 16,775,136 16,049,916 14,057,082 Finance lease receivables, gross 95,348 124,952 139,372 Less \u2013 Allowance for expected credit loss (8,778) (5,895) (4,376) Finance lease receivables, net 86,570 119,057 134,996 Total loans to customers and finance lease receivables 16,861,706 16,168,973 14,192,078 As at 31 December 2022, loans to customers carried at GEL 1,092,475 (2021: GEL 1,125,955, 2020: GEL 692,052) were pledged for short-term loans from the NBG. 9. Loans to customers and finance lease receivables continued Expected credit loss Movements of the gross loans and respective allowance for expected credit loss/impairment of loans to customers by class are provided in the table below, within which the new financial asset originated or purchased and the assets repaid during the year include the effects from revolving loans and increase of exposure to clients, where existing loans have been repaid with new contracts issued during the year. All new financial assets are originated either in Stage 1 or POCI category. Utilisation of additional tranches on existing financial assets are reflected in Stage 2 or Stage 3 if the credit risk of the borrower has deteriorated since initiation. Currency translation differences relate to loans issued by the subsidiaries of the Group whose functional currency is different from the presentation currency of the Group, while foreign exchange movement relates to foreign currency denominated loans issued by the Group. Net other changes in gross loan balances includes the effects of changes in accrued interest. Net other measurement of ECL includes the effect of changes in ECL due to post-model adjustments, changes in PDs and other inputs, as well as the effect from ECL attributable to changes in accrued interest. Commercial loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184 New financial asset originated or purchased 4,574,787 34,779 693 6,969 4,617,228 Transfer to Stage 1 202,422 (202,422) \u2013 \u2013 \u2013 Transfer to Stage 2 (773,437) 803,734 (30,297) \u2013 \u2013 Transfer to Stage 3 (5,553) (98,586) 104,139 \u2013 \u2013 Assets derecognised due to pass-through arrangement (23,721) (20) (83) \u2013 (23,824) Assets repaid (4,092,938) (217,064) (83,154) (9,763) (4,402,919) Resegmentation 194,578 2,622 (6,567) \u2013 190,633 Impact of modifications 1,330 1,983 184 2 3,499 Write-offs \u2013 \u2013 (55,962) \u2013 (55,962) Recoveries of amounts previously written off \u2013 \u2013 42,501 2,865 45,366 Unwind of discount \u2013 \u2013 (1,921) 359 (1,562) Currency translation differences (33,751) (1,051) (1,888) \u2013 (36,690) Foreign exchange movement (512,131) (89,055) (24,259) (1,843) (627,288) Net other changes 45,923 1,454 6,277 (653) 53,001 Balance at 31 December 2022 4,511,821 611,307 176,588 15,950 5,315,666 Individually assessed \u2013 \u2013 159,486 13,603 173,089 Collectively assessed 4,511,821 611,307 17,102 2,347 5,142,577 Balance at 31 December 2022 4,511,821 611,307 176,588 15,950 5,315,666 Commercial loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 14,338 6,893 135,061 2,923 159,215 New financial asset originated or purchased 23,237 166 230 2,997 26,630 Transfer to Stage 1 4,323 (4,323) \u2013 \u2013 \u2013 Transfer to Stage 2 (6,172) 12,308 (6,136) \u2013 \u2013 Transfer to Stage 3 (485) (1,503) 1,988 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (2,382) (3,448) 28,233 \u2013 22,403 Assets derecognised due to pass-through arrangement (62) \u2013 (34) \u2013 (96) Assets repaid (10,492) (4,325) (59,872) (3,151) (77,840) Resegmentation 5,404 (27) (997) \u2013 4,380 Impact of modifications 30 104 1 2 137 Write-offs \u2013 \u2013 (55,962) \u2013 (55,962) Recoveries of amounts previously written off \u2013 \u2013 42,501 2,865 45,366 Unwind of discount \u2013 \u2013 (1,921) 359 (1,562) Currency translation differences (793) (1,079) (2,941) \u2013 (4,813) Foreign exchange movement (921) (1,696) (10,613) (883) (14,113) Net other measurement of ECL (6,810) 20,460 (25,291) (547) (12,188) Balance at 31 December 2022 19,215 23,530 44,247 4,565 91,557 Individually assessed \u2013 \u2013 37, 492 4,493 41,985 Collectively assessed 19,215 23,530 6,755 72 49,572 Balance at 31 December 2022 19,215 23,530 44,247 4,565 91,557 9. Loans to customers and finance lease receivables continued Expected credit loss continued Residential mortgage loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058 New financial asset originated or purchased 1,466,957 14 \u2013 13,524 1,480,495 Transfer to Stage 1 403,540 (403,398) (142) \u2013 \u2013 Transfer to Stage 2 (375,932) 443,567 (67,635) \u2013 \u2013 Transfer to Stage 3 (45,171) (49,817) 94,988 \u2013 \u2013 Assets repaid (901,792) (57,945) (49,096) (10,849) (1,019,682) Resegmentation (603) \u2013 \u2013 \u2013 (603) Impact of modifications 179 37 (2,949) (169) (2,902) Write-offs \u2013 \u2013 (4,445) (730) (5,175) Recoveries of amounts previously written off \u2013 \u2013 3,937 357 4,294 Unwind of discount \u2013 \u2013 182 109 291 Currency translation differences (4,670) (98) (23) \u2013 (4,791) Foreign exchange movement (254,899) (20,553) (10,022) (2,527) (288,001) Net other changes 8,928 (2,211) 348 155 7,220 Balance at 31 December 2022 3,925,906 169,566 69,657 28,075 4,193,204 Individually assessed \u2013 \u2013 2,940 \u2013 2,940 Collectively assessed 3,925,906 169,566 66,717 28,075 4,190,264 Balance at 31 December 2022 3,925,906 169,566 69,657 28,075 4,193,204 Residential mortgage loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 9,703 3,803 17,039 2,493 33,038 New financial asset originated or purchased 14,452 \u2013 \u2013 2,403 16,855 Transfer to Stage 1 5,673 (5,608) (65) \u2013 \u2013 Transfer to Stage 2 (3,236) 15,977 (12,741) \u2013 \u2013 Transfer to Stage 3 (7,463) (1,484) 8,947 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (1,807) (10,903) 6,767 \u2013 (5,943) Assets repaid (1,731) (961) (11,220) (2,103) (16,015) Resegmentation \u2013 \u2013 \u2013 \u2013 \u2013 Impact of modifications 4 1 937 64 1,006 Write-offs \u2013 \u2013 (4,445) (730) (5,175) Recoveries of amounts previously written off \u2013 \u2013 3,937 357 4,294 Unwind of discount \u2013 \u2013 182 109 291 Foreign exchange movement (244) (122) (1,652) (498) (2,516) Net other measurement of ECL (6,487) 1,898 6,399 2,412 4,222 Balance at 31 December 2022 8,862 2,601 14,085 4,507 30,055 Individually assessed \u2013 \u2013 576 \u2013 576 Collectively assessed 8,862 2,601 13,509 4,507 29,479 Balance at 31 December 2022 8,862 2,601 14,085 4,507 30,055 9. Loans to customers and finance lease receivables continued Expected credit loss continued Micro and SME loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756 New financial asset originated or purchased 2,953,940 7,854 1,859 2,435 2,966,088 Transfer to Stage 1 337,049 (337,049) \u2013 \u2013 \u2013 Transfer to Stage 2 (442,020) 501,877 (59,857) \u2013 \u2013 Transfer to Stage 3 (50,683) (106,474) 157,157 \u2013 \u2013 Assets repaid (2,142,937) (125,830) (71,105) (5,917) (2,345,789) Resegmentation (224,709) (4,680) 5,034 \u2013 (224,355) Impact of modifications 194 139 (2,627) (36) (2,330) Write-offs \u2013 \u2013 (37,629) (98) (37,727) Recoveries of amounts previously written off \u2013 \u2013 11,875 79 11,954 Unwind of discount \u2013 \u2013 1,262 58 1,320 Currency translation differences (11,551) (1,097) (1,147) \u2013 (13,795) Foreign exchange movement (275,010) (27,918) (17,669) (350) (320,947) Net other changes 51,417 168 7,865 38 59,488 Balance at 31 December 2022 3,475,839 200,463 146,517 2,844 3,825,663 Individually assessed \u2013 \u2013 39,448 \u2013 39,448 Collectively assessed 3,475,839 200,463 107,069 2,844 3,786,215 Balance at 31 December 2022 3,475,839 200,463 146,517 2,844 3,825,663 Micro and SME loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 28,177 6,556 39,584 124 74,441 New financial asset originated or purchased 38,841 81 97 281 39,300 Transfer to Stage 1 7,921 (7,921) \u2013 \u2013 \u2013 Transfer to Stage 2 (8,873) 20,802 (11,929) \u2013 \u2013 Transfer to Stage 3 (8,295) (7,503) 15,798 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (962) (9,903) 29,077 \u2013 18,212 Assets repaid (13,663) (3,065) (24,514) (496) (41,738) Resegmentation (5,935) (129) 541 \u2013 (5,523) Impact of modifications 10 (24) (1,147) 16 (1,145) Write-offs \u2013 \u2013 (37,629) (98) (37,727) Recoveries of amounts previously written off \u2013 \u2013 11,875 79 11,954 Unwind of discount \u2013 \u2013 1,262 58 1,320 Currency translation differences (143) (96) (764) \u2013 (1,003) Foreign exchange movement (1,071) (114) (3,448) (67) (4,700) Net other measurement of ECL (15,929) 6,764 18,514 762 10,111 Balance at 31 December 2022 20,078 5,448 37,317 659 63,502 Individually assessed \u2013 \u2013 10,552 \u2013 10,552 Collectively assessed 20,078 5,448 26,765 659 52,950 Balance at 31 December 2022 20,078 5,448 37,317 659 63,502 9. Loans to customers and finance lease receivables continued Expected credit loss continued Consumer loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305 New financial asset originated or purchased 3,313,393 7,566 969 15,493 3,337,421 Transfer to Stage 1 344,640 (344,445) (195) \u2013 \u2013 Transfer to Stage 2 (534,425) 608,146 (73,721) \u2013 \u2013 Transfer to Stage 3 (121,557) (167,897) 289,454 \u2013 \u2013 Assets repaid (2,357,992) (102,236) (64,593) (12,241) (2,537,062) Resegmentation 30,506 2,058 1,578 34,142 Impact of modifications 1,152 (84) (24,515) (1,236) (24,683) Write-offs \u2013 \u2013 (171,142) (4,431) (175,573) Recoveries of amounts previously written off \u2013 \u2013 22,074 879 22,953 Unwind of discount \u2013 \u2013 4,252 922 5,174 Currency translation differences (14,540) (80) (163) (14,783) Foreign exchange movement (86,830) (4,100) (1,319) (610) (92,859) Net other changes 33,406 (79) 31,671 1,021 66,019 Balance at 31 December 2022 3,243,191 213,875 121,992 22,996 3,602,054 Individually assessed \u2013 \u2013 2,650 \u2013 2,650 Collectively assessed 3,243,191 213,875 119,342 22,996 3,599,404 Balance at 31 December 2022 3,243,191 213,875 121,992 22,996 3,602,054 Consumer loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 57,083 19,410 58,731 811 136,035 New financial asset originated or purchased 131,916 1,199 478 4,325 137,918 Transfer to Stage 1 26,886 (26,872) (14) \u2013 \u2013 Transfer to Stage 2 (36,429) 72,075 (35,646) \u2013 \u2013 Transfer to Stage 3 (61,445) (37,845) 99,290 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (3,821) (29,191) 48,501 \u2013 15,489 Assets repaid (41,829) (8,884) (38,047) (3,763) (92,523) Resegmentation 531 156 456 1,143 Impact of modifications 121 (12) (10,792) 122 (10,561) Write-offs \u2013 \u2013 (171,142) (4,431) (175,573) Recoveries of amounts previously written off \u2013 \u2013 22,074 879 22,953 Unwind of discount \u2013 \u2013 4,252 922 5,174 Currency translation differences (36) (11) (201) (248) Foreign exchange movement (191) (60) (763) (63) (1,077) Net other measurement of ECL (32,188) 29,344 90,779 8,785 96,720 Balance at 31 December 2022 40,598 19,309 67,956 7,587 135,450 Individually assessed \u2013 \u2013 1,054 \u2013 1,054 Collectively assessed 40,598 19,309 66,902 7,587 134,396 Balance at 31 December 2022 40,598 19,309 67,956 7,587 135,450 9. Loans to customers and finance lease receivables continued Expected credit loss continued Gold \u2013 pawn loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417 New financial asset originated or purchased 122,438 1 54 \u2013 122,493 Transfer to Stage 1 17,460 (17,460) \u2013 \u2013 \u2013 Transfer to Stage 2 (24,040) 25,642 (1,602) \u2013 \u2013 Transfer to Stage 3 (7,251) (2,757) 10,008 \u2013 \u2013 Assets repaid (112,603) (6,938) (4,054) \u2013 (123,595) Resegmentation 228 \u2013 (45) \u2013 183 Write-offs \u2013 \u2013 (635) \u2013 (635) Recoveries of amounts previously written off \u2013 \u2013 (25) \u2013 (25) Unwind of discount \u2013 \u2013 1 \u2013 1 Foreign exchange movement (33) (4) 4 \u2013 (33) Net other changes (1,461) 13 2,196 \u2013 748 Balance at 31 December 2022 147,525 8,613 8,416 \u2013 164,554 Individually assessed \u2013 \u2013 4,337 \u2013 4,337 Collectively assessed 147,525 8,613 4,079 \u2013 160,217 Balance at 31 December 2022 147,525 8,613 8,416 \u2013 164,554 Gold \u2013 pawn loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 1,823 11 241 \u2013 2,075 New financial asset originated or purchased \u2013 \u2013 \u2013 \u2013 \u2013 Transfer to Stage 1 27 (27) \u2013 \u2013 \u2013 Transfer to Stage 2 (16) 149 (133) \u2013 \u2013 Transfer to Stage 3 (2,502) (6) 2,508 \u2013 \u2013 Assets repaid (18) (6) (30) \u2013 (54) Write-offs \u2013 \u2013 (635) \u2013 (635) Recoveries of amounts previously written off \u2013 \u2013 (25) \u2013 (25) Unwind of discount \u2013 \u2013 1 \u2013 1 Net other measurement of ECL 756 (89) 3,412 \u2013 4,079 Balance at 31 December 2022 70 32 5,339 \u2013 5,441 Individually assessed \u2013 \u2013 4,337 \u2013 4,337 Collectively assessed 70 32 1,002 \u2013 1,104 Balance at 31 December 2022 70 32 5,339 \u2013 5,441 9. Loans to customers and finance lease receivables continued Expected credit loss continued Commercial loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393 New financial asset originated or purchased 4,357,093 34,815 3,202 10,032 4,405,142 Transfer to Stage 1 231,287 (229,399) (1,888) \u2013 \u2013 Transfer to Stage 2 (373,532) 394,553 (21,021) \u2013 \u2013 Transfer to Stage 3 (13,813) (52,529) 66,342 \u2013 \u2013 Assets derecognised due to pass-through arrangement (28,338) (2,048) (124) \u2013 (30,510) Assets repaid (3,479,338) (159,200) (102,689) (144) (3,741,371) Resegmentation 109,367 35,325 2,164 \u2013 146,856 Impact of modifications 686 258 152 (22) 1,074 Write-offs \u2013 \u2013 (4,574) \u2013 (4,574) Recoveries of amounts previously written off \u2013 \u2013 47,192 69 47,261 Unwind of discount \u2013 \u2013 2,959 4 2,963 Currency translation differences (12,742) (358) (866) \u2013 (13,966) Foreign exchange movement (361,065) (27,796) (9,555) (380) (398,796) Net other changes 13,629 (806) 3,810 79 16,712 Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184 Individually assessed \u2013 \u2013 203,431 9,566 212,997 Collectively assessed 4,934,312 374,933 23,494 8,448 5,341,187 Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184 Commercial loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 33,823 8,157 136,572 4 178,556 New financial asset originated or purchased 20,591 1,973 312 3,481 26,357 Transfer to Stage 1 2,934 (2,932) (2) \u2013 \u2013 Transfer to Stage 2 (2,904) 11,116 (8,212) \u2013 \u2013 Transfer to Stage 3 (1,769) (374) 2,143 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (1,373) (6,710) 10,153 \u2013 2,070 Assets derecognised due to pass-through arrangement (138) (74) (70) \u2013 (282) Assets repaid (9,412) (3,694) (67,366) (80) (80,552) Resegmentation 192 298 \u2013 \u2013 490 Impact of modifications 11 (2) 12 (14) 7 Write-offs \u2013 \u2013 (4,574) \u2013 (4,574) Recoveries of amounts previously written off \u2013 \u2013 47,192 69 47,261 Unwind of discount \u2013 \u2013 2,959 4 2,963 Currency translation differences (132) (76) (382) \u2013 (590) Foreign exchange movement (942) (141) (5,254) 10 (6,327) Net other measurement of ECL (26,543) (648) 21,578 (551) (6,164) Balance at 31 December 2021 14,338 6,893 135,061 2,923 159,215 Individually assessed \u2013 \u2013 126,724 2,837 129,561 Collectively assessed 14,338 6,893 8,337 86 29,654 Balance at 31 December 2021 14,338 6,893 135,061 2,923 159,215 9. Loans to customers and finance lease receivables continued Expected credit loss continued Residential mortgage loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384 New financial asset originated or purchased 1,549,472 238 103 13,615 1,563,428 Transfer to Stage 1 428,840 (407,795) (21,045) \u2013 \u2013 Transfer to Stage 2 (344,981) 588,640 (243,659) \u2013 \u2013 Transfer to Stage 3 (158,425) (129,954) 288,379 \u2013 \u2013 Assets repaid (975,730) (94,131) (73,544) (9,287) (1,152,692) Resegmentation 5,514 970 \u2013 \u2013 6,484 Impact of modifications 988 670 143 (283) 1,518 Write-offs \u2013 \u2013 (5,750) (561) (6,311) Recoveries of amounts previously written off \u2013 \u2013 993 205 1,198 Unwind of discount \u2013 \u2013 244 17 261 Currency translation differences (1,910) (45) 2 (2) (1,955) Foreign exchange movement (155,793) (11,366) (9,238) (1,648) (178,045) Net other changes (6,450) (1,472) (590) 300 (8,212) Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058 Individually assessed \u2013 \u2013 277 \u2013 277 Collectively assessed 3,629,369 259,970 104,237 28,205 4,021,781 Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058 Residential mortgage loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 8,652 11,410 25,236 3,311 48,609 New financial asset originated or purchased 29,065 3 4 887 29,959 Transfer to Stage 1 15,750 (12,962) (2,788) \u2013 \u2013 Transfer to Stage 2 (5,679) 46,641 (40,962) \u2013 \u2013 Transfer to Stage 3 (18,908) (5,725) 24,633 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (5,562) (37,935) 22,414 \u2013 (21,083) Assets repaid (2,621) (2,674) (12,902) (1,763) (19,960) Resegmentation 21 1 \u2013 \u2013 22 Impact of modifications \u2013 \u2013 438 (198) 240 Write-offs \u2013 \u2013 (5,750) (561) (6,311) Recoveries of amounts previously written off \u2013 \u2013 993 205 1,198 Unwind of discount \u2013 \u2013 244 17 261 Currency translation differences \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement (470) 101 (1,732) (409) (2,510) Net other measurement of ECL (10,545) 4,943 7,211 1,004 2,613 Balance at 31 December 2021 9,703 3,803 17,039 2,493 33,038 Individually assessed \u2013 \u2013 7 \u2013 7 Collectively assessed 9,703 3,803 17,032 2,493 33,031 Balance at 31 December 2021 9,703 3,803 17,039 2,493 33,038 9. Loans to customers and finance lease receivables continued Expected credit loss continued Micro and SME loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454 New financial asset originated or purchased 3,303,744 17,798 1,152 7,599 3,330,293 Transfer to Stage 1 384,411 (377,752) (6,659) \u2013 \u2013 Transfer to Stage 2 (571,845) 678,669 (106,824) \u2013 \u2013 Transfer to Stage 3 (108,524) (112,029) 220,553 \u2013 \u2013 Assets repaid (1,987,068) (282,948) (96,106) (4,718) (2,370,840) Resegmentation (247,911) (40,492) (2,790) (5) (291,198) Impact of modifications 319 210 (4,384) (11) (3,866) Write-offs \u2013 \u2013 (40,195) (214) (40,409) Recoveries of amounts previously written off \u2013 \u2013 12,628 686 13,314 Unwind of discount \u2013 \u2013 265 23 288 Currency translation differences (5,494) (473) (386) 2 (6,351) Foreign exchange movement (180,781) (27,138) (9,910) (271) (218,100) Net other changes 44,191 (1,777) 6,684 73 49,171 Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756 Individually assessed \u2013 \u2013 23,466 \u2013 23,466 Collectively assessed 3,280,149 293,473 128,033 6,635 3,708,290 Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756 Micro and SME loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 26,157 20,571 55,560 64 102,352 New financial asset originated or purchased 58,476 804 92 81 59,453 Transfer to Stage 1 20,352 (18,841) (1,511) \u2013 \u2013 Transfer to Stage 2 (14,284) 35,909 (21,625) \u2013 \u2013 Transfer to Stage 3 (13,914) (7,459) 21,373 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (4,218) (18,652) 27,259 \u2013 4,389 Assets repaid (16,879) (7,632) (26,573) (968) (52,052) Resegmentation (1,280) (476) (182) \u2013 (1,938) Impact of modifications 2 (7) (2,180) 1 (2,184) Write-offs \u2013 \u2013 (40,195) (214) (40,409) Recoveries of amounts previously written off \u2013 \u2013 12,628 686 13,314 Unwind of discount \u2013 \u2013 265 23 288 Currency translation differences (62) (34) (268) \u2013 (364) Foreign exchange movement (1,020) (184) (2,826) (79) (4,109) Net other measurement of ECL (25,153) 2,557 17,767 530 (4,299) Balance at 31 December 2021 28,177 6,556 39,584 124 74,441 Individually assessed \u2013 \u2013 10,613 \u2013 10,613 Collectively assessed 28,177 6,556 28,971 124 63,828 Balance at 31 December 2021 28,177 6,556 39,584 124 74,441 9. Loans to customers and finance lease receivables continued Expected credit loss continued Consumer loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013 New financial asset originated or purchased 2,747,021 7,001 1,718 19,540 2,775,280 Transfer to Stage 1 270,620 (253,910) (16,710) \u2013 \u2013 Transfer to Stage 2 (367,600) 489,718 (122,118) \u2013 \u2013 Transfer to Stage 3 (134,641) (123,558) 258,199 \u2013 \u2013 Assets repaid (1,849,334) (100,322) (65,394) (4,297) (2,019,347) Resegmentation 110,449 3,487 706 5 114,647 Impact of modifications 246 82 (9,482) (46) (9,200) Write-offs \u2013 \u2013 (72,832) (415) (73,247) Recoveries of amounts previously written off \u2013 \u2013 19,405 148 19,553 Unwind of discount \u2013 \u2013 397 345 742 Currency translation differences (6,094) (33) (68) \u2013 (6,195) Foreign exchange movement (51,792) (1,590) (688) (223) (54,293) Net other changes 12,381 (215) 13,559 (373) 25,352 Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305 Individually assessed \u2013 \u2013 1,481 \u2013 1,481 Collectively assessed 2,635,438 215,026 106,161 23,199 2,979,824 Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305 Consumer loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 40,597 25,533 46,641 1,030 113,801 New financial asset originated or purchased 153,477 1,570 546 251 155,844 Transfer to Stage 1 33,951 (26,256) (7,695) \u2013 \u2013 Transfer to Stage 2 (26,684) 75,148 (48,464) \u2013 \u2013 Transfer to Stage 3 (57,627) (20,176) 77,803 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (12,239) (40,279) 53,664 \u2013 1,146 Assets repaid (47,437) (11,239) (36,001) (1,449) (96,126) Resegmentation 548 83 182 \u2013 813 Impact of modifications (2) (1) (5,036) 5 (5,034) Write-offs \u2013 \u2013 (72,832) (415) (73,247) Recoveries of amounts previously written off \u2013 \u2013 19,405 148 19,553 Unwind of discount \u2013 \u2013 397 345 742 Currency translation differences (10) (3) (15) \u2013 (28) Foreign exchange movement (153) (37) (643) (29) (862) Net other measurement of ECL (27,338) 15,067 30,779 925 19,433 Balance at 31 December 2021 57,083 19,410 58,731 811 136,035 Individually assessed \u2013 \u2013 585 \u2013 585 Collectively assessed 57,083 19,410 58,146 811 135,450 Balance at 31 December 2021 57,083 19,410 58,731 811 136,035 9. Loans to customers and finance lease receivables continued Expected credit loss continued Gold \u2013 pawn loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384 New financial asset originated or purchased 170,198 1,117 219 \u2013 171,534 Transfer to Stage 1 10,556 (10,148) (408) \u2013 \u2013 Transfer to Stage 2 (21,129) 23,266 (2,137) \u2013 \u2013 Transfer to Stage 3 (3,856) (2,531) 6,387 \u2013 \u2013 Assets repaid (123,964) (6,222) (3,071) \u2013 (133,257) Resegmentation 22,581 710 (80) \u2013 23,211 Write-offs \u2013 \u2013 (253) \u2013 (253) Recoveries of amounts previously written off \u2013 \u2013 3 \u2013 3 Unwind of discount \u2013 \u2013 (1) \u2013 (1) Foreign exchange movement (18) (6) (3) \u2013 (27) Net other changes 644 51 128 \u2013 823 Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417 Collectively assessed 152,787 10,116 2,514 \u2013 165,417 Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417 Gold \u2013 pawn loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 40 16 172 \u2013 228 Transfer to Stage 1 34 (10) (24) \u2013 \u2013 Transfer to Stage 2 \u2013 85 (85) \u2013 \u2013 Transfer to Stage 3 (2) (4) 6 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (24) \u2013 \u2013 \u2013 (24) Assets repaid (177) (27) (24) \u2013 (228) Write-offs \u2013 \u2013 (253) \u2013 (253) Recoveries of amounts previously written off \u2013 \u2013 3 \u2013 3 Unwind of discount \u2013 \u2013 (1) \u2013 (1) Foreign exchange movement \u2013 \u2013 \u2013 \u2013 \u2013 Net other measurement of ECL 936 (281) 447 \u2013 1,102 Balance at 31 December 2021 1,823 11 241 \u2013 2,075 Collectively assessed 1,823 11 241 \u2013 2,075 Balance at 31 December 2021 1,823 11 241 \u2013 2,075 9. Loans to customers and finance lease receivables continued Expected credit loss continued Commercial loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 3,583,051 349,494 161,744 7,661 4,101,950 New financial asset originated or purchased 3,223,279 45,618 2,156 \u2013 3,271,053 Transfer to Stage 1 370,266 (370,266) \u2013 \u2013 \u2013 Transfer to Stage 2 (578,928) 626,550 (47,622) \u2013 \u2013 Transfer to Stage 3 (58,408) (79,014) 137,422 \u2013 \u2013 Assets derecognised due to pass-through arrangement (30,363) (10,340) (52) \u2013 (40,755) Assets repaid (2,637,752) (218,169) (61,392) (575) (2,917,888) Resegmentation 21,133 \u2013 \u2013 \u2013 21,133 Impact of modifications (809) 94 (4) (7) (726) Write-offs \u2013 \u2013 (6,595) \u2013 (6,595) Recoveries of amounts previously written off \u2013 \u2013 13,531 127 13,658 Unwind of discount \u2013 \u2013 9,691 6 9,697 Currency translation differences (19,819) (471) (1,455) \u2013 (21,745) Foreign exchange movement 634,072 37,831 31,097 928 703,928 Net other changes (14,644) 791 3,300 236 (10,317) Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393 Individually assessed \u2013 \u2013 237,593 \u2013 237,593 Collectively assessed 4,491,078 382,118 4,228 8,376 4,885,800 Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393 Commercial loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 16,903 3,414 77,995 298 98,610 New financial asset originated or purchased 4,099 1,253 572 \u2013 5,924 Transfer to Stage 1 3,906 (3,906) \u2013 \u2013 \u2013 Transfer to Stage 2 (2,773) 8,026 (5,253) \u2013 \u2013 Transfer to Stage 3 (541) (12,002) 12,543 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (27,165) (2,523) 24,295 \u2013 (5,393) Assets derecognised due to pass-through arrangement (9) (294) (12) \u2013 (315) Assets repaid (9,935) (10,052) (29,340) (304) (49,631) Resegmentation 140 \u2013 \u2013 \u2013 140 Impact of modifications 1 8 (6) \u2013 3 Write-offs \u2013 \u2013 (6,595) \u2013 (6,595) Recoveries of amounts previously written off \u2013 \u2013 13,531 127 13,658 Unwind of discount \u2013 \u2013 9,691 6 9,697 Currency translation differences 791 335 2,281 \u2013 3,407 Foreign exchange movement 4,407 (782) 12,544 20 16,189 Net other measurement of ECL 43,999 24,680 24,326 (143) 92,862 Balance at 31 December 2020 33,823 8,157 136,572 4 178,556 Individually assessed \u2013 \u2013 134,424 \u2013 134,424 Collectively assessed 33,823 8,157 2,148 4 44,132 Balance at 31 December 2020 33,823 8,157 136,572 4 178,556 9. Loans to customers and finance lease receivables continued Expected credit loss continued Residential mortgage loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 2,764,959 160,038 109,413 32,273 3,066,683 New financial asset originated or purchased 1,239,637 430 259 3,101 1,243,427 Transfer to Stage 1 460,728 (419,122) (41,606) \u2013 \u2013 Transfer to Stage 2 (541,668) 600,415 (58,747) \u2013 \u2013 Transfer to Stage 3 (155,514) (40,638) 196,152 \u2013 \u2013 Assets repaid (788,737) (37,503) (51,790) (13,696) (891,726) Resegmentation (945) \u2013 \u2013 \u2013 (945) Impact of modifications (8,730) 954 (134) (854) (8,764) Write-offs \u2013 \u2013 (5,368) (215) (5,583) Recoveries of amounts previously written off \u2013 \u2013 734 767 1,501 Unwind of discount 2 \u2013 292 91 385 Currency translation differences (1,837) (1) (3) \u2013 (1,841) Foreign exchange movement 287,057 23,746 12,847 3,604 327,254 Net other changes 32,892 25,896 6,427 778 65,993 Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384 Individually assessed \u2013 \u2013 3,517 \u2013 3,517 Collectively assessed 3,287,844 314,215 164,959 25,849 3,792,867 Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384 Residential mortgage loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 461 160 6,588 1,808 9,017 New financial asset originated or purchased 848 2 9 162 1,021 Transfer to Stage 1 14,030 (7,452) (6,578) \u2013 \u2013 Transfer to Stage 2 (2,420) 10,027 (7,607) \u2013 \u2013 Transfer to Stage 3 (75) (856) 931 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (19,497) (6,049) 2,719 \u2013 (22,827) Assets repaid (3,281) (965) (8,598) (3,399) (16,243) Impact of modifications (15) 468 499 (213) 739 Write-offs \u2013 \u2013 (5,368) (215) (5,583) Recoveries of amounts previously written off \u2013 \u2013 734 767 1,501 Unwind of discount 2 \u2013 292 91 385 Currency translation differences (11) \u2013 \u2013 \u2013 (11) Foreign exchange movement 136 (63) 1,029 474 1,576 Net other measurement of ECL 18,491 16,138 40,586 3,836 79,051 Balance at 31 December 2020 8,652 11,410 25,236 3,311 48,609 Collectively assessed 8,652 11,410 24,833 3,311 48,206 Balance at 31 December 2020 8,652 11,410 25,236 3,311 48,609 9. Loans to customers and finance lease receivables continued Expected credit loss continued Micro and SME loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 2,426,866 113,130 118,475 1,749 2,660,220 New financial asset originated or purchased 2,089,047 6,772 887 2,928 2,099,634 Transfer to Stage 1 453,063 (439,267) (13,796) \u2013 \u2013 Transfer to Stage 2 (891,350) 925,785 (34,435) \u2013 \u2013 Transfer to Stage 3 (58,496) (104,533) 163,029 \u2013 \u2013 Assets repaid (1,593,656) (154,459) (70,067) (1,224) (1,819,406) Resegmentation (19,958) \u2013 \u2013 \u2013 (19,958) Impact of modifications (6,109) (786) (2,560) (1) (9,456) Write-offs \u2013 \u2013 (30,561) (976) (31,537) Recoveries of amounts previously written off \u2013 \u2013 7,831 102 7,933 Unwind of discount \u2013 \u2013 1,319 25 1,344 Currency translation differences (8,429) (1,001) (569) \u2013 (9,999) Foreign exchange movement 254,683 35,131 13,036 293 303,143 Net other changes 3,446 58,633 24,882 575 87,536 Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454 Individually assessed \u2013 \u2013 25,900 \u2013 25,900 Collectively assessed 2,649,107 439,405 151,571 3,471 3,243,554 Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454 Micro and SME loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 12,890 5,803 24,976 876 44,545 New financial asset originated or purchased 1,636 739 24 50 2,449 Transfer to Stage 1 24,865 (21,624) (3,241) \u2013 \u2013 Transfer to Stage 2 (10,906) 17,875 (6,969) \u2013 \u2013 Transfer to Stage 3 (562) (9,162) 9,724 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (25,202) (2,771) 8,310 \u2013 (19,663) Assets repaid (13,883) (9,024) (21,668) (270) (44,845) Resegmentation (123) \u2013 \u2013 \u2013 (123) Impact of modifications (158) (173) (1,148) \u2013 (1,479) Write-offs \u2013 \u2013 (30,561) (976) (31,537) Recoveries of amounts previously written off \u2013 \u2013 7,831 102 7,933 Unwind of discount \u2013 \u2013 1,319 25 1,344 Currency translation differences 368 134 142 \u2013 644 Foreign exchange movement 661 37 2,140 76 2,914 Net other measurement of ECL 36,571 38,737 64,681 181 140,170 Balance at 31 December 2020 26,157 20,571 55,560 64 102,352 Individually assessed \u2013 \u2013 12,976 \u2013 12,976 Collectively assessed 26,157 20,571 42,584 64 89,376 Balance at 31 December 2020 26,157 20,571 55,560 64 102,352 9. Loans to customers and finance lease receivables continued Expected credit loss continued Consumer loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 1,856,795 110,158 108,414 9,741 2,085,108 New financial asset originated or purchased 1,613,372 7,125 2,925 1,016 1,624,438 Transfer to Stage 1 291,916 (245,014) (46,902) \u2013 \u2013 Transfer to Stage 2 (394,422) 435,335 (40,913) \u2013 \u2013 Transfer to Stage 3 (100,329) (49,583) 149,912 \u2013 \u2013 Assets repaid (1,412,334) (80,602) (70,082) (3,242) (1,566,260) Resegmentation (230) \u2013 263 \u2013 33 Impact of modifications (12,300) (1,149) (3,328) (148) (16,925) Write-offs \u2013 \u2013 (34,940) (8) (34,948) Recoveries of amounts previously written off \u2013 \u2013 21,309 65 21,374 Unwind of discount \u2013 \u2013 431 18 449 Currency translation differences (10,713) (32) (57) \u2013 (10,802) Foreign exchange movement 16,413 3,656 3,549 419 24,037 Net other changes 56,014 14,472 10,369 654 81,509 Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013 Individually assessed \u2013 \u2013 1,346 \u2013 1,346 Collectively assessed 1,904,182 194,366 99,604 8,515 2,206,667 Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013 Consumer loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 16,823 6,345 49,325 214 72,707 New financial asset originated or purchased 15,299 1,736 907 374 18,316 Transfer to Stage 1 45,315 (23,886) (21,429) \u2013 \u2013 Transfer to Stage 2 (17,770) 38,726 (20,956) \u2013 \u2013 Transfer to Stage 3 (577) (8,973) 9,550 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (39,380) (13,541) (5,993) \u2013 (58,914) Assets repaid (29,641) (10,116) (44,922) (439) (85,118) Impact of modifications (519) (171) (1,704) (7) (2,401) Write-offs \u2013 \u2013 (34,940) (8) (34,948) Recoveries of amounts previously written off \u2013 \u2013 21,309 65 21,374 Unwind of discount \u2013 \u2013 431 18 449 Currency translation differences (186) (7) (49) \u2013 (242) Foreign exchange movement 138 46 744 21 949 Net other measurement of ECL 51,095 35,374 94,368 792 181,629 Balance at 31 December 2020 40,597 25,533 46,641 1,030 113,801 Individually assessed \u2013 \u2013 354 \u2013 354 Collectively assessed 40,597 25,533 46,287 1,030 113,447 Balance at 31 December 2020 40,597 25,533 46,641 1,030 113,801 9. Loans to customers and finance lease receivables continued Expected credit loss continued Gold \u2013 pawn loans at amortised cost, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 80,794 1,114 3,632 \u2013 85,540 New financial asset originated or purchased 139,676 \u2013 475 \u2013 140,151 Transfer to Stage 1 6,565 (4,313) (2,252) \u2013 \u2013 Transfer to Stage 2 (10,625) 11,552 (927) \u2013 \u2013 Transfer to Stage 3 (5,331) (877) 6,208 \u2013 \u2013 Assets repaid (113,508) (3,726) (5,053) \u2013 (122,287) Resegmentation \u2013 \u2013 (263) \u2013 (263) Write-offs \u2013 \u2013 (58) \u2013 (58) Recoveries of amounts previously written off \u2013 \u2013 6 \u2013 6 Unwind of discount \u2013 \u2013 6 \u2013 6 Foreign exchange movement 148 8 (167) \u2013 (11) Net other changes 56 121 123 \u2013 300 Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384 Collectively assessed 97,775 3,879 1,730 \u2013 103,384 Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384 Gold \u2013 pawn loans at amortised cost, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 9 1 244 \u2013 254 New financial asset originated or purchased \u2013 \u2013 \u2013 \u2013 \u2013 Transfer to Stage 1 79 (6) (73) \u2013 \u2013 Transfer to Stage 2 (10) 45 (35) \u2013 \u2013 Transfer to Stage 3 (1) (1) 2 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (82) (1) \u2013 \u2013 (83) Assets repaid (17) (4) (227) \u2013 (248) Write-offs \u2013 \u2013 (58) \u2013 (58) Recoveries of amounts previously written off \u2013 \u2013 6 \u2013 6 Unwind of discount \u2013 \u2013 6 \u2013 6 Foreign exchange movement (1) \u2013 1 \u2013 \u2013 Net other measurement of ECL 63 (18) 306 \u2013 351 Balance at 31 December 2020 40 16 172 \u2013 228 Collectively assessed 40 16 172 \u2013 228 Balance at 31 December 2020 40 16 172 \u2013 228 The contractual amounts outstanding on loans to customers that have been written off during the reporting period but are still subject to enforcement activity was GEL 188,545 (2021: GEL 95,469, 2020: GEL 50,718). Collateral and other credit enhancements The amount and type of collateral required depends on an assessment of the credit risk of the counterparty. Guidelines are implemented regarding the acceptability of types of collateral and valuation parameters. The main types of collateral obtained are as follows: \u2022 For commercial lending, charges over real estate properties, equipment and machinery, corporate shares, inventory, trade receivables, third-party corporate guarantees and personal guarantees of shareholders. \u2022 For retail lending, mortgages over residential properties, cars, gold and jewellery, third-party corporate guarantees and personal guarantees of shareholders. Management requests additional collateral in accordance with the underlying agreement and monitors the market value of collateral obtained during its review of the adequacy of the allowance for expected credit loss/impairment of loans. It is the Group\u2019s policy to dispose of repossessed properties in an orderly fashion or to hold them for capital appreciation or earning rentals, as appropriate in each case. In general, the Group does not occupy repossessed properties for business use. 9. Loans to customers and finance lease receivables continued Expected credit loss continued Without taking into account the discounted value of collateral, the ECL for credit-impaired loans would be as follows: 2022 ECL for credit- impaired loans ECL without taking into account the discounted value of collateral Commercial loans 48,812 187,653 Residential mortgage loans 18,592 67,534 Micro and SME loans 37,976 131,404 Consumer loans 75,543 103,597 Gold \u2013 pawn loans 5,339 6,947 Total 186,262 497,135 2021 ECL for credit- impaired loans ECL without taking into account the discounted value of collateral Commercial loans 137,984 231,968 Residential mortgage loans 19,532 93,804 Micro and SME loans 39,708 140,929 Consumer loans 59,542 87,891 Gold \u2013 pawn loans 241 1,802 Total 257,007 556,394 2020 ECL for credit- impaired loans ECL without taking into account the discounted value of collateral Commercial loans 136,576 243,178 Residential mortgage loans 28,547 146,945 Micro and SME loans 55,624 160,862 Consumer loans 47,671 85,569 Gold \u2013 pawn loans 172 1,430 Total 268,590 637,984 9. Loans to customers and finance lease receivables continued Concentration of loans to customers As at 31 December 2022, the concentration of loans granted by the Group to the ten largest third-party borrowers comprised GEL 1,017,629 accounting for 6% of the gross loan portfolio of the Group (2021: GEL 1,375,536 and 8% respectively, 2020: GEL 1,415,618 and 10% respectively). An allowance of expected credit loss of GEL 8,209 (2021: GEL 2,770, 2020: GEL 13,612) was established against these loans. As at 31 December 2022, the concentration of loans granted by the Group to the ten largest third-party group of borrowers (borrower and its related parties) comprised GEL 1,736,614 accounting for 10% of the gross loan portfolio of the Group (2021: GEL 2,136,228 and 13% respectively, 2020: GEL 2,051,055 and 14% respectively). An allowance of expected credit loss of GEL 17,392 (2021: GEL 7,386, 2020: GEL 16,927) was established against these loans. As at 31 December 2022, 31 December 2021 and 31 December 2020, loans were principally issued within Georgia, and their distribution by industry sector was as follows: 2022 2021 2020 Individuals 10,011,378 9,184,255 7,900,831 Trade 1,135,693 1,189,036 1,112,910 Manufacturing 1,065,693 1,377,023 1,338,778 Real estate 1,024,364 1,025,298 1,050,823 Hospitality 828,577 946,224 829,635 Electricity, gas and water supply 458,415 384,554 251,829 Construction 512,345 379,813 269,250 Service 302,442 307,602 306,520 Financial intermediation 291,778 244,215 197,409 Transport and communication 190,175 234,512 171,406 Mining and quarrying 148,489 183,270 199,484 Other 1,131,792 998,918 871,753 Loans to customers, gross 17,101,141 16,454,720 14,500,628 Less \u2013 Allowance for expected credit loss (326,005) (404,804) (443,546) Loans to customers, net 16,775,136 16,049,916 14,057,082 Loans have been extended to the following types of customers: 2022 2021 2020 Individuals 10,011,378 9,184,255 7,900,831 Private companies 7,086,069 7,257,993 6,579,663 State-owned entities 3,694 12,472 20,134 Loans to customers, gross 17,101,141 16,454,720 14,500,628 Less \u2013 Allowance for expected credit loss (326,005) (404,804) (443,546) Loans to customers, net 16,775,136 16,049,916 14,057,082 9. Loans to customers and finance lease receivables continued Finance lease receivables 2022 2021 2020 Minimum lease payments receivable 120,740 168,508 189,959 Less \u2013 Unearned finance lease income (25,392) (43,556) (50,587) Finance lease receivables, gross 95,348 124,952 139,372 Less \u2013 Allowance for expected credit loss/impairment loss (8,778) (5,895) (4,376) Finance lease receivables, net 86,570 119,057 134,996 The difference between the minimum lease payments to be received in the future and the finance lease receivables represents unearned finance income. As at 31 December 2022, finance lease receivables carried at GEL 16,965 were pledged for inter-bank loans received from several credit institutions (2021: GEL 67,556, 2020: 75,134). As at 31 December 2022, the concentration of investment in the five largest lease receivables comprised GEL 20,515 or 22% of total finance lease receivables (2021: GEL 22,417 or 18%, 2020: GEL 20,486 or 15%). An allowance of GEL 973 (2021: GEL 956, 2020: GEL 1,176) was established against these lease receivables. Future minimum lease payments to be received after 31 December 2022, 31 December 2021 and 31 December 2020 are as follows: 2022 2021 2020 Within 1 year 51,944 76,407 92,391 From 1 to 2 years 22,480 35,929 45,482 From 2 to 3 years 18,109 24,390 28,145 From 3 to 4 years 7,613 14,996 15,936 From 4 to 5 years 3,036 3,159 5,189 More than 5 years 17,559 13,627 2,815 Minimum lease payment receivables 120,740 168,508 189,959 Movements of the gross finance lease receivables and respective allowance for expected credit loss/impairment of finance lease receivables are as follows: Finance lease receivables, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952 New financial asset originated or purchased 47,812 \u2013 \u2013 12,081 59,893 Transfer to Stage 1 25,182 (19,801) (5,381) \u2013 \u2013 Transfer to Stage 2 (26,267) 33,605 (7,338) \u2013 \u2013 Transfer to Stage 3 (3,139) (15,782) 18,921 \u2013 \u2013 Assets repaid (60,440) (8,077) (5,299) (6,537) (80,353) Impact of modifications 278 \u2013 \u2013 \u2013 278 Write-offs \u2013 \u2013 (2,724) \u2013 (2,724) Unwind of discount \u2013 \u2013 105 \u2013 105 Currency translation differences (6,273) (1,022) (1,040) \u2013 (8,335) Foreign exchange movement 865 (66) 86 \u2013 885 Net other changes 339 10 213 85 647 Balance at 31 December 2022 59,531 6,451 14,155 15,211 95,348 Individually assessed \u2013 \u2013 1,245 \u2013 1,245 Collectively assessed 59,531 6,451 12,910 15,211 94,103 Balance at 31 December 2022 59,531 6,451 14,155 15,211 95,348 9. Loans to customers and finance lease receivables continued Finance lease receivables continued Finance lease receivables, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2021 1,126 763 2,810 1,196 5,895 New financial asset originated or purchased 1,537 \u2013 \u2013 \u2013 1,537 Transfer to Stage 1 1,686 (1,044) (642) \u2013 \u2013 Transfer to Stage 2 (1,241) 2,013 (772) \u2013 \u2013 Transfer to Stage 3 (188) (1,253) 1,441 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (1,513) 586 2,104 \u2013 1,177 Assets repaid (664) (299) (1,645) (1,856) (4,464) Write-offs \u2013 \u2013 (480) \u2013 (480) Unwind of discount \u2013 \u2013 105 \u2013 105 Currency translation differences 18 (18) 51 (1) 50 Net other measurement of ECL 27 (487) 611 4,741 4,892 Balance at 31 December 2022 852 258 3,588 4,080 8,778 Individually assessed \u2013 \u2013 352 \u2013 352 Collectively assessed 852 258 3,236 4,080 8,426 Balance at 31 December 2022 852 258 3,588 4,080 8,778 Finance lease receivables, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372 New financial asset originated or purchased 90,739 \u2013 465 3,107 94,311 Transfer to Stage 1 34,761 (34,715) (46) \u2013 \u2013 Transfer to Stage 2 (43,879) 57,480 (13,601) \u2013 \u2013 Transfer to Stage 3 (3,925) (33,434) 37,359 \u2013 \u2013 Assets repaid (60,625) (23,912) (4,116) (122) (88,775) Impact of modifications 20 \u2013 \u2013 \u2013 20 Write-offs \u2013 \u2013 (21,232) \u2013 (21,232) Unwind of discount \u2013 \u2013 10 13 23 Currency translation differences (2,087) (1,057) (931) \u2013 (4,075) Foreign exchange movement (641) (47) (66) (249) (1,003) Net other changes (535) (7) 20 6,833 6,311 Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952 Individually assessed \u2013 \u2013 2,746 \u2013 2,746 Collectively assessed 81,174 17,584 13,866 9,582 122,206 Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952 Finance lease receivables, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2020 649 1,109 2,618 \u2013 4,376 New financial asset originated or purchased 1,570 \u2013 256 \u2013 1,826 Transfer to Stage 1 684 (683) (1) \u2013 \u2013 Transfer to Stage 2 (976) 2,371 (1,395) \u2013 \u2013 Transfer to Stage 3 (85) (1,975) 2,060 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year (12) 1,036 2,151 \u2013 3,175 Assets repaid (461) (467) (361) \u2013 (1,289) Impact of modifications \u2013 \u2013 \u2013 \u2013 \u2013 Write-offs \u2013 \u2013 (2,704) \u2013 (2,704) Unwind of discount \u2013 \u2013 10 13 23 Currency translation differences (36) (550) (152) (12) (750) Foreign exchange movement \u2013 \u2013 \u2013 \u2013 \u2013 Net other measurement of ECL (207) (78) 328 1,195 1,238 Balance at 31 December 2021 1,126 763 2,810 1,196 5,895 Individually assessed \u2013 \u2013 1,236 \u2013 1,236 Collectively assessed 1,126 763 1,574 1,196 4,659 Balance at 31 December 2021 1,126 763 2,810 1,196 5,895 9. Loans to customers and finance lease receivables continued Finance lease receivables continued Finance lease receivables, gross: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 130,232 12,498 16,461 \u2013 159,191 New financial asset originated or purchased 77,711 \u2013 2,254 \u2013 79,965 Transfer to Stage 1 53,417 (49,918) (3,499) \u2013 \u2013 Transfer to Stage 2 (130,587) 148,126 (17,539) \u2013 \u2013 Transfer to Stage 3 (12,089) (55,528) 67,617 \u2013 \u2013 Assets repaid (57,227) (6,157) (13,094) \u2013 (76,478) Write-offs \u2013 \u2013 (34,933) \u2013 (34,933) Currency translation differences (1,402) (90) (107) \u2013 (1,599) Foreign exchange movement 5,801 5,312 1,891 \u2013 13,004 Net other changes 1,490 6 (86) \u2013 1,410 Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372 Collectively assessed 67,346 53,276 15,611 \u2013 136,233 Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372 Finance lease receivables, ECL: Stage 1 Stage 2 Stage 3 POCI Total Balance at 31 December 2019 759 95 1,443 \u2013 2,297 New financial asset originated or purchased 869 \u2013 945 \u2013 1,814 Transfer to Stage 1 305 (292) (13) \u2013 \u2013 Transfer to Stage 2 (1,162) 1,513 (351) \u2013 \u2013 Transfer to Stage 3 (812) (4,588) 5,400 \u2013 \u2013 Impact on ECL of exposures transferred between stages during the year 1,396 4,449 1,416 \u2013 7,261 Assets repaid (528) (70) (347) \u2013 (945) Write-offs \u2013 \u2013 (6,161) \u2013 (6,161) Currency translation differences 200 (4) 35 \u2013 231 Foreign exchange movement 5 27 191 \u2013 223 Net other measurement of ECL (383) (20) 94 \u2013 (309) Balance at 31 December 2020 649 1,109 2,618 \u2013 4,376 Collectively assessed 649 1,109 1,596 \u2013 3,354 Balance at 31 December 2020 649 1,109 2,618 \u2013 4,376 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-688": {
"value": "10. Accounts receivable and other loans In 2016 the Group disbursed a loan to the client with the purpose to finance the purchase of an industrial asset from one of the Bank\u2019s defaulted borrowers. As part of the overall financing package, the Group entered into the dual option agreement with the shareholders of the new borrower over the shares in the new borrower. A dispute has arisen over the terms of the concluded option agreement. The outstanding legacy claim was settled at the end of 2022 and the Group recognised GEL 391,100 one-off income with respective receivable estimated at fair value in its consolidated financial statements. On 9 January 2023 the Group received part of the settlement in amount of GEL 371,922. The Group does not expect any material tax consequences from this settlement in the foreseeable future.",
"dimensions": {
"concept": "bogg:DisclosureOfAccountsReceivableAndOtherLoans",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-728": {
"value": "11. Right-of-use assets and lease liabilities 2022 2021 2020 Right-of-use assets 117,387 80,186 83,208 Lease liability 114,470 87,662 95,635 Administrative expenses include occupancy and rent expenses on lease contracts where the recognition exemptions have been applied: 2022 2021 2020 Short-term leases (4,672) (3,982) (4,142) Leases of low-value assets (1,585) (1,908) (1,835) (6,257) (5,890) (5,977) Movement in liabilities arising from financing activities Movement in liabilities arising from financing activities Carrying amount at 1 January 2020 115,220 Cash payments for the principal portion of the lease liability (11,695) Change in accrued interest 737 Additions 12,027 Other movements* (20,654) Carrying amount at 31 December 2020 95,635 Cash payments for the principal portion of the lease liability (29,518) Change in accrued interest 342 Additions 42,242 Other movements* (21,039) Carrying amount at 31 December 2021 87,662 Cash payments for the principal portion of the lease liability (25,980) Change in accrued interest 1,151 Additions 70,553 Other movements* (18,916) Carrying amount at 31 December 2022 114,470 * Other movement mainly includes translation effect of foreign currency contracts and cancelled lease contracts. The movements in right-of-use assets were as follows: Office buildings and service centres Computers and equipment Total Cost 31 December 2021 127,080 2,631 129,711 Additions 74,231 \u2013 74,231 Disposals (19,135) \u2013 (19,135) Currency translation differences (949) (298) (1,247) 31 December 2022 181,227 2,333 183,560 Accumulated depreciation 31 December 2021 48,661 864 49,525 Depreciation charge 25,406 345 25,751 Disposals (8,838) \u2013 (8,838) Currency translation differences (156) (109) (265) 31 December 2022 65,073 1,100 66,173 Net book value 31 December 2021 78,419 1,767 80,186 31 December 2022 116,154 1,233 117,387 11. Right-of-use assets and lease liabilities continued Office buildings and service centres Computers and equipment Total Cost 31 December 2020 115,970 2,749 118,719 Additions 42,728 \u2013 42,728 Disposals (31,478) \u2013 (31,478) Transfers \u2013 \u2013 \u2013 Currency translation differences (140) (118) (258) 31 December 2021 127,080 2,631 129,711 Accumulated depreciation 31 December 2020 34,995 516 35,511 Depreciation charge 21,628 388 22,016 Disposals (7,906) \u2013 (7,906) Transfers \u2013 \u2013 \u2013 Currency translation differences (56) (40) (96) 31 December 2021 48,661 864 49,525 Net book value 31 December 2020 80,975 2,233 83,208 31 December 2021 78,419 1,767 80,186 Office buildings and service centres Computers and equipment Total Cost 1 January 2020 115,220 \u2013 115,220 Additions 11,988 \u2013 11,988 Disposals (7,794) \u2013 (7,794) Transfers (2,965) 2,965 \u2013 Currency translation differences (479) (216) (695) 31 December 2020 115,970 2,749 118,719 Accumulated depreciation 1 January 2020 19,125 \u2013 19,125 Depreciation charge 18,466 391 18,857 Disposals (2,061) \u2013 (2,061) Transfers (139) 139 \u2013 Currency translation differences (396) (14) (410) 31 December 2020 34,995 516 35,511 Net book value 1 January 2020 96,095 \u2013 96,095 31 December 2020 80,975 2,233 83,208 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-689": {
"value": "11. Right-of-use assets and lease liabilities 2022 2021 2020 Right-of-use assets 117,387 80,186 83,208 Lease liability 114,470 87,662 95,635 Administrative expenses include occupancy and rent expenses on lease contracts where the recognition exemptions have been applied: 2022 2021 2020 Short-term leases (4,672) (3,982) (4,142) Leases of low-value assets (1,585) (1,908) (1,835) (6,257) (5,890) (5,977) Movement in liabilities arising from financing activities Movement in liabilities arising from financing activities Carrying amount at 1 January 2020 115,220 Cash payments for the principal portion of the lease liability (11,695) Change in accrued interest 737 Additions 12,027 Other movements* (20,654) Carrying amount at 31 December 2020 95,635 Cash payments for the principal portion of the lease liability (29,518) Change in accrued interest 342 Additions 42,242 Other movements* (21,039) Carrying amount at 31 December 2021 87,662 Cash payments for the principal portion of the lease liability (25,980) Change in accrued interest 1,151 Additions 70,553 Other movements* (18,916) Carrying amount at 31 December 2022 114,470 * Other movement mainly includes translation effect of foreign currency contracts and cancelled lease contracts. The movements in right-of-use assets were as follows: Office buildings and service centres Computers and equipment Total Cost 31 December 2021 127,080 2,631 129,711 Additions 74,231 \u2013 74,231 Disposals (19,135) \u2013 (19,135) Currency translation differences (949) (298) (1,247) 31 December 2022 181,227 2,333 183,560 Accumulated depreciation 31 December 2021 48,661 864 49,525 Depreciation charge 25,406 345 25,751 Disposals (8,838) \u2013 (8,838) Currency translation differences (156) (109) (265) 31 December 2022 65,073 1,100 66,173 Net book value 31 December 2021 78,419 1,767 80,186 31 December 2022 116,154 1,233 117,387 11. Right-of-use assets and lease liabilities continued Office buildings and service centres Computers and equipment Total Cost 31 December 2020 115,970 2,749 118,719 Additions 42,728 \u2013 42,728 Disposals (31,478) \u2013 (31,478) Transfers \u2013 \u2013 \u2013 Currency translation differences (140) (118) (258) 31 December 2021 127,080 2,631 129,711 Accumulated depreciation 31 December 2020 34,995 516 35,511 Depreciation charge 21,628 388 22,016 Disposals (7,906) \u2013 (7,906) Transfers \u2013 \u2013 \u2013 Currency translation differences (56) (40) (96) 31 December 2021 48,661 864 49,525 Net book value 31 December 2020 80,975 2,233 83,208 31 December 2021 78,419 1,767 80,186 Office buildings and service centres Computers and equipment Total Cost 1 January 2020 115,220 \u2013 115,220 Additions 11,988 \u2013 11,988 Disposals (7,794) \u2013 (7,794) Transfers (2,965) 2,965 \u2013 Currency translation differences (479) (216) (695) 31 December 2020 115,970 2,749 118,719 Accumulated depreciation 1 January 2020 19,125 \u2013 19,125 Depreciation charge 18,466 391 18,857 Disposals (2,061) \u2013 (2,061) Transfers (139) 139 \u2013 Currency translation differences (396) (14) (410) 31 December 2020 34,995 516 35,511 Net book value 1 January 2020 96,095 \u2013 96,095 31 December 2020 80,975 2,233 83,208 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-690": {
"value": "12. Property and equipment The movements in property and equipment were as follows: Office buildings and service centres Furniture and fixtures Computers and equipment Motor vehicles Leasehold improvements Assets under construction Total Cost 31 December 2021 216,897 188,890 252,861 6,911 29,328 1,680 696,567 Additions 171 10,853 32,951 2,860 119 31,043 77,997 Transfers 23,333 32 414 \u2013 3,804 (27,583) \u2013 Transfers to investment properties 769 \u2013 \u2013 \u2013 \u2013 \u2013 769 Transfers to other assets \u2013 (1,571) (2,135) (265) \u2013 (231) (4,202) Disposals (3,011) (135) (1,507) (489) (27) (1) (5,170) Write-offs (29) (4,750) (2,513) (241) (4,053) (146) (11,732) Currency translation differences (2,881) (216) (812) (47) (87) (7) (4,050) 31 December 2022 235,249 193,103 279,259 8,729 29,084 4,755 750,179 Accumulated impairment 31 December 2021 2,557 36 98 8 \u2013 \u2013 2,699 31 December 2022 2,557 36 98 8 \u2013 \u2013 2,699 Accumulated depreciation 31 December 2021 28,859 113,399 154,941 4,095 13,766 \u2013 315,060 Depreciation charge 4,278 13,814 28,737 1,076 4,369 146 52,420 Transfers (13) 13 \u2013 \u2013 \u2013 \u2013 \u2013 Transfers to investment properties (155) \u2013 \u2013 \u2013 \u2013 \u2013 (155) Transfers to other assets \u2013 (916) (2,479) (230) \u2013 \u2013 (3,625) Disposals (795) (183) (998) (176) (25) \u2013 (2,177) Write-offs 2 (4,598) (2,473) (130) (4,029) (146) (11,374) Currency translation differences (851) (114) (468) (20) (71) \u2013 (1,524) 31 December 2022 31,325 121,415 177,260 4,615 14,010 \u2013 348,625 Net book value 31 December 2021 185,481 75,455 97,822 2,808 15,562 1,680 378,808 31 December 2022 201,367 71,652 101,901 4,106 15,074 4,755 398,855 12. Property and equipment continued Office buildings and service centres Furniture and fixtures Computers and equipment Motor vehicles Leasehold improvements Assets under construction Total Cost 31 December 2020 216,795 178,481 231,436 6,768 34,275 4,732 672,487 Additions 2,056 11,958 31,048 986 10 7,171 53,229 Transfers 6,408 3 976 \u2013 2,493 (9,880) \u2013 Transfers to investment properties (9,175) \u2013 \u2013 \u2013 \u2013 \u2013 (9,175) Transfers to assets held for sale 2,245 \u2013 \u2013 \u2013 \u2013 \u2013 2,245 Transfers to other assets \u2013 (998) (8,647) \u2013 \u2013 (183) (9,828) Disposals (764) (433) (1,719) (224) \u2013 (46) (3,186) Write-offs \u2013 (71) (1) (602) (7,416) \u2013 (8,090) Currency translation differences (668) (50) (232) (17) (34) (114) (1,115) 31 December 2021 216,897 188,890 252,861 6,911 29,328 1,680 696,567 Accumulated impairment 31 December 2020 2,557 36 98 8 \u2013 \u2013 2,699 31 December 2021 2,557 36 98 8 \u2013 \u2013 2,699 Accumulated depreciation 31 December 2020 25,216 102,137 133,958 3,833 16,793 \u2013 281,937 Depreciation charge 4,201 12,916 24,699 931 4,416 \u2013 47,163 Transfers to investment properties (238) \u2013 \u2013 \u2013 \u2013 \u2013 (238) Transfers to other assets \u2013 (1,224) (2,643) \u2013 \u2013 \u2013 (3,867) Disposals (51) (318) (910) (85) \u2013 \u2013 (1,364) Write-offs 5 (51) 3 (576) (7,416) \u2013 (8,035) Currency translation differences (274) (61) (166) (8) (27) \u2013 (536) 31 December 2021 28,859 113,399 154,941 4,095 13,766 \u2013 315,060 Net book value 31 December 2020 189,022 76,308 97,380 2,927 17,482 4,732 387,851 31 December 2021 185,481 75,455 97,822 2,808 15,562 1,680 378,808 12. Property and equipment continued Office buildings and service centres Furniture and fixtures Computers and equipment Motor vehicles Leasehold improvements Assets under construction Total Cost 31 December 2019 204,753 178,391 207,329 5,624 30,589 10,046 636,732 Additions 274 8,908 33,186 1,602 110 27,543 71,623 Transfers 21,600 (439) 4,158 41 6,625 (31,985) \u2013 Transfers to investment properties (11,068) \u2013 \u2013 (22) \u2013 \u2013 (11,090) Transfers to assets held for sale 1,333 \u2013 \u2013 (46) \u2013 \u2013 1,287 Transfers to other assets (101) (4,930) (8,895) \u2013 \u2013 (867) (14,793) Disposals \u2013 (257) (476) (220) \u2013 \u2013 (953) Write-offs (293) (3,029) (3,452) (174) (2,990) \u2013 (9,938) Currency translation differences 297 (163) (414) (37) (59) (5) (381) 31 December 2020 216,795 178,481 231,436 6,768 34,275 4,732 672,487 Accumulated impairment 31 December 2019 2,557 36 98 8 \u2013 \u2013 2,699 31 December 2020 2,557 36 98 8 \u2013 \u2013 2,699 Accumulated depreciation 31 December 2019 23,731 93,751 119,081 3,051 14,631 \u2013 254,245 Depreciation charge 4,085 12,497 22,008 1,072 4,927 \u2013 44,589 Transfers \u2013 (138) \u2013 4 134 \u2013 \u2013 Transfers to investment properties (2,160) \u2013 \u2013 (20) \u2013 \u2013 (2,180) Transfers to assets held for sale \u2013 \u2013 \u2013 (30) \u2013 \u2013 (30) Transfers to other assets \u2013 (1,111) (3,077) \u2013 \u2013 \u2013 (4,188) Disposals \u2013 (105) (274) (103) \u2013 \u2013 (482) Write-offs (263) (2,635) (3,418) (121) (2,857) \u2013 (9,294) Currency translation differences (177) (122) (362) (20) (42) \u2013 (723) 31 December 2020 25,216 102,137 133,958 3,833 16,793 \u2013 281,937 Net book value 31 December 2019 178,465 84,604 88,150 2,565 15,958 10,046 379,788 31 December 2020 189,022 76,308 97,380 2,927 17,482 4,732 387,851 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-691": {
"value": "13. Intangible assets The movements in intangible assets were as follows: Software and licence Other Total Cost 31 December 2021 219,073 27,286 246,359 Additions 40,506 164 40,670 Disposals (7,331) \u2013 (7,331) Write-offs (2,889) (1) (2,890) Currency translation differences (1,416) \u2013 (1,416) 31 December 2022 247,943 27,4 49 275,392 Accumulated impairment 31 December 2021 \u2013 \u2013 \u2013 Impairment charge 2,358 \u2013 2,358 31 December 2022 2,358 \u2013 2,358 Accumulated amortisation 31 December 2021 96,311 5,797 102,108 Amortisation charge 30,392 168 30,560 Disposals (5,683) \u2013 (5,683) Write-offs (2,889) (1) (2,890) Currency translation differences (502) \u2013 (502) 31 December 2022 117,629 5,964 123,593 Net book value 31 December 2021 122,762 21,489 144,251 31 December 2022 127,956 21,485 149,441 Software and licence Other Total Cost 31 December 2020 177,012 26,944 203,956 Additions 44,715 342 45,057 Disposals (741) \u2013 (741) Write-offs (1,385) \u2013 (1,385) Currency translation differences (528) \u2013 (528) 31 December 2021 219,073 27,286 246,359 Accumulated amortisation 31 December 2020 72,532 5,618 78,150 Amortisation charge 26,090 179 26,269 Disposals (747) \u2013 (747) Write-offs (1,385) \u2013 (1,385) Currency translation differences (179) \u2013 (179) 31 December 2021 96,311 5,797 102,108 Net book value 31 December 2020 104,480 21,326 125,806 31 December 2021 122,762 21,489 144,251 13. Intangible assets continued Software and licence Other Total Cost 31 December 2019 139,750 26,797 166,547 Additions 41,262 163 41,425 Disposals (235) \u2013 (235) Write-offs (3,329) (16) (3,345) Currency translation differences (436) \u2013 (436) 31 December 2020 177,012 26,944 203,956 Accumulated amortisation 31 December 2019 56,789 3,468 60,257 Amortisation charge 18,985 2,165 21,150 Disposals (235) \u2013 (235) Write-offs (2,884) (15) (2,899) Currency translation differences (123) \u2013 (123) 31 December 2020 72,532 5,618 78,150 Net book value 31 December 2019 82,961 23,329 106,290 31 December 2020 104,480 21,326 125,806 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-692": {
"value": "14. Investment properties 2022 2021 2020 At 1 January 226,849 231,241 225,073 Additions 5,871 83,912 79,761 Disposals (54,713) (68,713) (44,908) Net gains from revaluation of investment property 7,421 437 20,346 Transfers from (to) assets held for sale (16,955) (28,390) (56,810) Transfers from (to) property and equipment (924) 8,937 8,910 Transfers from (to) finance lease receivables \u2013 \u2013 532 Transfers from (to) other assets \u2013 inventories \u2013 \u2013 (277) Currency translation differences (1,003) (575) (1,386) At 31 December 166,546 226,849 231,241 Investment properties are stated at fair value. The fair value represents the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. As at 31 December 2022, the fair values of the properties are based on valuations performed by accredited independent valuers. Refer to Note 30 for details on fair value measurements of investment properties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-693": {
"value": "15. Goodwill Movements in goodwill were as follows: 2022 2021 2020 Cost 1 January 57,745 57,745 57,745 At 31 December 57,745 57,745 57,745 Accumulated impairment 1 January 24,394 24,394 24,394 At 31 December 24,394 24,394 24,394 Net book value: 1 January 33,351 33,351 33,351 At 31 December 33,351 33,351 33,351 Impairment test for goodwill Goodwill acquired through business combinations with indefinite lives have been allocated to two individual cash-generating units (CGUs), for impairment testing: Corporate Banking and Retail Banking. The carrying amount of goodwill allocated to each of the CGUs is as follows: 2022 2021 2020 Retail Banking 23,386 23,386 23,386 Corporate Banking 9,965 9,965 9,965 Total 33,351 33,351 33,351 Key assumptions used in value-in-use calculations The recoverable amounts of the CGUs have been determined based on a value-in-use calculation, using cash flow projections based on financial budgets approved by senior management covering a one to three-year period. Discount rates were not adjusted for either a constant or a declining growth rate beyond the three-year periods covered in financial budgets. For the purposes of the impairment test, a 3% permanent growth rate has been assumed when assessing the future operating cash flows of the CGU beyond the three-year period covered in financial budgets. The following discount rates were used by the Group for Corporate Banking and Retail Banking: Corporate Banking Retail Banking 2022 2021 2020 2022 2021 2020 Discount rate 4.3% 3.9% 4.4% 8.4% 8.1% 7.7% Discount rates Discount rates reflect management\u2019s estimate of return required in each business. This is the benchmark used by management to assess operating performance and to evaluate future investment proposals. Discount rates are calculated by using pre-tax weighted average cost of capital (WACC). For the Retail Banking and Corporate Banking CGUs, the following additional assumptions were made: \u2022 stable, business as usual growth of loans and deposits; \u2022 no material changes in cost/income structure or ratio; and \u2022 stable, business as usual growth of trade finance and other documentary businesses. Sensitivity to changes in assumptions Management believes that reasonable possible changes to key assumptions used to determine the recoverable amount for each CGU will not result in an impairment of goodwill. The excess of value-in-use over carrying value is determined by reference to the net book value as at 31 December 2022. Possible change was taken as +/-3% in discount rate and growth rate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-694": {
"value": "16. Taxation The corporate income tax expense in the income statement comprises: 2022 2021 2020 Current income benefit/(expense) (137,430) (111,652) 4,539 Deferred income tax benefit/(expense) (53,221) 36,828 (26,094) Income tax expense (190,651) (74,824) (21,555) The income tax rate applicable to most of the Group\u2019s income is the income tax rate applicable to subsidiaries\u2019 income, which ranges from 15% to 25% (2021: from 15% to 25%, 2020: from 15% to 25%). On 12 June 2018, an amendment to the current corporate taxation model applicable to financial institutions, including banks and insurance businesses, became effective. The change implied a zero corporate tax rate on retained earnings and a 15% corporate tax rate on distributed earnings starting from 1 January 2023. On 16 December 2022, an amendment to the corporate tax code was passed into law abolishing the expected transition to taxation on distributed earnings from 1 January 2023. According to the amendment, effective from 1 January 2023, existing taxation rules for financial institutions, including banks, will be maintained. At the same time, the existing corporate tax rate for banks will be increased from 15% to 20% from 2023 going forward. In addition, with effect from 2023, taxable interest income and deductible ECLs on loans to customers will be defined as per IFRS, instead of local NBG regulations. Transition differences in ECLs will be taxed one-off at 15%. The amended law lacks clarification in treatment of transition differences in interest income. Management considers it reasonable that an approach similar to ECL on transition is applicable on interest income and calculates deferred tax respectively. The change had an immediate impact on deferred tax asset and deferred tax liability balances attributable to previously recognised temporary differences arising from prior periods. As at 31 December 2022, deferred tax assets and liabilities balances have been re- measured, in line with the updated legislation. The change resulted in a material one-off deferred tax charge as previously the Bank recognised deferred taxes only to the extent they were expected to realise before 1 January 2023. The effective income tax rate differs from the statutory income tax rates. As at 31 December 2022, 31 December 2021 and 31 December 2020, a reconciliation of the income tax expense based on statutory rates with the actual expense is as follows: 2022 2021 2020 Profit before income tax expense 1,634,650 801,942 316,498 Statutory tax rate in Georgia 15% 15% 15% Theoretical income tax expense at average tax rate (245,198) (120,291) (47,475) Non-taxable income 115,636 50,671 35,910 Non-deductible expenses (3,229) (2,931) (6,425) Correction of prior year declarations (2,846) (15) (3,343) Tax at the domestic rates applicable to profits in each country (1,991) (2,401) (525) Effects from changes in tax legislation (53,074) \u2013 \u2013 Other 51 143 303 Income tax expense (190,651) (74,824) (21,555) Applicable taxes in Georgia and Belarus include corporate income tax (profit tax), individuals\u2019 withholding taxes, property tax and value added tax, among others. However, regulations are often unclear or non-existent and few precedents have been established. This creates tax risks in Georgia and Belarus, substantially more significant than typically found in countries with more developed tax systems. Management believes that the Group is in substantial compliance with the tax laws affecting its operations. However, the risk remains that relevant authorities could take differing positions with regard to interpretative issues. As at 31 December 2022, 31 December 2021 and 31 December 2020, income tax assets and liabilities consist of the following: 2022 2021 2020 Current income tax assets 224 109 21,841 Deferred income tax assets 640 183 192 Income tax assets 864 292 22,033 Current income tax liabilities 20,258 85,270 \u2013 Deferred income tax liabilities 79,275 25,598 62,434 Income tax liabilities 99,533 110,868 62,434 16. Taxation continued Deferred tax assets and liabilities as at 31 December 2022, 31 December 2021 and 31 December 2020, and their movements for the respective years, are as follows: Origination and reversal of temporary differences 2019 In the income statement 2020 In the income statement 2021 In the income statement Tax effect of deductible temporary differences: Amounts due to credit institutions 63 (63) \u2013 \u2013 \u2013 193 193 Investment securities 66 (66) \u2013 \u2013 \u2013 294 294 Investment properties 228 (169) 59 108 167 1,954 2,121 Property and equipment 2,127 258 2,385 29 2,414 (182) 2,232 Intangible assets 199 (199) \u2013 \u2013 \u2013 \u2013 \u2013 Assets held for sale \u2013 \u2013 \u2013 \u2013 \u2013 465 465 Lease liability 8,306 (2,300) 6,006 (2,236) 3,770 19,389 23,159 Accruals and deferred income 1,691 5,514 7,205 12,539 19,744 18,388 38,132 Other assets and liabilities 2,759 (2,692) 67 368 435 3,845 4,280 Deferred tax assets 15,439 283 15,722 10,808 26,530 44,346 70,876 Tax effect of taxable temporary differences: Amounts due to credit institutions 1,950 278 2,228 59 2,287 1,660 3,947 Debt securities issued 2,311 (687) 1,624 (932) 692 1,259 1,951 Cash and cash equivalents 2,070 (2,070) \u2013 \u2013 \u2013 \u2013 \u2013 Investment securities 208 (208) \u2013 \u2013 \u2013 \u2013 \u2013 Loans to customers and finance lease receivables 25,696 28,370 54,066 (24,192) 29,874 30,697 60,571 Client deposits and notes 35 141 176 (176) \u2013 \u2013 \u2013 Property and equipment 9,151 (130) 9,021 (3,121) 5,900 37,342 43,242 Right-of-use assets 8,465 (2,955) 5,510 (2,294) 3,216 20,606 23,822 Investment properties 228 112 340 625 965 7,822 8,787 Intangible assets 21 (21) \u2013 \u2013 \u2013 \u2013 \u2013 Assets held for sale 1,227 313 1,540 (1,055) 485 (485) \u2013 Accruals and deferred income 225 68 293 (180) 113 (113) \u2013 Other assets and liabilities \u2013 3,166 3,166 5,246 8,412 (1,221) 7,191 Deferred tax liabilities 51,587 26,377 77,96 4 (26,020) 51,944 97,567 149,511 Net deferred tax liabilities (36,148) (26,094) (62,242) 36,828 (25,414) (53,221) (78,635) For more details on temporary differences associated with investments in subsidiaries for which no deferred tax has been recognised refer to Note 10. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-729": {
"value": "Deferred tax assets and liabilities as at 31 December 2022, 31 December 2021 and 31 December 2020, and their movements for the respective years, are as follows: Origination and reversal of temporary differences 2019 In the income statement 2020 In the income statement 2021 In the income statement Tax effect of deductible temporary differences: Amounts due to credit institutions 63 (63) \u2013 \u2013 \u2013 193 193 Investment securities 66 (66) \u2013 \u2013 \u2013 294 294 Investment properties 228 (169) 59 108 167 1,954 2,121 Property and equipment 2,127 258 2,385 29 2,414 (182) 2,232 Intangible assets 199 (199) \u2013 \u2013 \u2013 \u2013 \u2013 Assets held for sale \u2013 \u2013 \u2013 \u2013 \u2013 465 465 Lease liability 8,306 (2,300) 6,006 (2,236) 3,770 19,389 23,159 Accruals and deferred income 1,691 5,514 7,205 12,539 19,744 18,388 38,132 Other assets and liabilities 2,759 (2,692) 67 368 435 3,845 4,280 Deferred tax assets 15,439 283 15,722 10,808 26,530 44,346 70,876 Tax effect of taxable temporary differences: Amounts due to credit institutions 1,950 278 2,228 59 2,287 1,660 3,947 Debt securities issued 2,311 (687) 1,624 (932) 692 1,259 1,951 Cash and cash equivalents 2,070 (2,070) \u2013 \u2013 \u2013 \u2013 \u2013 Investment securities 208 (208) \u2013 \u2013 \u2013 \u2013 \u2013 Loans to customers and finance lease receivables 25,696 28,370 54,066 (24,192) 29,874 30,697 60,571 Client deposits and notes 35 141 176 (176) \u2013 \u2013 \u2013 Property and equipment 9,151 (130) 9,021 (3,121) 5,900 37,342 43,242 Right-of-use assets 8,465 (2,955) 5,510 (2,294) 3,216 20,606 23,822 Investment properties 228 112 340 625 965 7,822 8,787 Intangible assets 21 (21) \u2013 \u2013 \u2013 \u2013 \u2013 Assets held for sale 1,227 313 1,540 (1,055) 485 (485) \u2013 Accruals and deferred income 225 68 293 (180) 113 (113) \u2013 Other assets and liabilities \u2013 3,166 3,166 5,246 8,412 (1,221) 7,191 Deferred tax liabilities 51,587 26,377 77,96 4 (26,020) 51,944 97,567 149,511 Net deferred tax liabilities (36,148) (26,094) (62,242) 36,828 (25,414) (53,221) (78,635) For more details on temporary differences associated with investments in subsidiaries for which no deferred tax has been recognised refer to Note 10. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-730": {
"value": "17. Other assets and other liabilities Other assets comprise: 2022 2021 2020 Foreclosed assets 119,924 3,216 5,989 Receivables from remittance operations 86,742 35,041 26,045 Derivative financial assets 39,270 135,079 9,154 Derivatives margin 21,053 18,586 210,816 Other receivables 17,365 17,534 14,174 Investments in associates 11,606 10,079 14,261 Operating tax assets 4,809 8,169 8,398 Investment securities at FVTPL 2,660 2,146 5,731 Assets purchased for finance lease purposes 2,140 13,093 39,742 Other 29,542 18,487 6,663 Other assets, gross 335,111 261,430 340,973 Less \u2013 Allowance for impairment of other assets (17,225) (14,483) (14,979) Other assets, net 317,886 246,947 325,994 Other liabilities comprise: 2022 2021 2020 Derivative financial liabilities 59,020 7,865 247,520 Creditors 29,562 25,814 30,678 Payables for remittance operations 24,671 8,457 8,597 Other taxes payable 6,504 12,498 10,045 Accounts payable 5,605 7,708 11,651 Provisions 5,127 6,993 15,325 Dividends payable to non-controlling shareholders 2,379 1,746 1,578 Advances received 838 268 731 Derivatives margin \u2013 98,844 \u2013 Other 24,985 13,156 6,197 Other liabilities 158,691 183,349 332,322 The amount of write down of foreclosed assets recognised as an expense in the period amounts to GEL 2,440. The amount of foreclosed assets recognized as an expense amounted to GEL 5,423. In 2020, the Bank\u2019s derivative financial liabilities comprised mainly of USD-EUR contracts, the balance on which has significantly increased as a result of a devaluation of USD as compared to EUR. The Bank was also required to provide respective collateral for the exposure in the form of a derivatives margin. The table below shows the fair values of derivative financial instruments, recorded as assets or liabilities, together with their notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset or liability, reference rate or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of transactions outstanding at the year-end and are not indicative of the credit risk. 2022 Notional amount Fair value Asset Liability Foreign exchange contracts Forwards and swaps \u2013 domestic 1,392,118 5,688 2,873 Forwards and swaps \u2013 foreign 4,615,758 33,234 56,147 Interest rate contracts Forwards and swaps \u2013 foreign (IR) 1,209 348 \u2013 Total derivative assets/liabilities 6,009,085 39,270 59,020 17. Other assets and other liabilities continued 2021 2020 Notional amount Fair value Notional amount Fair value Asset Liability Asset Liability Foreign exchange contracts Forwards and swaps \u2013 domestic 1,065,639 931 3,141 574,563 6,881 2,908 Forwards and swaps \u2013 foreign 5,678,727 131,321 3,339 7,057,736 724 243,510 Interest rate contracts Forwards and swaps \u2013 foreign (IR) 1,129 296 \u2013 \u2013 \u2013 \u2013 Options \u2013 foreign (IR) 7,434 2,531 1,385 7,864 1,549 1,102 Total derivative assets/liabilities 6,752,929 135,079 7,865 7,640,163 9,154 247,520 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-695": {
"value": "17. Other assets and other liabilities Other assets comprise: 2022 2021 2020 Foreclosed assets 119,924 3,216 5,989 Receivables from remittance operations 86,742 35,041 26,045 Derivative financial assets 39,270 135,079 9,154 Derivatives margin 21,053 18,586 210,816 Other receivables 17,365 17,534 14,174 Investments in associates 11,606 10,079 14,261 Operating tax assets 4,809 8,169 8,398 Investment securities at FVTPL 2,660 2,146 5,731 Assets purchased for finance lease purposes 2,140 13,093 39,742 Other 29,542 18,487 6,663 Other assets, gross 335,111 261,430 340,973 Less \u2013 Allowance for impairment of other assets (17,225) (14,483) (14,979) Other assets, net 317,886 246,947 325,994 Other liabilities comprise: 2022 2021 2020 Derivative financial liabilities 59,020 7,865 247,520 Creditors 29,562 25,814 30,678 Payables for remittance operations 24,671 8,457 8,597 Other taxes payable 6,504 12,498 10,045 Accounts payable 5,605 7,708 11,651 Provisions 5,127 6,993 15,325 Dividends payable to non-controlling shareholders 2,379 1,746 1,578 Advances received 838 268 731 Derivatives margin \u2013 98,844 \u2013 Other 24,985 13,156 6,197 Other liabilities 158,691 183,349 332,322 The amount of write down of foreclosed assets recognised as an expense in the period amounts to GEL 2,440. The amount of foreclosed assets recognized as an expense amounted to GEL 5,423. In 2020, the Bank\u2019s derivative financial liabilities comprised mainly of USD-EUR contracts, the balance on which has significantly increased as a result of a devaluation of USD as compared to EUR. The Bank was also required to provide respective collateral for the exposure in the form of a derivatives margin. The table below shows the fair values of derivative financial instruments, recorded as assets or liabilities, together with their notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset or liability, reference rate or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of transactions outstanding at the year-end and are not indicative of the credit risk. 2022 Notional amount Fair value Asset Liability Foreign exchange contracts Forwards and swaps \u2013 domestic 1,392,118 5,688 2,873 Forwards and swaps \u2013 foreign 4,615,758 33,234 56,147 Interest rate contracts Forwards and swaps \u2013 foreign (IR) 1,209 348 \u2013 Total derivative assets/liabilities 6,009,085 39,270 59,020 17. Other assets and other liabilities continued 2021 2020 Notional amount Fair value Notional amount Fair value Asset Liability Asset Liability Foreign exchange contracts Forwards and swaps \u2013 domestic 1,065,639 931 3,141 574,563 6,881 2,908 Forwards and swaps \u2013 foreign 5,678,727 131,321 3,339 7,057,736 724 243,510 Interest rate contracts Forwards and swaps \u2013 foreign (IR) 1,129 296 \u2013 \u2013 \u2013 \u2013 Options \u2013 foreign (IR) 7,434 2,531 1,385 7,864 1,549 1,102 Total derivative assets/liabilities 6,752,929 135,079 7,865 7,640,163 9,154 247,520 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-696": {
"value": "18. Client deposits and notes The amounts due to customers include the following: 2022 2021 2020 Current accounts 11,002,863 6,997,946 5,995,109 Time deposits 7,258,534 7,040,056 8,025,100 Client deposits and notes 18,261,397 14,038,002 14,020,209 At 31 December 2022, amounts due to customers of GEL 2,107,058 (12%) were due to the ten largest customers (2021: GEL 1,953,107 (14%), 2020: GEL 2,951,893 (21%)). Amounts due to customers include accounts with the following types of customers: 2022 2021 2020 Individuals 11,188,080 8,501,021 7,836,351 Private enterprises 6,382,083 4,914,845 4,268,313 State and state-owned entities 691,234 622,136 1,915,545 Client deposits and notes 18,261,397 14,038,002 14,020,209 The breakdown of customer accounts by industry sector is as follows: 2022 2021 2020 Individuals 11,188,080 8,501,021 7,836,351 Financial intermediation 1,261,530 1,280,955 777,786 Trade 1,158,977 853,307 842,355 Construction 796,019 664,695 587,632 Manufacturing 759,005 444,095 315,192 Service 709,442 345,130 387,108 Government services 682,809 613,710 1,866,342 Transport and communication 513,099 418,243 538,950 Real estate 232,508 214,082 159,038 Electricity, gas and water supply 186,517 112,244 75,197 Hospitality 173,639 70,375 65,042 Other 599,772 520,145 569,216 Client deposits and notes 18,261,397 14,038,002 14,020,209 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-697": {
"value": "19. Amounts owed to credit institutions Amounts due to credit institutions comprise: 2022 2021 2020 Short-term loans from the NBG 1,715,257 1,413,333 590,293 Borrowings from international credit institutions 1,439,136 1,839,921 1,583,056 Time deposits and inter-bank loans 777,638 226,015 258,920 Correspondent accounts 660,767 170,410 196,049 4,592,798 3,649,679 2,628,318 Non-convertible subordinated debt 537,794 668,766 707,648 Additional Tier 1 136,061 \u2013 \u2013 Amounts due to credit institutions 5,266,653 4,318,445 3,335,966 During the year ended 31 December 2022, the Group paid up to 7.52% on USD borrowings from international credit institutions (2021: up to 4.18%, 2020: up to 5.49%). During the year ended 31 December 2022, the Group paid up to 10.73% on USD subordinated debt (2021: up to 7.75%, 2020: up to 9.39%). Some long-term borrowings from international credit institutions are received upon certain conditions (the \u2018Lender Covenants\u2019) that the Group maintains different limits for capital adequacy, liquidity, currency positions, credit exposures, leverage and others. At 31 December 2022, 31 December 2021 and 31 December 2020, the Group complied with all the Lender Covenants of the significant borrowings from international credit institutions. On 31 May 2022, the Bank signed a US$ 50 million Additional Tier 1 Capital Perpetual Subordinated Syndicated Facility with the European Bank for Reconstruction and Development and Swedfund International AB as lenders. The amount was fully utilised as at 31 December 2022. In June 2022, the Bank repaid the outstanding US$ 70 million of its initial US$ 90 million subordinated loan facility from the International Finance Corporation, out of which US$ 42 million qualified as Tier II capital. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-698": {
"value": "20. Debt securities issued Debt securities issued comprise: 2022 2021 2020 Additional Tier 1 capital notes issued 267,702 306,239 323,320 Eurobonds and notes issued 226,725 932,260 1,019,120 Local bonds 44,520 151,703 102,187 Certificates of deposit 107,021 128,483 140,918 Debt securities issued 645,968 1,518,685 1,585,545 Changes in liabilities arising from financing activities Eurobonds and notes issued Additional Tier 1 capital notes issued Carrying amount at 31 December 2019 1,406,200 282,407 Repurchase of debt securities issued (120,549) \u2013 Repayment of the principal portion of the debt securities issued (440,410) \u2013 Other movements 173,879 40,913 Carrying amount at 31 December 2020 1,019,120 323,320 Repurchase of debt securities issued (28,825) \u2013 Repayment of the principal portion of the debt securities issued (46,706) \u2013 Other movements (11,329) (17,081) Carrying amount at 31 December 2021 932,260 306,239 Repurchase of debt securities issued (617,194) \u2013 Repayment of the principal portion of the debt securities issued (31,581) \u2013 Other movements (56,760) (38,537) Carrying amount at 31 December 2022 226,725 267,702 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-699": {
"value": "21. Commitments and contingencies Legal Sai-invest As at 31 December 2022, the Bank was engaged in litigation with Sai-Invest LLC (Sai-Invest) in relation to a deposit pledge in the amount of EUR 7 million for the benefit LTD Sport Invest\u2019s loans owing to JSC Bank of Georgia. Sai-Invest LLC has challenged the validity of the deposit pledge in the Georgian courts, and its challenge has been substantially sustained in the Court of Appeal, a determination which the Bank believes to be erroneous and without merit, and which the Bank has appealed to the Supreme Court. The matter is currently under review by the Supreme Court, and a decision is expected during 2023. The Bank\u2019s management is of the opinion that the probability of incurring material losses on this claim is low, and, accordingly, no provision has been made in these consolidated financial statements. Financial commitments and contingencies As at 31 December 2022, 31 December 2021 and 31 December 2020, the Group\u2019s financial commitments and contingencies comprised the following: 2022 2021 2020 Credit-related commitments Financial and performance guarantees issued* 1,717,308 1,686,913 1,490,028 Letters of credit 116,309 71,676 125,031 Undrawn loan facilities 869,061 809,481 685,533 2,702,678 2,568,070 2,300,592 Less \u2013 Cash held as security against letters of credit and guarantees (Note 18) (121,753) (117,379) (131,946) Less \u2013 Provisions (5,127) (6,993) (15,325) Operating lease commitments Not later than 1 year 1,975 1,875 2,356 Later than 1 year but not later than 5 years 2,592 2,486 2,774 Later than 5 years 451 986 1,657 5,018 5,347 6,787 Capital expenditure commitments 6,790 4,539 2,863 * Out of total guarantees issued as at 31 December 2022 financial and performance guarantees of the Group comprised GEL 988,094 (31 December 2021: GEL 1,030,122, 31 December 2020: GEL 888,905) and GEL 729,214 (31 December 2021: GEL 656,791, 31 December 2020: GEL 601,123), respectively. The Group discloses its undrawn loan facility balances based on the contractual terms and existing practice in regards to disbursement of these amounts. The balances are disclosed as commitments if the Group has an established practice of disbursing undrawn amounts without any subsequent approval. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-700": {
"value": "22. Equity Share capital As at 31 December 2022, 31 December 2021 and 31 December 2020, issued share capital comprised 47,498,982 common shares of BOGG, all of which were fully paid. Each share has a nominal value of one (1) British penny. Shares issued and outstanding as at 31 December 2022 are described below: Number of ordinary shares Share Capital 31 December 2019 49,169,428 1,618 31 December 2020 49,169,428 1,618 31 December 2021 49,169,428 1,618 Buyback and cancellation of own shares (1,670,446) (55) 31 December 2022 47,498,982 1,563 In the second half of 2022, the Group commenced a share buyback and cancellation programme in amount of GEL 112,700 with the purpose to reduce its share capital and consistent with its capital and distribution policy to target a dividend/share buyback payout ratio in the range of 30-50% of annual profits. The Group appointed Numis Securities Limited to manage the programme and purchase shares in the open market. The share buyback and cancellation programme was completed by the end of 2022 with purchased and cancelled ordinary shares of 1,670,446. 22. Equity continued Treasury shares Treasury shares are held by the Group solely for the purpose of future employee share-based compensation. The number of treasury shares held by the Group as at 31 December 2022, comprised 2,516,151 (31 December 2021: 2,268,446, 31 December 2020: 1,638,844), with a nominal amount of GEL 83 (31 December 2021: GEL 75, 31 December 2020: GEL 54). Dividends Shareholders are entitled to dividends in pounds sterling. In 2022, 2021 and 2020 the Group distributed dividends on the shares vested and exercised during 2022, 2021 and 2020, respectively. On 16 August 2022, the shareholders of Bank of Georgia Group PLC declared an interim dividend for 2022 of Georgian Lari 1.85 per share. The currency conversion period was set to be for the period 3 October to 7 October 2022, with the official GEL:GBP exchange rate of 3.1671, resulting in a GBP-denominated final dividend of 0.5841 per share. Payment of the total GEL 84,418 interim dividends was received by shareholders on 20 October 2022. On 20 June 2022, the shareholders of Bank of Georgia Group PLC declared a final dividend for 2021 of Georgian Lari 2.33 per share. The currency conversion period was set to be for the period 27 June to 1 July 2022, with the official GEL:GBP exchange rate of 3.5858, resulting in a GBP-denominated final dividend of 0.6498 per share. Payment of the total GEL 112,096 final dividends was received by shareholders on 11 July 2022. On 17 August 2021, the Board of Bank of Georgia Group PLC declared an interim dividend for 2021 of Georgian Lari 1.48 per share. The currency conversion period was set to be 18 to 22 October 2021, with the official GEL:GBP exchange rate of 4.3219, resulting in a GBP-denominated final dividend of 0.3424 per share. Payment of the total GEL 71,838 interim dividends was received by shareholders on 5 November 2021. No other dividends have been declared by Bank of Georgia Group PLC in 2020. Nature and purpose of other reserves Unrealised gains and losses on investment securities This reserve records fair value changes on investment securities. Unrealised gains and losses from dilution or sale/acquisition of shares in existing subsidiaries This reserve records unrealised gains and losses from dilution or sale/acquisition of shares in existing subsidiaries. Foreign currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of subsidiaries with functional currency other than GEL. Movements on this account during the years ended 31 December 2022, 31 December 2021 and 31 December 2020, are presented in the statements of other comprehensive income. Earnings per share 2022 2021 2020 Basic earnings per share Profit for the year attributable to ordinary shareholders of the Group 1,439,507 723,806 293,584 Weighted average number of ordinary shares outstanding during the year 46,443,820 47,543,881 47,563,734 Basic earnings per share 30.9946 15.2240 6.1724 2022 2021 2020 Diluted earnings per share Effect of dilution on weighted average number of ordinary shares: Dilutive unvested share options 1,013,330 1,098,682 13,690 Weighted average number of ordinary shares adjusted for the effect of dilution 47,457,150 48,642,563 47,577,424 Diluted earnings per share 30.3328 14.8801 6.1707 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-731": {
"value": "Share capital As at 31 December 2022, 31 December 2021 and 31 December 2020, issued share capital comprised 47,498,982 common shares of BOGG, all of which were fully paid. Each share has a nominal value of one (1) British penny. Shares issued and outstanding as at 31 December 2022 are described below: Number of ordinary shares Share Capital 31 December 2019 49,169,428 1,618 31 December 2020 49,169,428 1,618 31 December 2021 49,169,428 1,618 Buyback and cancellation of own shares (1,670,446) (55) 31 December 2022 47,498,982 1,563 In the second half of 2022, the Group commenced a share buyback and cancellation programme in amount of GEL 112,700 with the purpose to reduce its share capital and consistent with its capital and distribution policy to target a dividend/share buyback payout ratio in the range of 30-50% of annual profits. The Group appointed Numis Securities Limited to manage the programme and purchase shares in the open market. The share buyback and cancellation programme was completed by the end of 2022 with purchased and cancelled ordinary shares of 1,670,446. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-732": {
"value": "Treasury shares Treasury shares are held by the Group solely for the purpose of future employee share-based compensation. The number of treasury shares held by the Group as at 31 December 2022, comprised 2,516,151 (31 December 2021: 2,268,446, 31 December 2020: 1,638,844), with a nominal amount of GEL 83 (31 December 2021: GEL 75, 31 December 2020: GEL 54). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-733": {
"value": "Dividends Shareholders are entitled to dividends in pounds sterling. In 2022, 2021 and 2020 the Group distributed dividends on the shares vested and exercised during 2022, 2021 and 2020, respectively. On 16 August 2022, the shareholders of Bank of Georgia Group PLC declared an interim dividend for 2022 of Georgian Lari 1.85 per share. The currency conversion period was set to be for the period 3 October to 7 October 2022, with the official GEL:GBP exchange rate of 3.1671, resulting in a GBP-denominated final dividend of 0.5841 per share. Payment of the total GEL 84,418 interim dividends was received by shareholders on 20 October 2022. On 20 June 2022, the shareholders of Bank of Georgia Group PLC declared a final dividend for 2021 of Georgian Lari 2.33 per share. The currency conversion period was set to be for the period 27 June to 1 July 2022, with the official GEL:GBP exchange rate of 3.5858, resulting in a GBP-denominated final dividend of 0.6498 per share. Payment of the total GEL 112,096 final dividends was received by shareholders on 11 July 2022. On 17 August 2021, the Board of Bank of Georgia Group PLC declared an interim dividend for 2021 of Georgian Lari 1.48 per share. The currency conversion period was set to be 18 to 22 October 2021, with the official GEL:GBP exchange rate of 4.3219, resulting in a GBP-denominated final dividend of 0.3424 per share. Payment of the total GEL 71,838 interim dividends was received by shareholders on 5 November 2021. No other dividends have been declared by Bank of Georgia Group PLC in 2020. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-734": {
"value": "Earnings per share 2022 2021 2020 Basic earnings per share Profit for the year attributable to ordinary shareholders of the Group 1,439,507 723,806 293,584 Weighted average number of ordinary shares outstanding during the year 46,443,820 47,543,881 47,563,734 Basic earnings per share 30.9946 15.2240 6.1724 2022 2021 2020 Diluted earnings per share Effect of dilution on weighted average number of ordinary shares: Dilutive unvested share options 1,013,330 1,098,682 13,690 Weighted average number of ordinary shares adjusted for the effect of dilution 47,457,150 48,642,563 47,577,424 Diluted earnings per share 30.3328 14.8801 6.1707 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-744": {
"value": "23. Net interest income 2022 2021 2020 Interest income calculated using EIR method 2,236,307 1,822,307 1,563,362 From loans to customers 1,917,053 1,614,647 1,371,392 From investment securities 297,528 199,802 170,281 From amounts due from credit institutions 47,864 18,312 19,002 Net (losses)/gains on modification of financial assets (26,138) (10,454) 2,687 Other interest income 20,574 28,737 32,065 From finance lease receivable 20,574 28,727 31,999 From other assets \u2013 10 66 Interest income 2,256,881 1,851,044 1,595,427 On client deposits and notes (569,436) (497,742) (443,616) On amounts owed to credit institutions (426,950) (297,953) (267,306) On debt securities issued (84,990) (112,431) (142,373) Interest element of cross-currency swaps 29,402 30,632 52,312 On lease liability (4,855) (4,980) (5,387) Interest expense (1,056,829) (882,474) (806,370) Deposit insurance fees (17,717) (14,629) (11,415) Net interest income 1,182,335 953,941 777,642 In 2020, a GEL 39,730 (Note 27) net one-off loss on modification of financial assets was recorded in relation to the three-month payment holidays on principal and interest offered to our Retail Banking clients, as an immediate response to the COVID-19 pandemic outbreak, in order to reduce the requirement for customers to physically visit Bank branches and reduce the risk of the virus spreading. The net loss incurred as a result of these modifications has been classified as a non-recurring item in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-735": {
"value": "23. Net interest income 2022 2021 2020 Interest income calculated using EIR method 2,236,307 1,822,307 1,563,362 From loans to customers 1,917,053 1,614,647 1,371,392 From investment securities 297,528 199,802 170,281 From amounts due from credit institutions 47,864 18,312 19,002 Net (losses)/gains on modification of financial assets (26,138) (10,454) 2,687 Other interest income 20,574 28,737 32,065 From finance lease receivable 20,574 28,727 31,999 From other assets \u2013 10 66 Interest income 2,256,881 1,851,044 1,595,427 On client deposits and notes (569,436) (497,742) (443,616) On amounts owed to credit institutions (426,950) (297,953) (267,306) On debt securities issued (84,990) (112,431) (142,373) Interest element of cross-currency swaps 29,402 30,632 52,312 On lease liability (4,855) (4,980) (5,387) Interest expense (1,056,829) (882,474) (806,370) Deposit insurance fees (17,717) (14,629) (11,415) Net interest income 1,182,335 953,941 777,642 In 2020, a GEL 39,730 (Note 27) net one-off loss on modification of financial assets was recorded in relation to the three-month payment holidays on principal and interest offered to our Retail Banking clients, as an immediate response to the COVID-19 pandemic outbreak, in order to reduce the requirement for customers to physically visit Bank branches and reduce the risk of the virus spreading. The net loss incurred as a result of these modifications has been classified as a non-recurring item in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-701": {
"value": "23. Net interest income 2022 2021 2020 Interest income calculated using EIR method 2,236,307 1,822,307 1,563,362 From loans to customers 1,917,053 1,614,647 1,371,392 From investment securities 297,528 199,802 170,281 From amounts due from credit institutions 47,864 18,312 19,002 Net (losses)/gains on modification of financial assets (26,138) (10,454) 2,687 Other interest income 20,574 28,737 32,065 From finance lease receivable 20,574 28,727 31,999 From other assets \u2013 10 66 Interest income 2,256,881 1,851,044 1,595,427 On client deposits and notes (569,436) (497,742) (443,616) On amounts owed to credit institutions (426,950) (297,953) (267,306) On debt securities issued (84,990) (112,431) (142,373) Interest element of cross-currency swaps 29,402 30,632 52,312 On lease liability (4,855) (4,980) (5,387) Interest expense (1,056,829) (882,474) (806,370) Deposit insurance fees (17,717) (14,629) (11,415) Net interest income 1,182,335 953,941 777,642 In 2020, a GEL 39,730 (Note 27) net one-off loss on modification of financial assets was recorded in relation to the three-month payment holidays on principal and interest offered to our Retail Banking clients, as an immediate response to the COVID-19 pandemic outbreak, in order to reduce the requirement for customers to physically visit Bank branches and reduce the risk of the virus spreading. The net loss incurred as a result of these modifications has been classified as a non-recurring item in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-702": {
"value": "24. Net fee and commission income 2022 2021 2020 Settlements operations 446,092 307,471 213,865 Guarantees and letters of credit 35,283 34,402 28,373 Currency conversion operations 34,546 15,783 8,438 Cash operations 26,896 14,439 11,883 Brokerage service fees 7,676 6,912 6,501 Advisory 4,241 5,981 1,463 Other 4,731 5,841 3,935 Fee and commission income 559,465 390,829 274,458 Settlements operations (197,089) (134,390) (90,357) Cash operations (27,211) (9,626) (8,903) Currency conversion operations (6,403) (2,571) (2,256) Brokerage service fees (5,079) (4,894) (3,847) Guarantees and letters of credit (323) (724) (505) Advisory (316) (653) (63) Other (5,553) (5,540) (3,024) Fee and commission expense (241,974) (158,398) (108,955) Net fee and commission income 317,491 232,431 165,503 Revenue from customers In 2022, the Group recognised GEL 481,375 revenue from contracts with customers in the income statement, including fee and commission as well as net other income (2021: GEL 341,873, 2020: GEL 242,238). 24. Net fee and commission income continued Contract assets and liabilities As at 31 December 2022, the Group has recognised GEL 50,451 revenue-related contract liabilities (2021: GEL 40,878, 2020: GEL 36,653). Accounts receivable are recognised when the right to consideration becomes unconditional. Deferred revenue is recognised as revenue as we perform under the contract. The Group does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects, at contract inception, that the period between when the Group transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. In 2022, the Group recognised GEL 38,495 revenue (2021: GEL 10,619, 2020: GEL 11,802) that relates to carried-forward contract liabilities and was previously included in the deferred income. Transaction price allocated to the remaining performance obligations The following table includes revenue expected to be recognised in the future related to performance obligations that are unsatisfied at the reporting date: In 1 year In 2 years In 3 years In 3 to 5 years In 5 to 10 years Total As at 31 December 2022 47,793 2,466 128 46 18 50,451 As at 31 December 2021 39,292 1,119 388 76 3 40,878 As at 31 December 2020 12,905 1,544 1,303 2,198 18,703 36,653 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-736": {
"value": "25. Salaries and other employee benefits, and general and administrative expenses Salaries and other employee benefits 2022 2021 2020 Salaries and bonuses (350,758) (272,148) (232,097) Social security costs (6,818) (5,107) (4,410) Pension costs (4,443) (3,832) (3,100) Salaries and other employee benefits (362,019) (281,087) (239,607) In 2022, salaries and bonuses include GEL 82,025 of the Equity Compensation Plan costs (2021: GEL 45,307, 2020: GEL 53,741), associated with the existing share-based compensation scheme approved by the Group (Note 28). ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-703": {
"value": "25. Salaries and other employee benefits, and general and administrative expenses Salaries and other employee benefits 2022 2021 2020 Salaries and bonuses (350,758) (272,148) (232,097) Social security costs (6,818) (5,107) (4,410) Pension costs (4,443) (3,832) (3,100) Salaries and other employee benefits (362,019) (281,087) (239,607) In 2022, salaries and bonuses include GEL 82,025 of the Equity Compensation Plan costs (2021: GEL 45,307, 2020: GEL 53,741), associated with the existing share-based compensation scheme approved by the Group (Note 28). The average number of staff employed by the Group for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, comprised: 2022 2021 2020 The Bank 6,324 6,012 5,758 BNB 654 540 545 Other 1,041 1,035 960 Average total number of staff employed 8,019 7,587 7,263 25. Salaries and other employee benefits, and general and administrative expenses continued General and administrative expenses 2022 2021 2020 Repairs and maintenance (47,943) (40,257) (24,320) Marketing and advertising (35,316) (23,264) (17,394) Legal and other professional services (17,396) (14,682) (14,508) Operating taxes (13,539) (13,393) (14,183) Office supplies (8,571) (6,562) (6,275) Communication (7,959) (6,440) (5,830) Occupancy and rent (6,257) (5,890) (5,977) Travel expenses (5,387) (3,808) (3,231) Insurance (3,945) (3,685) (3,420) Security (3,219) (3,461) (2,782) Corporate hospitality and entertainment (6,181) (2,022) (1,380) Personnel training and recruitment (4,304) (1,895) (1,726) Other (4,433) (4,165) (4,505) General and administrative expenses (164,450) (129,524) (105,531) Auditor remuneration Auditor remuneration comprises: 2022 2021 2020 Fees payable for the audit of the Company\u2019s current year Annual Report 770 635 587 Fees payable for other services: Audit of the Company\u2019s subsidiaries 905 968 973 Total audit fees 1,675 1,603 1,560 Audit-related assurance services: Review of the Company\u2019s and subsidiaries\u2019 interim accounts 397 366 339 Other assurance services 32 31 307 Total audit-related fees 429 397 646 Non-audit services: Other assurance services 12 12 \u2013 Total other services fees 12 12 \u2013 Total fees 2,116 2,012 2,206 The figures shown in the above table relate to fees of Ernst & Young LLP (EY) and its associates. In 2022, fees paid to other auditors not associated with EY in respect of the audit of the Parent and Group\u2019s subsidiaries were GEL 247 (2021: GEL 273, 2020: GEL 257), and in respect of other services of the Group were GEL 579 (2021: GEL 823, 2020: GEL 377). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-737": {
"value": "General and administrative expenses 2022 2021 2020 Repairs and maintenance (47,943) (40,257) (24,320) Marketing and advertising (35,316) (23,264) (17,394) Legal and other professional services (17,396) (14,682) (14,508) Operating taxes (13,539) (13,393) (14,183) Office supplies (8,571) (6,562) (6,275) Communication (7,959) (6,440) (5,830) Occupancy and rent (6,257) (5,890) (5,977) Travel expenses (5,387) (3,808) (3,231) Insurance (3,945) (3,685) (3,420) Security (3,219) (3,461) (2,782) Corporate hospitality and entertainment (6,181) (2,022) (1,380) Personnel training and recruitment (4,304) (1,895) (1,726) Other (4,433) (4,165) (4,505) General and administrative expenses (164,450) (129,524) (105,531) ",
"dimensions": {
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"fact-738": {
"value": "Auditor remuneration Auditor remuneration comprises: 2022 2021 2020 Fees payable for the audit of the Company\u2019s current year Annual Report 770 635 587 Fees payable for other services: Audit of the Company\u2019s subsidiaries 905 968 973 Total audit fees 1,675 1,603 1,560 Audit-related assurance services: Review of the Company\u2019s and subsidiaries\u2019 interim accounts 397 366 339 Other assurance services 32 31 307 Total audit-related fees 429 397 646 Non-audit services: Other assurance services 12 12 \u2013 Total other services fees 12 12 \u2013 Total fees 2,116 2,012 2,206 The figures shown in the above table relate to fees of Ernst & Young LLP (EY) and its associates. In 2022, fees paid to other auditors not associated with EY in respect of the audit of the Parent and Group\u2019s subsidiaries were GEL 247 (2021: GEL 273, 2020: GEL 257), and in respect of other services of the Group were GEL 579 (2021: GEL 823, 2020: GEL 377). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-704": {
"value": "26. Cost of risk The table below shows ECL charges on financial instruments and provision for guarantees for the year recorded in the income statement: Stage 1 Stage 2 Stage 3 POCI TotalIndividual Collective Collective Individual Collective Cash and cash equivalents \u2013 (334) \u2013 \u2013 \u2013 \u2013 (334) Amounts due from credit institutions \u2013 (5,179) \u2013 \u2013 \u2013 \u2013 (5,179) Investment securities measured at amortised cost \u2013 debt instruments \u2013 (2,387) \u2013 \u2013 \u2013 \u2013 (2,387) Investment securities measured at FVOCI \u2013 debt instruments \u2013 (3,896) \u2013 \u2013 \u2013 \u2013 (3,896) Loans to customers at amortised cost \u2013 21,327 (15,433) 53,195 (177,169) (10,598) (128,678) Finance lease receivables \u2013 292 487 784 (1,886) (2,885) (3,208) Accounts receivable and other loans \u2013 \u2013 \u2013 (255) \u2013 \u2013 (255) Other financial assets \u2013 (4,205) \u2013 \u2013 \u2013 \u2013 (4,205) Financial and performance guarantees \u2013 (437) 6 32 2 \u2013 (397) Letter of credit to customers \u2013 (33) \u2013 65 \u2013 \u2013 32 Other financial commitments \u2013 140 292 \u2013 \u2013 \u2013 432 For the year ended 31 December 2022 \u2013 5,288 (14,648) 53,821 (179,053) (13,483) (148,075) Stage 1 Stage 2 Stage 3 POCI TotalIndividual Collective Collective Individual Collective Cash and cash equivalents \u2013 48 \u2013 \u2013 \u2013 \u2013 48 Amounts due from credit institutions \u2013 66 \u2013 \u2013 \u2013 \u2013 66 Investment securities measured at FVOCI \u2013 debt instruments \u2013 1,090 \u2013 \u2013 \u2013 \u2013 1,090 Loans to customers at amortised cost \u2013 (2,059) 28,901 4,632 (31,291) (1,635) (1,452) Finance lease receivables \u2013 (513) (204) (264) (2,774) (1,195) (4,950) Accounts receivable and other loans (117) \u2013 \u2013 \u2013 \u2013 \u2013 (117) Other financial assets \u2013 (2,621) \u2013 \u2013 \u2013 \u2013 (2,621) Financial and performance guarantees \u2013 6,599 53 3,733 (7) \u2013 10,378 Letter of credit to customers \u2013 1,543 \u2013 328 \u2013 \u2013 1,871 Other financial commitments \u2013 (1,136) (443) \u2013 \u2013 \u2013 (1,579) For the year ended 31 December 2021 (117) 3,780 28,307 8,429 (34,072) (2,830) 3,497 Stage 1 Stage 2 Stage 3 POCI TotalIndividual Collective Collective Individual Collective Cash and cash equivalents \u2013 63 \u2013 \u2013 \u2013 \u2013 63 Amounts due from credit institutions \u2013 (56) \u2013 \u2013 \u2013 \u2013 (56) Investment securities measured at FVOCI \u2013 debt instruments \u2013 (458) \u2013 \u2013 \u2013 \u2013 (458) Loans to customers at amortised cost \u2013 (61,219) (49,502) (62,612) (62,439) (1,211) (236,983) Finance lease receivables \u2013 310 (1,018) (967) (6,350) \u2013 (8,025) Accounts receivable and other loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Financial and performance guarantees \u2013 (4,091) (33) (3,091) \u2013 \u2013 (7,215) Letter of credit to customers \u2013 (1,317) \u2013 (380) \u2013 \u2013 (1,697) Other financial commitments \u2013 158 (69) \u2013 \u2013 \u2013 89 For the year ended 31 December 2020 \u2013 (80,558) (50,622) (67,050) (68,789) (1,211) (268,230) In addition, in 2022 ECL charge includes GEL 16,105 cost incurred by the Group through synthetic agreement to accelerate the recovery process related to one of its defaulted borrowers. Such cost is not reflected in the ECL movement, but recorded directly through the consolidated income statement. Impairment charge on other assets and provisions comprise: 2022 2021 2020 Litigation provision reversal/(charge) 46,645 (35,584) (19,538) Impairment (charge)/reversal on assets held for sale (4,296) (3,805) (6,640) Other impairment charge (13,342) (15,520) (6,589) Impairment charge on other assets and provisions 29,007 (54,909) (32,767) ",
"dimensions": {
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"fact-705": {
"value": "27. Net non-recurring items 2022 2021 2020 Modification loss of financial assets* \u2013 \u2013 (39,730) Corporate social responsibility expense** \u2013 \u2013 (1,454) Other 1,038 (590) (127) Net non-recurring gains/(losses) 1,038 (590) (41,311) * Modification loss of financial assets: in response to the COVID-19 outbreak, the Group implemented an initiative to grant a three-month grace period to its borrowers with the interest accrued for grace period being deferred and either allocated over the original repayment schedule till maturity on a straight-line basis (i.e. no compounding applied) or in some cases beyond maturity (i.e. maturity extended by three months). The payment holiday was intended to reduce customer traffic to branches and thus reduce chances of a rapid spread of the virus in the country. The noted immediate social response to the COVID-19 pandemic resulted in modification loss in amount of GEL 39,730. Given the initiative was driven by high social responsibility motives and was similar to a CSR cost with high degree of abnormality and extraordinary nature, such modification losses were presented as a non-recurring item in the Group\u2019s consolidated financial statements. ** In 2020, corporate social responsibly expense: in order to assist in the fight against the COVID-19 pandemic the Group purchased and donated laboratory tests, respiratory equipment, etc. to the Government of Georgia on a one-off basis. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-706": {
"value": "28. Share-based payments Executives\u2019 Equity Compensation Plan (EECP) and Employees\u2019 Equity Compensation Plan In 2015, the Group set up the Executive Equity Compensation Trustee \u2013 Apex Group Fiduciary Services Limited (previously known as Sanne Fiduciary Services Limited) Limited (the \u2018Trustee\u2019) which acts as the trustee of the Group\u2019s EECP. In 2022, the Trustee has repurchased 695,750 shares (2021: 699,998 shares, 2020: 0 shares). In 2019, the Group set up the Group\u2019s Employee Equity Compensation Trustee \u2013 Apex Group Fiduciary Services Limited (previously known as Sanne Fiduciary Services Limited) Limited (the \u2018Trustee\u2019) which acts as the trustee of Employees\u2019 Equity Compensation Plan. In 2022, the Trustee has repurchased 319,231 shares (2021: 485,820 shares, 2020: 234,563 shares). Share-based payment transactions fixed in monetary terms In 2022, the Group introduced the new remuneration policy for the Management Board and Key Material Risk Taker (MRT) employees. Under the new policy, part of the fixed component of the remuneration is fixed in monetary terms at the date of the contract and shall be paid by award of the number of shares equivalent to the fixed monetary value as at the date of the award. Such awards vest immediately following the award year and are subject to up to four-year holding period. For the CEO, annual remuneration paid in shares are fixed every three years, whereas for other members of the Management Board and MRTs the remuneration is set on annual basis. As for the variable share remuneration, it is awarded annually in the form of nil-cost options over the shares of BOGG PLC and is also fixed in monetary terms at the date of the contract. Such awards are subject to vesting and holding periods. The awards of shares in monetary terms are accounted as equity-settled transactions and are measured by reference to the monetary value (as awarded) adjusted for the time value of money where necessary. The cost of equity-settled transactions is recognised together with the corresponding increase in equity as part of additional paid-in capital, over the period in which the service conditions are fulfilled, ending on the date when the relevant employee is fully entitled to the award (the \u2018vesting date\u2019). In January 2022, BOGG\u2019s Remuneration Committee resolved to award 350,017 ordinary shares of Bank of Georgia Group PLC to the members of the Management Board and 54,851 ordinary shares of Bank of Georgia Group PLC to the Group\u2019s 13 executives. Shares awarded to the Management Board are subject to two-year vesting and two-year holding periods, while those awarded to the other 13 executives are subject to three-year vesting periods with continuous employment being the only vesting condition for both awards. The Group considers 31 January 2022 as the grant date. The Group estimates that the fair value of the shares awarded on 31 January 2022 was Georgian Lari 59.98 per share. In March 2021, BOGG\u2019s Remuneration Committee resolved to award 20,100 ordinary shares of Bank of Georgia Group PLC to the members of the Management Board and 176,218 ordinary shares of Bank of Georgia Group PLC to the Group\u2019s 46 executives. Shares awarded to the Management Board and to the other 46 executives are subject to three-year vesting periods with continuous employment being the only vesting condition for both awards. The Group considers 11 March 2021 as the grant date. The Group estimates that the fair value of the shares awarded on 11 March 2021 was Georgian Lari 50.12 per share. In January 2020, BOGG\u2019s Remuneration Committee resolved to award 271,460 ordinary shares of Bank of Georgia Group PLC to the members of the Management Board and 315,869 ordinary shares of Bank of Georgia Group PLC to the Group\u2019s 49 executives. Shares awarded to the Management Board are subject to two-year vesting and two-year holding periods, while those awarded to the other 49 executives are subject to three-year vesting periods with continuous employment being the only vesting condition for both awards. The Group considers 31 January 2020 as the grant date. The Group estimates that the fair value of the shares awarded on 31 January 2020 was Georgian Lari 56.98 per share. 28. Share-based payments continued Executives\u2019 Equity Compensation Plan (EECP) and Employees\u2019 Equity Compensation Plan continued Share-based payment transactions fixed in monetary terms continued In 2022, Management Board members signed fixed contingent share-based compensation agreements, with fixed contract values of GEL 46,168. The Group considers 1 January 2022 and 30 June 2022 as the grant dates for the awards. The Group estimated the value of the shares were Georgian Lari 64.10 and 60.77 per share respectively, based on the five working day average share price before the 25 December 2021, respectively. The awards will be subject to one-year vesting and three-year holding periods. In 2022, the Group\u2019s other executive members signed fixed contingent share-based compensation agreements, with fixed contract values of GEL 4,493. The Group considers 1 January 2022 and 1 July 2022 as the grant dates for the awards. The Group estimated the value of the shares were Georgian Lari 64.10 and 60.76 per share respectively, based on the five working day average share price before the 25 December 2021, respectively. The awards will be subject to one-year vesting and three-year holding periods. In 2021, key executive members signed fixed contingent share-based compensation agreements with the total of 10,000 ordinary shares of BOGG. The awards will be subject to three-year vesting periods. The Group considers 1 March 2021 as the grant dates for the awards. The Group estimated that the fair value of the shares awarded on 1 March 2021 were Georgian Lari 45.89 per share. In 2021, the Group\u2019s other executive members signed fixed contingent share-based compensation agreements, with fixed contract values of GEL 2,065. The Group considers 1 May 2021 and 1 October 2021 as the grant dates for the awards. The Group estimated the value of the shares were Georgian Lari 51.57 and 66.12 per share, respectively, based on the five working day average share price before the grant dates of 1 May 2021 and 1 October 2021, respectively. The awards will be subject to one-year vesting and three-year holding periods. In 2020, new Management Board members and one key executive signed new three-year fixed contingent share-based compensation agreements with the total of 120,000 and 30,000 ordinary shares of BOGG, respectively. The total amount of shares fixed to each executive will be awarded in three equal instalments during the three consecutive years, of which each award will be subject to a three-year vesting period. The Group considers 3 June 2020 and 29 December 2020 as the grant dates for the awards. The Group estimated that the fair value of the shares awarded on 3 June 2020 and 29 December 2020 were Georgian Lari 39.91 and 54.61 per share, respectively. In 2020, existing Management Board members\u2019 share-based compensation agreements were amended with the total effect of 33,333 ordinary shares of BOGG. The Group considers 23 December 2020 as the grant date for the awards. The Group estimated that the fair value of the shares awarded on 23 December 2020 were Georgian Lari 53.48 per share. The Bank grants share compensation to its non-executive employees. In January 2022, March 2021 and January 2020, the Supervisory Board of the Bank resolved to award 212,327, 188,694 and 252,614 ordinary shares, respectively, to its certain non- executive employees. All these awards are subject to three-year vesting periods, with continuous employment being the only vesting condition for all awards. The Group considers 31 January 2022, 11 March 2021 and 31 January 2020 as the grant dates of these awards, respectively. The Group estimated that the fair values of the shares awarded on 31 January 2022, 11 March 2021 and 31 January 2020 were Georgian Lari 59.98, 50.12 and 56.98 per share, respectively. Summary Fair value of the shares granted at the measurement date is determined based on available market quotations. The weighted average fair value of share-based awards at the grant date was Georgian Lari 62.25 per share in year ended 31 December 2022 (31 December 2021: Georgian Lari 50.93 per share, 31 December 2020: Georgian Lari 55.91). The Group\u2019s total share-based payment expenses for the year ended 31 December 2022 amounted to GEL 82,025 (31 December 2021: GEL 45,307, 31 December 2020: GEL 53,741) and are included in \u2018salaries and other employee benefits\u2019, as \u2018salaries and bonuses\u2019. Below is the summary of the share-based payments-related data: 2022 2021 2020 Total number of equity instruments awarded 1,405,389 434,770 1,023,276 \u2013 Among them, to the Management Board 1,071,053 30,100 424,793 Weighted average value at grant date, per share (GEL in full amount) 62.25 50.93 55.91 Value at grant date, total (GEL) 87,481 22,143 57,211 Total expense recognised during the year (GEL) (82,025) (45,307) (53,741) During 2022 BOGG Directors exercised 70,646 (2021: 16,965) share options with fair value of GEL 3,602 (2021: 966). Weighted average share price was GEL 19.61 per share. During 2020 BOGG Directors did not exercise any share options. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-707": {
"value": "29. Risk management Introduction Risk is inherent in the Group\u2019s activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. This process of risk management is critical to the Group\u2019s continuing profitability and each individual within the Group is accountable for the risk exposures relating to his or her responsibilities. The Group is exposed to credit risk, liquidity risk and market risk, the latter being subdivided into trading and non-trading risks. It is also subject to operational risks. The independent risk control process does not include business risks such as changes in the environment, technology and industry. They are monitored through the Group\u2019s strategic planning process. Risk management structure The Bank\u2019s risk management framework and risk appetite framework policies are based on the three lines of defence model and reflect the requirements of the Corporate Governance Code adopted by the NBG. The three lines of defence model enhances the understanding of risk management and control by clarifying roles and responsibilities within the Bank\u2019s different risk management bodies and business units in order to increase the effective management of risk and control. Audit CommitteeThe Audit Committee assists the Board in relation to the oversight of the Group\u2019s financial and reporting processes. It monitors the integrity of the financial statements and is responsible for governance around both the Internal Audit function and external auditor, reporting back to the Board. It reviews the effectiveness of the policies, procedures and systems in place related to, among other operational risks, compliance, IT and internal security (including cyber-security), and works closely with the Risk Committee in connection with assessing the effectiveness of the risk management and internal control framework. Risk CommitteeThe Risk Committee assists the Board in relation to the oversight of risk. It reviews the Group\u2019s risk appetite in line with strategy, identifies and monitors risk exposure and the risk management infrastructure, oversees the implementation of strategy to address risk, and in conjunction with the Audit Committee, assesses the strength and effectiveness of the risk management and internal control framework. Management BoardThe Management Board has overall responsibility for the Bank\u2019s asset, liability and risk management activities, policies and procedures. In order to effectively implement the risk management system, the Management Board delegates individual risk management functions to each of the various decision-making and execution bodies within the Bank. Credit CommitteesThe Bank has five Credit Committees, each responsible for supervising and managing the Bank\u2019s credit risks in respect of loans and counterparty credit exposures. Each Credit Committee comprises tiers of subcommittees and approves individual loan transactions. Lower tier subcommittees meet on a daily basis, whereas higher tier ones meet as needed, typically one or two times a week. Each of the subcommittees of the Credit Committees makes its decisions by a majority vote of its members. Bank Asset and Liability Management Committee The Bank\u2019s Asset and Liability Management Committee (ALCO) is the core asset liability management (ALM) and risk management body that establishes policies and guidelines with respect to capital adequacy, market risks and respective limits, funding liquidity risk and respective limits, interest rate and prepayment risks and respective limits, money market general terms and credit exposure limits. ALCO designs and implements respective risk management and stress testing models, regularly monitors compliance with the pre-set risk limits, and approves treasury deals with non-standard terms. Internal AuditThe Internal Audit function is responsible for the annual audit of the Group\u2019s risk management, internal control and corporate governance processes, with the aim of reducing the levels of operational and other risks, auditing the Group\u2019s internal control systems and detecting any infringements or errors on the part of the Group\u2019s departments and divisions. It examines both the adequacy and the Group\u2019s compliance with those procedures. The Group\u2019s Internal Audit department discusses the results of all assessments with management, and reports its findings and recommendations to the Audit Committee. Risk measurement and reporting systems The Bank applies a variety of risk metrics to measure its exposures, ranging from operational indicators to forward looking/ statistical model-based approaches and stress scenarios. The Bank has established risk appetite limits for its principal risks, which are approved by the Supervisory Board. Monitoring and controlling of these risks are performed with reference to these limits. They reflect the business strategy and market environment in which the Bank operates and they set the boundaries for the level of risk the Bank is willing to take in pursuit of its strategic objectives. The Bank continuously monitors the landscape to ensure that any significant changes in the underlying assumptions and/or conditions are identified and adapted in a timely manner. 29. Risk management continued Introduction continued Risk measurement and reporting systems continued Information compiled from all the businesses is examined and processed in order to analyse, control and identify early risks. This information is presented and explained to the Management Board, and the head of each business division. The reports include aggregate credit exposures, liquidity ratios and changes to the risk profile. Senior management assesses the appropriateness of the ECL on a monthly basis. The Management Board receives a comprehensive credit risk report and ALCO report. These reports are designed to provide all the necessary information to assess and conclude on the risks of the Bank. For all levels throughout the Bank, specifically tailored risk reports are prepared and distributed in order to ensure that all business divisions have access to extensive, relevant and up-to-date information. A daily briefing is given to the Management Board and all other relevant employees of the Group on the utilisation of market limits, proprietary investments and liquidity, plus any other risk developments. Risk mitigation As part of its overall risk management, the Group uses derivatives and other instruments to manage exposures resulting from changes in interest rates, foreign currencies, equity risks, credit risks, and exposures arising from forecast transactions. While these are intended for hedging, they do not qualify for hedge accounting. The Group actively uses collateral to reduce its credit risks (see below for more detail). Excessive risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographic region, or these counterparties represent related parties to each other, or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations also involve combined, aggregate exposures of large and significant credits compared with the total outstanding balance of the respective financial instrument. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry or geographical location. In order to avoid excessive concentrations of risks, the Group\u2019s policies and procedures include specific guidelines to focus on, maintaining a diversified portfolio of financial assets. Identified concentrations of credit risks or liquidity/repayment risks are controlled and managed accordingly. Credit risk Credit risk is the risk that the Group will incur a loss because its customers fail to discharge their contractual obligations. The Group manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties and for geographical, industry, product and currency concentrations, and by monitoring exposures in relation to such limits. The Group has established a credit quality review process to provide early identification of possible changes in the creditworthiness of counterparties, including regular collateral revisions. Counterparty limits are established by the use of a credit risk classification system, which assigns each counterparty a risk rating. Risk ratings are subject to regular revision. The credit quality review process allows the Group to assess the potential loss as a result of the risks to which it is exposed and take corrective action. The maximum credit exposure is limited to the carrying value of respective instruments and notional amounts of guarantees and commitments provided. Derivative financial instruments Credit risk arising from derivative financial instruments is, at any time, limited to those with positive fair values, as recorded in the statement of financial position. Credit-related commitment risks The Group makes available to its customers guarantees and letters of credit which may require that the Group make payments on their behalf. Such payments are collected from customers based on the terms of the guarantee and letter of credit. They expose the Group to similar risks to loans and these are mitigated by the same control processes and policies. 29. Risk management continued Credit risk continued Credit quality per class of financial assets The credit quality of financial assets is managed by the Group through internal and external credit ratings used in ECL calculations. For corporate loan portfolios, the Group runs an internal rating model in which its customers are rated from 1 to 7 using internal grades. The models incorporate both qualitative and quantitative information and, in addition to information specific to each borrower, utilising supplemental external information that could affect the borrower\u2019s behaviour. It is the Group\u2019s policy to maintain accurate and consistent risk ratings across the credit portfolio. This facilitates focused management of the applicable risks and the comparison of credit exposures across all lines of business, geographic regions and products. The rating system is supported by a variety of financial analytics to provide the main inputs for the measurement of counterparty risk. All internal risk ratings are tailored to the various categories and are derived in accordance with the Group\u2019s rating policy. Attributable risk ratings are assessed and updated regularly. For Retail, Micro and SME loans, the Group uses external ratings provided by Credit Bureau. The Group\u2019s treasury, trading and inter-bank relationships and counterparties comprise financial services institutions, banks and broker-dealers. For these, where external ratings provided by rating agencies are available, the Group Credit Risk department uses such external ratings. For those where external ratings are not available internal ratings are assigned. The table below shows internal and external grades used in ECL calculating. Internal rating description* Internal rating grades External rating grades Credit Bureau Standard & Poor\u2019s High grade Aaa 1 A AAA Aa1 2+ B AA+ Aa2 2 C1 AA Aa3 2- C2 AA- A1 3+ C3 A+ A2 3 A A3 3- A- Baa1 4+ BBB+ Baa2 4 BBB Baa3 4- BBB- Standard grade Ba1 5+ D1 BB+ Ba2 5 D2 BB Ba3 5- D3 BB- B1 6+ B+ B2 6 B Low grade B3 6- E1 B- Caa1 7+ E2 CCC+ Caa2 7 E3 CCC Caa3 7- CCC- Ca CC C * Grades are not supposed to be linked to each other across the rating categories above. 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued The table below shows the credit quality by class of asset in the statement of financial position, presented in gross amounts, based on the Group\u2019s credit rating system. A defaulted financial asset that is past due more than 90 days is assessed as a non-performing loan or as determined on individual basis based on other available information regarding financial difficulties of the borrower. Cash and cash equivalents, excluding cash on hand Stage 1 Total High grade 1,372,649 1,372,649 Standard grade 610,846 610,846 Low grade 18,466 18,466 Not rated 531,178 531,178 Balance at 31 December 2022 2,533,139 2,533,139 Amounts due from credit institutions Stage 1 Total High grade 2,396,898 2,396,898 Standard grade 11,871 11,871 Low grade \u2013 \u2013 Not rated 29,577 29,577 Balance at 31 December 2022 2,438,346 2,438,346 Investment securities measured at amortised cost \u2013 debt instruments Stage 1 Total High grade 129,670 129,670 Standard grade 197,658 197,658 Not rated 54,407 54,407 Balance at 31 December 2022 381,735 381,735 Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Stage 3 Total High grade 2,337,628 \u2013 2,337,628 Standard grade 1,546,907 \u2013 1,546,907 Low grade \u2013 \u2013 \u2013 Not rated 76,381 1,619 78,000 Balance at 31 December 2022 3,960,916 1,619 3,962,535 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,484,436 78,817 \u2013 \u2013 2,563,253 Standard grade 1,466,457 123,274 \u2013 310 1,590,041 Low grade 238,808 391,875 \u2013 1,187 631,870 Not rated 322,120 17,341 3,605 \u2013 343,066 Defaulted Non-performing \u2013 \u2013 169,661 14,453 184,114 Other \u2013 \u2013 3,322 \u2013 3,322 Balance at 31 December 2022 4,511,821 611,307 176,588 15,950 5,315,666 Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 3,020,624 22,479 \u2013 4,103 3,047,206 Standard grade 657,117 37,241 \u2013 4,446 698,804 Low grade 107,484 108,764 \u2013 3,402 219,650 Not rated 140,681 1,082 \u2013 \u2013 141,763 Defaulted Non-performing \u2013 \u2013 53,073 13,650 66,723 Other \u2013 \u2013 16,584 2,474 19,058 Balance at 31 December 2022 3,925,906 169,566 69,657 28,075 4,193,204 Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,026,620 43,580 \u2013 347 2,070,547 Standard grade 1,022,762 67,959 \u2013 361 1,091,082 Low grade 145,066 75,782 \u2013 45 220,893 Not rated 281,391 13,142 10 207 294,750 Defaulted Non-performing \u2013 \u2013 135,965 1,658 137,623 Other \u2013 \u2013 10,542 226 10,768 Balance at 31 December 2022 3,475,839 200,463 146,517 2,844 3,825,663 Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,003,630 13,253 \u2013 2,412 2,019,295 Standard grade 872,122 39,737 \u2013 1,763 913,622 Low grade 202,919 159,751 \u2013 2,021 364,691 Not rated 164,520 1,134 103 \u2013 165,757 Defaulted Non-performing \u2013 \u2013 70,885 11,279 82,164 Other \u2013 \u2013 51,004 5,521 56,525 Balance at 31 December 2022 3,243,191 213,875 121,992 22,996 3,602,054 Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 61,635 195 \u2013 \u2013 61,830 Standard grade 43,456 1,077 \u2013 \u2013 44,533 Low grade 39,509 7,339 \u2013 \u2013 46,848 Not rated 2,925 2 493 \u2013 3,420 Defaulted Non-performing \u2013 \u2013 1,318 \u2013 1,318 Other \u2013 \u2013 6,605 \u2013 6,605 Balance at 31 December 2022 147,525 8,613 8,416 \u2013 164,554 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total High grade 17,702 4,495 \u2013 \u2013 22,197 Standard grade \u2013 694 \u2013 \u2013 694 Low grade \u2013 \u2013 \u2013 \u2013 \u2013 Not rated 41,829 1,262 5,101 \u2013 48,192 Defaulted Non-performing \u2013 \u2013 3,814 11,909 15,723 Other \u2013 \u2013 5,240 3,302 8,542 Balance at 31 December 2022 59,531 6,451 14,155 15,211 95,348 Accounts receivable Stage 1 Total Not rated 400,111 400,111 Balance at 31 December 2022 400,111 400,111 Other financial assets Stage 1 Total Not rated 104,107 104,107 Balance at 31 December 2022 104,107 104,107 Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total High grade 1,049,817 103 \u2013 \u2013 1,049,920 Standard grade 241,914 4,357 \u2013 \u2013 246,271 Low grade 223,983 20,097 \u2013 \u2013 244,080 Not rated 163,278 111 \u2013 \u2013 163,389 Other \u2013 \u2013 13,648 \u2013 13,648 Balance at 31 December 2022 1,678,992 24,668 13,648 \u2013 1,717,308 Letters of credit Stage 1 Stage 2 Stage 3 POCI Total High grade 76,091 \u2013 \u2013 \u2013 76,091 Standard grade 39,671 \u2013 \u2013 \u2013 39,671 Not rated 547 \u2013 \u2013 \u2013 547 Balance at 31 December 2022 116,309 \u2013 \u2013 \u2013 116,309 Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total High grade 498,164 306 \u2013 \u2013 498,470 Standard grade 259,919 6,168 \u2013 \u2013 266,087 Low grade 7,719 7,829 \u2013 \u2013 15,548 Not rated 87,136 82 \u2013 1 87,219 Defaulted Non-performing \u2013 \u2013 1,537 1 1,538 Other \u2013 \u2013 199 \u2013 199 Balance at 31 December 2022 852,938 14,385 1,736 2 869,061 Cash and cash equivalents, excluding cash on hand Stage 1 Total High grade 480,889 480,889 Standard grade 78,953 78,953 Low grade 134 134 Not rated 209,548 209,548 Balance at 31 December 2021 769,524 769,524 Amounts due from credit institutions Stage 1 Total Standard grade 1,903,301 1,903,301 Not rated 28,420 28,420 Balance at 31 December 2021 1,931,721 1,931,721 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Total High grade 1,031,369 1,031,369 Standard grade 1,464,107 1,464,107 Low grade 13,804 13,804 Not rated 79,948 79,948 Balance at 31 December 2021 2,589,228 2,589,228 Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,815,718 11,769 \u2013 \u2013 2,827,487 Standard grade 1,318,613 166,392 \u2013 \u2013 1,485,005 Low grade 369,056 176,236 \u2013 7,131 552,423 Not rated 430,925 20,536 3,524 \u2013 454,985 Defaulted Non-performing \u2013 \u2013 212,134 10,883 223,017 Other \u2013 \u2013 11,267 \u2013 11,267 Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184 Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,751,165 67,134 \u2013 2,163 2,820,462 Standard grade 616,665 84,564 \u2013 4,284 705,513 Low grade 112,440 106,454 \u2013 5,083 223,977 Not rated 149,099 1,818 \u2013 \u2013 150,917 Defaulted Non-performing \u2013 \u2013 31,140 3,767 34,907 Other \u2013 \u2013 73,374 12,908 86,282 Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058 Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,733,636 103,160 \u2013 308 1,837,104 Standard grade 932,109 90,631 \u2013 1,588 1,024,328 Low grade 108,045 69,942 \u2013 561 178,548 Not rated 506,359 29,740 11 \u2013 536,110 Defaulted Non-performing \u2013 \u2013 115,794 2,125 117,919 Other \u2013 \u2013 35,694 2,053 37,747 Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756 Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,415,629 23,339 \u2013 858 1,439,826 Standard grade 758,684 54,826 \u2013 1,640 815,150 Low grade 272,104 135,897 \u2013 2,259 410,260 Not rated 189,021 964 267 \u2013 190,252 Defaulted Non-performing \u2013 \u2013 41,757 1,141 42,898 Other \u2013 \u2013 65,618 17,301 82,919 Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 58,481 295 \u2013 \u2013 58,776 Standard grade 41,990 2,606 \u2013 \u2013 44,596 Low grade 19,639 7,215 \u2013 \u2013 26,854 Not rated 32,677 \u2013 \u2013 \u2013 32,677 Defaulted Non-performing \u2013 \u2013 1,003 \u2013 1,003 Other \u2013 \u2013 1,511 \u2013 1,511 Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417 Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total High grade 8,585 3,221 \u2013 \u2013 11,806 Standard grade 8,337 2,733 \u2013 \u2013 11,070 Low grade 8,515 5,850 \u2013 \u2013 14,365 Not rated 55,737 5,780 \u2013 \u2013 61,517 Defaulted Non-performing \u2013 \u2013 605 \u2013 605 Other \u2013 \u2013 16,007 9,582 25,589 Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952 Accounts receivable Stage 1 Total Not rated 6,097 6,097 Balance at 31 December 2021 6,097 6,097 Other financial assets Stage 1 Total Not rated 52,575 52,575 Balance at 31 December 2021 52,575 52,575 Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total High grade 307,607 24,337 \u2013 \u2013 331,944 Standard grade 91,528 7,799 \u2013 \u2013 99,327 Low grade 58,376 3,334 \u2013 \u2013 61,710 Not rated 1,193,179 9 \u2013 \u2013 1,193,188 Defaulted Other \u2013 \u2013 744 \u2013 744 Balance at 31 December 2021 1,650,690 35,479 744 \u2013 1,686,913 Letters of credit Stage 1 Stage 2 Stage 3 POCI Total High grade 67,925 \u2013 \u2013 \u2013 67,925 Standard grade 1,743 \u2013 \u2013 \u2013 1,743 Low grade 410 \u2013 \u2013 \u2013 410 Not rated 1,598 \u2013 \u2013 \u2013 1,598 Balance at 31 December 2021 71,676 \u2013 \u2013 \u2013 71,676 Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total High grade 581,310 1,415 \u2013 \u2013 582,725 Standard grade 121,376 3,011 \u2013 \u2013 124,387 Low grade 12,986 4,561 \u2013 \u2013 17,547 Not rated 83,653 240 9 \u2013 83,902 Defaulted Non-performing \u2013 \u2013 5 \u2013 5 Other \u2013 \u2013 909 6 915 Balance at 31 December 2021 799,325 9,227 923 6 809,481 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued Cash and cash equivalents, excluding cash on hand Stage 1 Total High grade 1,077,536 1,077,536 Standard grade 98,062 98,062 Low grade 87,355 87,355 Not rated 4,614 4,614 Balance at 31 December 2020 1,267,567 1,267,567 Amounts due from credit institutions Stage 1 Total Standard grade 1,986,932 1,986,932 Not rated 29,473 29,473 Balance at 31 December 2020 2,016,405 2,016,405 Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Total High grade 1,010,177 1,010,177 Standard grade 1,414,785 1,414,785 Low grade 11,003 11,003 Not rated 107,929 107,929 Balance at 31 December 2020 2,543,894 2,543,894 Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,801,003 41,693 \u2013 \u2013 1,842,696 Standard grade 1,343,887 110,608 \u2013 \u2013 1,454,495 Low grade 361,573 194,295 \u2013 7,402 563,270 Not rated 984,615 35,522 \u2013 \u2013 1,020,137 Defaulted Non-performing \u2013 \u2013 236,992 974 237,966 Other \u2013 \u2013 4,829 \u2013 4,829 Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393 Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,521,205 108,883 \u2013 1,283 2,631,371 Standard grade 534,592 102,058 \u2013 4,390 641,040 Low grade 111,250 101,843 \u2013 4,968 218,061 Not rated 120,797 1,431 \u2013 \u2013 122,228 Defaulted Non-performing \u2013 \u2013 110,378 6,056 116,434 Other \u2013 \u2013 58,098 9,152 67,250 Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384 Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,278,947 151,938 \u2013 409 1,431,294 Standard grade 834,885 135,345 \u2013 309 970,539 Low grade 96,053 86,728 \u2013 1,987 184,768 Not rated 439,222 65,394 \u2013 11 504,627 Defaulted Non-performing \u2013 \u2013 144,323 706 145,029 Other \u2013 \u2013 33,148 49 33,197 Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,041,103 31,976 \u2013 412 1,073,491 Standard grade 514,395 51,890 \u2013 965 567,250 Low grade 150,067 109,522 \u2013 2,388 261,977 Not rated 198,617 978 \u2013 \u2013 199,595 Defaulted Non-performing \u2013 \u2013 66,765 1,619 68,384 Other \u2013 \u2013 34,185 3,131 37,316 Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013 Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 31,764 262 \u2013 \u2013 32,026 Standard grade 42,352 703 \u2013 \u2013 43,055 Low grade 21,929 2,914 \u2013 \u2013 24,843 Not rated 1,730 \u2013 \u2013 \u2013 1,730 Defaulted Non-performing \u2013 \u2013 406 \u2013 406 Other \u2013 \u2013 1,324 \u2013 1,324 Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384 Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total High grade 12,756 7,605 \u2013 \u2013 20,361 Standard grade 8,673 17,403 \u2013 \u2013 26,076 Low grade 201 12,767 \u2013 \u2013 12,968 Not rated 45,716 15,501 \u2013 \u2013 61,217 Defaulted Non-performing \u2013 \u2013 3,595 \u2013 3,595 Other \u2013 \u2013 15,155 \u2013 15,155 Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372 Accounts receivable Stage 1 Total Not rated 4,935 4,935 Balance at 31 December 2020 4,935 4,935 Other financial assets Stage 1 Total Not rated 40,219 40,219 Balance at 31 December 2020 40,219 40,219 Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total High grade 160,612 7,628 \u2013 \u2013 168,240 Standard grade 40,554 7,414 \u2013 \u2013 47,968 Low grade 39,485 5,250 \u2013 \u2013 44,735 Not rated 1,198,042 6 \u2013 \u2013 1,198,048 Defaulted Other \u2013 \u2013 31,037 \u2013 31,037 Balance at 31 December 2020 1,438,693 20,298 31,037 \u2013 1,490,028 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued Letters of credit Stage 1 Stage 2 Stage 3 POCI Total High grade 49,162 \u2013 \u2013 \u2013 49,162 Standard grade 10,970 \u2013 \u2013 \u2013 10,970 Low grade 261 \u2013 \u2013 \u2013 261 Not rated 58,698 \u2013 \u2013 \u2013 58,698 Defaulted Other \u2013 \u2013 5,940 \u2013 5,940 Balance at 31 December 2020 119,091 \u2013 5,940 \u2013 125,031 Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total High grade 450,119 2,683 \u2013 \u2013 452,802 Standard grade 62,708 878 \u2013 \u2013 63,586 Low grade 15,682 14,740 \u2013 \u2013 30,422 Not rated 136,726 799 \u2013 \u2013 137,525 Defaulted Other \u2013 \u2013 1,198 \u2013 1,198 Balance at 31 December 2020 665,235 19,100 1,198 \u2013 685,533 Types of collateral the Group accepts include real estate, movable properties as well as financial assets (deposits, shares and guarantees) and other registered liens. Measurement and processing of collateral is governed by generally acceptable standards and collateral-specific instructions. These transactions are structured under legally verified standard agreements where the pledges are secured through public registry where eligible. The following table shows the ratio of the loan portfolio to the market value of collateral held by the Group in respect of the portfolio. As at 31 December 2022, up to 78.6% of the collateral held has been revalued within the last two years (2021: 76.0%, 2020: 76.2%). For residential mortgage loans, in cases where the collateral for a loan may not be officially registered until its construction is complete, respective loan is shown as unsecured, even though it is usually secured by the corporate guarantee of the construction company. 29. Risk management continued Credit risk continued Credit quality per class of financial assets continued As at 31 December 2022 Total gross carrying amount Unsecured Loan-to-value % Less than 50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400% More than 400% Commercial loans 5,315,666 714,675 1,037,528 900,866 158,713 245,750 1,243,415 340,917 70,694 603,108 ECL coverage 1.72% 2.79% 0.56% 1.18% 0.82% 1.56% 3.14% 1.18% 1.31% 1.01% Residential mortgage loans 4,193,204 120,439 981,034 1,859,064 532,412 441,719 230,274 8,114 2,665 17,483 ECL coverage 0.72% 2.45% 0.01% 0.38% 1.00% 1.45% 3.07% 4.42% 1.43% 4.06% Micro and SME loans 3,825,663 405,004 885,724 966,056 278,684 280,462 800,119 73,083 30,447 106,084 ECL coverage 1.66% 4.73% 0.02% 0.41% 0.92% 1.48% 2.92% 3.42% 4.59% 5.88% Consumer loans 3,602,054 1,794,035 629,846 694,153 217,045 174,755 83,286 4,926 1,196 2,812 ECL coverage 3.76% 6.79% 0.03% 0.51% 1.36% 1.59% 4.58% 7.69% 0.92% 1.53% Gold \u2013 pawn loans 164,554 1 8,589 58,481 94,082 2,044 1,338 \u2013 \u2013 19 ECL coverage 3.31% N/A 50.54% 0.07% 0.30% 13.65% 35.87% N/A N/A 84.21% Loans to customers at amortised cost, gross 17,101,141 3,034,154 3,542,721 4,478,620 1,280,936 1,144,730 2,358,432 427,040 105,002 729,506 As at 31 December 2021 Total gross carrying amount Unsecured Loan-to-value % Less than 50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400% More than 400% Commercial loans 5,554,184 670,741 474,531 1,396,633 167,960 238,995 1,193,148 814,879 197,306 399,991 ECL coverage 2.87% 1.51% 1.43% 0.69% 1.04% 2.71% 2.50% 10.60% 1.87% 1.17% Residential mortgage loans 4,022,058 94,513 715,692 1,556,323 651,029 519,179 440,231 11,085 4,739 29,267 ECL coverage 0.82% 4.19% 0.02% 0.09% 0.66% 1.19% 3.41% 9.24% 2.15% 3.32% Micro and SME loans 3,731,756 429,366 725,310 933,874 272,270 328,758 835,894 90,748 34,841 80,695 ECL coverage 1.99% 5.89% 0.10% 0.27% 0.66% 1.65% 3.11% 4.59% 2.43% 9.47% Consumer loans 2,981,305 1,560,864 443,343 514,287 178,141 143,989 132,295 3,634 731 4,021 ECL coverage 4.56% 8.07% 0.07% 0.36% 1.02% 1.43% 2.67% 11.23% 2.60% 3.13% Gold \u2013 pawn loans 165,417 1 4,182 37,427 118,095 4,568 1,128 \u2013 \u2013 16 ECL coverage 1.25% N/A 0.02% 4.83% 0.09% 2.47% 2.48% N/A N/A 75.00% Loans to customers at amortised cost, gross 16,454,720 2,755,485 2,363,058 4,438,544 1,387,495 1,235,489 2,602,696 920,346 237,617 513,990 As at 31 December 2020 Total gross carrying amount Unsecured Loan-to-value % Less than 50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400% More than 400% Commercial loans 5,123,393 499,548 635,950 1,147,875 114,903 146,474 1,018,590 147,898 750,360 661,795 ECL coverage 3.49% 3.10% 0.45% 1.14% 5.01% 8.62% 9.36% 6.17% 2.48% 0.87% Residential mortgage loans 3,796,384 90,628 972,294 1,896,005 438,750 200,236 129,234 9,315 2,236 57,686 ECL coverage 1.28% 3.19% 0.03% 0.77% 2.59% 3.55% 7.87% 4.64% 3.31% 2.86% Micro and SME loans 3,269,454 353,143 919,622 938,206 264,999 217,848 494,492 38,622 7,581 34,941 ECL coverage 3.13% 10.74% 0.10% 1.12% 2.08% 5.71% 5.30% 7.79% 13.78% 13.82% Consumer loans 2,208,013 1,118,714 460,494 436,194 90,076 48,783 49,946 1,055 640 2,111 ECL coverage 5.15% 9.38% 0.13% 1.01% 2.36% 0.71% 2.66% 4.83% 1.72% 1.94% Gold \u2013 pawn loans 103,384 \u2013 3,340 23,313 72,392 1,748 2,576 2 \u2013 13 ECL coverage 0.22% N/A 0.09% 0.06% 0.20% 2.06% 0.78% 0.00% N/A 76.92% Loans to customers at amortised cost, gross 14,500,628 2,062,033 2,991,700 4,441,593 981,120 615,089 1,694,838 196,892 760,817 756,546 29. Risk management continued Credit risk continued Carrying amount per class of financial assets whose terms have been renegotiated During the year, the Group modified the contractual cash flows on certain loans and advances to customers. All such loans had previously been transferred to at least Stage 2, with a loss allowance measured at an amount equal to lifetime ECL. The following table provides information on financial assets that were modified while they had a loss allowance measured at an amount equal to lifetime ECL: Financial assets modified during 2022: Amortised cost before modification Net gain/(loss) arising from modification Commercial loans 621,067 2,169 Residential mortgage loans 73,863 (3,081) Micro and SME loans 173,382 (2,524) Consumer loans 305,726 (25,835) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 1,174,038 (29,271) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 1,174,038 (29,271) Financial assets modified during 2021: Amortised cost before modification Net gain/(loss) arising from modification Commercial loans 437,979 388 Residential mortgage loans 132,638 530 Micro and SME loans 243,217 (4,185) Consumer loans 271,896 (9,446) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 1,085,730 (12,713) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 1,085,730 (12,713) Financial assets modified during 2020: Amortised cost before modification Net gain/(loss) arising from modification Commercial loans 117,119 83 Residential mortgage loans 364,619 (34) Micro and SME loans 347,449 (3,347) Consumer loans 347,562 (4,625) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 1,176,749 (7,923) Finance lease receivables 52,188 (1,172) Total loans to customers and finance lease receivables 1,228,937 (9,095) The gross carrying value of loans that have previously been modified (when they were in Stage 2 or 3) which are now categorised as Stage 1, with loss allowance measured at an amount equal to 12 months expected losses, are shown in the table below: Financial assets modified since initial recognition, as at 31 December 2022 Gross carrying amount Corresponding ECL Commercial loans 10,100 (24) Residential mortgage loans 72,919 (104) Micro and SME loans 40,925 (129) Consumer loans 19,482 (204) Loans to customers 143,426 (461) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 143,426 (461) 29. Risk management continued Credit risk continued Carrying amount per class of financial assets whose terms have been renegotiated continued Financial assets modified since initial recognition, as at 31 December 2021 Gross carrying amount Corresponding ECL Commercial loans 19,521 (121) Residential mortgage loans 81,892 (231) Micro and SME loans 35,301 (347) Consumer loans 25,063 (633) Loans to customers 161,777 (1,332) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 161,777 (1,332) Financial assets modified since initial recognition, as at 31 December 2020 Gross carrying amount Corresponding ECL Commercial loans 14,952 (1) Residential mortgage loans 100,079 (444) Micro and SME loans 68,748 (1,023) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 226,187 (3,430) Finance lease receivables 717 (3) Total loans to customers and finance lease receivables 226,904 (3,433) The geographical concentration of the Group\u2019s assets and liabilities is set out below: 2022 Georgia OECD CIS and other foreign countries Total Assets: Cash and cash equivalents 1,508,225 1,453,844 622,774 3,584,843 Amounts due from credit institutions 2,358,551 54,175 20,302 2,433,028 Investment securities 1,798,172 2,436,465 115,092 4,349,729 Loans to customers and finance lease receivables 16,339,883 \u2013 521,823 16,861,706 All other assets 1,473,703 120,271 78,620 1,672,594 23,478,534 4,064,755 1,358,611 28,901,900 Liabilities: Client deposits and notes 13,017,449 966,722 4,277,226 18,261,397 Amounts owed to credit institutions 2,622,787 2,142,083 501,783 5,266,653 Debt securities issued 312,053 333,915 \u2013 645,968 Lease Liability 101,402 \u2013 13,068 114,470 All other liabilities 275,030 81,893 7,667 364,590 16,328,721 3,524,613 4,799,744 24,653,078 Net balance sheet position 7,149,813 540,142 (3,441,133) 4,248,822 29. Risk management continued Credit risk continued Carrying amount per class of financial assets whose terms have been renegotiated continued 2021 2020 Georgia OECD CIS and other foreign countries Total Georgia OECD CIS and other foreign countries Total Assets: Cash and cash equivalents 836,325 419,324 264,913 1,520,562 742,844 985,848 242,263 1,970,955 Amounts due from credit institutions 1,922,671 \u2013 8,719 1,931,390 1,995,963 \u2013 20,042 2,016,005 Investment securities 1,477,367 970,901 147,396 2,595,664 1,421,642 939,964 182,791 2,544,397 Loans to customers and finance lease receivables 15,524,427 \u2013 644,546 16,168,973 13,504,237 \u2013 687,841 14,192,078 All other assets 977,703 178,765 57,019 1,213,487 1,020,701 247,355 44,429 1,312,485 20,738,493 1,568,990 1,122,593 23,430,076 18,685,387 2,173,167 1,177,366 22,035,920 Liabilities: Client deposits and notes 11,180,811 894,192 1,962,999 14,038,002 11,211,760 875,634 1,932,815 14,020,209 Amounts owed to credit institutions 1,609,565 2,619,885 88,995 4,318,445 872,239 2,393,872 69,855 3,335,966 Debt securities issued 450,155 1,061,203 7,327 1,518,685 102,104 1,449,374 34,067 1,585,545 Lease Liability 84,875 \u2013 2,787 87,662 91,217 \u2013 4,418 95,635 All other liabilities 309,068 55,291 10,015 374,374 178,246 246,109 24,295 448,650 13,634,474 4,630,571 2,072,123 20,337,168 12,455,566 4,964,989 2,065,450 19,486,005 Net balance sheet position 7,104,019 (3,061,581) (949,530) 3,092,908 6,229,821 (2,791,822) (888,084) 2,549,915 Liquidity risk and funding management Liquidity risk is the risk that the Group will be unable to meet its payment obligations when they fall due under normal and stress circumstances. To limit this risk, management has arranged diversified funding sources in addition to its core deposit base, manages assets with liquidity in mind, and monitors future cash flows and liquidity on a regular basis. This incorporates an assessment of expected cash flows and the availability of high-grade collateral which could be used to secure additional funding if required. The Group maintains a portfolio of highly marketable and diverse assets that can be easily liquidated in the event of an unforeseen interruption of cash flow. The Group also has committed lines of credit that it can access to meet liquidity needs. In addition, the Group maintains a cash deposit (obligatory reserve) with the NBG, the amount of which depends on the level of customer funds attracted. The liquidity position is assessed and managed by the Group primarily on a standalone Bank basis, based on certain liquidity ratios established by the NBG. Banks are required to maintain a liquidity coverage ratio, which is defined as the ratio of high-quality liquid assets to net cash outflow over the next 30 days. The order requires that, absent a stress-period, the value of the ratio be no lower than 100%. The liquidity coverage ratio as at 31 December 2022 was 132.4% (2021: 124.0%, 2020: 138.6%). The Bank holds a comfortable buffer on top of Net Stable Funding Ratio (NSFR) requirement of 100%, which came into effect on 1 September 2019. A solid buffer over NSFR provides stable funding sources over a longer time span. This approach is designed to ensure that the funding framework is sufficiently flexible to secure liquidity under a wide range of market conditions. NSFR as at 31 December 2022 was 131.9%, (2021: 132.5%, 2020: 137.5%), all comfortably above the NBG\u2019s minimum regulatory requirements. The Group also matches the maturity of financial assets and financial liabilities and regularly monitors negative gaps compared with the Bank\u2019s standalone total regulatory capital calculated per NBG regulation. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted repayment obligations. Repayments that are subject to notice are treated as if notice were to be given immediately. However, the Group expects that many customers will not request repayment on the earliest date the Bank could be required to pay, and the table does not reflect the expected cash flows indicated by the Bank\u2019s deposit retention history. 29. Risk management continued Liquidity risk and funding management continued Financial liabilities, as at 31 December 2022 Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total Client deposits and notes 8,278,805 8,366,525 1,946,856 342,592 18,934,778 Amounts owed to credit institutions 3,300,204 623,612 1,310,937 654,002 5,888,755 Debt securities issued 7,843 343,014 411,265 \u2013 762,122 Lease liability 7,633 22,444 77,028 16,756 123,861 Derivative financial liabilities 43,876 14,401 743 \u2013 59,020 Other liabilities 98,779 455 319 118 99,671 Total undiscounted financial liabilities 11,737,140 9,370,451 3,747,148 1,013,468 25,868,207 Financial liabilities, as at 31 December 2021 Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total Client deposits and notes 5,301,533 7,317,413 1,657,540 352,824 14,629,310 Amounts owed to credit institutions 1,815,989 628,686 1,870,941 610,949 4,926,565 Debt securities issued 37,678 310,707 1,432,079 \u2013 1,780,464 Lease liability 6,145 16,729 66,981 10,992 100,847 Derivative financial liabilities 3,206 2,972 1,687 \u2013 7,865 Other liabilities 174,322 816 328 18 175,484 Total undiscounted financial liabilities 7,338,873 8,277,323 5,029,556 974,783 21,620,535 Financial liabilities, as at 31 December 2020 Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total Client deposits and notes 5,974,433 6,593,251 1,651,120 353,414 14,572,218 Amounts owed to credit institutions 982,039 811,129 1,553,898 558,866 3,905,932 Debt securities issued 72,994 143,409 1,408,547 345,886 1,970,836 Lease liability 6,342 19,057 69,248 21,751 116,398 Derivative financial liabilities 92,554 130,785 24,181 \u2013 247,520 Other liabilities 75,519 2,525 6,656 102 84,802 Total undiscounted financial liabilities 7,203,881 7,700,156 4,713,650 1,280,019 20,897,706 The table below shows the contractual expiry by maturity of the Group\u2019s financial commitments and contingencies. Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total 31 December 2022 1,280,906 625,011 778,275 30,294 2,714,486 31 December 2021 1,010,650 663,865 885,895 17,546 2,577,956 31 December 2020 857,416 492,293 933,097 27,436 2,310,242 The Group expects that not all guarantees or commitments will be drawn before expiry of the commitment. The maturity analysis does not reflect the historical stability of current accounts. Their liquidation has historically taken place over a longer period than indicated in the tables above. These balances are included in amounts due in less than three months in the tables above. Perpetual Tier 1 capital notes are presented in \u2018Over 5 years\u2019 category given the fact that management does not consider them to be covered earlier than that. Market risk Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, foreign exchanges, and equity prices. The Group classifies exposures to market risk into either trading or non-trading portfolios. Trading and non-trading positions are managed and monitored using sensitivity analysis. 29. Risk management continued Market risk continued Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, on the Group\u2019s consolidated income statement. The sensitivity of the consolidated income statement is the effect of the assumed changes in interest rates on the net interest income for the year, based on the floating rate non-trading financial assets and financial liabilities held at 31 December 2022. Changes in basis points are calculated as standard deviations of daily changes in floating rates over the last month multiplied by respective floating rates. During the years ended 31 December 2022, 2021 and 2020, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity. 2022 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 14 2,432 1,348 EUR 24 3,732 107 USD 21 1,624 1,022 2022 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 14 (2,432) (1,348) EUR 24 (3,732) (107) USD 21 (1,624) (1,022) 2021 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 53 6,733 5,516 EUR 2 238 \u2013 USD 5 355 \u2013 2021 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 53 (6,733) (5,516) EUR 2 (238) \u2013 USD 5 (355) \u2013 2020 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 15 1,427 1,452 EUR 2 242 \u2013 USD 3 13 \u2013 2020 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 15 (1,427) (1,452) EUR 2 (242) \u2013 USD 3 (13) \u2013 29. Risk management continued Market risk continued Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Management Board has set limits on positions by currency based on the NBG regulations. Positions are monitored daily. The tables below indicate the currencies to which the Group had significant exposure at 31 December 2022 on its monetary assets and liabilities. The analysis calculates the effect of a reasonably possible movement of the currency rate against the Georgian Lari, with all other variables held constant on the income statement. The reasonably possible movement of the currency rate against the Georgian Lari is calculated as a standard deviation of daily changes in exchange rates over the 12 months. A negative amount in the table reflects a potential net reduction in income statement or equity, while a positive amount reflects a net potential increase. During the years ended 31 December 2022, 31 December 2021 and 31 December 2020, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity. Currency 2022 2021 2020 Change in currency rate in % Effect on profit before tax Change in currency rate in % Effect on profit before tax Change in currency rate in % Effect on profit before tax EUR 13.4% 1,251 8.6% 209 15.1% 2,527 USD 10.9% 806 6.4% 1,027 13.0% 3,049 Prepayment risk Prepayment risk is the risk that the Group will incur a financial loss because its customers and counterparties repay or request repayment earlier than expected, such as fixed rate mortgages when interest rates fall, or other credit facilities, for similar reasons. The Group calculates the effect of early repayments by calculating the weighted average rates of early repayments across each loan product individually, applying these historical rates to the outstanding carrying amount of respective products as at the reporting date and multiplying by the weighted average effective annual interest rates for each product. The model does not make a distinction between different reasons for repayment (e.g. relocation, refinancing or renegotiation) and takes into account the effect of any prepayment penalties on the Group\u2019s income. The estimated effect of prepayment risk on net interest income of the Group for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, is as follows: Effect on net interest income 2022 (51,899) 2021 (52,552) 2020 (40,748) Operational risk Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to perform, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Group cannot expect to eliminate all operational risks, but through a control framework and by monitoring and responding to potential risks, the Group is able to manage the risks. Controls include effective segregation of duties, access, authorisation and reconciliation procedures, staff education and assessment processes, including the use of Internal Audit. Operating environment Most of the Group\u2019s business is concentrated in Georgia. As an emerging market, Georgia does not possess a well-developed business and regulatory infrastructure that would generally exist in a more mature market economy. Operations in Georgia may involve risks that are not typically associated with those in developed markets (including the risk that the Georgian Lari is not freely convertible outside the country, and that Georgia has undeveloped debt and equity markets). However, over the last few years the Georgian Government has made a number of developments that positively affect the overall investment climate of the country, specifically implementing the reforms necessary to create banking, judicial, taxation and regulatory systems. This includes the adoption of a new body of legislation (including a new tax code and procedural laws). In the view of the Board, these steps contribute to mitigating the risks of doing business in Georgia. The existing tendency aimed at the overall improvement of the business environment is expected to persist. The future stability of the Georgian economy is largely dependent upon these reforms and developments, and the effectiveness of economic, financial and monetary measures undertaken by the Government. However, the Georgian economy is vulnerable to market downturns and economic slowdowns elsewhere in the world. 29. Risk management continued Emerging risks Information compiled from all the businesses is examined and processed in order to analyse, control and identify emerging risks. The Group has identified climate risk as an emerging risk. Climate-related risk is the risk of financial loss and/or damage to the Group\u2019s reputation as a result of accelerating transition to a lower-carbon economy as well as the materialisation of actual physical damage as a result of acute or chronic weather events. Among other things, transitional and physical risks may impact the performance and financial position of our customers and their ability to repay their loans. The Bank conducted a qualitative analysis to understand how, under different scenarios, the transition and physical effects of climate change can drive credit, liquidity, capital, market, operational and reputational risk for the Bank over \u2018short-term\u2019 (i.e. one to two years) to \u2018very long-term\u2019 (i.e. over eight years) time horizons. Risks are perceived to be low over the coming years. However, reputational risks can occur if our climate action lacks ambition and credibility. Moreover, the Bank conducted a qualitative analysis of the transition and physical risks for the sectors in which our corporate and MSME clients are active. The results of this analysis showed that although both strong climate policy (transition risks) and untamed climate change (physical risks) can negatively affect borrowers\u2019 repayment capacity and value of collateral in the future (from 2030 and beyond), risks over the next years are expected to be low for our commercial portfolio and are not likely to affect current expectations of credit loss. We thus do not currently consider the impacts of climate change in individual clients\u2019 credit risk assessment. However, we have started collecting data from clients to refine our assessment of their climate-related risks as part of standard due diligence. Transition and physical risks for retail clients still have to be assessed. Overall, many of the effects of climate change will be longer term in nature, with an inherent level of uncertainty, and have no effect on accounting judgements and estimates for the current period. As a result, there are no additional notes provided in the financial statements. Potential impacts of climate-related risks will be subject to further analysis in the future. The Group acknowledges climate change risk as an emerging risk. For further details please refer to principal risks and uncertainties on page 81. The Group has described climate-related risks in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations in the climate-related disclosures on pages 103 to 117. ",
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"fact-739": {
"value": "Credit risk Credit risk is the risk that the Group will incur a loss because its customers fail to discharge their contractual obligations. The Group manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties and for geographical, industry, product and currency concentrations, and by monitoring exposures in relation to such limits. The Group has established a credit quality review process to provide early identification of possible changes in the creditworthiness of counterparties, including regular collateral revisions. Counterparty limits are established by the use of a credit risk classification system, which assigns each counterparty a risk rating. Risk ratings are subject to regular revision. The credit quality review process allows the Group to assess the potential loss as a result of the risks to which it is exposed and take corrective action. The maximum credit exposure is limited to the carrying value of respective instruments and notional amounts of guarantees and commitments provided. Derivative financial instruments Credit risk arising from derivative financial instruments is, at any time, limited to those with positive fair values, as recorded in the statement of financial position. Credit-related commitment risks The Group makes available to its customers guarantees and letters of credit which may require that the Group make payments on their behalf. Such payments are collected from customers based on the terms of the guarantee and letter of credit. They expose the Group to similar risks to loans and these are mitigated by the same control processes and policies. Credit risk continued Credit quality per class of financial assets The credit quality of financial assets is managed by the Group through internal and external credit ratings used in ECL calculations. For corporate loan portfolios, the Group runs an internal rating model in which its customers are rated from 1 to 7 using internal grades. The models incorporate both qualitative and quantitative information and, in addition to information specific to each borrower, utilising supplemental external information that could affect the borrower\u2019s behaviour. It is the Group\u2019s policy to maintain accurate and consistent risk ratings across the credit portfolio. This facilitates focused management of the applicable risks and the comparison of credit exposures across all lines of business, geographic regions and products. The rating system is supported by a variety of financial analytics to provide the main inputs for the measurement of counterparty risk. All internal risk ratings are tailored to the various categories and are derived in accordance with the Group\u2019s rating policy. Attributable risk ratings are assessed and updated regularly. For Retail, Micro and SME loans, the Group uses external ratings provided by Credit Bureau. The Group\u2019s treasury, trading and inter-bank relationships and counterparties comprise financial services institutions, banks and broker-dealers. For these, where external ratings provided by rating agencies are available, the Group Credit Risk department uses such external ratings. For those where external ratings are not available internal ratings are assigned. The table below shows internal and external grades used in ECL calculating. Internal rating description* Internal rating grades External rating grades Credit Bureau Standard & Poor\u2019s High grade Aaa 1 A AAA Aa1 2+ B AA+ Aa2 2 C1 AA Aa3 2- C2 AA- A1 3+ C3 A+ A2 3 A A3 3- A- Baa1 4+ BBB+ Baa2 4 BBB Baa3 4- BBB- Standard grade Ba1 5+ D1 BB+ Ba2 5 D2 BB Ba3 5- D3 BB- B1 6+ B+ B2 6 B Low grade B3 6- E1 B- Caa1 7+ E2 CCC+ Caa2 7 E3 CCC Caa3 7- CCC- Ca CC C * Grades are not supposed to be linked to each other across the rating categories above. Credit risk continued Credit quality per class of financial assets continued The table below shows the credit quality by class of asset in the statement of financial position, presented in gross amounts, based on the Group\u2019s credit rating system. A defaulted financial asset that is past due more than 90 days is assessed as a non-performing loan or as determined on individual basis based on other available information regarding financial difficulties of the borrower. Cash and cash equivalents, excluding cash on hand Stage 1 Total High grade 1,372,649 1,372,649 Standard grade 610,846 610,846 Low grade 18,466 18,466 Not rated 531,178 531,178 Balance at 31 December 2022 2,533,139 2,533,139 Amounts due from credit institutions Stage 1 Total High grade 2,396,898 2,396,898 Standard grade 11,871 11,871 Low grade \u2013 \u2013 Not rated 29,577 29,577 Balance at 31 December 2022 2,438,346 2,438,346 Investment securities measured at amortised cost \u2013 debt instruments Stage 1 Total High grade 129,670 129,670 Standard grade 197,658 197,658 Not rated 54,407 54,407 Balance at 31 December 2022 381,735 381,735 Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Stage 3 Total High grade 2,337,628 \u2013 2,337,628 Standard grade 1,546,907 \u2013 1,546,907 Low grade \u2013 \u2013 \u2013 Not rated 76,381 1,619 78,000 Balance at 31 December 2022 3,960,916 1,619 3,962,535 Credit risk continued Credit quality per class of financial assets continued Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,484,436 78,817 \u2013 \u2013 2,563,253 Standard grade 1,466,457 123,274 \u2013 310 1,590,041 Low grade 238,808 391,875 \u2013 1,187 631,870 Not rated 322,120 17,341 3,605 \u2013 343,066 Defaulted Non-performing \u2013 \u2013 169,661 14,453 184,114 Other \u2013 \u2013 3,322 \u2013 3,322 Balance at 31 December 2022 4,511,821 611,307 176,588 15,950 5,315,666 Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 3,020,624 22,479 \u2013 4,103 3,047,206 Standard grade 657,117 37,241 \u2013 4,446 698,804 Low grade 107,484 108,764 \u2013 3,402 219,650 Not rated 140,681 1,082 \u2013 \u2013 141,763 Defaulted Non-performing \u2013 \u2013 53,073 13,650 66,723 Other \u2013 \u2013 16,584 2,474 19,058 Balance at 31 December 2022 3,925,906 169,566 69,657 28,075 4,193,204 Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,026,620 43,580 \u2013 347 2,070,547 Standard grade 1,022,762 67,959 \u2013 361 1,091,082 Low grade 145,066 75,782 \u2013 45 220,893 Not rated 281,391 13,142 10 207 294,750 Defaulted Non-performing \u2013 \u2013 135,965 1,658 137,623 Other \u2013 \u2013 10,542 226 10,768 Balance at 31 December 2022 3,475,839 200,463 146,517 2,844 3,825,663 Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,003,630 13,253 \u2013 2,412 2,019,295 Standard grade 872,122 39,737 \u2013 1,763 913,622 Low grade 202,919 159,751 \u2013 2,021 364,691 Not rated 164,520 1,134 103 \u2013 165,757 Defaulted Non-performing \u2013 \u2013 70,885 11,279 82,164 Other \u2013 \u2013 51,004 5,521 56,525 Balance at 31 December 2022 3,243,191 213,875 121,992 22,996 3,602,054 Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 61,635 195 \u2013 \u2013 61,830 Standard grade 43,456 1,077 \u2013 \u2013 44,533 Low grade 39,509 7,339 \u2013 \u2013 46,848 Not rated 2,925 2 493 \u2013 3,420 Defaulted Non-performing \u2013 \u2013 1,318 \u2013 1,318 Other \u2013 \u2013 6,605 \u2013 6,605 Balance at 31 December 2022 147,525 8,613 8,416 \u2013 164,554 Credit risk continued Credit quality per class of financial assets continued Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total High grade 17,702 4,495 \u2013 \u2013 22,197 Standard grade \u2013 694 \u2013 \u2013 694 Low grade \u2013 \u2013 \u2013 \u2013 \u2013 Not rated 41,829 1,262 5,101 \u2013 48,192 Defaulted Non-performing \u2013 \u2013 3,814 11,909 15,723 Other \u2013 \u2013 5,240 3,302 8,542 Balance at 31 December 2022 59,531 6,451 14,155 15,211 95,348 Accounts receivable Stage 1 Total Not rated 400,111 400,111 Balance at 31 December 2022 400,111 400,111 Other financial assets Stage 1 Total Not rated 104,107 104,107 Balance at 31 December 2022 104,107 104,107 Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total High grade 1,049,817 103 \u2013 \u2013 1,049,920 Standard grade 241,914 4,357 \u2013 \u2013 246,271 Low grade 223,983 20,097 \u2013 \u2013 244,080 Not rated 163,278 111 \u2013 \u2013 163,389 Other \u2013 \u2013 13,648 \u2013 13,648 Balance at 31 December 2022 1,678,992 24,668 13,648 \u2013 1,717,308 Letters of credit Stage 1 Stage 2 Stage 3 POCI Total High grade 76,091 \u2013 \u2013 \u2013 76,091 Standard grade 39,671 \u2013 \u2013 \u2013 39,671 Not rated 547 \u2013 \u2013 \u2013 547 Balance at 31 December 2022 116,309 \u2013 \u2013 \u2013 116,309 Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total High grade 498,164 306 \u2013 \u2013 498,470 Standard grade 259,919 6,168 \u2013 \u2013 266,087 Low grade 7,719 7,829 \u2013 \u2013 15,548 Not rated 87,136 82 \u2013 1 87,219 Defaulted Non-performing \u2013 \u2013 1,537 1 1,538 Other \u2013 \u2013 199 \u2013 199 Balance at 31 December 2022 852,938 14,385 1,736 2 869,061 Cash and cash equivalents, excluding cash on hand Stage 1 Total High grade 480,889 480,889 Standard grade 78,953 78,953 Low grade 134 134 Not rated 209,548 209,548 Balance at 31 December 2021 769,524 769,524 Amounts due from credit institutions Stage 1 Total Standard grade 1,903,301 1,903,301 Not rated 28,420 28,420 Balance at 31 December 2021 1,931,721 1,931,721 Credit risk continued Credit quality per class of financial assets continued Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Total High grade 1,031,369 1,031,369 Standard grade 1,464,107 1,464,107 Low grade 13,804 13,804 Not rated 79,948 79,948 Balance at 31 December 2021 2,589,228 2,589,228 Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,815,718 11,769 \u2013 \u2013 2,827,487 Standard grade 1,318,613 166,392 \u2013 \u2013 1,485,005 Low grade 369,056 176,236 \u2013 7,131 552,423 Not rated 430,925 20,536 3,524 \u2013 454,985 Defaulted Non-performing \u2013 \u2013 212,134 10,883 223,017 Other \u2013 \u2013 11,267 \u2013 11,267 Balance at 31 December 2021 4,934,312 374,933 226,925 18,014 5,554,184 Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,751,165 67,134 \u2013 2,163 2,820,462 Standard grade 616,665 84,564 \u2013 4,284 705,513 Low grade 112,440 106,454 \u2013 5,083 223,977 Not rated 149,099 1,818 \u2013 \u2013 150,917 Defaulted Non-performing \u2013 \u2013 31,140 3,767 34,907 Other \u2013 \u2013 73,374 12,908 86,282 Balance at 31 December 2021 3,629,369 259,970 104,514 28,205 4,022,058 Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,733,636 103,160 \u2013 308 1,837,104 Standard grade 932,109 90,631 \u2013 1,588 1,024,328 Low grade 108,045 69,942 \u2013 561 178,548 Not rated 506,359 29,740 11 \u2013 536,110 Defaulted Non-performing \u2013 \u2013 115,794 2,125 117,919 Other \u2013 \u2013 35,694 2,053 37,747 Balance at 31 December 2021 3,280,149 293,473 151,499 6,635 3,731,756 Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,415,629 23,339 \u2013 858 1,439,826 Standard grade 758,684 54,826 \u2013 1,640 815,150 Low grade 272,104 135,897 \u2013 2,259 410,260 Not rated 189,021 964 267 \u2013 190,252 Defaulted Non-performing \u2013 \u2013 41,757 1,141 42,898 Other \u2013 \u2013 65,618 17,301 82,919 Balance at 31 December 2021 2,635,438 215,026 107,642 23,199 2,981,305 Credit risk continued Credit quality per class of financial assets continued Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 58,481 295 \u2013 \u2013 58,776 Standard grade 41,990 2,606 \u2013 \u2013 44,596 Low grade 19,639 7,215 \u2013 \u2013 26,854 Not rated 32,677 \u2013 \u2013 \u2013 32,677 Defaulted Non-performing \u2013 \u2013 1,003 \u2013 1,003 Other \u2013 \u2013 1,511 \u2013 1,511 Balance at 31 December 2021 152,787 10,116 2,514 \u2013 165,417 Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total High grade 8,585 3,221 \u2013 \u2013 11,806 Standard grade 8,337 2,733 \u2013 \u2013 11,070 Low grade 8,515 5,850 \u2013 \u2013 14,365 Not rated 55,737 5,780 \u2013 \u2013 61,517 Defaulted Non-performing \u2013 \u2013 605 \u2013 605 Other \u2013 \u2013 16,007 9,582 25,589 Balance at 31 December 2021 81,174 17,584 16,612 9,582 124,952 Accounts receivable Stage 1 Total Not rated 6,097 6,097 Balance at 31 December 2021 6,097 6,097 Other financial assets Stage 1 Total Not rated 52,575 52,575 Balance at 31 December 2021 52,575 52,575 Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total High grade 307,607 24,337 \u2013 \u2013 331,944 Standard grade 91,528 7,799 \u2013 \u2013 99,327 Low grade 58,376 3,334 \u2013 \u2013 61,710 Not rated 1,193,179 9 \u2013 \u2013 1,193,188 Defaulted Other \u2013 \u2013 744 \u2013 744 Balance at 31 December 2021 1,650,690 35,479 744 \u2013 1,686,913 Letters of credit Stage 1 Stage 2 Stage 3 POCI Total High grade 67,925 \u2013 \u2013 \u2013 67,925 Standard grade 1,743 \u2013 \u2013 \u2013 1,743 Low grade 410 \u2013 \u2013 \u2013 410 Not rated 1,598 \u2013 \u2013 \u2013 1,598 Balance at 31 December 2021 71,676 \u2013 \u2013 \u2013 71,676 Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total High grade 581,310 1,415 \u2013 \u2013 582,725 Standard grade 121,376 3,011 \u2013 \u2013 124,387 Low grade 12,986 4,561 \u2013 \u2013 17,547 Not rated 83,653 240 9 \u2013 83,902 Defaulted Non-performing \u2013 \u2013 5 \u2013 5 Other \u2013 \u2013 909 6 915 Balance at 31 December 2021 799,325 9,227 923 6 809,481 Credit risk continued Credit quality per class of financial assets continued Cash and cash equivalents, excluding cash on hand Stage 1 Total High grade 1,077,536 1,077,536 Standard grade 98,062 98,062 Low grade 87,355 87,355 Not rated 4,614 4,614 Balance at 31 December 2020 1,267,567 1,267,567 Amounts due from credit institutions Stage 1 Total Standard grade 1,986,932 1,986,932 Not rated 29,473 29,473 Balance at 31 December 2020 2,016,405 2,016,405 Investment securities measured at FVOCI \u2013 debt instruments Stage 1 Total High grade 1,010,177 1,010,177 Standard grade 1,414,785 1,414,785 Low grade 11,003 11,003 Not rated 107,929 107,929 Balance at 31 December 2020 2,543,894 2,543,894 Commercial loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,801,003 41,693 \u2013 \u2013 1,842,696 Standard grade 1,343,887 110,608 \u2013 \u2013 1,454,495 Low grade 361,573 194,295 \u2013 7,402 563,270 Not rated 984,615 35,522 \u2013 \u2013 1,020,137 Defaulted Non-performing \u2013 \u2013 236,992 974 237,966 Other \u2013 \u2013 4,829 \u2013 4,829 Balance at 31 December 2020 4,491,078 382,118 241,821 8,376 5,123,393 Residential mortgage loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 2,521,205 108,883 \u2013 1,283 2,631,371 Standard grade 534,592 102,058 \u2013 4,390 641,040 Low grade 111,250 101,843 \u2013 4,968 218,061 Not rated 120,797 1,431 \u2013 \u2013 122,228 Defaulted Non-performing \u2013 \u2013 110,378 6,056 116,434 Other \u2013 \u2013 58,098 9,152 67,250 Balance at 31 December 2020 3,287,844 314,215 168,476 25,849 3,796,384 Micro and SME loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,278,947 151,938 \u2013 409 1,431,294 Standard grade 834,885 135,345 \u2013 309 970,539 Low grade 96,053 86,728 \u2013 1,987 184,768 Not rated 439,222 65,394 \u2013 11 504,627 Defaulted Non-performing \u2013 \u2013 144,323 706 145,029 Other \u2013 \u2013 33,148 49 33,197 Balance at 31 December 2020 2,649,107 439,405 177,471 3,471 3,269,454 Credit risk continued Credit quality per class of financial assets continued Consumer loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 1,041,103 31,976 \u2013 412 1,073,491 Standard grade 514,395 51,890 \u2013 965 567,250 Low grade 150,067 109,522 \u2013 2,388 261,977 Not rated 198,617 978 \u2013 \u2013 199,595 Defaulted Non-performing \u2013 \u2013 66,765 1,619 68,384 Other \u2013 \u2013 34,185 3,131 37,316 Balance at 31 December 2020 1,904,182 194,366 100,950 8,515 2,208,013 Gold \u2013 pawn loans at amortised cost Stage 1 Stage 2 Stage 3 POCI Total High grade 31,764 262 \u2013 \u2013 32,026 Standard grade 42,352 703 \u2013 \u2013 43,055 Low grade 21,929 2,914 \u2013 \u2013 24,843 Not rated 1,730 \u2013 \u2013 \u2013 1,730 Defaulted Non-performing \u2013 \u2013 406 \u2013 406 Other \u2013 \u2013 1,324 \u2013 1,324 Balance at 31 December 2020 97,775 3,879 1,730 \u2013 103,384 Finance lease receivables Stage 1 Stage 2 Stage 3 POCI Total High grade 12,756 7,605 \u2013 \u2013 20,361 Standard grade 8,673 17,403 \u2013 \u2013 26,076 Low grade 201 12,767 \u2013 \u2013 12,968 Not rated 45,716 15,501 \u2013 \u2013 61,217 Defaulted Non-performing \u2013 \u2013 3,595 \u2013 3,595 Other \u2013 \u2013 15,155 \u2013 15,155 Balance at 31 December 2020 67,346 53,276 18,750 \u2013 139,372 Accounts receivable Stage 1 Total Not rated 4,935 4,935 Balance at 31 December 2020 4,935 4,935 Other financial assets Stage 1 Total Not rated 40,219 40,219 Balance at 31 December 2020 40,219 40,219 Financial and performance guarantees issued Stage 1 Stage 2 Stage 3 POCI Total High grade 160,612 7,628 \u2013 \u2013 168,240 Standard grade 40,554 7,414 \u2013 \u2013 47,968 Low grade 39,485 5,250 \u2013 \u2013 44,735 Not rated 1,198,042 6 \u2013 \u2013 1,198,048 Defaulted Other \u2013 \u2013 31,037 \u2013 31,037 Balance at 31 December 2020 1,438,693 20,298 31,037 \u2013 1,490,028 Credit risk continued Credit quality per class of financial assets continued Letters of credit Stage 1 Stage 2 Stage 3 POCI Total High grade 49,162 \u2013 \u2013 \u2013 49,162 Standard grade 10,970 \u2013 \u2013 \u2013 10,970 Low grade 261 \u2013 \u2013 \u2013 261 Not rated 58,698 \u2013 \u2013 \u2013 58,698 Defaulted Other \u2013 \u2013 5,940 \u2013 5,940 Balance at 31 December 2020 119,091 \u2013 5,940 \u2013 125,031 Undrawn loan facilities Stage 1 Stage 2 Stage 3 POCI Total High grade 450,119 2,683 \u2013 \u2013 452,802 Standard grade 62,708 878 \u2013 \u2013 63,586 Low grade 15,682 14,740 \u2013 \u2013 30,422 Not rated 136,726 799 \u2013 \u2013 137,525 Defaulted Other \u2013 \u2013 1,198 \u2013 1,198 Balance at 31 December 2020 665,235 19,100 1,198 \u2013 685,533 Types of collateral the Group accepts include real estate, movable properties as well as financial assets (deposits, shares and guarantees) and other registered liens. Measurement and processing of collateral is governed by generally acceptable standards and collateral-specific instructions. These transactions are structured under legally verified standard agreements where the pledges are secured through public registry where eligible. The following table shows the ratio of the loan portfolio to the market value of collateral held by the Group in respect of the portfolio. As at 31 December 2022, up to 78.6% of the collateral held has been revalued within the last two years (2021: 76.0%, 2020: 76.2%). For residential mortgage loans, in cases where the collateral for a loan may not be officially registered until its construction is complete, respective loan is shown as unsecured, even though it is usually secured by the corporate guarantee of the construction company. Credit risk continued Credit quality per class of financial assets continued As at 31 December 2022 Total gross carrying amount Unsecured Loan-to-value % Less than 50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400% More than 400% Commercial loans 5,315,666 714,675 1,037,528 900,866 158,713 245,750 1,243,415 340,917 70,694 603,108 ECL coverage 1.72% 2.79% 0.56% 1.18% 0.82% 1.56% 3.14% 1.18% 1.31% 1.01% Residential mortgage loans 4,193,204 120,439 981,034 1,859,064 532,412 441,719 230,274 8,114 2,665 17,483 ECL coverage 0.72% 2.45% 0.01% 0.38% 1.00% 1.45% 3.07% 4.42% 1.43% 4.06% Micro and SME loans 3,825,663 405,004 885,724 966,056 278,684 280,462 800,119 73,083 30,447 106,084 ECL coverage 1.66% 4.73% 0.02% 0.41% 0.92% 1.48% 2.92% 3.42% 4.59% 5.88% Consumer loans 3,602,054 1,794,035 629,846 694,153 217,045 174,755 83,286 4,926 1,196 2,812 ECL coverage 3.76% 6.79% 0.03% 0.51% 1.36% 1.59% 4.58% 7.69% 0.92% 1.53% Gold \u2013 pawn loans 164,554 1 8,589 58,481 94,082 2,044 1,338 \u2013 \u2013 19 ECL coverage 3.31% N/A 50.54% 0.07% 0.30% 13.65% 35.87% N/A N/A 84.21% Loans to customers at amortised cost, gross 17,101,141 3,034,154 3,542,721 4,478,620 1,280,936 1,144,730 2,358,432 427,040 105,002 729,506 As at 31 December 2021 Total gross carrying amount Unsecured Loan-to-value % Less than 50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400% More than 400% Commercial loans 5,554,184 670,741 474,531 1,396,633 167,960 238,995 1,193,148 814,879 197,306 399,991 ECL coverage 2.87% 1.51% 1.43% 0.69% 1.04% 2.71% 2.50% 10.60% 1.87% 1.17% Residential mortgage loans 4,022,058 94,513 715,692 1,556,323 651,029 519,179 440,231 11,085 4,739 29,267 ECL coverage 0.82% 4.19% 0.02% 0.09% 0.66% 1.19% 3.41% 9.24% 2.15% 3.32% Micro and SME loans 3,731,756 429,366 725,310 933,874 272,270 328,758 835,894 90,748 34,841 80,695 ECL coverage 1.99% 5.89% 0.10% 0.27% 0.66% 1.65% 3.11% 4.59% 2.43% 9.47% Consumer loans 2,981,305 1,560,864 443,343 514,287 178,141 143,989 132,295 3,634 731 4,021 ECL coverage 4.56% 8.07% 0.07% 0.36% 1.02% 1.43% 2.67% 11.23% 2.60% 3.13% Gold \u2013 pawn loans 165,417 1 4,182 37,427 118,095 4,568 1,128 \u2013 \u2013 16 ECL coverage 1.25% N/A 0.02% 4.83% 0.09% 2.47% 2.48% N/A N/A 75.00% Loans to customers at amortised cost, gross 16,454,720 2,755,485 2,363,058 4,438,544 1,387,495 1,235,489 2,602,696 920,346 237,617 513,990 As at 31 December 2020 Total gross carrying amount Unsecured Loan-to-value % Less than 50% 50-80% 80-90% 90-100% 100-200% 200-300% 300-400% More than 400% Commercial loans 5,123,393 499,548 635,950 1,147,875 114,903 146,474 1,018,590 147,898 750,360 661,795 ECL coverage 3.49% 3.10% 0.45% 1.14% 5.01% 8.62% 9.36% 6.17% 2.48% 0.87% Residential mortgage loans 3,796,384 90,628 972,294 1,896,005 438,750 200,236 129,234 9,315 2,236 57,686 ECL coverage 1.28% 3.19% 0.03% 0.77% 2.59% 3.55% 7.87% 4.64% 3.31% 2.86% Micro and SME loans 3,269,454 353,143 919,622 938,206 264,999 217,848 494,492 38,622 7,581 34,941 ECL coverage 3.13% 10.74% 0.10% 1.12% 2.08% 5.71% 5.30% 7.79% 13.78% 13.82% Consumer loans 2,208,013 1,118,714 460,494 436,194 90,076 48,783 49,946 1,055 640 2,111 ECL coverage 5.15% 9.38% 0.13% 1.01% 2.36% 0.71% 2.66% 4.83% 1.72% 1.94% Gold \u2013 pawn loans 103,384 \u2013 3,340 23,313 72,392 1,748 2,576 2 \u2013 13 ECL coverage 0.22% N/A 0.09% 0.06% 0.20% 2.06% 0.78% 0.00% N/A 76.92% Loans to customers at amortised cost, gross 14,500,628 2,062,033 2,991,700 4,441,593 981,120 615,089 1,694,838 196,892 760,817 756,546 Credit risk continued Carrying amount per class of financial assets whose terms have been renegotiated During the year, the Group modified the contractual cash flows on certain loans and advances to customers. All such loans had previously been transferred to at least Stage 2, with a loss allowance measured at an amount equal to lifetime ECL. The following table provides information on financial assets that were modified while they had a loss allowance measured at an amount equal to lifetime ECL: Financial assets modified during 2022: Amortised cost before modification Net gain/(loss) arising from modification Commercial loans 621,067 2,169 Residential mortgage loans 73,863 (3,081) Micro and SME loans 173,382 (2,524) Consumer loans 305,726 (25,835) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 1,174,038 (29,271) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 1,174,038 (29,271) Financial assets modified during 2021: Amortised cost before modification Net gain/(loss) arising from modification Commercial loans 437,979 388 Residential mortgage loans 132,638 530 Micro and SME loans 243,217 (4,185) Consumer loans 271,896 (9,446) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 1,085,730 (12,713) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 1,085,730 (12,713) Financial assets modified during 2020: Amortised cost before modification Net gain/(loss) arising from modification Commercial loans 117,119 83 Residential mortgage loans 364,619 (34) Micro and SME loans 347,449 (3,347) Consumer loans 347,562 (4,625) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 1,176,749 (7,923) Finance lease receivables 52,188 (1,172) Total loans to customers and finance lease receivables 1,228,937 (9,095) The gross carrying value of loans that have previously been modified (when they were in Stage 2 or 3) which are now categorised as Stage 1, with loss allowance measured at an amount equal to 12 months expected losses, are shown in the table below: Financial assets modified since initial recognition, as at 31 December 2022 Gross carrying amount Corresponding ECL Commercial loans 10,100 (24) Residential mortgage loans 72,919 (104) Micro and SME loans 40,925 (129) Consumer loans 19,482 (204) Loans to customers 143,426 (461) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 143,426 (461) Credit risk continued Carrying amount per class of financial assets whose terms have been renegotiated continued Financial assets modified since initial recognition, as at 31 December 2021 Gross carrying amount Corresponding ECL Commercial loans 19,521 (121) Residential mortgage loans 81,892 (231) Micro and SME loans 35,301 (347) Consumer loans 25,063 (633) Loans to customers 161,777 (1,332) Finance lease receivables \u2013 \u2013 Total loans to customers and finance lease receivables 161,777 (1,332) Financial assets modified since initial recognition, as at 31 December 2020 Gross carrying amount Corresponding ECL Commercial loans 14,952 (1) Residential mortgage loans 100,079 (444) Micro and SME loans 68,748 (1,023) Gold \u2013 pawn loans \u2013 \u2013 Loans to customers 226,187 (3,430) Finance lease receivables 717 (3) Total loans to customers and finance lease receivables 226,904 (3,433) The geographical concentration of the Group\u2019s assets and liabilities is set out below: 2022 Georgia OECD CIS and other foreign countries Total Assets: Cash and cash equivalents 1,508,225 1,453,844 622,774 3,584,843 Amounts due from credit institutions 2,358,551 54,175 20,302 2,433,028 Investment securities 1,798,172 2,436,465 115,092 4,349,729 Loans to customers and finance lease receivables 16,339,883 \u2013 521,823 16,861,706 All other assets 1,473,703 120,271 78,620 1,672,594 23,478,534 4,064,755 1,358,611 28,901,900 Liabilities: Client deposits and notes 13,017,449 966,722 4,277,226 18,261,397 Amounts owed to credit institutions 2,622,787 2,142,083 501,783 5,266,653 Debt securities issued 312,053 333,915 \u2013 645,968 Lease Liability 101,402 \u2013 13,068 114,470 All other liabilities 275,030 81,893 7,667 364,590 16,328,721 3,524,613 4,799,744 24,653,078 Net balance sheet position 7,149,813 540,142 (3,441,133) 4,248,822 Credit risk continued Carrying amount per class of financial assets whose terms have been renegotiated continued 2021 2020 Georgia OECD CIS and other foreign countries Total Georgia OECD CIS and other foreign countries Total Assets: Cash and cash equivalents 836,325 419,324 264,913 1,520,562 742,844 985,848 242,263 1,970,955 Amounts due from credit institutions 1,922,671 \u2013 8,719 1,931,390 1,995,963 \u2013 20,042 2,016,005 Investment securities 1,477,367 970,901 147,396 2,595,664 1,421,642 939,964 182,791 2,544,397 Loans to customers and finance lease receivables 15,524,427 \u2013 644,546 16,168,973 13,504,237 \u2013 687,841 14,192,078 All other assets 977,703 178,765 57,019 1,213,487 1,020,701 247,355 44,429 1,312,485 20,738,493 1,568,990 1,122,593 23,430,076 18,685,387 2,173,167 1,177,366 22,035,920 Liabilities: Client deposits and notes 11,180,811 894,192 1,962,999 14,038,002 11,211,760 875,634 1,932,815 14,020,209 Amounts owed to credit institutions 1,609,565 2,619,885 88,995 4,318,445 872,239 2,393,872 69,855 3,335,966 Debt securities issued 450,155 1,061,203 7,327 1,518,685 102,104 1,449,374 34,067 1,585,545 Lease Liability 84,875 \u2013 2,787 87,662 91,217 \u2013 4,418 95,635 All other liabilities 309,068 55,291 10,015 374,374 178,246 246,109 24,295 448,650 13,634,474 4,630,571 2,072,123 20,337,168 12,455,566 4,964,989 2,065,450 19,486,005 Net balance sheet position 7,104,019 (3,061,581) (949,530) 3,092,908 6,229,821 (2,791,822) (888,084) 2,549,915 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-740": {
"value": "Liquidity risk and funding management Liquidity risk is the risk that the Group will be unable to meet its payment obligations when they fall due under normal and stress circumstances. To limit this risk, management has arranged diversified funding sources in addition to its core deposit base, manages assets with liquidity in mind, and monitors future cash flows and liquidity on a regular basis. This incorporates an assessment of expected cash flows and the availability of high-grade collateral which could be used to secure additional funding if required. The Group maintains a portfolio of highly marketable and diverse assets that can be easily liquidated in the event of an unforeseen interruption of cash flow. The Group also has committed lines of credit that it can access to meet liquidity needs. In addition, the Group maintains a cash deposit (obligatory reserve) with the NBG, the amount of which depends on the level of customer funds attracted. The liquidity position is assessed and managed by the Group primarily on a standalone Bank basis, based on certain liquidity ratios established by the NBG. Banks are required to maintain a liquidity coverage ratio, which is defined as the ratio of high-quality liquid assets to net cash outflow over the next 30 days. The order requires that, absent a stress-period, the value of the ratio be no lower than 100%. The liquidity coverage ratio as at 31 December 2022 was 132.4% (2021: 124.0%, 2020: 138.6%). The Bank holds a comfortable buffer on top of Net Stable Funding Ratio (NSFR) requirement of 100%, which came into effect on 1 September 2019. A solid buffer over NSFR provides stable funding sources over a longer time span. This approach is designed to ensure that the funding framework is sufficiently flexible to secure liquidity under a wide range of market conditions. NSFR as at 31 December 2022 was 131.9%, (2021: 132.5%, 2020: 137.5%), all comfortably above the NBG\u2019s minimum regulatory requirements. The Group also matches the maturity of financial assets and financial liabilities and regularly monitors negative gaps compared with the Bank\u2019s standalone total regulatory capital calculated per NBG regulation. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted repayment obligations. Repayments that are subject to notice are treated as if notice were to be given immediately. However, the Group expects that many customers will not request repayment on the earliest date the Bank could be required to pay, and the table does not reflect the expected cash flows indicated by the Bank\u2019s deposit retention history. Liquidity risk and funding management continued Financial liabilities, as at 31 December 2022 Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total Client deposits and notes 8,278,805 8,366,525 1,946,856 342,592 18,934,778 Amounts owed to credit institutions 3,300,204 623,612 1,310,937 654,002 5,888,755 Debt securities issued 7,843 343,014 411,265 \u2013 762,122 Lease liability 7,633 22,444 77,028 16,756 123,861 Derivative financial liabilities 43,876 14,401 743 \u2013 59,020 Other liabilities 98,779 455 319 118 99,671 Total undiscounted financial liabilities 11,737,140 9,370,451 3,747,148 1,013,468 25,868,207 Financial liabilities, as at 31 December 2021 Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total Client deposits and notes 5,301,533 7,317,413 1,657,540 352,824 14,629,310 Amounts owed to credit institutions 1,815,989 628,686 1,870,941 610,949 4,926,565 Debt securities issued 37,678 310,707 1,432,079 \u2013 1,780,464 Lease liability 6,145 16,729 66,981 10,992 100,847 Derivative financial liabilities 3,206 2,972 1,687 \u2013 7,865 Other liabilities 174,322 816 328 18 175,484 Total undiscounted financial liabilities 7,338,873 8,277,323 5,029,556 974,783 21,620,535 Financial liabilities, as at 31 December 2020 Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total Client deposits and notes 5,974,433 6,593,251 1,651,120 353,414 14,572,218 Amounts owed to credit institutions 982,039 811,129 1,553,898 558,866 3,905,932 Debt securities issued 72,994 143,409 1,408,547 345,886 1,970,836 Lease liability 6,342 19,057 69,248 21,751 116,398 Derivative financial liabilities 92,554 130,785 24,181 \u2013 247,520 Other liabilities 75,519 2,525 6,656 102 84,802 Total undiscounted financial liabilities 7,203,881 7,700,156 4,713,650 1,280,019 20,897,706 The table below shows the contractual expiry by maturity of the Group\u2019s financial commitments and contingencies. Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Total 31 December 2022 1,280,906 625,011 778,275 30,294 2,714,486 31 December 2021 1,010,650 663,865 885,895 17,546 2,577,956 31 December 2020 857,416 492,293 933,097 27,436 2,310,242 The Group expects that not all guarantees or commitments will be drawn before expiry of the commitment. The maturity analysis does not reflect the historical stability of current accounts. Their liquidation has historically taken place over a longer period than indicated in the tables above. These balances are included in amounts due in less than three months in the tables above. Perpetual Tier 1 capital notes are presented in \u2018Over 5 years\u2019 category given the fact that management does not consider them to be covered earlier than that. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-741": {
"value": "Market risk Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, foreign exchanges, and equity prices. The Group classifies exposures to market risk into either trading or non-trading portfolios. Trading and non-trading positions are managed and monitored using sensitivity analysis. Market risk continued Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, on the Group\u2019s consolidated income statement. The sensitivity of the consolidated income statement is the effect of the assumed changes in interest rates on the net interest income for the year, based on the floating rate non-trading financial assets and financial liabilities held at 31 December 2022. Changes in basis points are calculated as standard deviations of daily changes in floating rates over the last month multiplied by respective floating rates. During the years ended 31 December 2022, 2021 and 2020, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity. 2022 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 14 2,432 1,348 EUR 24 3,732 107 USD 21 1,624 1,022 2022 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 14 (2,432) (1,348) EUR 24 (3,732) (107) USD 21 (1,624) (1,022) 2021 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 53 6,733 5,516 EUR 2 238 \u2013 USD 5 355 \u2013 2021 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 53 (6,733) (5,516) EUR 2 (238) \u2013 USD 5 (355) \u2013 2020 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 15 1,427 1,452 EUR 2 242 \u2013 USD 3 13 \u2013 2020 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 15 (1,427) (1,452) EUR 2 (242) \u2013 USD 3 (13) \u2013 Market risk continued Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Management Board has set limits on positions by currency based on the NBG regulations. Positions are monitored daily. The tables below indicate the currencies to which the Group had significant exposure at 31 December 2022 on its monetary assets and liabilities. The analysis calculates the effect of a reasonably possible movement of the currency rate against the Georgian Lari, with all other variables held constant on the income statement. The reasonably possible movement of the currency rate against the Georgian Lari is calculated as a standard deviation of daily changes in exchange rates over the 12 months. A negative amount in the table reflects a potential net reduction in income statement or equity, while a positive amount reflects a net potential increase. During the years ended 31 December 2022, 31 December 2021 and 31 December 2020, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity. Currency 2022 2021 2020 Change in currency rate in % Effect on profit before tax Change in currency rate in % Effect on profit before tax Change in currency rate in % Effect on profit before tax EUR 13.4% 1,251 8.6% 209 15.1% 2,527 USD 10.9% 806 6.4% 1,027 13.0% 3,049 Prepayment risk Prepayment risk is the risk that the Group will incur a financial loss because its customers and counterparties repay or request repayment earlier than expected, such as fixed rate mortgages when interest rates fall, or other credit facilities, for similar reasons. The Group calculates the effect of early repayments by calculating the weighted average rates of early repayments across each loan product individually, applying these historical rates to the outstanding carrying amount of respective products as at the reporting date and multiplying by the weighted average effective annual interest rates for each product. The model does not make a distinction between different reasons for repayment (e.g. relocation, refinancing or renegotiation) and takes into account the effect of any prepayment penalties on the Group\u2019s income. The estimated effect of prepayment risk on net interest income of the Group for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, is as follows: Effect on net interest income 2022 (51,899) 2021 (52,552) 2020 (40,748) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-745": {
"value": "Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, on the Group\u2019s consolidated income statement. The sensitivity of the consolidated income statement is the effect of the assumed changes in interest rates on the net interest income for the year, based on the floating rate non-trading financial assets and financial liabilities held at 31 December 2022. Changes in basis points are calculated as standard deviations of daily changes in floating rates over the last month multiplied by respective floating rates. During the years ended 31 December 2022, 2021 and 2020, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity. 2022 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 14 2,432 1,348 EUR 24 3,732 107 USD 21 1,624 1,022 2022 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 14 (2,432) (1,348) EUR 24 (3,732) (107) USD 21 (1,624) (1,022) 2021 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 53 6,733 5,516 EUR 2 238 \u2013 USD 5 355 \u2013 2021 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 53 (6,733) (5,516) EUR 2 (238) \u2013 USD 5 (355) \u2013 2020 Currency Increase in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 15 1,427 1,452 EUR 2 242 \u2013 USD 3 13 \u2013 2020 Currency Decrease in basis points Sensitivity of net interest income Sensitivity of other comprehensive income GEL 15 (1,427) (1,452) EUR 2 (242) \u2013 USD 3 (13) \u2013 ",
"dimensions": {
"concept": "bogg:DisclosureOfInterestRateRisk",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-746": {
"value": "Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Management Board has set limits on positions by currency based on the NBG regulations. Positions are monitored daily. The tables below indicate the currencies to which the Group had significant exposure at 31 December 2022 on its monetary assets and liabilities. The analysis calculates the effect of a reasonably possible movement of the currency rate against the Georgian Lari, with all other variables held constant on the income statement. The reasonably possible movement of the currency rate against the Georgian Lari is calculated as a standard deviation of daily changes in exchange rates over the 12 months. A negative amount in the table reflects a potential net reduction in income statement or equity, while a positive amount reflects a net potential increase. During the years ended 31 December 2022, 31 December 2021 and 31 December 2020, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity. Currency 2022 2021 2020 Change in currency rate in % Effect on profit before tax Change in currency rate in % Effect on profit before tax Change in currency rate in % Effect on profit before tax EUR 13.4% 1,251 8.6% 209 15.1% 2,527 USD 10.9% 806 6.4% 1,027 13.0% 3,049 ",
"dimensions": {
"concept": "bogg:DisclosureOfCurrencyRisk",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-747": {
"value": "Prepayment risk Prepayment risk is the risk that the Group will incur a financial loss because its customers and counterparties repay or request repayment earlier than expected, such as fixed rate mortgages when interest rates fall, or other credit facilities, for similar reasons. The Group calculates the effect of early repayments by calculating the weighted average rates of early repayments across each loan product individually, applying these historical rates to the outstanding carrying amount of respective products as at the reporting date and multiplying by the weighted average effective annual interest rates for each product. The model does not make a distinction between different reasons for repayment (e.g. relocation, refinancing or renegotiation) and takes into account the effect of any prepayment penalties on the Group\u2019s income. The estimated effect of prepayment risk on net interest income of the Group for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, is as follows: Effect on net interest income 2022 (51,899) 2021 (52,552) 2020 (40,748) ",
"dimensions": {
"concept": "bogg:DisclosureOfPrepaymentRisk",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-742": {
"value": "Operational risk Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to perform, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Group cannot expect to eliminate all operational risks, but through a control framework and by monitoring and responding to potential risks, the Group is able to manage the risks. Controls include effective segregation of duties, access, authorisation and reconciliation procedures, staff education and assessment processes, including the use of Internal Audit. Operating environment Most of the Group\u2019s business is concentrated in Georgia. As an emerging market, Georgia does not possess a well-developed business and regulatory infrastructure that would generally exist in a more mature market economy. Operations in Georgia may involve risks that are not typically associated with those in developed markets (including the risk that the Georgian Lari is not freely convertible outside the country, and that Georgia has undeveloped debt and equity markets). However, over the last few years the Georgian Government has made a number of developments that positively affect the overall investment climate of the country, specifically implementing the reforms necessary to create banking, judicial, taxation and regulatory systems. This includes the adoption of a new body of legislation (including a new tax code and procedural laws). In the view of the Board, these steps contribute to mitigating the risks of doing business in Georgia. The existing tendency aimed at the overall improvement of the business environment is expected to persist. The future stability of the Georgian economy is largely dependent upon these reforms and developments, and the effectiveness of economic, financial and monetary measures undertaken by the Government. However, the Georgian economy is vulnerable to market downturns and economic slowdowns elsewhere in the world. ",
"dimensions": {
"concept": "bogg:DisclosureOfOperationalRisk",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-743": {
"value": "Emerging risks Information compiled from all the businesses is examined and processed in order to analyse, control and identify emerging risks. The Group has identified climate risk as an emerging risk. Climate-related risk is the risk of financial loss and/or damage to the Group\u2019s reputation as a result of accelerating transition to a lower-carbon economy as well as the materialisation of actual physical damage as a result of acute or chronic weather events. Among other things, transitional and physical risks may impact the performance and financial position of our customers and their ability to repay their loans. The Bank conducted a qualitative analysis to understand how, under different scenarios, the transition and physical effects of climate change can drive credit, liquidity, capital, market, operational and reputational risk for the Bank over \u2018short-term\u2019 (i.e. one to two years) to \u2018very long-term\u2019 (i.e. over eight years) time horizons. Risks are perceived to be low over the coming years. However, reputational risks can occur if our climate action lacks ambition and credibility. Moreover, the Bank conducted a qualitative analysis of the transition and physical risks for the sectors in which our corporate and MSME clients are active. The results of this analysis showed that although both strong climate policy (transition risks) and untamed climate change (physical risks) can negatively affect borrowers\u2019 repayment capacity and value of collateral in the future (from 2030 and beyond), risks over the next years are expected to be low for our commercial portfolio and are not likely to affect current expectations of credit loss. We thus do not currently consider the impacts of climate change in individual clients\u2019 credit risk assessment. However, we have started collecting data from clients to refine our assessment of their climate-related risks as part of standard due diligence. Transition and physical risks for retail clients still have to be assessed. Overall, many of the effects of climate change will be longer term in nature, with an inherent level of uncertainty, and have no effect on accounting judgements and estimates for the current period. As a result, there are no additional notes provided in the financial statements. Potential impacts of climate-related risks will be subject to further analysis in the future. The Group acknowledges climate change risk as an emerging risk. For further details please refer to principal risks and uncertainties on page 81. The Group has described climate-related risks in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations in the climate-related disclosures on pages 103 to 117. ",
"dimensions": {
"concept": "bogg:DisclosureOfEmergingRisks",
"language": "en",
"entity": "scheme:213800XKDG12NQG8VC53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-708": {
"value": "30. Fair value measurements Fair value hierarchy For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability. The following tables show analysis of assets and liabilities measured at fair value or for which fair values are disclosed by level of the fair value hierarchy: At 31 December 2022 Level 1 Level 2 Level 3 Total Assets measured at fair value Total investment properties \u2013 \u2013 166,546 166,546 Land \u2013 \u2013 9,008 9,008 Residential properties \u2013 \u2013 112,890 112,890 Non-residential properties \u2013 \u2013 44,648 44,648 Investment securities 5,285 3,960,360 5,547 3,971,192 Other assets \u2013 derivative financial assets \u2013 39,270 \u2013 39,270 Other assets \u2013 investment securities at FVTPL 2,660 \u2013 \u2013 2,660 Assets for which fair values are disclosed Cash and cash equivalents 3,584,843 \u2013 \u2013 3,584,843 Amounts due from credit institutions \u2013 2,433,028 \u2013 2,433,028 Loans to customers and finance lease receivables \u2013 \u2013 16,266,826 16,266,826 Liabilities measured at fair value Other liabilities \u2013 derivative financial liabilities \u2013 59,020 \u2013 59,020 Liabilities for which fair values are disclosed Client deposits and notes \u2013 18,228,352 \u2013 18,228,352 Amounts owed to credit institutions \u2013 4,033,727 1,209,141 5,242,868 Debt securities issued \u2013 490,559 151,808 642,367 Lease liability \u2013 13,068 104,670 117,738 30. Fair value measurements continued Fair value hierarchy continued At 31 December 2021 Level 1 Level 2 Level 3 Total Assets measured at fair value Total investment properties \u2013 \u2013 226,849 226,849 Land \u2013 \u2013 11,762 11,762 Residential properties \u2013 \u2013 152,167 152,167 Non-residential properties \u2013 \u2013 62,920 62,920 Investment securities 5,823 2,586,152 3,689 2,595,664 Other assets \u2013 derivative financial assets \u2013 135,079 \u2013 135,079 Other assets \u2013 investment securities at FVTPL 2,146 \u2013 \u2013 2,146 Assets for which fair values are disclosed Cash and cash equivalents 1,520,562 \u2013 \u2013 1,520,562 Amounts due from credit institutions \u2013 1,931,390 \u2013 1,931,390 Loans to customers and finance lease receivables \u2013 \u2013 15,787,725 15,787,725 Liabilities measured at fair value Other liabilities \u2013 derivative financial liabilities \u2013 7,865 \u2013 7,865 Liabilities for which fair values are disclosed Client deposits and notes \u2013 14,013,500 \u2013 14,013,500 Amounts owed to credit institutions \u2013 3,635,353 683,092 4,318,445 Debt securities issued \u2013 1,310,806 280,109 1,590,915 Lease liability 35 3,574 90,760 94,369 At 31 December 2020 Level 1 Level 2 Level 3 Total Assets measured at fair value Total investment properties \u2013 \u2013 231,241 231,241 Land \u2013 \u2013 10,981 10,981 Residential properties \u2013 \u2013 147,585 147,585 Non-residential properties \u2013 \u2013 72,675 72,675 Investment securities 3,229 2,539,092 2,076 2,544,397 Other assets \u2013 derivative financial assets \u2013 9,154 \u2013 9,154 Other assets \u2013 investment securities at FVTPL 5,731 \u2013 \u2013 5,731 Assets for which fair values are disclosed Cash and cash equivalents 1,970,955 \u2013 \u2013 1,970,955 Amounts due from credit institutions \u2013 2,016,005 \u2013 2,016,005 Loans to customers and finance lease receivables \u2013 \u2013 13,896,221 13,896,221 Liabilities measured at fair value Other liabilities \u2013 derivative financial liabilities \u2013 247,520 \u2013 247,520 Liabilities for which fair values are disclosed Client deposits and notes \u2013 14,007,521 \u2013 14,007,521 Amounts owed to credit institutions \u2013 2,899,263 436,703 3,335,966 Debt securities issued \u2013 1,402,958 241,976 1,644,934 Lease liability \u2013 \u2013 103,012 103,012 The following is a description of the determination of fair value for financial instruments which are recorded at fair value using valuation techniques. These incorporate the Group\u2019s estimate of assumptions that a market participant would make when valuing the instruments. Derivative financial instruments Derivative financial instruments valued using a valuation technique with market observable inputs are mainly interest rate swaps, currency swaps, forward foreign exchange contracts and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations, as well as standard option pricing models. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and implied volatilities. 30. Fair value measurements continued Fair value hierarchy continued Trading securities and investment securities Trading securities and a certain part of investment securities are quoted equity and debt securities. Investment securities valued using a valuation technique or pricing models consist of unquoted equity and debt securities. These securities are valued using models which sometimes only incorporate data observable in the market and at other times use both observable and non-observable data. The non-observable inputs to the models include assumptions regarding the future financial performance of the investee, its risk profile, and economic assumptions regarding the industry and geographical jurisdiction in which the investee operates. Assets and liabilities not measured at fair value but for which fair value is disclosed The fair values in the level 2 and level 3 of the fair value hierarchy are estimated using the discounted cash flows valuation technique. Current interest rates for new instruments with similar credit risk, currency and remaining maturity is used as discount rate in the valuation model. Movements in Level 3 financial instruments measured at fair value The following tables show a reconciliation of the opening and closing amounts of Level 3 financial assets which are recorded at fair value: At 31 December 2019 Purchase of securities At 31 December 2020 Purchase of securities At 31 December 2021 Purchase of securities At 31 December 2022 Level 3 financial assets Equity investment securities 973 1,103 2,076 1,613 3,689 1,858 5,547 Movements in Level 3 non-financial assets measured at fair value All investment properties are Level 3. Reconciliations of their opening and closing amounts are provided in Note 14. Impact on fair value of Level 3 financial instruments measured at fair value of changes to key assumptions The following table shows the impact on the fair value of Level 3 instruments of using reasonably possible alternative assumptions: 2022 2021 2020 Carrying amount Effect of reasonably possible alternative assumptions Carrying amount Effect of reasonably possible alternative assumptions Carrying amount Effect of reasonably possible alternative assumptions Level 3 financial assets Equity investment securities 5,547 +/- 826 3,689 +/- 549 2,076 +/- 309 In order to determine reasonably possible alternative assumptions, the Group\u2019s adjusted key unobservable model inputs are as follows: For equities, the Group adjusted the price-over-book-value multiple by increasing and decreasing the ratio by 10%, which is considered by the Group to be within a range of reasonably possible alternatives based on the price-over-book-value multiples used across peers within the same geographic area of the same industry. 30. Fair value measurements continued Fair value hierarchy continued Description of significant unobservable inputs to valuations of non-financial assets The following tables show descriptions of significant unobservable inputs to Level 3 valuations of investment properties: 2022 Valuation technique Significant unobservable inputs MIN MAX Weighted average Other key information MIN MAX Weighted average Investment property 166,546 Land 9,008 Development land 6,872 Market approach Price per square metre 0.012 2.220 1.033 Square metres, land 32 20,000 4,026 Agricultural land 2,136 Income approach Rent per square metre 0.006 0.006 0.006 Square metres, land 5,178 26,796 23,295 Occupancy rate 65% 65% 65% Market approach Price per square metre 0.001 0.709 0.337 Square metres, land 310 140,000 19,296 Residential properties 112,890 Market approach Price per square metre 0.049 5.466 1.004 Square metres, building 18 3,170 225 Non-residential properties 44,648 40,611 Market approach Price per square metre 22.870 3,838.861 1,321.071 Square metres, land 50 23,884 2,684 Square metres, building 32 3,000 984 4,037 Income approach Rent per square metre 0.006 0.006 0.006 Square metres, building 1,701 12,706 358 Occupancy rate 65% 65% 65% * Price, rate and cost of unobservable inputs in this table are presented in Georgian Lari (\u201cGEL\u201d), unless otherwise indicated. 30. Fair value measurements continued Fair value hierarchy continued Description of significant unobservable inputs to valuations of non-financial assets continued Set out below is an overview of all financial instruments, other than cash and short-term deposits, held by the Group as at 31 December 2022, 31 December 2021 and 31 December 2020: At 31 December 2022 Amortised cost FVOCI FVTPL Financial assets Cash and cash equivalents 3,584,843 \u2013 \u2013 Amounts due from credit institutions 2,433,028 \u2013 \u2013 Loans to customers and finance lease receivables 16,861,706 \u2013 \u2013 Accounts receivable and other loans 397,990 \u2013 \u2013 Equity instruments \u2013 10,893 \u2013 Debt instruments 378,537 3,960,299 \u2013 Interest rate contracts \u2013 \u2013 348 Foreign currency derivative financial instruments \u2013 \u2013 38,922 Investment securities at FVTPL \u2013 \u2013 2,660 Total 23,656,104 3,971,192 41,930 Financial liabilities Client deposits and notes 18,261,397 \u2013 \u2013 Amounts owed to credit institutions 5,266,653 \u2013 \u2013 Debt securities issued 645,968 \u2013 \u2013 Lease liability 114,470 \u2013 \u2013 Trade and other payables (in other liabilities) 68,721 \u2013 \u2013 Foreign currency derivative financial instruments \u2013 \u2013 59,020 Total 24,357,209 \u2013 59,020 At 31 December 2021 At 31 December 2020 Amortised cost FVOCI FVTPL Amortised cost FVOCI FVTPL Financial assets Cash and cash equivalents 1,520,562 \u2013 \u2013 1,970,955 \u2013 \u2013 Amounts due from credit institutions 1,931,390 \u2013 \u2013 2,016,005 \u2013 \u2013 Loans to customers and finance lease receivables 16,168,973 \u2013 \u2013 14,192,078 \u2013 \u2013 Accounts receivable and other loans 3,680 \u2013 \u2013 2,420 \u2013 \u2013 Equity instruments \u2013 9,581 \u2013 \u2013 5,378 \u2013 Debt instruments \u2013 2,586,083 \u2013 \u2013 2,539,019 \u2013 Interest rate contracts \u2013 \u2013 2,827 \u2013 \u2013 1,549 Foreign currency derivative financial instruments \u2013 \u2013 132,252 \u2013 \u2013 7,605 Investment securities at FVTPL \u2013 \u2013 2,146 \u2013 \u2013 5,731 Total 19,624,605 2,595,664 137,225 18,181,458 2,544,397 14,885 Financial liabilities Client deposits and notes 14,038,002 \u2013 \u2013 14,020,209 \u2013 \u2013 Amounts owed to credit institutions 4,318,445 \u2013 \u2013 3,335,966 \u2013 \u2013 Debt securities issued 1,518,685 \u2013 \u2013 1,585,545 \u2013 \u2013 Lease liability 87,662 \u2013 \u2013 95,635 \u2013 \u2013 Trade and other payables (in other liabilities) 56,223 \u2013 \u2013 53,952 \u2013 \u2013 Interest rate contracts \u2013 \u2013 1,385 \u2013 \u2013 1,102 Foreign currency derivative financial instruments \u2013 \u2013 6,480 \u2013 \u2013 246,418 Total 20,019,017 \u2013 7,865 19,091,307 \u2013 247,520 30. Fair value measurements continued Fair value of financial instruments that are carried in the financial statements not at fair value Set out below is a comparison by class of the carrying amounts and fair values of the Group\u2019s financial instruments that are carried in the financial statements. The table does not include the fair values of non-financial assets and non-financial liabilities, fair values of other smaller financial assets and financial liabilities, or cash and short-term deposits, fair values of which are materially close to their carrying values. 2022 Carrying value Fair value Unrecognised gain/(loss) Financial assets Cash and cash equivalents 3,584,843 3,584,843 \u2013 Amounts due from credit institutions 2,433,028 2,433,028 \u2013 Loans to customers and finance lease receivables 16,861,706 16,266,826 (594,880) Financial liabilities Client deposits and notes 18,261,397 18,228,352 33,045 Amounts owed to credit institutions 5,266,653 5,242,868 23,785 Debt securities issued 645,968 642,367 3,601 Lease liability 114,470 117,738 (3,268) Total unrecognised change in unrealised fair value (537,717) 2021 2020 Carrying value Fair value Unrecognised gain/(loss) Carrying value Fair value Unrecognised gain/(loss) Financial assets Cash and cash equivalents 1,520,562 1,520,562 \u2013 1,970,955 1,970,955 \u2013 Amounts due from credit institutions 1,931,390 1,931,390 \u2013 2,016,005 2,016,005 \u2013 Loans to customers and finance lease receivables 16,168,973 15,787,725 (381,248) 14,192,078 13,896,221 (295,857) Financial liabilities Client deposits and notes 14,038,002 14,013,500 24,502 14,020,209 14,007,521 12,688 Amounts owed to credit institutions 4,318,445 4,318,445 \u2013 3,335,966 3,335,966 \u2013 Debt securities issued 1,518,685 1,590,915 (72,230) 1,585,545 1,644,934 (59,389) Lease liability 87,662 94,369 (6,707) 95,635 103,012 (7,377) Total unrecognised change in unrealised fair value (435,683) (349,935) The following describes the methodologies and assumptions used to determine fair values for those financial instruments which are not already recorded at fair value in the consolidated financial statements. Assets for which fair value approximates carrying value For financial assets and financial liabilities that are liquid or have a short-term maturity (less than three months), it is assumed that the carrying amounts approximate to their fair value. This assumption is also applied to demand deposits, savings accounts without a specific maturity, and variable rate financial instruments. Fixed rate financial instruments The fair value of fixed rate financial assets and liabilities carried at amortised cost are estimated by comparing market interest rates when they were first recognised with current market rates offered for similar financial instruments. The estimated fair value of fixed interest-bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and maturity. For financial assets and financial liabilities maturing in less than a year, it is assumed that the carrying amounts approximate to their fair value. ",
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"value": "31. Maturity analysis of financial assets and liabilities The table below shows an analysis of financial assets and liabilities according to their contractual maturities, except for current accounts and credit card loans as described below. See Note 29 \u201cRisk management\u201d for the Group\u2019s contractual undiscounted repayment obligations. At 31 December 2022 On demand Up to 3 months Up to 6 months Up to 1 year Up to 3 years Up to 5 years Over 5 years Total Financial assets Cash and cash equivalents 2,853,938 730,905 \u2013 \u2013 \u2013 \u2013 \u2013 3,584,843 Amounts due from credit institutions 2,396,574 733 2,257 2,885 8,986 1,291 20,302 2,433,028 Investment securities 953,357 2,315,414 536,088 217,956 142,195 182,498 2,221 4,349,729 Loans to customers and finance lease receivables 4,204 2,087,706 1,238,926 2,103,947 4,575,809 2,420,979 4,430,135 16,861,706 Accounts receivable and other loans 2,057 375,736 35 1,518 18,644 \u2013 \u2013 397,990 Total 6,210,130 5,510,494 1,777,306 2,326,306 4,745,634 2,604,768 4,452,658 27,627,296 Financial liabilities Client deposits and notes 5,406,670 2,812,580 1,298,966 6,963,532 1,229,394 283,703 266,552 18,261,397 Amounts owed to credit institutions 701,207 2,599,102 168,560 396,759 677,401 363,797 359,827 5,266,653 Debt securities issued \u2013 7,816 51,107 281,519 109,683 195,843 \u2013 645,968 Lease liability \u2013 6,899 7,161 14,146 46,624 26,963 12,677 114,470 Total 6,107,877 5,426,397 1,525,794 7,655,956 2,063,102 870,306 639,056 24,288,488 Net 102,253 84,097 251,512 (5,329,650) 2,682,532 1,734,462 3,813,602 3,338,808 Accumulated gap 102,253 186,350 437,862 (4,891,788) (2,209,256) (474,794) 3,338,808 At 31 December 2021 On demand Up to 3 months Up to 6 months Up to 1 year Up to 3 years Up to 5 years Over 5 years Total Financial assets Cash and cash equivalents 1,291,890 228,672 \u2013 \u2013 \u2013 \u2013 \u2013 1,520,562 Amounts due from credit institutions 1,893,732 8,003 7,74 4 \u2013 9,652 3,540 8,719 1,931,390 Investment securities 1,162,051 1,282,493 7,478 12,486 39,734 88,776 2,646 2,595,664 Loans to customers and finance lease receivables 2,966 3,046,387 926,061 1,976,611 4,005,985 2,281,105 3,929,858 16,168,973 Accounts receivable and other loans 261 1,608 9 1,802 \u2013 \u2013 \u2013 3,680 Total 4,350,900 4,567,163 941,292 1,990,899 4,055,371 2,373,421 3,941,223 22,220,269 Financial liabilities Client deposits and notes 2,455,123 2,783,998 1,177,931 6,048,073 852,196 454,304 266,377 14,038,002 Amounts owed to credit institutions 170,410 1,638,683 221,013 355,637 996,956 526,697 409,049 4,318,445 Debt securities issued \u2013 37,515 16,364 233,824 1,008,104 222,878 \u2013 1,518,685 Lease liability \u2013 6,198 5,782 10,355 35,238 22,808 7,281 87,662 Total 2,625,533 4,466,394 1,421,090 6,647,889 2,892,494 1,226,687 682,707 19,962,794 Net 1,725,367 100,769 (479,798) (4,656,990) 1,162,877 1,146,734 3,258,516 2,257,475 Accumulated gap 1,725,367 1,826,136 1,346,338 (3,310,652) (2,147,775) (1,001,041) 2,257,475 31. Maturity analysis of financial assets and liabilities continued At 31 December 2020 On demand Up to 3 months Up to 6 months Up to 1 year Up to 3 years Up to 5 years Over 5 years Total Financial assets Cash and cash equivalents 1,452,379 518,576 \u2013 \u2013 \u2013 \u2013 \u2013 1,970,955 Amounts due from credit institutions 1,987,538 12,054 539 1,931 4,161 1,203 8,579 2,016,005 Investment securities 309,234 2,101,428 23,996 11,165 12,013 31,404 55,157 2,544,397 Loans to customers and finance lease receivables \u2013 2,671,296 842,716 1,594,714 3,482,213 2,189,857 3,411,282 14,192,078 Accounts receivable and other loans 101 1,942 29 348 \u2013 \u2013 \u2013 2,420 Total 3,749,252 5,305,296 867,280 1,608,158 3,498,387 2,222,464 3,475,018 20,725,855 Financial liabilities 2,167,103 3,761,867 1,164,650 5,349,181 971,894 345,709 259,805 14,020,209 Client deposits and notes 196,049 781,139 225,093 558,857 721,802 501,080 351,946 3,335,966 Amounts owed to credit institutions \u2013 72,550 36,352 98,412 1,144,567 46,258 187,406 1,585,545 Debt securities issued \u2013 6,229 6,234 11,846 34,630 22,802 13,894 95,635 Lease liability Total 2,363,152 4,621,785 1,432,329 6,018,296 2,872,893 915,849 813,051 19,037,355 Net 1,386,100 683,511 (565,049) (4,410,138) 625,494 1,306,615 2,661,967 1,688,500 Accumulated gap 1,386,100 2,069,611 1,504,562 (2,905,576) (2,280,082) (973,467) 1,688,500 The Group\u2019s capability to discharge its liabilities relies on its ability to realise equivalent assets within the same period of time. In the Georgian marketplace, where most of the Group\u2019s business is concentrated, many short-term credits are granted with the expectation of renewing the loans at maturity. As such, the ultimate maturity of assets may be different from the analysis presented above. To reflect the historical stability of current accounts, the Group calculates the minimal daily balance of current accounts over the past two years and includes the amount in the \u2018Up to 1 year\u2019 category in the table above. The remaining current accounts are included in the \u2018On demand\u2019 category. To match the coverage of short-term borrowings from the NBG with the investment securities pledged to secure it, those securities are included in the \u2018On demand\u2019 category. Considering credit cards have no contractual maturities, the above allocation per category is done based on the statistical coverage rates observed. The Group\u2019s principal sources of liquidity are as follows: \u2022 deposits; \u2022 borrowings from international credit institutions; \u2022 inter-bank deposit agreements; \u2022 debt issues; \u2022 proceeds from sale of securities; \u2022 principal repayments on loans; \u2022 interest income; and \u2022 fees and commissions income. As at 31 December 2022, client deposits and notes amounted to GEL 18,261,397 (2021: GEL 14,038,002, 2020: GEL 14,020,209) and represented 74% (2021: 69%, 2020: 72%) of the Group\u2019s total liabilities. These funds continue to provide a majority of the Group\u2019s funding and represent a diversified and stable source of funds. As at 31 December 2022, amounts owed to credit institutions amounted to GEL 5,266,653 (2021: GEL 4,318,445, 2020: GEL 3,335,966) and represented 21% (2021: 21%, 2020: 17%) of total liabilities. As at 31 December 2022, debt securities issued amounted to GEL 645,968 (2021: GEL 1,518,685, 2020: GEL 1,585,545) and represented 3% (2021: 7%, 2020: 8%) of total liabilities. In the Board\u2019s opinion, liquidity is sufficient to meet the Group\u2019s present requirements. 31. Maturity analysis of financial assets and liabilities continued The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled, except for current accounts which are included in the 'Up to 1 year' category in the table above, noting that respective contractual maturity may expand over significantly longer periods: At 31 December 2022 Less than 1 year More than 1 year Total Cash and cash equivalents 3,584,843 \u2013 3,584,843 Amounts due from credit institutions 2,402,449 30,579 2,433,028 Investment securities 4,022,815 326,914 4,349,729 Loans to customers and finance lease receivables 5,434,783 11,426,923 16,861,706 Accounts receivable and other loans 379,346 18,644 397,990 Prepayments 40,020 3,592 43,612 Inventories 17,096 \u2013 17,096 Right-of-use assets \u2013 117,387 117,387 Investment properties \u2013 166,546 166,546 Property and equipment \u2013 398,855 398,855 Goodwill \u2013 33,351 33,351 Intangible assets \u2013 149,441 149,441 Income tax assets 224 640 864 Other assets 189,080 128,806 317,886 Assets held for sale 29,566 \u2013 29,566 Total assets 16,110,222 12,801,678 28,901,900 Client deposits and notes 16,481,748 1,779,649 18,261,397 Amounts owed to credit institutions 3,865,628 1,401,025 5,266,653 Debt securities issued 340,442 305,526 645,968 Lease liability 28,206 86,264 114,470 Accruals and deferred income 73,660 32,706 106,366 Income tax liabilities 20,258 79,275 99,533 Other liabilities 157,948 743 158,691 Total liabilities 20,967,890 3,685,188 24,653,078 Net (4,867,668) 9,116,490 4,248,822 At 31 December 2021 At 31 December 2020 Less than 1 year More than 1 year Total Less than 1 year More than 1 year Total Cash and cash equivalents 1,520,562 \u2013 1,520,562 1,970,955 \u2013 1,970,955 Amounts due from credit institutions 1,909,479 21,911 1,931,390 2,002,062 13,943 2,016,005 Investment securities 2,464,508 131,156 2,595,664 2,445,823 98,574 2,544,397 Loans to customers and finance lease receivables 5,952,025 10,216,948 16,168,973 5,108,726 9,083,352 14,192,078 Accounts receivable and other loans 3,680 \u2013 3,680 2,420 \u2013 2,420 Prepayments 39,276 1,602 40,878 26,467 1,126 27,593 Inventories 11,514 \u2013 11,514 10,340 \u2013 10,340 Right-of-use assets \u2013 80,186 80,186 \u2013 83,208 83,208 Investment properties \u2013 226,849 226,849 \u2013 231,241 231,241 Property and equipment \u2013 378,808 378,808 \u2013 387,851 387,851 Goodwill \u2013 33,351 33,351 \u2013 33,351 33,351 Intangible assets \u2013 144,251 144,251 \u2013 125,806 125,806 Income tax assets 109 183 292 21,841 192 22,033 Other assets 235,049 11,898 246,947 288,602 37,392 325,994 Assets held for sale 46,731 \u2013 46,731 62,648 \u2013 62,648 Total assets 12,182,933 11,247,143 23,430,076 11,939,884 10,096,036 22,035,920 Client deposits and notes 12,465,125 1,572,877 14,038,002 12,442,801 1,577,408 14,020,209 Amounts owed to credit institutions 2,385,743 1,932,702 4,318,445 1,761,138 1,574,828 3,335,966 Debt securities issued 287,703 1,230,982 1,518,685 207,314 1,378,231 1,585,545 Lease liability 22,335 65,327 87,662 24,309 71,326 95,635 Accruals and deferred income 53,346 26,811 80,157 30,536 23,358 53,894 Income tax liabilities 85,270 25,598 110,868 \u2013 62,434 62,434 Other liabilities 182,070 1,279 183,349 306,299 26,023 332,322 Total liabilities 15,481,592 4,855,576 20,337,168 14,772,397 4,713,608 19,486,005 Net (3,298,659) 6,391,567 3,092,908 (2,832,513) 5,382,428 2,549,915",
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"fact-710": {
"value": "32. Related party disclosures In accordance with IAS 24 \u2018Related Party Disclosures\u2019, parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form. Related parties may enter into transactions which unrelated parties might not, and transactions between related parties may not be affected on the same terms, conditions and amounts as transactions between unrelated parties. All transactions with related parties disclosed below have been conducted on an arm\u2019s length basis. The volumes of related party transactions, outstanding balances at the year-end, and related expenses and income for the year are as follows: At 31 December 2022 At 31 December 2021 At 31 December 2020 Associates Key management personnel* Associates Key management personnel* Associates Key management personnel* Loans outstanding at 1 January, gross \u2013 12,050 \u2013 10,646 \u2013 6,718 Loans issued during the year \u2013 7,090 \u2013 8,944 \u2013 7,798 Loan repayments during the year \u2013 (7,246) \u2013 (6,531) \u2013 (5,322) Other movements \u2013 (2,075) \u2013 (1,009) \u2013 1,452 Loans outstanding at 31 December, gross \u2013 9,819 \u2013 12,050 \u2013 10,646 Less: allowance for impairment at 31 December \u2013 (67) \u2013 (27) \u2013 (9) Loans outstanding at 31 December, net \u2013 9,752 \u2013 12,023 \u2013 10,637 Interest income on loans \u2013 745 \u2013 644 \u2013 424 Expected credit loss \u2013 (200) \u2013 \u2013 \u2013 (69) Deposits at 1 January 202 31,127 166 32,619 3 30,475 Deposits received during the year \u2013 9,212 36 21,490 163 23,211 Deposits repaid during the year \u2013 (15,773) \u2013 (32,337) \u2013 (19,565) Other movements 41 (11,933) \u2013 9,355 \u2013 (1,502) Deposits at 31 December 243 12,633 202 31,127 166 32,619 Interest expense on deposits \u2013 (959) \u2013 (1,368) \u2013 (1,249) * Key management personnel includes members of BOGG\u2019s Board of Directors and key executives of the Group. Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 202 to 222. Compensation of key management personnel comprised the following: 2022 2021 2020 Salaries and other benefits 11,841 12,915 11,932 Share-based payments compensation 58,208 25,048 27,188 Social security costs \u2013 \u2013 \u2013 Total key management compensation 70,049 37,963 39,120 Key management personnel do not receive cash-settled compensation, except for fixed salaries. The major part of the total compensation is share-based (Note 28). The number of key management personnel at 31 December 2022 was 23 (31 December 2021: 21, 31 December 2020: 20). ",
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"value": "33. Capital adequacy The Group maintains an actively managed capital base to cover risks inherent to the business. The adequacy of the Group\u2019s capital is monitored using, among other measures, the ratios established by the NBG in supervising the Bank. During the year ended 31 December 2022, the Bank and the Group complied in full with all its externally imposed capital requirements. The primary objectives of the Group\u2019s capital management are to ensure that the Bank complies with externally imposed capital requirements and that the Group maintains strong credit ratings and healthy capital ratios in order to support its business and to maximise shareholder value. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities. No changes were made in the objectives, policies and processes from the previous years. NBG (Basel III) capital adequacy ratio In December 2017, the NBG adopted amendments to the regulations relating to capital adequacy requirements, including amendments to the regulation on capital adequacy requirements for commercial banks, and introduced new requirements on the determination of the countercyclical buffer rate, on the identification of systematically important banks, on determining systemic buffer requirements and on additional capital buffer requirements for commercial banks within Pillar 2. The NBG requires the Bank to maintain a minimum total capital adequacy ratio of risk-weighted assets, computed based on the Bank\u2019s standalone special- purpose financial statements prepared in accordance with NBG regulations and pronouncements, based on Basel III requirements. As at 31 December 2022, 31 December 2021 and 31 December 2020, the Bank\u2019s capital adequacy ratio on this basis was as follows: 2022 2021 2020 Tier 1 capital 3,388,048 2,691,000 1,989,190 Tier 2 capital 618,232 784,800 830,145 Total capital 4,006,280 3,475,800 2,819,335 Risk-weighted assets 20,279,424 17,977,949 16,040,094 Tier 1 capital ratio 16.7% 15.0% 12.4% Total capital ratio 19.8% 19.3% 17.6% Min. requirement for Tier 1 capital ratio 13.8% 13.6% 9.2% Min. requirement for Total capital ratio 17.2% 17.7% 13.8% ",
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"value": "34. Events after the reporting period On 16 February 2023, the Group\u2019s Board of Directors approved a GEL 148 million share buyback and cancellation programme which commenced from 16 February 2023. The shares will be purchased in the open market. The purpose of the buyback is to reduce the share capital, and the cancellation of the treasury shares will be executed on a monthly basis.",
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"value": "Bank of Georgia Group PLC 42 Brook Street London W1K 5DB United Kingdom ",
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