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"fact-730": { "value": "-904564000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-731": { "value": "153524000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-732": { "value": "-11280000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-733": { "value": "40400000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-734": { "value": "250000.0", "decimals": -3, "dimensions": { "concept": "lionfinancegroupplc:EffectOfExpectedCreditLossesOnCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-735": { "value": "-182000.0", "decimals": -3, "dimensions": { "concept": "lionfinancegroupplc:EffectOfExpectedCreditLossesOnCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-736": { "value": "-334000.0", "decimals": -3, "dimensions": { "concept": "lionfinancegroupplc:EffectOfExpectedCreditLossesOnCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-737": { "value": "651359000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-738": { "value": "-483019000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-739": { "value": "2064281000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-740": { "value": "3101824000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-741": { "value": "3584843000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2023-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-742": { "value": "1520562000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2022-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-743": { "value": "3753183000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2025-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-744": { "value": "3101824000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-745": { "value": "3584843000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2023-01-01T00:00:00", "unit": "iso4217:GEL" } }, "fact-749": { "value": "
1. Principal activities
On 6 February 2025 Bank of Georgia Group PLC changed its name to Lion Finance Group PLC. It is a public limited liability company
incorporated in England and Wales with registered number 10917019. As at 31 December 2024 Lion Finance Group PLC held 99.56%
of the share capital of JSC Bank of Georgia and 90% of Ameriabank CJSC (remaining 10% is consolidated through a put option),
representing their ultimate parent company. Ameriabank was acquired as at 31 March 2024 (note 3). Lion Finance Group PLC
together with JSC Bank of Georgia, Ameriabank CJSC and other subsidiaries makes up a group of companies (the \u2018Group\u2019) and
provides banking, leasing, brokerage and investment management services to corporate and individual customers. Lion Finance
Group PLC is listed on the London Stock Exchange\u2019s main market in the Equity Shares (Commercial Companies) category and is a
constituent of the FTSE 250 index. Ticker: BGEO, effective 21 May 2018. JSC Bank of Georgia and Ameriabank CJSC are the Group\u2019s
main operating units and account for most of the Group\u2019s activities.
JSC Bank of Georgia was established on 21 October 1994 as a joint stock company (JSC) under the laws of Georgia. It
operates under a general banking licence issued by the National Bank of Georgia (\u2018the NBG\u2019; the Central Bank of Georgia)
on 15 December 1994.
JSC Bank of Georgia 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 2024, it had 189 operating outlets in all major cities of
Georgia (31 December 2023: 189, 31 December 2022: 211). JSC Bank of Georgia\u2019s registered legal address is 29a Gagarini Street,
Tbilisi 0160, Georgia.
Ameriabank CJSC was established on 8 December 1992 under the laws of the Republic of Armenia. Its principal activities are deposit
taking and customer account maintenance, lending, issuing guarantees, cash and settlement operations and operations with
securities and foreign exchange. The activities of Ameriabank CJSC are regulated by the Central Bank of Armenia (\u2018the CBA\u2019).
As at 31 December 2024, Ameriabank CJSC had 25 branches from which it conducted business throughout the Republic of Armenia.
The registered address of the head office is 2 Vazgen Sargsyan Street, Yerevan 0010, Republic of Armenia.
Lion Finance Group PLC\u2019s registered legal address is 29 Farm Street, London, W1J 5RL, England.
As at 31 December 2024, 31 December 2023 and 31 December 2022, the following shareholders owned more than 3% of the total
outstanding shares of Lion Finance Group PLC. Other shareholders individually owned less than 3% of the outstanding shares.
31 December 31 December 31 December
Shareholder 2024 2023 2022
JSC Georgia Capital**
19.23%
19.71%
20.60%
JP Morgan Asset Management
4.68%
4.04%
2.60%
Dimensional Fund Advisors (DFA) LP
4.33%
4.11%
3.67%
BlackRock Investment Management (UK)
4.19%
3.58%
2.31%
Vanguard Group Inc
3.78%
3.33%
3.20%
M&G Investment Management Ltd
3.28%
4.84%
4.10%
Others
60.51%
60.39%
63.52%
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 Lion Finance Group PLC is greater than 9.9%.
As at 31 December 2024, the members of the Board of Directors of Lion Finance Group PLC owned 788,805 shares or 1.8%
(31 December 2023: 760,209 shares or 1.7%, 31 December 2022: 665,980 shares or 1.4%) of Lion Finance Group PLC. Interests of the
members of the Board of Directors of Lion Finance Group PLC were as follows:
31 December 31 December 31 December
2024, 2023, 2022,
Shareholder shares held shares held shares held
Mel Carvill
\u2013
\u2013
\u2013
Archil Gachechiladze
775,823
718,207
623,978
Al Breach*
N/A
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
2,900
V\u00e9ronique McCarroll
\u2013
\u2013
\u2013
Mariam Megvinetukhutsesi
4,102
4,102
4,102
Andrew McIntyre**
980
N/A
N/A
Maria Gordon***
\u2013
N/A
N/A
Total
788,805
760,209
665,980
* Al Breach stepped down from the Board of Directors and the Supervisory Board and their Committees on 15 March 2024.
** Andrew McIntyre was appointed as an Independent Non-executive Director of Lion Finance Group PLC on 15 March 2024.
*** Maria Gordon was appointed as an Independent Non-executive Director of Lion Finance Group PLC on 20 September 2024.
", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfPrincipalActivities", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Bank of Georgia Group PLC", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Lion Finance Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-746": { "value": "Lion Finance Group PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-747": { "value": "Lion Finance Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Lion Finance Group PLC together with JSC Bank of Georgia, Ameriabank CJSC and other subsidiaries makes up a group of companies (the \u2018Group\u2019) and provides banking, leasing, brokerage and investment management services to corporate and individual customers. Lion Finance Group PLC is listed on the London Stock Exchange\u2019s main market in the Equity Shares (Commercial Companies) category and is a constituent of the FTSE 250 index. Ticker: BGEO, effective 21 May 2018. JSC Bank of Georgia and Ameriabank CJSC are the Group\u2019s main operating units and account for most of the Group\u2019s activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-750": { "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 Lion Finance Group PLC is not presented as part of these financial statements. Lion Finance Group PLC\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 Lion Finance Group PLC are prepared in accordance with UK-adopted international accounting standards as at 31 December 2024. These financial statements are prepared under the historical cost convention except for: \u2022 the measurement at fair value of certain investment securities, derivative financial assets and liabilities, investment properties and certain other financial assets; \u2022 the measurement of foreclosed assets at lower of cost and net realisable value; and \u2022 the measurement of non-current assets classified as held for sale at lower of carrying amount 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 months 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-month period 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 31 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 the Group\u2019s clients were active lead us to believe that there is currently no material short- (less than two years) to medium- (two to five years) term impact of climate change expected. The Group continues to refine its assessment of such risks and will reassess whether the impact of climate-related risks on its financial position and performance need to be considered in future reporting periods.
Subsidiaries and associates
The consolidated financial statements as at 31 December 2024, 31 December 2023 and 31 December 2022 include the following
subsidiaries and associates:
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Bank of Georgia
100.00%
100.00%
100.00%
United
29 Farm Street,
Holding Company
14/10/2011
\u2013
Group Limited Kingdom London, W1J 5RL
(former BGEO
Group Limited)
BGEO Group Limited
100.00%
N/A
N/A
United
29 Farm Street,
Holding Company
2/12/2024
\u2013
(former Alion Group Kingdom London, W1J 5RL
Limited)
JSC BGEO Group*
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Investment
28/5/2015
\u2013
Street, Tbilisi, 0105
\u00de JSC Idea
100.00%
100.00%
100.00%
Georgia
3 Aleksandr Pushkin
Insurance
26/12/2018
\u2013
Street, Tbilisi, 0105
\u00de JSC Bank of
99.56%
99.56%
99.55%
Georgia
29a Gagarini
Banking
21/10/1994
\u2013
Georgia Street, Tbilisi, 0105
\u00de Bank of
100.00%
100.00%
100.00%
United
29 Farm Street, Information
17/8/2010
\u2013
Georgia Kingdom London, W1J 5RL sharing and
Representative market research
Office UK
Limited
\u00de Tree of Life
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Charitable
25/8/2008
\u2013
Foundation Street, Tbilisi, 0105 activities
NPO (former
Bank of
Georgia Future
Foundation,
NPO)
\u00de Bank of
100.00%
100.00%
100.00%
Hungary
1054
Budapest,
Representative
18/6/2012
\u2013
Georgia Szabads\u00e1g t\u00e9r 7; office
Representative Bank Center
Office Hungary
\u00de Representative
N/A
100.00%
100.00%
Turkey
S\u00fcleyman Seba
Representative
25/12/2013
\u2013
Office of Caddesi No:48 office
JSC Bank of A Blok Daire 82
Georgia in Akaretler Be\u015fikta\u015f
Turkey**
34357
Istanbul
\u00de Georgia
100.00%
100.00%
100.00%
Israel
7 Menahem
Information
9/2/2009
\u2013
Financial Begin, Ramat Gan sharing and
Investments,
LLC
5268102 market research
\u00de Benderlock
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
12/5/2009
13/10/2009
Investments 58, IRIS TOWER,
Limited 8th floor, Flat/
Office 702 P.C.
1075,
Nicosia
\u00de JSC
99.98%
99.98%
99.98%
Belarus
Nezavisimosty
Banking
16/4/1992
3/6/2008
Belarusky Avenue 87A, Minsk,
Narodny 220012
Bank
\u00de BNB
99.90%
99.90%
99.90%
Belarus
Nezavisimosty
Leasing
30/3/2006
3/6/2008
Leasing, Avenue 87A, room
LLC 3, Minsk, 220012
\u00de Georgian
100.00%
100.00%
100.00%
Georgia
3-5 Alexander
Leasing
29/10/2001
31/12/2004
Leasing Kazbegi Avenue,
Company, LLC Tbilisi, 0160
\u00de Prime
100.00%
100.00%
100.00%
Georgia
Didube-Chughureti
Leasing
27/1/2012
21/1/2015
Leasing district, Ak. Tsereteli
Avenue \u2116114, Tbilisi
\u00de JSC BG Financial
100.00%
100.00%
100.00%
Georgia
79 David
Investment
7/8/2015
\u2013
Agmashenebeli
Avenue, 0102,
Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
\u00de BOG Asset
100.00%
100.00%
N/A
Georgia
Krtsanisi District,
Asset
22/9/2023
\u2013
Management Pushkin Street N3, Management
LLC Tbilisi
\u00de JSC Galt and
100.00%
N/A
N/A
Georgia
Krtsanisi District,
13/05/2024
\u2013
Taggart SPV Pushkin Street N3,
3*** Tbilisi
\u00de JSC Galt &
100.00%
100.00%
100.00%
Georgia
Krtsanisi District,
Brokerage
19/12/1995
28/12/2004
Taggart Pushkin Street N3, and asset
Tbilisi management
\u00de Branch
100.00%
100.00%
100.00%
Azerbaijan
1C Mikayil Mushvig,
Representative
28/12/2013
\u2013
Office of \u2018BG Kempinski Hotel office
Kapital\u2019 JSC Badamdar, 6th
in Azerbaijan floor, Yasamal.
AZ1006,
Baku
\u00de Galt and
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
3/7/2006
\u2013
Taggart 58, IRIS TOWER,
Holdings 8th floor, Flat/
Limited Office 702 P.C.
1075,
Nicosia
\u00de BG Capital
100.00%
100.00%
100.00%
Belarus
5A-3\u041d, K.Chornogo
Brokerage
19/2/2008
\u2013
(Belarus),
LLC
lane, Minsk, 220012
\u00de JSC Digital
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/6/2018
\u2013
Area (former Tbilisi, 0160
JSC Polymath
Group)
\u00de JSC Extra
100.00%
100.00%
99.34%
Georgia
41, Pekini Avenue,
Digital
22/5/2019
\u2013
area Tbilisi, 0160
\u00de Easy Box LLC
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Transportation
22/12/2020
\u2013
Tbilisi, 0160
\u00de JSC Optimo
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/11/2022
\u2013
Global Tbilisi, 0160
\u00de OPTIMO,
100.00%
100.00%
0.00%
Uzbekistan
Mirabadski District,
Digital
31/8/2023
\u2013
FE LLC 81-38, Tashkent
\u00de JSC Delivery
100.00%
81.38%
25.75%
Georgia
6 A. Andronikashvili
Digital
14/12/2017
8/11/2022
Street II Dead End,
Tbilisi
\u00de El. Biletebi
80.00%
83.34%
0.00%
Georgia
41, Pekini Avenue,
Digital
11/12/2008
29/9/2023
LLC Tbilisi, 0160
\u00de Ticketing
100.00%
100.00%
0.00%
Georgia
41, Pekini Avenue,
Digital
6/7/2023
\u2013
Area LLC Tbilisi, 0160
\u00de Solo, LLC
100.00%
100.00%
100.00%
Georgia
79 David
Trade
22/4/2015
\u2013
Agmashenebeli
Avenue, Tbilisi, 0102
\u00de JSC United
100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Registrar
29/5/2006
\u2013
Securities Avenue, Tbilisi, 0162
Registrar of
Georgia
\u00de JSC Express 100.00%
100.00%
100.00%
Georgia
1b, Budapest
Investments
29/10/2007
\u2013
Technologies Street, Tbilisi, 0160
\u00de JSC 99.41%
99.41%
99.41%
Georgia
221
Nutsubidze
Card processing
17/1/1997
20/10/2004
Georgian Street, Tbilisi, 0168
Card
\u00de Direct 100.00%
100.00%
100.00%
Georgia
106
Beliashvili
Electronic
7/3/2006
\u2013
Debit Street, Tbilisi, 0159 payment services
Georgia,
LLC
\u00de LLC Didi 100.00%
100.00%
100.00%
Georgia
80-82, David
Communication
23/4/2007
\u2013
Digomi Agmashenebeli services
Research Street, Tbilisi, 0102
Center
\u00de Metro 100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Business servicing
10/5/2006
\u2013
Service+, LLC Avenue, Tbilisi, 0162
Premium Compliance 100.00%
100.00%
100.00%
Georgia
Kazbegi Street 3-5,
Various
17/2/2012
\u2013
Advisory, LLC Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Ameriabank CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Banking
8/12/1992
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Invia CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Consulting
21/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Dinno CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Digital
28/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
Proportion of voting rights and ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Associates 2024 2023 2022 incorporation
Address
Industry
incorporation acquisition
JSC Credit info
21.08%
21.08%
21.08%
Georgia
2 Tarkhnishvili
Financial
14/2/2005
14/2/2005
Street, Tbilisi intermediation
JSC Tbilisi Stock
24.04%
24.04%
24.04%
Georgia
72 Vazha-Pshavela
Financial
8/5/2015
23/12/2016
Exchange Avenue, Tbilisi intermediation
* On 11 March 2024 Lion Finance Group PLC decreased its investments in JSC BGEO Group by GEL 307,000.
** JSC Bank of Georgia closed Representative office in Turkey on 24 August 2024.
*** BOG Asset Management LLC established a new company \u2013 LLC Galt and Taggart SPV 3 on 13 May 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-812": { "value": "
General
In accordance with the exemption permitted under section 408 of the Companies Act 2006, the separate income statement of Lion
Finance Group PLC is not presented as part of these financial statements. Lion Finance Group PLC\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 Lion Finance Group PLC are prepared in accordance with UK-adopted international accounting
standards as at 31 December 2024.
These financial statements are prepared under the historical cost convention except for:
\u2022 the measurement at fair value of certain investment securities, derivative financial assets and liabilities, investment properties
and certain other financial assets;
\u2022 the measurement of foreclosed assets at lower of cost and net realisable value; and
\u2022 the measurement of non-current assets classified as held for sale at lower of carrying amount 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-858": { "value": "The financial statements of Lion Finance Group PLC are prepared in accordance with UK-adopted international accounting standards as at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-813": { "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 months 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-month period 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-885": { "value": "Subsidiaries and associates The consolidated financial statements as at 31 December 2024, 31 December 2023 and 31 December 2022 include the following subsidiaries and associates:
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Bank of Georgia
100.00%
100.00%
100.00%
United
29 Farm Street,
Holding Company
14/10/2011
\u2013
Group Limited Kingdom London, W1J 5RL
(former BGEO
Group Limited)
BGEO Group Limited
100.00%
N/A
N/A
United
29 Farm Street,
Holding Company
2/12/2024
\u2013
(former Alion Group Kingdom London, W1J 5RL
Limited)
JSC BGEO Group*
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Investment
28/5/2015
\u2013
Street, Tbilisi, 0105
\u00de JSC Idea
100.00%
100.00%
100.00%
Georgia
3 Aleksandr Pushkin
Insurance
26/12/2018
\u2013
Street, Tbilisi, 0105
\u00de JSC Bank of
99.56%
99.56%
99.55%
Georgia
29a Gagarini
Banking
21/10/1994
\u2013
Georgia Street, Tbilisi, 0105
\u00de Bank of
100.00%
100.00%
100.00%
United
29 Farm Street, Information
17/8/2010
\u2013
Georgia Kingdom London, W1J 5RL sharing and
Representative market research
Office UK
Limited
\u00de Tree of Life
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Charitable
25/8/2008
\u2013
Foundation Street, Tbilisi, 0105 activities
NPO (former
Bank of
Georgia Future
Foundation,
NPO)
\u00de Bank of
100.00%
100.00%
100.00%
Hungary
1054
Budapest,
Representative
18/6/2012
\u2013
Georgia Szabads\u00e1g t\u00e9r 7; office
Representative Bank Center
Office Hungary
\u00de Representative
N/A
100.00%
100.00%
Turkey
S\u00fcleyman Seba
Representative
25/12/2013
\u2013
Office of Caddesi No:48 office
JSC Bank of A Blok Daire 82
Georgia in Akaretler Be\u015fikta\u015f
Turkey**
34357
Istanbul
\u00de Georgia
100.00%
100.00%
100.00%
Israel
7 Menahem
Information
9/2/2009
\u2013
Financial Begin, Ramat Gan sharing and
Investments,
LLC
5268102 market research
\u00de Benderlock
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
12/5/2009
13/10/2009
Investments 58, IRIS TOWER,
Limited 8th floor, Flat/
Office 702 P.C.
1075,
Nicosia
\u00de JSC
99.98%
99.98%
99.98%
Belarus
Nezavisimosty
Banking
16/4/1992
3/6/2008
Belarusky Avenue 87A, Minsk,
Narodny 220012
Bank
\u00de BNB
99.90%
99.90%
99.90%
Belarus
Nezavisimosty
Leasing
30/3/2006
3/6/2008
Leasing, Avenue 87A, room
LLC 3, Minsk, 220012
\u00de Georgian
100.00%
100.00%
100.00%
Georgia
3-5 Alexander
Leasing
29/10/2001
31/12/2004
Leasing Kazbegi Avenue,
Company, LLC Tbilisi, 0160
\u00de Prime
100.00%
100.00%
100.00%
Georgia
Didube-Chughureti
Leasing
27/1/2012
21/1/2015
Leasing district, Ak. Tsereteli
Avenue \u2116114, Tbilisi
\u00de JSC BG Financial
100.00%
100.00%
100.00%
Georgia
79 David
Investment
7/8/2015
\u2013
Agmashenebeli
Avenue, 0102,
Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
\u00de BOG Asset
100.00%
100.00%
N/A
Georgia
Krtsanisi District,
Asset
22/9/2023
\u2013
Management Pushkin Street N3, Management
LLC Tbilisi
\u00de JSC Galt and
100.00%
N/A
N/A
Georgia
Krtsanisi District,
13/05/2024
\u2013
Taggart SPV Pushkin Street N3,
3*** Tbilisi
\u00de JSC Galt &
100.00%
100.00%
100.00%
Georgia
Krtsanisi District,
Brokerage
19/12/1995
28/12/2004
Taggart Pushkin Street N3, and asset
Tbilisi management
\u00de Branch
100.00%
100.00%
100.00%
Azerbaijan
1C Mikayil Mushvig,
Representative
28/12/2013
\u2013
Office of \u2018BG Kempinski Hotel office
Kapital\u2019 JSC Badamdar, 6th
in Azerbaijan floor, Yasamal.
AZ1006,
Baku
\u00de Galt and
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
3/7/2006
\u2013
Taggart 58, IRIS TOWER,
Holdings 8th floor, Flat/
Limited Office 702 P.C.
1075,
Nicosia
\u00de BG Capital
100.00%
100.00%
100.00%
Belarus
5A-3\u041d, K.Chornogo
Brokerage
19/2/2008
\u2013
(Belarus),
LLC
lane, Minsk, 220012
\u00de JSC Digital
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/6/2018
\u2013
Area (former Tbilisi, 0160
JSC Polymath
Group)
\u00de JSC Extra
100.00%
100.00%
99.34%
Georgia
41, Pekini Avenue,
Digital
22/5/2019
\u2013
area Tbilisi, 0160
\u00de Easy Box LLC
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Transportation
22/12/2020
\u2013
Tbilisi, 0160
\u00de JSC Optimo
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/11/2022
\u2013
Global Tbilisi, 0160
\u00de OPTIMO,
100.00%
100.00%
0.00%
Uzbekistan
Mirabadski District,
Digital
31/8/2023
\u2013
FE LLC 81-38, Tashkent
\u00de JSC Delivery
100.00%
81.38%
25.75%
Georgia
6 A. Andronikashvili
Digital
14/12/2017
8/11/2022
Street II Dead End,
Tbilisi
\u00de El. Biletebi
80.00%
83.34%
0.00%
Georgia
41, Pekini Avenue,
Digital
11/12/2008
29/9/2023
LLC Tbilisi, 0160
\u00de Ticketing
100.00%
100.00%
0.00%
Georgia
41, Pekini Avenue,
Digital
6/7/2023
\u2013
Area LLC Tbilisi, 0160
\u00de Solo, LLC
100.00%
100.00%
100.00%
Georgia
79 David
Trade
22/4/2015
\u2013
Agmashenebeli
Avenue, Tbilisi, 0102
\u00de JSC United
100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Registrar
29/5/2006
\u2013
Securities Avenue, Tbilisi, 0162
Registrar of
Georgia
\u00de JSC Express 100.00%
100.00%
100.00%
Georgia
1b, Budapest
Investments
29/10/2007
\u2013
Technologies Street, Tbilisi, 0160
\u00de JSC 99.41%
99.41%
99.41%
Georgia
221
Nutsubidze
Card processing
17/1/1997
20/10/2004
Georgian Street, Tbilisi, 0168
Card
\u00de Direct 100.00%
100.00%
100.00%
Georgia
106
Beliashvili
Electronic
7/3/2006
\u2013
Debit Street, Tbilisi, 0159 payment services
Georgia,
LLC
\u00de LLC Didi 100.00%
100.00%
100.00%
Georgia
80-82, David
Communication
23/4/2007
\u2013
Digomi Agmashenebeli services
Research Street, Tbilisi, 0102
Center
\u00de Metro 100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Business servicing
10/5/2006
\u2013
Service+, LLC Avenue, Tbilisi, 0162
Premium Compliance 100.00%
100.00%
100.00%
Georgia
Kazbegi Street 3-5,
Various
17/2/2012
\u2013
Advisory, LLC Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Ameriabank CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Banking
8/12/1992
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Invia CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Consulting
21/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Dinno CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Digital
28/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
Proportion of voting rights and ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Associates 2024 2023 2022 incorporation
Address
Industry
incorporation acquisition
JSC Credit info
21.08%
21.08%
21.08%
Georgia
2 Tarkhnishvili
Financial
14/2/2005
14/2/2005
Street, Tbilisi intermediation
JSC Tbilisi Stock
24.04%
24.04%
24.04%
Georgia
72 Vazha-Pshavela
Financial
8/5/2015
23/12/2016
Exchange Avenue, Tbilisi intermediation
* On 11 March 2024 Lion Finance Group PLC decreased its investments in JSC BGEO Group by GEL 307,000. ** JSC Bank of Georgia closed Representative office in Turkey on 24 August 2024. *** BOG Asset Management LLC established a new company \u2013 LLC Galt and Taggart SPV 3 on 13 May 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-873": { "value": "Subsidiaries and associates The consolidated financial statements as at 31 December 2024, 31 December 2023 and 31 December 2022 include the following subsidiaries and associates:
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Bank of Georgia
100.00%
100.00%
100.00%
United
29 Farm Street,
Holding Company
14/10/2011
\u2013
Group Limited Kingdom London, W1J 5RL
(former BGEO
Group Limited)
BGEO Group Limited
100.00%
N/A
N/A
United
29 Farm Street,
Holding Company
2/12/2024
\u2013
(former Alion Group Kingdom London, W1J 5RL
Limited)
JSC BGEO Group*
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Investment
28/5/2015
\u2013
Street, Tbilisi, 0105
\u00de JSC Idea
100.00%
100.00%
100.00%
Georgia
3 Aleksandr Pushkin
Insurance
26/12/2018
\u2013
Street, Tbilisi, 0105
\u00de JSC Bank of
99.56%
99.56%
99.55%
Georgia
29a Gagarini
Banking
21/10/1994
\u2013
Georgia Street, Tbilisi, 0105
\u00de Bank of
100.00%
100.00%
100.00%
United
29 Farm Street, Information
17/8/2010
\u2013
Georgia Kingdom London, W1J 5RL sharing and
Representative market research
Office UK
Limited
\u00de Tree of Life
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Charitable
25/8/2008
\u2013
Foundation Street, Tbilisi, 0105 activities
NPO (former
Bank of
Georgia Future
Foundation,
NPO)
\u00de Bank of
100.00%
100.00%
100.00%
Hungary
1054
Budapest,
Representative
18/6/2012
\u2013
Georgia Szabads\u00e1g t\u00e9r 7; office
Representative Bank Center
Office Hungary
\u00de Representative
N/A
100.00%
100.00%
Turkey
S\u00fcleyman Seba
Representative
25/12/2013
\u2013
Office of Caddesi No:48 office
JSC Bank of A Blok Daire 82
Georgia in Akaretler Be\u015fikta\u015f
Turkey**
34357
Istanbul
\u00de Georgia
100.00%
100.00%
100.00%
Israel
7 Menahem
Information
9/2/2009
\u2013
Financial Begin, Ramat Gan sharing and
Investments,
LLC
5268102 market research
\u00de Benderlock
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
12/5/2009
13/10/2009
Investments 58, IRIS TOWER,
Limited 8th floor, Flat/
Office 702 P.C.
1075,
Nicosia
\u00de JSC
99.98%
99.98%
99.98%
Belarus
Nezavisimosty
Banking
16/4/1992
3/6/2008
Belarusky Avenue 87A, Minsk,
Narodny 220012
Bank
\u00de BNB
99.90%
99.90%
99.90%
Belarus
Nezavisimosty
Leasing
30/3/2006
3/6/2008
Leasing, Avenue 87A, room
LLC 3, Minsk, 220012
\u00de Georgian
100.00%
100.00%
100.00%
Georgia
3-5 Alexander
Leasing
29/10/2001
31/12/2004
Leasing Kazbegi Avenue,
Company, LLC Tbilisi, 0160
\u00de Prime
100.00%
100.00%
100.00%
Georgia
Didube-Chughureti
Leasing
27/1/2012
21/1/2015
Leasing district, Ak. Tsereteli
Avenue \u2116114, Tbilisi
\u00de JSC BG Financial
100.00%
100.00%
100.00%
Georgia
79 David
Investment
7/8/2015
\u2013
Agmashenebeli
Avenue, 0102,
Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
\u00de BOG Asset
100.00%
100.00%
N/A
Georgia
Krtsanisi District,
Asset
22/9/2023
\u2013
Management Pushkin Street N3, Management
LLC Tbilisi
\u00de JSC Galt and
100.00%
N/A
N/A
Georgia
Krtsanisi District,
13/05/2024
\u2013
Taggart SPV Pushkin Street N3,
3*** Tbilisi
\u00de JSC Galt &
100.00%
100.00%
100.00%
Georgia
Krtsanisi District,
Brokerage
19/12/1995
28/12/2004
Taggart Pushkin Street N3, and asset
Tbilisi management
\u00de Branch
100.00%
100.00%
100.00%
Azerbaijan
1C Mikayil Mushvig,
Representative
28/12/2013
\u2013
Office of \u2018BG Kempinski Hotel office
Kapital\u2019 JSC Badamdar, 6th
in Azerbaijan floor, Yasamal.
AZ1006,
Baku
\u00de Galt and
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
3/7/2006
\u2013
Taggart 58, IRIS TOWER,
Holdings 8th floor, Flat/
Limited Office 702 P.C.
1075,
Nicosia
\u00de BG Capital
100.00%
100.00%
100.00%
Belarus
5A-3\u041d, K.Chornogo
Brokerage
19/2/2008
\u2013
(Belarus),
LLC
lane, Minsk, 220012
\u00de JSC Digital
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/6/2018
\u2013
Area (former Tbilisi, 0160
JSC Polymath
Group)
\u00de JSC Extra
100.00%
100.00%
99.34%
Georgia
41, Pekini Avenue,
Digital
22/5/2019
\u2013
area Tbilisi, 0160
\u00de Easy Box LLC
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Transportation
22/12/2020
\u2013
Tbilisi, 0160
\u00de JSC Optimo
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/11/2022
\u2013
Global Tbilisi, 0160
\u00de OPTIMO,
100.00%
100.00%
0.00%
Uzbekistan
Mirabadski District,
Digital
31/8/2023
\u2013
FE LLC 81-38, Tashkent
\u00de JSC Delivery
100.00%
81.38%
25.75%
Georgia
6 A. Andronikashvili
Digital
14/12/2017
8/11/2022
Street II Dead End,
Tbilisi
\u00de El. Biletebi
80.00%
83.34%
0.00%
Georgia
41, Pekini Avenue,
Digital
11/12/2008
29/9/2023
LLC Tbilisi, 0160
\u00de Ticketing
100.00%
100.00%
0.00%
Georgia
41, Pekini Avenue,
Digital
6/7/2023
\u2013
Area LLC Tbilisi, 0160
\u00de Solo, LLC
100.00%
100.00%
100.00%
Georgia
79 David
Trade
22/4/2015
\u2013
Agmashenebeli
Avenue, Tbilisi, 0102
\u00de JSC United
100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Registrar
29/5/2006
\u2013
Securities Avenue, Tbilisi, 0162
Registrar of
Georgia
\u00de JSC Express 100.00%
100.00%
100.00%
Georgia
1b, Budapest
Investments
29/10/2007
\u2013
Technologies Street, Tbilisi, 0160
\u00de JSC 99.41%
99.41%
99.41%
Georgia
221
Nutsubidze
Card processing
17/1/1997
20/10/2004
Georgian Street, Tbilisi, 0168
Card
\u00de Direct 100.00%
100.00%
100.00%
Georgia
106
Beliashvili
Electronic
7/3/2006
\u2013
Debit Street, Tbilisi, 0159 payment services
Georgia,
LLC
\u00de LLC Didi 100.00%
100.00%
100.00%
Georgia
80-82, David
Communication
23/4/2007
\u2013
Digomi Agmashenebeli services
Research Street, Tbilisi, 0102
Center
\u00de Metro 100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Business servicing
10/5/2006
\u2013
Service+, LLC Avenue, Tbilisi, 0162
Premium Compliance 100.00%
100.00%
100.00%
Georgia
Kazbegi Street 3-5,
Various
17/2/2012
\u2013
Advisory, LLC Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Ameriabank CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Banking
8/12/1992
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Invia CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Consulting
21/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Dinno CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Digital
28/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
Proportion of voting rights and ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Associates 2024 2023 2022 incorporation
Address
Industry
incorporation acquisition
JSC Credit info
21.08%
21.08%
21.08%
Georgia
2 Tarkhnishvili
Financial
14/2/2005
14/2/2005
Street, Tbilisi intermediation
JSC Tbilisi Stock
24.04%
24.04%
24.04%
Georgia
72 Vazha-Pshavela
Financial
8/5/2015
23/12/2016
Exchange Avenue, Tbilisi intermediation
* On 11 March 2024 Lion Finance Group PLC decreased its investments in JSC BGEO Group by GEL 307,000. ** JSC Bank of Georgia closed Representative office in Turkey on 24 August 2024. *** BOG Asset Management LLC established a new company \u2013 LLC Galt and Taggart SPV 3 on 13 May 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-859": { "value": "Subsidiaries and associates The consolidated financial statements as at 31 December 2024, 31 December 2023 and 31 December 2022 include the following subsidiaries and associates:
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Bank of Georgia
100.00%
100.00%
100.00%
United
29 Farm Street,
Holding Company
14/10/2011
\u2013
Group Limited Kingdom London, W1J 5RL
(former BGEO
Group Limited)
BGEO Group Limited
100.00%
N/A
N/A
United
29 Farm Street,
Holding Company
2/12/2024
\u2013
(former Alion Group Kingdom London, W1J 5RL
Limited)
JSC BGEO Group*
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Investment
28/5/2015
\u2013
Street, Tbilisi, 0105
\u00de JSC Idea
100.00%
100.00%
100.00%
Georgia
3 Aleksandr Pushkin
Insurance
26/12/2018
\u2013
Street, Tbilisi, 0105
\u00de JSC Bank of
99.56%
99.56%
99.55%
Georgia
29a Gagarini
Banking
21/10/1994
\u2013
Georgia Street, Tbilisi, 0105
\u00de Bank of
100.00%
100.00%
100.00%
United
29 Farm Street, Information
17/8/2010
\u2013
Georgia Kingdom London, W1J 5RL sharing and
Representative market research
Office UK
Limited
\u00de Tree of Life
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Charitable
25/8/2008
\u2013
Foundation Street, Tbilisi, 0105 activities
NPO (former
Bank of
Georgia Future
Foundation,
NPO)
\u00de Bank of
100.00%
100.00%
100.00%
Hungary
1054
Budapest,
Representative
18/6/2012
\u2013
Georgia Szabads\u00e1g t\u00e9r 7; office
Representative Bank Center
Office Hungary
\u00de Representative
N/A
100.00%
100.00%
Turkey
S\u00fcleyman Seba
Representative
25/12/2013
\u2013
Office of Caddesi No:48 office
JSC Bank of A Blok Daire 82
Georgia in Akaretler Be\u015fikta\u015f
Turkey**
34357
Istanbul
\u00de Georgia
100.00%
100.00%
100.00%
Israel
7 Menahem
Information
9/2/2009
\u2013
Financial Begin, Ramat Gan sharing and
Investments,
LLC
5268102 market research
\u00de Benderlock
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
12/5/2009
13/10/2009
Investments 58, IRIS TOWER,
Limited 8th floor, Flat/
Office 702 P.C.
1075,
Nicosia
\u00de JSC
99.98%
99.98%
99.98%
Belarus
Nezavisimosty
Banking
16/4/1992
3/6/2008
Belarusky Avenue 87A, Minsk,
Narodny 220012
Bank
\u00de BNB
99.90%
99.90%
99.90%
Belarus
Nezavisimosty
Leasing
30/3/2006
3/6/2008
Leasing, Avenue 87A, room
LLC 3, Minsk, 220012
\u00de Georgian
100.00%
100.00%
100.00%
Georgia
3-5 Alexander
Leasing
29/10/2001
31/12/2004
Leasing Kazbegi Avenue,
Company, LLC Tbilisi, 0160
\u00de Prime
100.00%
100.00%
100.00%
Georgia
Didube-Chughureti
Leasing
27/1/2012
21/1/2015
Leasing district, Ak. Tsereteli
Avenue \u2116114, Tbilisi
\u00de JSC BG Financial
100.00%
100.00%
100.00%
Georgia
79 David
Investment
7/8/2015
\u2013
Agmashenebeli
Avenue, 0102,
Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
\u00de BOG Asset
100.00%
100.00%
N/A
Georgia
Krtsanisi District,
Asset
22/9/2023
\u2013
Management Pushkin Street N3, Management
LLC Tbilisi
\u00de JSC Galt and
100.00%
N/A
N/A
Georgia
Krtsanisi District,
13/05/2024
\u2013
Taggart SPV Pushkin Street N3,
3*** Tbilisi
\u00de JSC Galt &
100.00%
100.00%
100.00%
Georgia
Krtsanisi District,
Brokerage
19/12/1995
28/12/2004
Taggart Pushkin Street N3, and asset
Tbilisi management
\u00de Branch
100.00%
100.00%
100.00%
Azerbaijan
1C Mikayil Mushvig,
Representative
28/12/2013
\u2013
Office of \u2018BG Kempinski Hotel office
Kapital\u2019 JSC Badamdar, 6th
in Azerbaijan floor, Yasamal.
AZ1006,
Baku
\u00de Galt and
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
3/7/2006
\u2013
Taggart 58, IRIS TOWER,
Holdings 8th floor, Flat/
Limited Office 702 P.C.
1075,
Nicosia
\u00de BG Capital
100.00%
100.00%
100.00%
Belarus
5A-3\u041d, K.Chornogo
Brokerage
19/2/2008
\u2013
(Belarus),
LLC
lane, Minsk, 220012
\u00de JSC Digital
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/6/2018
\u2013
Area (former Tbilisi, 0160
JSC Polymath
Group)
\u00de JSC Extra
100.00%
100.00%
99.34%
Georgia
41, Pekini Avenue,
Digital
22/5/2019
\u2013
area Tbilisi, 0160
\u00de Easy Box LLC
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Transportation
22/12/2020
\u2013
Tbilisi, 0160
\u00de JSC Optimo
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/11/2022
\u2013
Global Tbilisi, 0160
\u00de OPTIMO,
100.00%
100.00%
0.00%
Uzbekistan
Mirabadski District,
Digital
31/8/2023
\u2013
FE LLC 81-38, Tashkent
\u00de JSC Delivery
100.00%
81.38%
25.75%
Georgia
6 A. Andronikashvili
Digital
14/12/2017
8/11/2022
Street II Dead End,
Tbilisi
\u00de El. Biletebi
80.00%
83.34%
0.00%
Georgia
41, Pekini Avenue,
Digital
11/12/2008
29/9/2023
LLC Tbilisi, 0160
\u00de Ticketing
100.00%
100.00%
0.00%
Georgia
41, Pekini Avenue,
Digital
6/7/2023
\u2013
Area LLC Tbilisi, 0160
\u00de Solo, LLC
100.00%
100.00%
100.00%
Georgia
79 David
Trade
22/4/2015
\u2013
Agmashenebeli
Avenue, Tbilisi, 0102
\u00de JSC United
100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Registrar
29/5/2006
\u2013
Securities Avenue, Tbilisi, 0162
Registrar of
Georgia
\u00de JSC Express 100.00%
100.00%
100.00%
Georgia
1b, Budapest
Investments
29/10/2007
\u2013
Technologies Street, Tbilisi, 0160
\u00de JSC 99.41%
99.41%
99.41%
Georgia
221
Nutsubidze
Card processing
17/1/1997
20/10/2004
Georgian Street, Tbilisi, 0168
Card
\u00de Direct 100.00%
100.00%
100.00%
Georgia
106
Beliashvili
Electronic
7/3/2006
\u2013
Debit Street, Tbilisi, 0159 payment services
Georgia,
LLC
\u00de LLC Didi 100.00%
100.00%
100.00%
Georgia
80-82, David
Communication
23/4/2007
\u2013
Digomi Agmashenebeli services
Research Street, Tbilisi, 0102
Center
\u00de Metro 100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Business servicing
10/5/2006
\u2013
Service+, LLC Avenue, Tbilisi, 0162
Premium Compliance 100.00%
100.00%
100.00%
Georgia
Kazbegi Street 3-5,
Various
17/2/2012
\u2013
Advisory, LLC Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Ameriabank CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Banking
8/12/1992
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Invia CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Consulting
21/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Dinno CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Digital
28/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
Proportion of voting rights and ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Associates 2024 2023 2022 incorporation
Address
Industry
incorporation acquisition
JSC Credit info
21.08%
21.08%
21.08%
Georgia
2 Tarkhnishvili
Financial
14/2/2005
14/2/2005
Street, Tbilisi intermediation
JSC Tbilisi Stock
24.04%
24.04%
24.04%
Georgia
72 Vazha-Pshavela
Financial
8/5/2015
23/12/2016
Exchange Avenue, Tbilisi intermediation
* On 11 March 2024 Lion Finance Group PLC decreased its investments in JSC BGEO Group by GEL 307,000. ** JSC Bank of Georgia closed Representative office in Turkey on 24 August 2024. *** BOG Asset Management LLC established a new company \u2013 LLC Galt and Taggart SPV 3 on 13 May 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-814": { "value": "Subsidiaries and associates The consolidated financial statements as at 31 December 2024, 31 December 2023 and 31 December 2022 include the following subsidiaries and associates:
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Bank of Georgia
100.00%
100.00%
100.00%
United
29 Farm Street,
Holding Company
14/10/2011
\u2013
Group Limited Kingdom London, W1J 5RL
(former BGEO
Group Limited)
BGEO Group Limited
100.00%
N/A
N/A
United
29 Farm Street,
Holding Company
2/12/2024
\u2013
(former Alion Group Kingdom London, W1J 5RL
Limited)
JSC BGEO Group*
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Investment
28/5/2015
\u2013
Street, Tbilisi, 0105
\u00de JSC Idea
100.00%
100.00%
100.00%
Georgia
3 Aleksandr Pushkin
Insurance
26/12/2018
\u2013
Street, Tbilisi, 0105
\u00de JSC Bank of
99.56%
99.56%
99.55%
Georgia
29a Gagarini
Banking
21/10/1994
\u2013
Georgia Street, Tbilisi, 0105
\u00de Bank of
100.00%
100.00%
100.00%
United
29 Farm Street, Information
17/8/2010
\u2013
Georgia Kingdom London, W1J 5RL sharing and
Representative market research
Office UK
Limited
\u00de Tree of Life
100.00%
100.00%
100.00%
Georgia
29a Gagarini
Charitable
25/8/2008
\u2013
Foundation Street, Tbilisi, 0105 activities
NPO (former
Bank of
Georgia Future
Foundation,
NPO)
\u00de Bank of
100.00%
100.00%
100.00%
Hungary
1054
Budapest,
Representative
18/6/2012
\u2013
Georgia Szabads\u00e1g t\u00e9r 7; office
Representative Bank Center
Office Hungary
\u00de Representative
N/A
100.00%
100.00%
Turkey
S\u00fcleyman Seba
Representative
25/12/2013
\u2013
Office of Caddesi No:48 office
JSC Bank of A Blok Daire 82
Georgia in Akaretler Be\u015fikta\u015f
Turkey**
34357
Istanbul
\u00de Georgia
100.00%
100.00%
100.00%
Israel
7 Menahem
Information
9/2/2009
\u2013
Financial Begin, Ramat Gan sharing and
Investments,
LLC
5268102 market research
\u00de Benderlock
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
12/5/2009
13/10/2009
Investments 58, IRIS TOWER,
Limited 8th floor, Flat/
Office 702 P.C.
1075,
Nicosia
\u00de JSC
99.98%
99.98%
99.98%
Belarus
Nezavisimosty
Banking
16/4/1992
3/6/2008
Belarusky Avenue 87A, Minsk,
Narodny 220012
Bank
\u00de BNB
99.90%
99.90%
99.90%
Belarus
Nezavisimosty
Leasing
30/3/2006
3/6/2008
Leasing, Avenue 87A, room
LLC 3, Minsk, 220012
\u00de Georgian
100.00%
100.00%
100.00%
Georgia
3-5 Alexander
Leasing
29/10/2001
31/12/2004
Leasing Kazbegi Avenue,
Company, LLC Tbilisi, 0160
\u00de Prime
100.00%
100.00%
100.00%
Georgia
Didube-Chughureti
Leasing
27/1/2012
21/1/2015
Leasing district, Ak. Tsereteli
Avenue \u2116114, Tbilisi
\u00de JSC BG Financial
100.00%
100.00%
100.00%
Georgia
79 David
Investment
7/8/2015
\u2013
Agmashenebeli
Avenue, 0102,
Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
\u00de BOG Asset
100.00%
100.00%
N/A
Georgia
Krtsanisi District,
Asset
22/9/2023
\u2013
Management Pushkin Street N3, Management
LLC Tbilisi
\u00de JSC Galt and
100.00%
N/A
N/A
Georgia
Krtsanisi District,
13/05/2024
\u2013
Taggart SPV Pushkin Street N3,
3*** Tbilisi
\u00de JSC Galt &
100.00%
100.00%
100.00%
Georgia
Krtsanisi District,
Brokerage
19/12/1995
28/12/2004
Taggart Pushkin Street N3, and asset
Tbilisi management
\u00de Branch
100.00%
100.00%
100.00%
Azerbaijan
1C Mikayil Mushvig,
Representative
28/12/2013
\u2013
Office of \u2018BG Kempinski Hotel office
Kapital\u2019 JSC Badamdar, 6th
in Azerbaijan floor, Yasamal.
AZ1006,
Baku
\u00de Galt and
100.00%
100.00%
100.00%
Cyprus
Arch. Makariou III
Investments
3/7/2006
\u2013
Taggart 58, IRIS TOWER,
Holdings 8th floor, Flat/
Limited Office 702 P.C.
1075,
Nicosia
\u00de BG Capital
100.00%
100.00%
100.00%
Belarus
5A-3\u041d, K.Chornogo
Brokerage
19/2/2008
\u2013
(Belarus),
LLC
lane, Minsk, 220012
\u00de JSC Digital
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/6/2018
\u2013
Area (former Tbilisi, 0160
JSC Polymath
Group)
\u00de JSC Extra
100.00%
100.00%
99.34%
Georgia
41, Pekini Avenue,
Digital
22/5/2019
\u2013
area Tbilisi, 0160
\u00de Easy Box LLC
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Transportation
22/12/2020
\u2013
Tbilisi, 0160
\u00de JSC Optimo
100.00%
100.00%
100.00%
Georgia
41, Pekini Avenue,
Digital
8/11/2022
\u2013
Global Tbilisi, 0160
\u00de OPTIMO,
100.00%
100.00%
0.00%
Uzbekistan
Mirabadski District,
Digital
31/8/2023
\u2013
FE LLC 81-38, Tashkent
\u00de JSC Delivery
100.00%
81.38%
25.75%
Georgia
6 A. Andronikashvili
Digital
14/12/2017
8/11/2022
Street II Dead End,
Tbilisi
\u00de El. Biletebi
80.00%
83.34%
0.00%
Georgia
41, Pekini Avenue,
Digital
11/12/2008
29/9/2023
LLC Tbilisi, 0160
\u00de Ticketing
100.00%
100.00%
0.00%
Georgia
41, Pekini Avenue,
Digital
6/7/2023
\u2013
Area LLC Tbilisi, 0160
\u00de Solo, LLC
100.00%
100.00%
100.00%
Georgia
79 David
Trade
22/4/2015
\u2013
Agmashenebeli
Avenue, Tbilisi, 0102
\u00de JSC United
100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Registrar
29/5/2006
\u2013
Securities Avenue, Tbilisi, 0162
Registrar of
Georgia
\u00de JSC Express 100.00%
100.00%
100.00%
Georgia
1b, Budapest
Investments
29/10/2007
\u2013
Technologies Street, Tbilisi, 0160
\u00de JSC 99.41%
99.41%
99.41%
Georgia
221
Nutsubidze
Card processing
17/1/1997
20/10/2004
Georgian Street, Tbilisi, 0168
Card
\u00de Direct 100.00%
100.00%
100.00%
Georgia
106
Beliashvili
Electronic
7/3/2006
\u2013
Debit Street, Tbilisi, 0159 payment services
Georgia,
LLC
\u00de LLC Didi 100.00%
100.00%
100.00%
Georgia
80-82, David
Communication
23/4/2007
\u2013
Digomi Agmashenebeli services
Research Street, Tbilisi, 0102
Center
\u00de Metro 100.00%
100.00%
100.00%
Georgia
74a Chavchavadze
Business servicing
10/5/2006
\u2013
Service+, LLC Avenue, Tbilisi, 0162
Premium Compliance 100.00%
100.00%
100.00%
Georgia
Kazbegi Street 3-5,
Various
17/2/2012
\u2013
Advisory, LLC Tbilisi
Proportion of voting rights and
ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Subsidiaries 2024 2023 2022
incorporation
Address
Industry
incorporation acquisition
Ameriabank CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Banking
8/12/1992
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Invia CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Consulting
21/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
\u00de Dinno CJSC 100.00%
N/A
N/A
Armenia
2 Vazgen Sargsyan
Digital
28/4/2023
29/3/2024
Street, Yerevan
0010,
Republic of
Armenia
Proportion of voting rights and ordinary share capital held
31 December 31 December 31 December Country of Date of Date of
Associates 2024 2023 2022 incorporation
Address
Industry
incorporation acquisition
JSC Credit info
21.08%
21.08%
21.08%
Georgia
2 Tarkhnishvili
Financial
14/2/2005
14/2/2005
Street, Tbilisi intermediation
JSC Tbilisi Stock
24.04%
24.04%
24.04%
Georgia
72 Vazha-Pshavela
Financial
8/5/2015
23/12/2016
Exchange Avenue, Tbilisi intermediation
* On 11 March 2024 Lion Finance Group PLC decreased its investments in JSC BGEO Group by GEL 307,000. ** JSC Bank of Georgia closed Representative office in Turkey on 24 August 2024. *** BOG Asset Management LLC established a new company \u2013 LLC Galt and Taggart SPV 3 on 13 May 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-748": { "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 2024.
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.
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
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. Acquisition-related costs are expensed as incurred.
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). If the
fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has
correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the
amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired
over the aggregate consideration transferred, then the gain is recognised in the income statement.
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 equal 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.
Common control transactions
The Group generally accounts for common control transactions at cost. Those transactions involving the acquisition of investment in
a subsidiary, associate or joint venture are accounted at the fair value of the consideration given. When the purchase consideration
does not correspond to the fair value of the investment acquired the investment is accounted at fair value with corresponding effect
recognised in the acquirer\u2019s standalone income statement.
Accounting for common control transactions has no effect on the Group\u2019s consolidated financial statements.
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. 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.
Fair value measurement
The Group measures financial instruments, such as trading and investment securities, derivatives and non-financial assets such as
investment properties, at fair value at each balance sheet date. Fair values of financial instruments measured at amortised cost are
disclosed in note 32.
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 the income statement upon disposal for debt
instruments;
\u2022 FVOCI without recycling to the income statement for equity instruments; or
\u2022 amortised cost.
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; and
\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.
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 other comprehensive income. Interest income and foreign exchange gains and losses are recognised in the income
statement in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses
previously recognised in other comprehensive income are reclassified from other comprehensive income to the income statement.
Factoring receivables
Factoring receivables, presented as part of loans to customers, factoring and finance lease receivables, are measured at amortised
cost. They are initially measured at fair value plus incremental direct transaction costs, and subsequently at their amortised cost
using the effective interest method.
Equity instruments at FVOCI \u2013 option
Upon initial recognition, the Group may elect to classify irrevocably its investments in 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.
The Group does not recycle gains and losses on these equity instruments to the income statement nor does it make impairment
assessment for these instruments. Dividends received are recognised in the income statement.
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 other gains/(losses), 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 contracts 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 ECL provision that 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 ECL.
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. The Group also holds cash in nominal ownership
on behalf of its clients. The Group does not control this cash nor does it have the potential to produce economic benefits to the
Group, therefore asset recognition criteria is not met in such cases. Respectively, the Group does not recognise these amounts in its
consolidated statement of financial position.
Borrowings The Group classifies issued financial instruments or their components 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). The Group initially recognises these liabilities 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 an unconditional right to avoid delivering cash upon a predetermined trigger event that is beyond the control of both the issuer and the holder of the instrument. 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. Subordinated debt Subordinated debt represents long-term funds attracted by the Group 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 Group\u2019s liquidation. Subordinated debt is carried at amortised cost. Securities lending and sale-and-repurchase transactions Securities sold under sale and repurchase (repo) agreements are accounted for as secured financing transactions, with the securities retained in the statement of financial position and the counterparty liability included in amounts payable under repo transactions. The difference between the sale and repurchase prices represents interest expense and is recognised in the income statement over the term of the repo agreement using the effective interest method. If the counterparty has the right to sell or pledge securities subject to the agreement, the Group reclassifies them on its statement of financial position as investment securities pledged under sale and repurchase agreements and securities lending. Securities purchased under agreements to resell (reverse repo) are recorded as amounts receivable under reverse repo transactions. The difference between the purchase and resale prices represents interest income and is recognised in the income statement over the term of the repo agreement using the effective interest method. If assets purchased under an agreement to resell are sold to third parties, the obligation to return securities is recorded as a trading liability and measured at fair value. Leases The Group as a lessee The Group\u2019s main leasing activities include the leases of service centres, ATM spaces and warehouses. A non-cancellable lease period is up to 20 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 at the lease commencement date at an initial amount of the lease liability adjusted for lease payments made at or before the commencement date. 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 occupancy and rent expense on a straight-line basis over the lease term and presents them as part of general and administrative expenses. 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 remeasures 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
The Group classifies leases that transfer substantially all the risks and benefits incidental to ownership of the lease item to the
lessee 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 Group uses the interest rate
implicit in the lease as a discount factor. 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 gains/(losses).
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.
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 and other receivables and contract assets and records lifetime ECLs on them.
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 expected credit losses (LTECL) 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 probability of default (LTPD) that represents the PD occurring over the
remaining lifetime of the financial instrument. Allowance for credit losses are 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.
Unless POCI, 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 ECLs 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 in ECL calculation are disclosed in note 4.
Derecognition of financial assets and liabilities
Derecognition of financial assets
The Group derecognises a financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) 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.
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.
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
The Group derecognises a financial liability 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 realisations 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. For some of the assets the Group has granted to a previous owner a repurchase option with average period of 1-1.5 years. The Group is precluded from selling the repossessed asset during the option period. The Group does not recognise the options separately in the consolidated financial statements but considers the exercise price in measurement of not realisable value (NRV) where relevant. 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. Realisation gain/loss from the above assets are included under net other gains/(losses) in the Group\u2019s consolidated income statement. 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. Assets and liabilities classified as held for sale are presented separately from other assets and liabilities in the statement of financial position. Taxation The Group calculates the current income tax expense in accordance with the regulations in force in the respective territories in which Lion Finance Group PLC and its subsidiaries operate. Deferred tax assets and liabilities are calculated in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. The Group recognises a deferred tax asset 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, Armenia 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 The Group recognises investment property initially at cost, including transaction costs, and subsequently remeasured 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. 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 gains/(losses). Property and equipment The Group records property and equipment at cost less accumulated depreciation and any accumulated impairment in value. 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 3-20 Computers and equipment 5-10 Motor vehicles 2-7 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 (CGUs), or groups of CGUs, 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 CGU (or group of CGUs), to which the goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) 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, licences, internally generated assets and other intangibles recognised on business combinations. Intangible assets acquired separately are initially measured at cost and subsequently 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. Provisions The Group recognises provisions when it 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. 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 subsequent holding period does not imply any employment service provision from the share recipient side; therefore it does not affect the expense recognition period. 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. Where the terms of an equity-settled award are modified, the Group recognises the minimum expense 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 the Group cancels an equity-settled award, 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 Lion Finance Group PLC or its subsidiaries purchase Lion Finance Group PLC\u2019s 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 The Group recognises dividends as liabilities and deducts them 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. Retained earnings As a result of the Ameriabank acquisition, retained earnings of the Group include: \u2022 a general reserve which is a reserve required by Armenian law and is considered as a non-distributable reserve that can be used in case of the Ameriabank\u2019s bankruptcy; and \u2022 a special reserve that can be used by Ameriabank as a safety buffer for capital against any fluctuations that may occur, further increase its statutory capital, further increase its general reserve, pay dividends to the shareholders, to finance projects with anticipated positive impact, or to finance other projects that do not conflict with Ameriabank\u2019s strategy, with legislation and with its charter. Contingencies 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. 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. 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 The Group recognises fees income for the provision of services over a period of time 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 the customer loyalty programme 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.
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.
Functional, reporting currencies and foreign currency translation
The consolidated financial statements are presented in Georgian Lari, which is the Group\u2019s presentation currency. Lion Finance
Group PLC\u2019s and JSC Bank of Georgia\u2019s functional currency is Georgian Lari, while the functional currency of CJSC Ameriabank
is Armenian Dram (AMD). 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 the income statement, 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 net foreign currency gain. The official NBG exchange rates at 31 December 2024, 31 December 2023 and
31 December 2022 were:
Lari to GBP
Lari to USD
Lari to EUR
Lari to BYN
Lari to AMD
31 December 2024
3.5349
2.8068
2.9306
0.8594
0.0071
31 December 2023
3.4228
2.6894
2.9753
0.8162
0.0067
31 December 2022
3.2581
2.7020
2.8844
1.0730
0.0069
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.
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 2024
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022 What is meant by a right to defer settlement.
\u2022 That a right to defer must exist at the end of the reporting period.
\u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right.
\u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact
its classification.
In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s
right to defer settlement is contingent on compliance with future covenants within 12 months.
The amendments had no material impact on the Group\u2019s consolidated financial statements.
Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements
The amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such
arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in
understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk.
The amendment had no material impact on the Group\u2019s consolidated financial statements.
Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and
leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it
retains. The amendment had no material impact on the Group\u2019s consolidated financial statements.
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.
Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued \u2018Amendments to the Classification and Measurement of Financial Instruments\u2019 which amended IFRS 9
and IFRS 7. The amendments:
\u2022 Clarify that a financial liability is derecognised on the \u2018settlement date\u2019, i.e. when the related obligation is discharged or cancelled
or expires or the liability otherwise qualifies for derecognition. They also introduce an accounting policy option to derecognise
financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met.
\u2022 Clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and
governance (ESG)-linked features and other similar contingent features.
\u2022 Clarify the treatment of non-recourse assets and contractually linked instruments (CLI).
\u2022 Require additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent
event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive
income (FVOCI).
The requirements will be effective for annual reporting periods beginning on or after 1 January 2026, with early adoption permitted.
The Group is in the process of assessing the impact of the new amendments.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements
. IFRS 18 introduces new
requirements for presentation within the income statement, including specified totals and subtotals. Furthermore, entities are
required to classify all income and expenses within the income statement into one of five categories: operating, investing, financing,
income taxes and discontinued operations, whereof the first three are new.
It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and
includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary
financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7
Statement of Cash Flows
, which include changing the starting
point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and
removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential
amendments to several other standards.
IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but
earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to
the financial statements.
Lack of Exchangeability \u2013 Amendments to IAS 21
IASB has published \u2018Lack of Exchangeability\u2019 (Amendments to IAS 21) that contains guidance to specify when a currency is
exchangeable and how to determine the exchange rate when it is not. The amendments are applicable for annual reporting periods
beginning on or after 1 January 2025. Earlier application is permitted.
The amendments are not expected to have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-751": { "value": "Basis of consolidation The Consolidated Financial Statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2024. 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. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-860": { "value": "Business combinations and goodwill 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. Acquisition-related costs are expensed as incurred. 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). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the income statement. 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 (CGUs), or groups of CGUs, 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 CGU (or group of CGUs), to which the goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) is less than the carrying amount, an impairment loss is recognised. Impairment losses cannot be reversed in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-815": { "value": "Business combinations and goodwill 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. Acquisition-related costs are expensed as incurred. 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). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-752": { "value": "Business combinations and goodwill 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. Acquisition-related costs are expensed as incurred. 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). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-816": { "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 equal 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-753": { "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 equal 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-754": { "value": "Common control transactions The Group generally accounts for common control transactions at cost. Those transactions involving the acquisition of investment in a subsidiary, associate or joint venture are accounted at the fair value of the consideration given. When the purchase consideration does not correspond to the fair value of the investment acquired the investment is accounted at fair value with corresponding effect recognised in the acquirer\u2019s standalone income statement. Accounting for common control transactions has no effect on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "lionfinancegroupplc:DescriptionOfAccountingPolicyForCommonControlTransactions", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-755": { "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. 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. ", "dimensions": { "concept": "lionfinancegroupplc:DescriptionOfAccountingPolicyForInvestmentInSubsidiariesAndAssociatesInParentCompanyFinancialStatements", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-886": { "value": "Fair value measurement The Group measures financial instruments, such as trading and investment securities, derivatives and non-financial assets such as investment properties, at fair value at each balance sheet date. Fair values of financial instruments measured at amortised cost are disclosed in note 32. 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 the income statement upon disposal for debt instruments; \u2022 FVOCI without recycling to the income statement for equity instruments; or \u2022 amortised cost. 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; and \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. 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 other comprehensive income. Interest income and foreign exchange gains and losses are recognised in the income statement in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in other comprehensive income are reclassified from other comprehensive income to the income statement. Factoring receivables Factoring receivables, presented as part of loans to customers, factoring and finance lease receivables, are measured at amortised cost. They are initially measured at fair value plus incremental direct transaction costs, and subsequently at their amortised cost using the effective interest method. Equity instruments at FVOCI \u2013 option Upon initial recognition, the Group may elect to classify irrevocably its investments in 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. The Group does not recycle gains and losses on these equity instruments to the income statement nor does it make impairment assessment for these instruments. Dividends received are recognised in the income statement. 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 other gains/(losses), 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 contracts 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 ECL provision that 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 ECL. Borrowings The Group classifies issued financial instruments or their components 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). The Group initially recognises these liabilities 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 an unconditional right to avoid delivering cash upon a predetermined trigger event that is beyond the control of both the issuer and the holder of the instrument. 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. 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. 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 and other receivables and contract assets and records lifetime ECLs on them. Derecognition of financial assets and liabilities Derecognition of financial assets The Group derecognises a financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) 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. 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. 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 The Group derecognises a financial liability 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-817": { "value": "Fair value measurement The Group measures financial instruments, such as trading and investment securities, derivatives and non-financial assets such as investment properties, at fair value at each balance sheet date. Fair values of financial instruments measured at amortised cost are disclosed in note 32. 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. 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 other comprehensive income. Interest income and foreign exchange gains and losses are recognised in the income statement in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in other comprehensive income are reclassified from other comprehensive income to the income statement. Equity instruments at FVOCI \u2013 option Upon initial recognition, the Group may elect to classify irrevocably its investments in 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. The Group does not recycle gains and losses on these equity instruments to the income statement nor does it make impairment assessment for these instruments. Dividends received are recognised in the income statement. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-756": { "value": "Fair value measurement The Group measures financial instruments, such as trading and investment securities, derivatives and non-financial assets such as investment properties, at fair value at each balance sheet date. Fair values of financial instruments measured at amortised cost are disclosed in note 32. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-874": { "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 the income statement upon disposal for debt instruments; \u2022 FVOCI without recycling to the income statement for equity instruments; or \u2022 amortised cost. 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; and \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. 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 other comprehensive income. Interest income and foreign exchange gains and losses are recognised in the income statement in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in other comprehensive income are reclassified from other comprehensive income to the income statement. Factoring receivables Factoring receivables, presented as part of loans to customers, factoring and finance lease receivables, are measured at amortised cost. They are initially measured at fair value plus incremental direct transaction costs, and subsequently at their amortised cost using the effective interest method. Equity instruments at FVOCI \u2013 option Upon initial recognition, the Group may elect to classify irrevocably its investments in 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. The Group does not recycle gains and losses on these equity instruments to the income statement nor does it make impairment assessment for these instruments. Dividends received are recognised in the income statement. 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 other gains/(losses), 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 contracts 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 ECL provision that 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 ECL. Borrowings The Group classifies issued financial instruments or their components 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). The Group initially recognises these liabilities 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 an unconditional right to avoid delivering cash upon a predetermined trigger event that is beyond the control of both the issuer and the holder of the instrument. 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-861": { "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 the income statement upon disposal for debt instruments; \u2022 FVOCI without recycling to the income statement for equity instruments; or \u2022 amortised cost. 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; and \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. 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 other comprehensive income. Interest income and foreign exchange gains and losses are recognised in the income statement in the same manner as for financial assets measured at amortised cost. On derecognition, cumulative gains or losses previously recognised in other comprehensive income are reclassified from other comprehensive income to the income statement. Factoring receivables Factoring receivables, presented as part of loans to customers, factoring and finance lease receivables, are measured at amortised cost. They are initially measured at fair value plus incremental direct transaction costs, and subsequently at their amortised cost using the effective interest method. Equity instruments at FVOCI \u2013 option Upon initial recognition, the Group may elect to classify irrevocably its investments in 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. The Group does not recycle gains and losses on these equity instruments to the income statement nor does it make impairment assessment for these instruments. Dividends received are recognised in the income statement. 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 other gains/(losses), 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 contracts 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 ECL provision that 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 ECL. 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. 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 and other receivables and contract assets and records lifetime ECLs on them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-818": { "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 other gains/(losses), 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-819": { "value": "Financial guarantees, letter of credits and other financial commitments The Group enters into the financial guarantee contracts 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-757": { "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. The Group also holds cash in nominal ownership on behalf of its clients. The Group does not control this cash nor does it have the potential to produce economic benefits to the Group, therefore asset recognition criteria is not met in such cases. Respectively, the Group does not recognise these amounts in its consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-758": { "value": "
Borrowings
The Group classifies issued financial instruments or their components 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). The Group initially recognises these liabilities 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 an unconditional right to avoid delivering cash upon
a predetermined trigger event that is beyond the control of both the issuer and the holder of the instrument. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-759": { "value": "Subordinated debt Subordinated debt represents long-term funds attracted by the Group 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 Group\u2019s liquidation. Subordinated debt is carried at amortised cost. ", "dimensions": { "concept": "lionfinancegroupplc:DescriptionOfAccountingPolicyForSubordinatedDebt", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-760": { "value": "Securities lending and sale-and-repurchase transactions Securities sold under sale and repurchase (repo) agreements are accounted for as secured financing transactions, with the securities retained in the statement of financial position and the counterparty liability included in amounts payable under repo transactions. The difference between the sale and repurchase prices represents interest expense and is recognised in the income statement over the term of the repo agreement using the effective interest method. If the counterparty has the right to sell or pledge securities subject to the agreement, the Group reclassifies them on its statement of financial position as investment securities pledged under sale and repurchase agreements and securities lending. Securities purchased under agreements to resell (reverse repo) are recorded as amounts receivable under reverse repo transactions. The difference between the purchase and resale prices represents interest income and is recognised in the income statement over the term of the repo agreement using the effective interest method. If assets purchased under an agreement to resell are sold to third parties, the obligation to return securities is recorded as a trading liability and measured at fair value. ", "dimensions": { "concept": "lionfinancegroupplc:DescriptionOfAccountingPolicyForSecuritiesLendingAndSaleAndRepurchaseTransactions", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-761": { "value": "
Leases
The Group as a lessee
The Group\u2019s main leasing activities include the leases of service centres, ATM spaces and warehouses. A non-cancellable lease period
is up to 20 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 at the lease commencement date at an initial amount of the lease liability adjusted for
lease payments made at or before the commencement date. 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 occupancy and rent expense on a straight-line basis over the lease term and presents them as
part of general and administrative expenses.
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 remeasures 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 The Group classifies leases that transfer substantially all the risks and benefits incidental to ownership of the lease item to the lessee 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 Group uses the interest rate implicit in the lease as a discount factor. 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 gains/(losses). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-820": { "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. 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 and other receivables and contract assets and records lifetime ECLs on them. 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 (CGUs), or groups of CGUs, 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 CGU (or group of CGUs), to which the goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) is less than the carrying amount, an impairment loss is recognised. Impairment losses cannot be reversed in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-762": { "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. 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 and other receivables and contract assets and records lifetime ECLs on them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-763": { "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 expected credit losses (LTECL) 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 probability of default (LTPD) that represents the PD occurring over the remaining lifetime of the financial instrument. Allowance for credit losses are 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. Unless POCI, 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 ECLs 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 in ECL calculation are disclosed in note 4. ", "dimensions": { "concept": "lionfinancegroupplc:DescriptionOfAccountingPolicyForStagedApproachToTheDeterminationOfECLs", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-764": { "value": "Derecognition of financial assets and liabilities Derecognition of financial assets The Group derecognises a financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) 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. 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. 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 The Group derecognises a financial liability 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-765": { "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 realisations 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. For some of the assets the Group has granted to a previous owner a repurchase option with average period of 1-1.5 years. The Group is precluded from selling the repossessed asset during the option period. The Group does not recognise the options separately in the consolidated financial statements but considers the exercise price in measurement of not realisable value (NRV) where relevant. 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. Realisation gain/loss from the above assets are included under net other gains/(losses) in the Group\u2019s consolidated income statement. ", "dimensions": { "concept": "lionfinancegroupplc:DescriptionOfAccountingPolicyForForeclosedAssets", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-766": { "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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-821": { "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. 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:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-767": { "value": "
Taxation
The Group calculates the current income tax expense in accordance with the regulations in force in the respective territories in which
Lion Finance Group PLC and its subsidiaries operate.
Deferred tax assets and liabilities are calculated in respect of temporary differences arising between the tax bases of assets and
liabilities and their carrying values for financial reporting purposes.
The Group recognises a deferred tax asset 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, Armenia 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-822": { "value": "Taxation The Group calculates the current income tax expense in accordance with the regulations in force in the respective territories in which Lion Finance Group PLC and its subsidiaries operate. Deferred tax assets and liabilities are calculated in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. The Group recognises a deferred tax asset 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, Armenia 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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-768": { "value": "
Investment properties
The Group recognises investment property initially at cost, including transaction costs, and subsequently remeasured 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.
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 gains/(losses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-769": { "value": "
Property and equipment
The Group records property and equipment at cost less accumulated depreciation and any accumulated impairment in value.
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 3-20
Computers and equipment 5-10
Motor vehicles 2-7
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-875": { "value": "Property and equipment The Group records property and equipment at cost less accumulated depreciation and any accumulated impairment in value. 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 3-20 Computers and equipment 5-10 Motor vehicles 2-7 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. 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. 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 The Group recognises fees income for the provision of services over a period of time 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 the customer loyalty programme 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. 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": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-823": { "value": "Property and equipment The Group records property and equipment at cost less accumulated depreciation and any accumulated impairment in value. 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 3-20 Computers and equipment 5-10 Motor vehicles 2-7 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-770": { "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 (CGUs), or groups of CGUs, 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 CGU (or group of CGUs), to which the goodwill relates.
Where the recoverable amount of the CGU (or group of CGUs) is less than the carrying amount, an impairment loss is recognised.
Impairment losses cannot be reversed in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-876": { "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 (CGUs), or groups of CGUs, 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 CGU (or group of CGUs), to which the goodwill relates. Where the recoverable amount of the CGU (or group of CGUs) 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, licences, internally generated assets and other intangibles recognised on business combinations. Intangible assets acquired separately are initially measured at cost and subsequently 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-771": { "value": "Intangible assets The Group\u2019s intangible assets include computer software, licences, internally generated assets and other intangibles recognised on business combinations. Intangible assets acquired separately are initially measured at cost and subsequently 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-772": { "value": "
Provisions
The Group recognises provisions when it 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-773": { "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 subsequent holding period does not imply any employment service
provision from the share recipient side; therefore it does not affect the expense recognition period. 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.
Where the terms of an equity-settled award are modified, the Group recognises the minimum expense 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 the Group cancels an equity-settled award, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-774": { "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 Lion Finance Group PLC or its subsidiaries purchase Lion Finance Group PLC\u2019s 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 The Group recognises dividends as liabilities and deducts them 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. Retained earnings As a result of the Ameriabank acquisition, retained earnings of the Group include: \u2022 a general reserve which is a reserve required by Armenian law and is considered as a non-distributable reserve that can be used in case of the Ameriabank\u2019s bankruptcy; and \u2022 a special reserve that can be used by Ameriabank as a safety buffer for capital against any fluctuations that may occur, further increase its statutory capital, further increase its general reserve, pay dividends to the shareholders, to finance projects with anticipated positive impact, or to finance other projects that do not conflict with Ameriabank\u2019s strategy, with legislation and with its charter. ", "dimensions": { "concept": "lionfinancegroupplc:DescriptionOfAccountingPolicyForEquity", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-824": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-825": { "value": "Treasury shares Where Lion Finance Group PLC or its subsidiaries purchase Lion Finance Group PLC\u2019s 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-826": { "value": "Dividends The Group recognises dividends as liabilities and deducts them 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-775": { "value": "
Contingencies
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-776": { "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. 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 The Group recognises fees income for the provision of services over a period of time 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 the customer loyalty programme 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. 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": "lionfinancegroupplc:DescriptionOfAccountingPolicyForIncomeAndExpenseRecognition", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-862": { "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. 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 The Group recognises fees income for the provision of services over a period of time 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 the customer loyalty programme 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. 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": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-891": { "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. 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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-887": { "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. 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-827": { "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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-828": { "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 The Group recognises fees income for the provision of services over a period of time 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-829": { "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 the customer loyalty programme 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-830": { "value": "Functional, reporting currencies and foreign currency translation The consolidated financial statements are presented in Georgian Lari, which is the Group\u2019s presentation currency. Lion Finance Group PLC\u2019s and JSC Bank of Georgia\u2019s functional currency is Georgian Lari, while the functional currency of CJSC Ameriabank is Armenian Dram (AMD). 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 the income statement, 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 net foreign currency gain. The official NBG exchange rates at 31 December 2024, 31 December 2023 and 31 December 2022 were:
Lari to GBP
Lari to USD
Lari to EUR
Lari to BYN
Lari to AMD
31 December 2024
3.5349
2.8068
2.9306
0.8594
0.0071
31 December 2023
3.4228
2.6894
2.9753
0.8162
0.0067
31 December 2022
3.2581
2.7020
2.8844
1.0730
0.0069
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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-777": { "value": "Functional, reporting currencies and foreign currency translation The consolidated financial statements are presented in Georgian Lari, which is the Group\u2019s presentation currency. Lion Finance Group PLC\u2019s and JSC Bank of Georgia\u2019s functional currency is Georgian Lari, while the functional currency of CJSC Ameriabank is Armenian Dram (AMD). 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 the income statement, 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 net foreign currency gain. The official NBG exchange rates at 31 December 2024, 31 December 2023 and 31 December 2022 were:
Lari to GBP
Lari to USD
Lari to EUR
Lari to BYN
Lari to AMD
31 December 2024
3.5349
2.8068
2.9306
0.8594
0.0071
31 December 2023
3.4228
2.6894
2.9753
0.8162
0.0067
31 December 2022
3.2581
2.7020
2.8844
1.0730
0.0069
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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-877": { "value": "Adoption of new or revised standards and interpretations Amendments effective from 1 January 2024 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement. \u2022 That a right to defer must exist at the end of the reporting period. \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right. \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months. The amendments had no material impact on the Group\u2019s consolidated financial statements. Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements The amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendment had no material impact on the Group\u2019s consolidated financial statements. 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. Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued \u2018Amendments to the Classification and Measurement of Financial Instruments\u2019 which amended IFRS 9 and IFRS 7. The amendments: \u2022 Clarify that a financial liability is derecognised on the \u2018settlement date\u2019, i.e. when the related obligation is discharged or cancelled or expires or the liability otherwise qualifies for derecognition. They also introduce an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. \u2022 Clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features. \u2022 Clarify the treatment of non-recourse assets and contractually linked instruments (CLI). \u2022 Require additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income (FVOCI). The requirements will be effective for annual reporting periods beginning on or after 1 January 2026, with early adoption permitted. The Group is in the process of assessing the impact of the new amendments. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the income statement, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the income statement into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-778": { "value": "Adoption of new or revised standards and interpretations Amendments effective from 1 January 2024 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement. \u2022 That a right to defer must exist at the end of the reporting period. \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right. \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months. The amendments had no material impact on the Group\u2019s consolidated financial statements. Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements The amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendment had no material impact on the Group\u2019s consolidated financial statements. 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. Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued \u2018Amendments to the Classification and Measurement of Financial Instruments\u2019 which amended IFRS 9 and IFRS 7. The amendments: \u2022 Clarify that a financial liability is derecognised on the \u2018settlement date\u2019, i.e. when the related obligation is discharged or cancelled or expires or the liability otherwise qualifies for derecognition. They also introduce an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. \u2022 Clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features. \u2022 Clarify the treatment of non-recourse assets and contractually linked instruments (CLI). \u2022 Require additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income (FVOCI). The requirements will be effective for annual reporting periods beginning on or after 1 January 2026, with early adoption permitted. The Group is in the process of assessing the impact of the new amendments. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the income statement, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the income statement into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. Lack of Exchangeability \u2013 Amendments to IAS 21 IASB has published \u2018Lack of Exchangeability\u2019 (Amendments to IAS 21) that contains guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. The amendments are applicable for annual reporting periods beginning on or after 1 January 2025. Earlier application is permitted. The amendments are not expected to have a material impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-831": { "value": "Adoption of new or revised standards and interpretations Amendments effective from 1 January 2024 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement. \u2022 That a right to defer must exist at the end of the reporting period. \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right. \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months. The amendments had no material impact on the Group\u2019s consolidated financial statements. Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements The amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendment had no material impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendment had no material impact on the Group\u2019s consolidated financial statements. 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. Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued \u2018Amendments to the Classification and Measurement of Financial Instruments\u2019 which amended IFRS 9 and IFRS 7. The amendments: \u2022 Clarify that a financial liability is derecognised on the \u2018settlement date\u2019, i.e. when the related obligation is discharged or cancelled or expires or the liability otherwise qualifies for derecognition. They also introduce an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. \u2022 Clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features. \u2022 Clarify the treatment of non-recourse assets and contractually linked instruments (CLI). \u2022 Require additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income (FVOCI). The requirements will be effective for annual reporting periods beginning on or after 1 January 2026, with early adoption permitted. The Group is in the process of assessing the impact of the new amendments. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the income statement, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the income statement into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. Lack of Exchangeability \u2013 Amendments to IAS 21 IASB has published \u2018Lack of Exchangeability\u2019 (Amendments to IAS 21) that contains guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. The amendments are applicable for annual reporting periods beginning on or after 1 January 2025. Earlier application is permitted. The amendments are not expected to have a material impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-779": { "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 net realisable values of foreclosed assets is determined by independent,
professionally qualified appraisers. Fair value is determined using a combination of the internal capitalisation method (also known as
the discounted cash flow method) and the sales comparison method.
The Group performs valuations 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.
Considering the upward real estate market trend, the Group updated the valuation of its investment properties in 2024. The results
of this valuation are presented in note 15, while valuation inputs and techniques are presented in note 32. 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, the 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. Judgement was exercised to determine that different criteria for
significant increase in credit risk/default/cure are appropriate to be applied for Bank of Georgia and Ameriabank considering
different credit risk profile of respective portfolios. A summary of the key judgements made by management is set out below.
Definition of default, credit-impaired and cure (note 31)
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 has 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.
For Bank of Georgia 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 are determined as repayment of the entire overdue amount other than
through refinancing or foreclosure.
For Ameriabank a minimum period of six consecutive months\u2019 payment or three consecutive payments and analysis based on debt
service coverage ratio (DSCR) is applied for legal entities and three consecutive payments for individuals, unless the default is due to
restructuring in which case the exit criterion is 12 consecutive payments and analysis based on DSCR.
Once a credit-impaired financial asset meets default exit criteria, in the case of Bank of Georgia it remains in Stage 2 at least for
the next 12 consecutive months, while in case of Ameriabank it remains in Stage 2 at least for the next six consecutive months or
three consecutive months and analysis based on DSCR applied after which the exposure is transferred to Stage 1 if its credit risk is
not significantly higher than at origination date.
Significant increase in credit risk (SICR)
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.
For Bank of Georgia 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. The threshold applied
depends on the original credit quality of the borrowers. Higher thresholds are set for those instruments with a low PD
at origination.
The table below summarises SICR thresholds (the actual thresholds are applied on a more granular level):
SICR threshold
Loan portfolio type
Rating type
Initial rating
(notches)
Commercial loans
Internal
2-4+
5-12
Commercial loans
Internal
5-7+
1-5
Micro and SME loans
External
A-C
5-8
Mortgage loans
External
A-C
6-8
Consumer loans
External
A-C
4-10
Gold \u2013 pawn loans
External
A-C
6-10
Micro and SME loans, Mortgage, Consumer, Gold \u2013 pawn loans
External
D-E
1-5
\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 counterparty 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.
For Ameriabank these criteria are:
\u2022 The days past due on counterparty level breached the threshold of 30 days.
\u2022 Overdue days of the borrower in other financial institutions in Armenia.
\u2022 Difficulties in the financial conditions of the borrower.
\u2022 Renegotiation of the loan terms resulting from deterioration of the borrower\u2019s financial position.
\u2022 Deterioration of macroeconomic indicators and their possible effect on the borrower\u2019s financial performance; adverse change of
rating by three or more grades serves as an early warning indicator for Ameriabank to perform additional review and analysis of
the borrower\u2019s financial position for identifying indicators of significant increase in credit risk.
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
Bank of Georgia
JSC Bank of Georgia 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 (ICR) systems.
Ameriabank
Ameriabank developed and implemented its own ICR model for individually significant large-scale Stage 1 loans, the latter consistent
of approximately 60% of total corporate loan portfolio. The model of choice is logistic regression where it models the probabilities of
a binary response variable, the so-called target indicator for an occurrence of a default event within a 12-month-long period, against
several independent variables.
Within the scope of corporate PD model development three scorecards have been constructed:
\u2022 Behavioural \u2013 which includes scoring parameters constructed based on the behavioural/transactional data from Ameriabank\u2019s
sources.
\u2022 Financial \u2013 which includes scoring parameters constructed based on the information from individual consolidated financial
statements provided to Ameriabank.
\u2022 Qualitative \u2013 which includes scoring parameters based on the qualitative and other quantitative information accumulated or
produced within Ameriabank that reflect the credit risk of Ameriabank\u2019s creditors.
The above-mentioned three models are linked together to obtain a final score for every creditor included in the development sample
as well as all the new creditors that will be included in the corporate portfolio of Ameriabank in the upcoming periods.
In addition, corporate clients are segregated into the following PD-based ratings:
External rating
Internal rating grades Moody\u2019s
1
Aaa1
2
Aa1-Aa3
3
A1-A3
4A
Baa1
4B
Baa2
4C
Baa3
5A
Ba1
5B
Ba2
5C
Ba3
6
B1-B3
7
CCC+-CCC
Besides this, Ameriabank also segregates the following loan portfolios:
\u2022 Corporate loans (which PDs are not calculated based on the ICR model).
\u2022 Mortgages loans.
\u2022 Consumer loans.
PDs for loans and advances to customers are based on historic information and are calculated through probability transition
matrices, based on historical information on ageing of the loan portfolios. The probabilities are calculated as the share of loans
transferring between overdue categories from the total number at the beginning of the period. Calculated PDs are further adjusted
based on forward looking information.
Since Stage 3 financial instruments are defaulted, the PD in this case is equal to 100%.
EAD estimation
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 and credit lines, 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 estimation
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.
Forward-looking information
Under IFRS 9, the allowance for ECLs 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 credit losses, the Group uses the macroeconomic
forecasts provided by National Bank of Georgia for Group companies operating in Georgia, third-party (Economic Intelligence Unit)
data for companies operating in Armenia, 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 model, include: GDP growth, foreign exchange rate, inflation rate, consumer price index (CPI), volumes of export, volumes of
import, etc. (as disclosed below).
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, a base
case and a downside 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 in case of JSC Bank of Georgia.
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 2024 per geographical segments are set out
below. The scenarios \u2018base case\u2019, \u2018upside\u2019 and \u2018downside\u2019 were used for all portfolios.
Georgia
ECL Assigned As at 31 December 2024 Assigned As at 31 December 2023 Assigned As at 31 December 2022
Key drivers scenario weight
2025
2026
2027
weight
2024
2025
2026
weight
2023
2024
2025
GDP growth in %
Upside
25%
7.00%
6.00%
6.00%
25%
6.50%
5.50%
5.00%
25%
6.00%
5.00%
5.00%
Base case
50%
4.90%
5.80%
5.70%
50%
5.00%
4.50%
5.00%
50%
4.00%
5.50%
5.00%
GEL/USD exchange rate
Downside
25%
2.00%
3.00%
5.00%
25%
3.00%
4.00%
5.00%
25%
2.00%
4.00%
5.00%
Upside
25%
2.00%
3.00%
0.00%
25%
3.00%
2.00%
0.00%
25%
2.00%
0.00%
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%
CPI inflation rate in %
Downside
25%
-15.00%
0.00%
5.00%
25%
-15.00%
0.00%
5.00%
25%
-15.00%
5.00%
5.00%
Upside
25%
3.00%
3.00%
3.00%
25%
3.25%
3.00%
3.00%
25%
5.00%
3.00%
3.00%
Base case
50%
2.90%
3.60%
2.70%
50%
3.60%
3.10%
3.00%
50%
5.30%
3.10%
3.00%
Downside
25%
8.00%
5.00%
3.00%
25%
5.00%
4.00%
3.00%
25%
9.00%
6.00%
3.00%
Armenia
Assigned As at 31 December 2024
Key drivers
ECL scenario
weight
2025
2026
GDP growth in %
Upside
20%
9.40%
9.11%
Base case
60%
4.86%
4.56%
RUR/AMD exchange rate %
Downside
20%
0.32%
0.02%
Upside
20%
7.26%
7.31%
Base case
60%
4.44%
4.49%
Downside
20%
1.63%
1.68%
CPI inflation rate in %
Upside
20%
0.28%
-1.72%
Base case
60%
3.40%
1.40%
Downside
20%
6.52%
4.52%
Belarus
ECL Assigned As at 31 December 2024 Assigned As at 31 December 2023 Assigned As at 31 December 2022
Key drivers scenario weight
2025
2026
weight
2024
2025
weight
2023
2024
GDP growth in %
Upside
25%
4.75%
4.62%
25%
3.77%
3.13%
10%
2.66%
4.26%
Base case
50%
2.64%
1.90%
50%
1.95%
0.49%
50%
0.31%
0.50%
BYN/USD exchange rate %
Downside
25%
0.53%
-0.83%
25%
0.14%
-2.15%
40%
-2.05%
-3.26%
Upside
25%
-0.24%
-0.08%
25%
0.66%
0.62%
10%
0.71%
0.65%
Base case
50%
0.82%
1.64%
50%
1.00%
1.23%
50%
2.53%
1.65%
CPI inflation rate in %
Downside
25%
1.73%
2.98%
25%
1.31%
1.77%
40%
4.09%
2.41%
Upside
25%
-0.38%
-0.45%
25%
-0.09%
-0.52%
10%
0.38%
-0.58%
Base case
50%
1.61%
1.91%
50%
1.94%
1.82%
50%
2.20%
1.66%
Downside
25%
3.50%
4.12%
25%
3.86%
4.01%
40%
3.93%
3.76%
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:
As at 31 December 2024
ECL coverage by scenarios
Reported ECL
Key drivers Reported ECL coverage
Upside
Base case
Downside
Commercial loans
157,734
1.30%
1.15%
1.29%
1.39%
Residential mortgage loans
14,625
0.20%
0.18%
0.20%
0.21%
Micro and SME loans
99,004
1.56%
1.46%
1.55%
1.68%
Consumer loans
157,935
2.14%
2.01%
2.11%
2.32%
Gold \u2013 pawn loans
1,014
0.66%
0.66%
0.66%
0.66%
As at 31 December 2023
ECL coverage by scenarios
Reported ECL
Key drivers Reported ECL coverage
Upside
Base case
Downside
Commercial loans
100,358
1.44%
1.37%
1.40%
1.44%
Residential mortgage loans
22,750
0.50%
0.49%
0.50%
0.51%
Micro and SME loans
71,661
1.76%
1.74%
1.76%
1.78%
Consumer loans
131,633
2.80%
2.75%
2.79%
2.86%
Gold \u2013 pawn loans
1,390
0.93%
0.92%
0.92%
0.93%
As at 31 December 2022
ECL coverage by scenarios
Reported ECL
Key drivers Reported ECL coverage
Upside
Base case
Downside
Commercial loans
91,367
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
63,490
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%
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. The need for write-off of corporate loans
is assessed individually. In the case of Bank of Georgia, 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 is 1,460 days, while other non-secured
portfolio is written-off after 150 days overdue. In case of Ameriabank, for collectively assessed loans the number of overdue days
after which the balances are considered to be irrecoverable is 270 days overdue.
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
Climate, and the impact of climate on the Group\u2019s balance sheet is considered as an area of accounting estimate and judgement
through the uncertainty of future events and the impact of that uncertainty on the Group\u2019s assets and liabilities. While the
effects of climate change are a source of uncertainty, as at 31 December 2024 management does not consider climate to have
a quantitatively material impact on its financial statements. The Group has assessed the impact of climate risk on its financial
statements as disclosed below.
The estimated areas of impact, limited to a qualitative assessment, were ECL and the impact on lending portfolios including
physical risk on the mortgage lending portfolio and forward-looking cash flows that impact the recoverability of certain assets.
Transition risk is managed through reviews of clients by the Group\u2019s Risk function which includes ongoing process of identifying
clients susceptible to climate transition risks.
The Group Climate Risk team have performed a top-down qualitative assessment of the impact of climate risk on the IFRS 9 ECL
provision. This assessment has mostly been focused across corporate and mortgage portfolios. The portfolios identified as most
susceptible to climate risks were identified as mining and quarrying, heavy metals and construction, concentration of which is not
significant for overall Group\u2019s loan exposure. The assessment of the portfolios is undertaken by considering the maturity profile of
the exposures which is relatively shorter term compared to long-term climate impact. The above assessment did not result in any
material effect on the Group\u2019s consolidated financial statements.
While some indicators that are more influenced by climate change are factored into the current PD models where they have
demonstrated statistical relevance, the Group currently does not use a specific climate risk related scenario in addition to the
existing economic scenarios applied to derive the weighted-average ECL. The reason for this is lack of sufficient historical data and
limitations in the risk assessments. Where climate factors have impacted the economy in the recent past or present, these impacts
are implicitly embedded in the Group\u2019s IFRS 9 ECL models through the projected macroeconomic indicators (e.g. inflation rates) and
individual analysis of corporate loan related cash flows.
It should also be noted that the Group is currently working on a corporate plan in respect of its response to climate risks, with the
commitment to transition away or limit certain high-carbon sector financing while introducing more green finance products.
Based on the best information available at the time these consolidated annual financial statements were prepared, the Group sees
no additional climate change risk having a substantial impact on its equity, financial situation and results in 2025. However, as the
matter is constantly changing, the Group is working on developing methodologies to better measure potential loan loss in line with
the new management needs, best practice and regulators\u2019 requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-832": { "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 net realisable values of foreclosed assets is determined by independent, professionally qualified appraisers. Fair value is determined using a combination of the internal capitalisation method (also known as the discounted cash flow method) and the sales comparison method. The Group performs valuations 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. Considering the upward real estate market trend, the Group updated the valuation of its investment properties in 2024. The results of this valuation are presented in note 15, while valuation inputs and techniques are presented in note 32. 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, the 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. Judgement was exercised to determine that different criteria for significant increase in credit risk/default/cure are appropriate to be applied for Bank of Georgia and Ameriabank considering different credit risk profile of respective portfolios. A summary of the key judgements made by management is set out below. Definition of default, credit-impaired and cure (note 31) 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 has 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. For Bank of Georgia 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 are determined as repayment of the entire overdue amount other than through refinancing or foreclosure. For Ameriabank a minimum period of six consecutive months\u2019 payment or three consecutive payments and analysis based on debt service coverage ratio (DSCR) is applied for legal entities and three consecutive payments for individuals, unless the default is due to restructuring in which case the exit criterion is 12 consecutive payments and analysis based on DSCR. Once a credit-impaired financial asset meets default exit criteria, in the case of Bank of Georgia it remains in Stage 2 at least for the next 12 consecutive months, while in case of Ameriabank it remains in Stage 2 at least for the next six consecutive months or three consecutive months and analysis based on DSCR applied after which the exposure is transferred to Stage 1 if its credit risk is not significantly higher than at origination date. Significant increase in credit risk (SICR) 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. For Bank of Georgia 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. The threshold applied depends on the original credit quality of the borrowers. Higher thresholds are set for those instruments with a low PD at origination. The table below summarises SICR thresholds (the actual thresholds are applied on a more granular level): SICR threshold Loan portfolio type Rating type Initial rating (notches) Commercial loans Internal 2-4+ 5-12 Commercial loans Internal 5-7+ 1-5 Micro and SME loans External A-C 5-8 Mortgage loans External A-C 6-8 Consumer loans External A-C 4-10 Gold \u2013 pawn loans External A-C 6-10 Micro and SME loans, Mortgage, Consumer, Gold \u2013 pawn loans External D-E 1-5 \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 counterparty 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. For Ameriabank these criteria are: \u2022 The days past due on counterparty level breached the threshold of 30 days. \u2022 Overdue days of the borrower in other financial institutions in Armenia. \u2022 Difficulties in the financial conditions of the borrower. \u2022 Renegotiation of the loan terms resulting from deterioration of the borrower\u2019s financial position. \u2022 Deterioration of macroeconomic indicators and their possible effect on the borrower\u2019s financial performance; adverse change of rating by three or more grades serves as an early warning indicator for Ameriabank to perform additional review and analysis of the borrower\u2019s financial position for identifying indicators of significant increase in credit risk. 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 Bank of Georgia JSC Bank of Georgia 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 (ICR) systems. Ameriabank Ameriabank developed and implemented its own ICR model for individually significant large-scale Stage 1 loans, the latter consistent of approximately 60% of total corporate loan portfolio. The model of choice is logistic regression where it models the probabilities of a binary response variable, the so-called target indicator for an occurrence of a default event within a 12-month-long period, against several independent variables. Within the scope of corporate PD model development three scorecards have been constructed: \u2022 Behavioural \u2013 which includes scoring parameters constructed based on the behavioural/transactional data from Ameriabank\u2019s sources. \u2022 Financial \u2013 which includes scoring parameters constructed based on the information from individual consolidated financial statements provided to Ameriabank. \u2022 Qualitative \u2013 which includes scoring parameters based on the qualitative and other quantitative information accumulated or produced within Ameriabank that reflect the credit risk of Ameriabank\u2019s creditors. The above-mentioned three models are linked together to obtain a final score for every creditor included in the development sample as well as all the new creditors that will be included in the corporate portfolio of Ameriabank in the upcoming periods. In addition, corporate clients are segregated into the following PD-based ratings: External rating Internal rating grades Moody\u2019s 1 Aaa1 2 Aa1-Aa3 3 A1-A3 4A Baa1 4B Baa2 4C Baa3 5A Ba1 5B Ba2 5C Ba3 6 B1-B3 7 CCC+-CCC Besides this, Ameriabank also segregates the following loan portfolios: \u2022 Corporate loans (which PDs are not calculated based on the ICR model). \u2022 Mortgages loans. \u2022 Consumer loans. PDs for loans and advances to customers are based on historic information and are calculated through probability transition matrices, based on historical information on ageing of the loan portfolios. The probabilities are calculated as the share of loans transferring between overdue categories from the total number at the beginning of the period. Calculated PDs are further adjusted based on forward looking information. Since Stage 3 financial instruments are defaulted, the PD in this case is equal to 100%. EAD estimation 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 and credit lines, 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 estimation 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. Forward-looking information Under IFRS 9, the allowance for ECLs 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 credit losses, the Group uses the macroeconomic forecasts provided by National Bank of Georgia for Group companies operating in Georgia, third-party (Economic Intelligence Unit) data for companies operating in Armenia, 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 model, include: GDP growth, foreign exchange rate, inflation rate, consumer price index (CPI), volumes of export, volumes of import, etc. (as disclosed below). 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, a base case and a downside 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 in case of JSC Bank of Georgia. 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 2024 per geographical segments are set out below. The scenarios \u2018base case\u2019, \u2018upside\u2019 and \u2018downside\u2019 were used for all portfolios. Georgia ECL Assigned As at 31 December 2024 Assigned As at 31 December 2023 Assigned As at 31 December 2022 Key drivers scenario weight 2025 2026 2027weight 2024 2025 2026weight 2023 2024 2025 GDP growth in % Upside 25% 7.00% 6.00% 6.00% 25% 6.50% 5.50% 5.00% 25% 6.00% 5.00% 5.00% Base case 50% 4.90% 5.80% 5.70% 50% 5.00% 4.50% 5.00% 50% 4.00% 5.50% 5.00% GEL/USD exchange rate Downside 25% 2.00% 3.00% 5.00% 25% 3.00% 4.00% 5.00% 25% 2.00% 4.00% 5.00% Upside 25% 2.00% 3.00% 0.00% 25% 3.00% 2.00% 0.00% 25% 2.00% 0.00% 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% CPI inflation rate in % Downside 25% -15.00% 0.00% 5.00% 25% -15.00% 0.00% 5.00% 25% -15.00% 5.00% 5.00% Upside 25% 3.00% 3.00% 3.00% 25% 3.25% 3.00% 3.00% 25% 5.00% 3.00% 3.00% Base case 50% 2.90% 3.60% 2.70% 50% 3.60% 3.10% 3.00% 50% 5.30% 3.10% 3.00% Downside 25% 8.00% 5.00% 3.00% 25% 5.00% 4.00% 3.00% 25% 9.00% 6.00% 3.00% Armenia Assigned As at 31 December 2024 Key drivers ECL scenarioweight 2025 2026 GDP growth in % Upside 20% 9.40% 9.11% Base case 60% 4.86% 4.56% RUR/AMD exchange rate % Downside 20% 0.32% 0.02% Upside 20% 7.26% 7.31% Base case 60% 4.44% 4.49% Downside 20% 1.63% 1.68% CPI inflation rate in % Upside 20% 0.28% -1.72% Base case 60% 3.40% 1.40% Downside 20% 6.52% 4.52% Belarus ECL Assigned As at 31 December 2024 Assigned As at 31 December 2023 Assigned As at 31 December 2022 Key drivers scenario weight 2025 2026weight 2024 2025weight 2023 2024 GDP growth in % Upside 25% 4.75% 4.62% 25% 3.77% 3.13% 10% 2.66% 4.26% Base case 50% 2.64% 1.90% 50% 1.95% 0.49% 50% 0.31% 0.50% BYN/USD exchange rate % Downside 25% 0.53% -0.83% 25% 0.14% -2.15% 40% -2.05% -3.26% Upside 25% -0.24% -0.08% 25% 0.66% 0.62% 10% 0.71% 0.65% Base case 50% 0.82% 1.64% 50% 1.00% 1.23% 50% 2.53% 1.65% CPI inflation rate in % Downside 25% 1.73% 2.98% 25% 1.31% 1.77% 40% 4.09% 2.41% Upside 25% -0.38% -0.45% 25% -0.09% -0.52% 10% 0.38% -0.58% Base case 50% 1.61% 1.91% 50% 1.94% 1.82% 50% 2.20% 1.66% Downside 25% 3.50% 4.12% 25% 3.86% 4.01% 40% 3.93% 3.76% 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: As at 31 December 2024 ECL coverage by scenarios Reported ECL Key drivers Reported ECL coverage Upside Base case Downside Commercial loans 157,734 1.30% 1.15% 1.29% 1.39% Residential mortgage loans 14,625 0.20% 0.18% 0.20% 0.21% Micro and SME loans 99,004 1.56% 1.46% 1.55% 1.68% Consumer loans 157,935 2.14% 2.01% 2.11% 2.32% Gold \u2013 pawn loans 1,014 0.66% 0.66% 0.66% 0.66% As at 31 December 2023 ECL coverage by scenarios Reported ECL Key drivers Reported ECL coverage Upside Base case Downside Commercial loans 100,358 1.44% 1.37% 1.40% 1.44% Residential mortgage loans 22,750 0.50% 0.49% 0.50% 0.51% Micro and SME loans 71,661 1.76% 1.74% 1.76% 1.78% Consumer loans 131,633 2.80% 2.75% 2.79% 2.86% Gold \u2013 pawn loans 1,390 0.93% 0.92% 0.92% 0.93% As at 31 December 2022 ECL coverage by scenarios Reported ECL Key drivers Reported ECL coverage Upside Base case Downside Commercial loans 91,367 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 63,490 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% 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. The need for write-off of corporate loans is assessed individually. In the case of Bank of Georgia, 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 is 1,460 days, while other non-secured portfolio is written-off after 150 days overdue. In case of Ameriabank, for collectively assessed loans the number of overdue days after which the balances are considered to be irrecoverable is 270 days overdue. 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 Climate, and the impact of climate on the Group\u2019s balance sheet is considered as an area of accounting estimate and judgement through the uncertainty of future events and the impact of that uncertainty on the Group\u2019s assets and liabilities. While the effects of climate change are a source of uncertainty, as at 31 December 2024 management does not consider climate to have a quantitatively material impact on its financial statements. The Group has assessed the impact of climate risk on its financial statements as disclosed below. The estimated areas of impact, limited to a qualitative assessment, were ECL and the impact on lending portfolios including physical risk on the mortgage lending portfolio and forward-looking cash flows that impact the recoverability of certain assets. Transition risk is managed through reviews of clients by the Group\u2019s Risk function which includes ongoing process of identifying clients susceptible to climate transition risks. The Group Climate Risk team have performed a top-down qualitative assessment of the impact of climate risk on the IFRS 9 ECL provision. This assessment has mostly been focused across corporate and mortgage portfolios. The portfolios identified as most susceptible to climate risks were identified as mining and quarrying, heavy metals and construction, concentration of which is not significant for overall Group\u2019s loan exposure. The assessment of the portfolios is undertaken by considering the maturity profile of the exposures which is relatively shorter term compared to long-term climate impact. The above assessment did not result in any material effect on the Group\u2019s consolidated financial statements. While some indicators that are more influenced by climate change are factored into the current PD models where they have demonstrated statistical relevance, the Group currently does not use a specific climate risk related scenario in addition to the existing economic scenarios applied to derive the weighted-average ECL. The reason for this is lack of sufficient historical data and limitations in the risk assessments. Where climate factors have impacted the economy in the recent past or present, these impacts are implicitly embedded in the Group\u2019s IFRS 9 ECL models through the projected macroeconomic indicators (e.g. inflation rates) and individual analysis of corporate loan related cash flows. It should also be noted that the Group is currently working on a corporate plan in respect of its response to climate risks, with the commitment to transition away or limit certain high-carbon sector financing while introducing more green finance products. Based on the best information available at the time these consolidated annual financial statements were prepared, the Group sees no additional climate change risk having a substantial impact on its equity, financial situation and results in 2025. However, as the matter is constantly changing, the Group is working on developing methodologies to better measure potential loan loss in line with the new management needs, best practice and regulators\u2019 requirements.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-780": { "value": "
5. Segment information
Management reviews the Group\u2019s internal reporting in order to assess performance and to allocate resources. Following the
acquisition of Ameriabank the Group reconsidered the segmentation by aggregating segments under respective business directions
considering geography, business nature and other economic characteristics. Further, the Group separated Corporate Center as
a segment under the Georgian Financial Service Business Division. The Group reassessed the presentation of net interest income
and net fee and commission income, deciding to disaggregate these items and separately present intersegment interest income/
expenses. The comparative figures have been restated accordingly to reflect this change.
For management purposes, the Group is organised into the following Business Divisions and respective operating segments:
Georgian Financial Services business division:
RB \u2013
Retail Banking \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.
SME \u2013
SME Banking \u2013 principally provides SME loans, micro loans, consumer and mortgage loans, funds transfers and
settlement services, and handling of customers\u2019 deposits for legal entities. The SME Banking business targets small
and medium-sized enterprises and micro businesses.
CIB \u2013
Corporate and 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.
CC \u2013
Corporate Center \u2013 comprises mainly treasury and custody operations.
Armenian Financial Services business division:
Ameriabank \u2013 Comprises operations in the Group\u2019s Armenian subsidiary.
Other Businesses:
Other \u2013 Mainly comprising JSC Belarusky Narodny Bank, principally providing retail and corporate banking services in
Belarus and intersegment eliminations.
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.
No revenue from transactions with a single external customer or counterparty amounted to 10% or more of the Group\u2019s operating
income in 2024, 2023 or 2022.
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 2024:
Georgian Financial Services
Corporate Armenian
Retail SME Investment Corporate Financial Other Group
Banking Banking Banking
Center
Eliminations
GFS Total
Services Businesses Total
Interest income
1,525,591
554,087
930,868
255,266
(4,370)
3,261,442
794,616
83,842
4,139,900
Interest expense
(614,491)
(130,780)
(478,147)
(244,543)
4,370
(1,463,591)
(287,585)
(27,877)
(1,779,053)
Inter-segment interest
income/(expense)
46,352
(149,307)
98,775
4,180
\u2013
\u2013
\u2013
\u2013
\u2013
Net interest income
957,452
274,000
551,496
14,903
\u2013
1,797,851
507,031
55,965
2,360,847
Fee and commission income
595,476
59,915
91,851
8,830
(830)
755,242
133,108
49,427
937,777
Settlements operations
541,176
43,665
14,532
5,104
(63)
604,414
85,693
42,637
732,744
Currency conversion
operations
47,387
1,722
3,185
\u2013
\u2013
52,294
\u2013
1
52,295
Guarantees and letters
of credit
406
8,437
45,502
\u2013
\u2013
54,345
10,227
704
65,276
Advisory
\u2013
\u2013
9,579
\u2013
\u2013
9,579
20,176
\u2013
29,755
Cash operations
3,199
5,857
4,446
584
(759)
13,327
10,320
5,637
29,284
Brokerage service fees
3
224
14,830
\u2013
\u2013
15,057
5,003
\u2013
20,060
Other
Fee and commission
3,305
10
(223)
3,142
(8)
6,226
1,689
448
8,363
expense
(252,246)
(16,383)
(17,409)
(4,434)
844
(289,628)
(43,186)
(43,301)
(376,115)
Settlements operations
(222,780)
(14,327)
(5,051)
\u2013
824
(241,334)
(40,547)
(35,925)
(317,806)
Currency conversion
operations
(8,694)
(320)
(585)
\u2013
\u2013
(9,599)
\u2013
(2,329)
(11,928)
Guarantees and letters
of credit
(5)
(11)
(217)
\u2013
\u2013
(233)
(56)
(5)
(294)
Advisory
\u2013
\u2013
(186)
\u2013
\u2013
(186)
\u2013
\u2013
(186)
Cash operations
(7,733)
(1,326)
(5,996)
(3,999)
13
(19,041)
(884)
(5,039)
(24,964)
Brokerage service fees
(864)
(399)
(4,375)
(435)
\u2013
(6,073)
(936)
(8)
(7,017)
Other
Net fee and commission
(12,170)
\u2013
(999)
\u2013
7
(13,162)
(763)
5
(13,920)
income
343,230
43,532
74,442
4,396
14
465,614
89,922
6,126
561,662
Net foreign currency gain
177,347
44,241
108,447
56,762
\u2013
386,797
128,032
56,970
571,799
Net gains/(losses) on
extinguishment of debt
\u2013
2
8
\u2013
\u2013
10
\u2013
2
12
Net other gains/(losses)
27,616
7,145
15,047
4,692
(1,082)
53,418
3,927
10,963
68,308
Operating income
1,505,645
368,920
749,440
80,753
(1,068)
2,703,690
728,912
130,026
3,562,628
Operating expenses
(510,892)
(107,104)
(132,433)
(26,096)
1,068
(775,457)
(362,502)
(84,945)
(1,222,904)
Gain on bargain purchase
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
685,888
\u2013
685,888
Acquisition-related costs
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(13,715)
\u2013
(13,715)
Profit from associates
\u2013
\u2013
\u2013
1,347
\u2013
1,347
\u2013
\u2013
1,347
Operating income before
cost of risk
994,753
261,816
617,007
56,004
\u2013
1,929,580
1,038,583
45,081
3,013,244
Cost of risk
(44,468)
(16,782)
(35,377)
(1,472)
\u2013
(98,099)
(63,182)
(3,972)
(165,253)
Net operating income
before non-recurring items
950,285
245,034
581,630
54,532
\u2013
1,831,481
975,401
41,109
2
,847,99 1
Net non-recurring items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit before income tax
950,285
245,034
581,630
54,532
\u2013
1,831,481
975,401
41,109
2,847,991
Income tax (expense)/benefit
(161,303)
(42,429)
(98,160)
26,335
\u2013
(275,557)
(73,072)
(14,167)
(362,796)
Profit for the year
788,982
202,605
483,470
80,867
\u2013
1,555,924
902,329
26,942
2,485,195
Assets and liabilities
Total assets
16,200,289
5,771,994
11,077,297
4,333,737
(69,040)
37,314,277
13,370,712
1,522,899
52,207,888
Total liabilities
13,988,963
4,955,018
9,122,546
4,324,960
(69,040)
32,322,447
11,602,275
1,267,939
45,192,661
Other segment information
Property and equipment
91,298
8,191
3,285
62
\u2013
102,836
11,491
3,778
118,105
Intangible assets
46,916
7,929
2,736
250
\u2013
57,831
37,179
12,593
107,603
Capital expenditure
138,214
16,120
6,021
312
\u2013
160,667
48,670
16,371
225,708
Depreciation, amortisation
and impairment
(103,159)
(13,198)
(5,407)
(219)
\u2013
(121,983)
(40,818)
(10,336)
(173,137)
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 2023:
Georgian Financial Services
Corporate Armenian
Retail SME Investment Corporate Financial Other Group
Banking Banking Banking
Center
Eliminations
GFS Total
Services Businesses Total
Interest income
1,245,545
505,719
747,237
187,011
(8,150)
2,677,362
\u2013
70,899
2,748,261
Interest expense
(460,126)
(109,876)
(395,701)
(159,306)
8,150
(1,116,859)
\u2013
(15,956)
(1,132,815)
Inter-segment interest
(expense)/income
(8,823)
(126,741)
135,075
489
\u2013
\u2013
\u2013
\u2013
\u2013
Net interest income
776,596
269,102
486,611
28,194
\u2013
1,560,503
\u2013
54,943
1,615,446
Fee and commission income
511,115
51,080
96,154
8,041
(5,203)
661,187
\u2013
46,578
707,765
Settlements operations
449,760
34,659
12,316
5,394
(1,841)
500,288
\u2013
39,249
539,537
Currency conversion
operations
45,252
1,690
2,421
\u2013
\u2013
49,363
\u2013
7
49,370
Guarantees and letters
of credit
221
8,308
36,240
\u2013
\u2013
44,769
\u2013
554
45,323
Advisory
\u2013
\u2013
33,089
\u2013
\u2013
33,089
\u2013
\u2013
33,089
Cash operations
11,094
5,918
3,665
1,016
(3,308)
18,385
\u2013
6,405
24,790
Brokerage service fees
\u2013
405
8,389
\u2013
(35)
8,759
\u2013
\u2013
8,759
Other
Fee and commission
4,788
100
34
1,631
(19)
6,534
\u2013
363
6,897
expense
(208,570)
(17,566)
(9,827)
(2,338)
5,459
(232,842)
\u2013
(40,441)
(273,283)
Settlements operations
(185,163)
(15,797)
(455)
\u2013
5,390
(196,025)
\u2013
(33,226)
(229,251)
Currency conversion
operations
(7,851)
(302)
(424)
\u2013
\u2013
(8,577)
\u2013
(1,569)
(10,146)
Guarantees and letters
of credit
(2)
(15)
(212)
\u2013
\u2013
(229)
\u2013
(10)
(239)
Advisory
\u2013
\u2013
(301)
\u2013
\u2013
(301)
\u2013
\u2013
(301)
Cash operations
(7,673)
(1,035)
(4,309)
(1,744)
14
(14,747)
\u2013
(5,568)
(20,315)
Brokerage service fees
(823)
(416)
(3,687)
(595)
\u2013
(5,521)
\u2013
(66)
(5,587)
Other
Net fee and commission
(7,058)
(1)
(439)
1
55
(7,442)
\u2013
(2)
(7,444)
income
302,545
33,514
86,327
5,703
256
428,345
\u2013
6,137
434,482
Net foreign currency gain
153,229
37,263
90,750
41,894
\u2013
323,136
\u2013
42,575
365,711
Net gains/(losses) on
extinguishment of debt
1
81
261
\u2013
\u2013
343
\u2013
221
564
Other income from
settlement of legacy claim
\u2013
\u2013
\u2013
22,585
\u2013
22,585
\u2013
\u2013
22,585
Net other gains/(losses)
12,160
3,127
84,779
12,487
(1,026)
111,527
\u2013
2,644
114,171
Operating income
1,244,531
343,087
748,728
110,863
(770)
2,446,439
\u2013
106,520
2,552,959
Operating expenses
(442,030)
(96,949)
(118,455)
(17,956)
770
(674,620)
\u2013
(79,433)
(754,053)
Profit from associates
\u2013
\u2013
\u2013
984
\u2013
984
\u2013
472
1,456
Operating income before
cost of risk
802,501
246,138
630,273
93,891
\u2013
1,772,803
\u2013
27,559
1,800,362
Cost of risk
(83,498)
(33,035)
(29,869)
247
\u2013
(146,155)
\u2013
2,091
(144,064)
Net operating income
before non-recurring items
719,003
213,103
600,404
94,138
\u2013
1,626,648
\u2013
29,650
1,656,298
Net non-recurring items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit before income tax
719,003
213,103
600,404
94,138
\u2013
1,626,648
\u2013
29,650
1,656,298
Income tax (expense)/benefit
(125,461)
(37,676)
(97,705)
10,346
\u2013
(250,496)
\u2013
(8,475)
(258,971)
Profit for the year
593,542
175,427
502,699
104,484
\u2013
1,376,152
\u2013
21,175
1,397,327
Assets and liabilities
Total assets
13,722,966
5,224,582
8,503,677
3,226,674
(191,173)
30,486,726
\u2013
1,270,832
31,757,558
Total liabilities
11,975,032
4,541,098
6,997,562
2,351,171
(191,173)
25,673,690
\u2013
1,064,032
26,737,722
Other segment information
Property and equipment
81,095
8,497
2,801
\u2013
\u2013
92,393
\u2013
5,742
98,135
Intangible assets
36,675
6,261
2,473
\u2013
\u2013
45,409
\u2013
11,159
56,568
Capital expenditure
117,770
14,758
5,274
\u2013
\u2013
137,802
\u2013
16,901
154,703
Depreciation, amortisation
and impairment
(96,560)
(12,411)
(5,308)
\u2013
\u2013
(114,279)
\u2013
(10,444)
(124,723)
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:
Georgian Financial Services
Corporate Armenian
Retail SME Investment Corporate Financial Other Group
Banking Banking Banking
Center
Eliminations
GFS Total
Services Businesses Total
Interest income
1,066,968
405,895
536,612
178,157
(1,672)
2,185,960
\u2013
70,921
2,256,881
Interest expense
(422,442)
(127,907)
(293,682)
(200,556)
1,672
(1,042,915)
\u2013
(31,631)
(1,074,546)
Inter-segment interest
(expense)/income
(77,983)
(75,845)
152,234
1,594
\u2013
\u2013
\u2013
\u2013
Net interest income
566,543
202,143
395,164
(20,805)
\u2013
1,143,045
\u2013
39,290
1,182,335
Fee and commission income
412,502
42,006
59,349
8,379
(587)
521,649
\u2013
37,816
559,465
Settlements operations
367,474
29,139
12,631
2,683
(123)
411,804
\u2013
34,288
446,092
Currency conversion
operations
30,413
1,241
2,891
\u2013
\u2013
34,545
\u2013
1
34,546
Guarantees and letters
of credit
2
5,901
28,585
\u2013
\u2013
34,488
\u2013
795
35,283
Advisory
\u2013
\u2013
4,241
\u2013
\u2013
4,241
\u2013
\u2013
4,241
Cash operations
12,706
5,642
3,001
4,563
\u2013
25,912
\u2013
984
26,896
Brokerage service fees
\u2013
49
7,639
\u2013
(12)
7,676
\u2013
\u2013
7,676
Other
Fee and commission
1,907
34
361
1,133
(452)
2,983
\u2013
1,748
4,731
expense
(186,776)
(13,868)
(7,412)
(7,324)
748
(214,632)
\u2013
(27,342)
(241,974)
Settlements operations
(169,641)
(11,526)
(572)
\u2013
273
(181,466)
\u2013
(15,623)
(197,089)
Currency conversion
operations
(4,538)
(159)
(367)
\u2013
\u2013
(5,064)
\u2013
(1,339)
(6,403)
Guarantees and letters
of credit
(1)
(6)
(109)
\u2013
\u2013
(116)
\u2013
(207)
(323)
Advisory
\u2013
\u2013
(593)
\u2013
277
(316)
\u2013
\u2013
(316)
Cash operations
(6,736)
(1,897)
(1,795)
(6,622)
11
(17,039)
\u2013
(10,172)
(27,211)
Brokerage service fees
(653)
(281)
(3,629)
(702)
188
(5,077)
\u2013
(2)
(5,079)
Other
Net fee and commission
(5,207)
1
(347)
\u2013
(1)
(5,554)
\u2013
1
(5,553)
income
225,726
28,138
51,937
1,055
161
307,017
\u2013
10,474
317,491
Net foreign currency gain
(loss)
160,892
34,582
108,237
96,932
\u2013
400,643
\u2013
65,451
466,094
Net gains/(losses) on
extinguishment of debt
(60)
(2,873)
(5,467)
(13)
\u2013
(8,413)
\u2013
(304)
(8,717)
Other income from
settlement of legacy claim
\u2013
\u2013
\u2013
391,100
\u2013
391,100
\u2013
\u2013
391,100
Net other gains/(losses)
12,183
1,880
17,806
7,985
(760)
39,094
\u2013
5,715
44,809
Operating income
965,284
263,870
567,677
476,254
(599)
2,272,486
\u2013
120,626
2,393,112
Operating expenses
(362,415)
(90,863)
(101,176)
(16,041)
599
(569,896)
\u2013
(71,290)
(641,186)
Profit/(loss) from associates
\u2013
\u2013
\u2013
819
\u2013
819
\u2013
(65)
754
Operating income before
cost of risk
602,869
173,007
466,501
461,032
\u2013
1,703,409
\u2013
49,271
1,752,680
Cost of risk
(162,918)
(8,900)
33,423
(1,149)
\u2013
(139,544)
\u2013
20,476
(119,068)
Net operating income
before non-recurring items
439,951
164,107
499,924
459,883
\u2013
1,563,865
\u2013
69,747
1,633,612
Net non-recurring items
1,240
\u2013
\u2013
\u2013
\u2013
1,240
\u2013
(202)
1,038
Profit before income tax
441,191
164,107
499,924
459,883
\u2013
1,565,105
\u2013
69,545
1,634,650
Income tax (expense)/benefit
(82,969)
(29,252)
(82,146)
11,401
\u2013
(182,966)
\u2013
(7,685)
(190,651)
Profit for the year
358,222
134,855
417,778
471,284
\u2013
1,382,139
\u2013
61,860
1,443,999
Assets and liabilities
Total assets
12,538,231
4,755,577
7,410,632
2,951,704
(54,196)
27,601,948
\u2013
1,299,952
28,901,900
Total liabilities
10,937,110
4,132,576
6,180,852
2,321,003
(54,196)
23,517,345
\u2013
1,135,733
24,653,078
Other segment information
Property and equipment
66,112
6,963
2,534
\u2013
\u2013
75,609
\u2013
2,388
77,997
Intangible assets
25,268
5,706
2,169
\u2013
\u2013
33,143
\u2013
7,527
40,670
Capital expenditure
91,380
12,669
4,703
\u2013
\u2013
108,752
\u2013
9,915
118,667
Depreciation, amortisation
and impairment
(83,193)
(13,316)
(5,218)
\u2013
\u2013
(101,727)
\u2013
(9,362)
(111,089)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-781": { "value": "
6. Cash and cash equivalents
2024
2023
2022
Cash on hand
1,360,608
1,024,048
1,052,055
Current accounts with credit institutions
1,222,334
652,244
965,046
Current accounts with central banks, excluding obligatory reserves
874,615
713,212
805,503
Time deposits with credit institutions with maturities of up to 90 days
295,874
712,786
762,590
Cash and cash equivalents, gross
3,753,431
3,102,290
3,585,194
Less \u2013 Allowance for expected credit loss
(248)
(466)
(351)
Cash and cash equivalents, net
3,753,183
3,101,824
3,584,843
As at 31 December 2024, GEL 1,221,114 (2023: GEL 975,099, 2022: GEL 1,453,844) 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 0.00-4.60% interest per annum on these deposits (2023: up to 10.35%, 2022: up to 11.10%).
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 2024, cash and cash equivalents held by Lion Finance Group of GEL 12,510 (2023: GEL 50,970, 2022: GEL 10,850)
is represented by placements on current accounts with Georgian and OECD banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-833": { "value": "6. Cash and cash equivalents
2024
2023
2022
Cash on hand
1,360,608
1,024,048
1,052,055
Current accounts with credit institutions
1,222,334
652,244
965,046
Current accounts with central banks, excluding obligatory reserves
874,615
713,212
805,503
Time deposits with credit institutions with maturities of up to 90 days
295,874
712,786
762,590
Cash and cash equivalents, gross
3,753,431
3,102,290
3,585,194
Less \u2013 Allowance for expected credit loss
(248)
(466)
(351)
Cash and cash equivalents, net
3,753,183
3,101,824
3,584,843
As at 31 December 2024, GEL 1,221,114 (2023: GEL 975,099, 2022: GEL 1,453,844) 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 0.00-4.60% interest per annum on these deposits (2023: up to 10.35%, 2022: up to 11.10%). 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 2024, cash and cash equivalents held by Lion Finance Group of GEL 12,510 (2023: GEL 50,970, 2022: GEL 10,850) is represented by placements on current accounts with Georgian and OECD banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-782": { "value": "7. Amounts due from credit institutions 2024 2023 2022 Obligatory reserves with central banks 3,044,526 1,746,288 2,354,470 Receivables from reverse repo operations 217,146 \u2013 \u2013 Restricted cash 17,132 7,263 68,155 Time deposits with maturities of more than 90 days 1,322 \u2013 15,721 Amounts due from credit institutions, gross 3,280,126 1,753,551 2,438,346 Less \u2013 Allowance for expected credit loss (1,661) (894) (5,318) Amounts due from credit institutions, net 3,278,465 1,752,657 2,433,028 Obligatory reserves with central banks represent amounts deposited with the NBG, the CBA 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, the CBA and 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 4.00% interest on obligatory reserves with the NBG, the CBA and the NBRB for the year ended 31 December 2024 (2023: 0.00%, 2022: 0.00%). Restricted cash includes amounts placed with payment systems which serve as guarantee funds for card transaction settlements and are subject to withdrawal restrictions.", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfAmountsDueFromCreditInstitutions", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-834": { "value": "7. Amounts due from credit institutions
2024
2023
2022
Obligatory reserves with central banks
3,044,526
1,746,288
2,354,470
Receivables from reverse repo operations
217,146
\u2013
\u2013
Restricted cash
17,132
7,263
68,155
Time deposits with maturities of more than 90 days
1,322
\u2013
15,721
Amounts due from credit institutions, gross
3,280,126
1,753,551
2,438,346
Less \u2013 Allowance for expected credit loss
(1,661)
(894)
(5,318)
Amounts due from credit institutions, net
3,278,465
1,752,657
2,433,028
Obligatory reserves with central banks represent amounts deposited with the NBG, the CBA 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, the CBA and 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 4.00% interest on obligatory reserves with the NBG, the CBA and the NBRB for the year ended 31 December 2024 (2023: 0.00%, 2022: 0.00%). Restricted cash includes amounts placed with payment systems which serve as guarantee funds for card transaction settlements and are subject to withdrawal restrictions.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-783": { "value": "8. Investment securities and investment securities pledged under sale and repurchase agreements and securities lending Investment securities 2024 2023 2022 Investment securities measured at FVOCI \u2013 debt instruments [1] 5,993,853 4,424,160 3,960,299 Investment securities measured at FVTPL \u2013 debt instruments [2] 184,788 435 \u2013 Investment securities designated at FVOCI \u2013 equity investments 26,948 8,004 10,893 Investment securities measured at FVTPL \u2013 equity instruments 16,740 6,852 \u2013 Investment securities measured at fair value 6,222,329 4,439,451 3,971,192 2024 2023 2022 Investment securities measured at amortised cost [3] 2,748,054 691,119 381,735 Less \u2013 Allowance for expected credit losses (1,662) (813) (3,198) Investment securities measured at amortised cost, net 2,746,392 690,306 378,537 [1] Investment securities measured at FVOCI \u2013 debt instruments comprise: 2024 2023 2022 Ministry of Finance of Georgia treasury bonds 3,336,8671,891,6841,350,555 Ministry of Finance of Georgia treasury bills 106,139 155,955 176,483 US treasury bills 1,283,3921,621,2191,062,095 US treasury bonds 310,718 \u2013 \u2013 Foreign treasury bills 61,354 24,067 \u2013 Foreign treasury bonds \u2013 54,151 92,817 Government securities of the Republic of Armenia 73,223 \u2013 \u2013 Certificates of deposit of central banks 27,630 10,855 17,675 Other debt instruments [1.1] 794,530 666,2291,260,674 Investment securities measured at FVOCI \u2013 debt instruments 5,993,8534,424,1603,960,299 [1.1] Other debt instruments measured at FVOCI comprise: 2024 2023 2022 European Bank for Reconstruction and Development 316,680 326,916 531,351 International Finance Corporation 116,089 203,617 56,523 Asian Development Bank 110,989 30,594 107,835 World Bank 85,363 \u2013 \u2013 The Netherlands Development Finance Company \u2013 \u2013 131,126 Black Sea Trade and Development Bank \u2013 \u2013 200,913 Other debt instruments 165,409 105,102 232,926 Investment securities measured at FVOCI \u2013 Other debt instruments 794,530 666,2291,260,674 [2] Investment securities measured at FVTPL \u2013 debt instruments comprise: 2024 2023 2022 Government securities of the Republic of Armenia 114,594 \u2013 \u2013 Other debt instruments 70,194 435 \u2013 Investment securities measured at FVTPL \u2013 debt instruments 184,788 435 \u2013 [3] Investment securities measured at amortised cost \u2013 debt instruments comprise: 2024 2023 2022 Ministry of Finance of Georgia treasury bonds 65,557 77,367 119,918 US treasury bonds 515,240 \u2013 \u2013 Government securities of the Republic of Armenia 553,100 \u2013 \u2013 Other debt instruments [3.1] 1,614,157 613,752 261,817 Investment securities measured at amortised cost \u2013 debt instruments, gross 2,748,054 691,119 381,735 Less \u2013 Allowance for expected credit losses (1,662) (813) (3,198) Investment securities measured at amortised cost \u2013 debt instruments, net 2,746,392690,306 378,537 [3.1] Other debt instruments measured at amortised cost comprise: 2024 2023 2022 European Bank for Reconstruction and Development 1,011,633 \u2013 \u2013 Asian Development Bank 318,713 287,326 \u2013 Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. 100,267 100,297 100,341 Tegeta Motors LLC 43,022 40,647 \u2013 Other debt instruments 140,522 185,482 161,476 Investment securities measured at amortised cost \u2013 Other debt instruments, gross 1,614,157 613,752 261,817 Investment securities pledged were as follows: Investment securities pledged for short-term loans from central banks 2024 2023 2022 Georgian Ministry of Finance treasury bonds 1,336,0961,375,687 709,597 Other debt instruments 541,939 127,685 121,592 Total 1,878,0351,503,372 831,189 Of which: Measured at FVOCI 1,336,0961,375,687 831,189 Measured at amortised cost 541,939 127,685 \u2013 Investment securities pledged for Georgian Ministry of Finance 2024 2023 2022 Georgian Ministry of Finance treasury bonds 300,256 \u2013 \u2013 Other debt instruments 543,513 \u2013 326,368 Total 843,769 \u2013 326,368 Of which: Measured at FVOCI 300,256 \u2013 326,368 Measured at amortised cost 543,513 \u2013 \u2013 For repo operations with commercial banks 2024 2023 2022 Georgian Ministry of Finance treasury bonds \u2013 \u2013380,065 Total \u2013 \u2013380,065 Of which: Measured at FVOCI \u2013 \u2013380,065 Measured at amortised cost \u2013 \u2013 \u2013 For the period ended 31 December 2024 net gains on derecognition of investment securities comprised GEL 4,541 (2023: GEL 12,520, 2022: GEL 7,921) which is included in net other gains/(losses). As at 31 December 2024, allowance for ECL on investment securities measured at FVOCI comprised GEL 11,275 (2023: GEL 7,684, 2022: GEL 7,086). 2024 2023 2022 Investment securities pledged under sale and repurchase agreements and securities lending measured at FVOCI \u2013 debt instruments [4] 186,670 \u2013 \u2013 Investment securities pledged under sale and repurchase agreements and securities lending measured at FVTPL \u2013 debt instruments [5] 27,205 \u2013 \u2013 Investment securities pledged under sale and repurchase agreements and securities lending measured at fair value 213,875 \u2013 \u2013 2024 2023 2022 Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost [6] 270,199 \u2013 \u2013 Less \u2013 Allowance for expected credit losses (408) \u2013 \u2013 Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost \u2013 debt instruments, net 269,791 \u2013 \u2013 [4] Investment securities pledged under sale and repurchase agreements and securities lending measured at FVOCI \u2013 debt instruments comprise: 2024 2023 2022 US treasury bills 138,945 \u2013 \u2013 Government securities of the Republic of Armenia 47,725 \u2013 \u2013 Investment securities pledged under sale and repurchase agreements and securities lending measured at FVOCI \u2013 debt instruments 186,670 \u2013 \u2013 [5] Investment securities pledged under sale and repurchase agreements and securities lending measured at FVTPL \u2013 debt instruments comprise: 2024 2023 2022 Government securities of the Republic of Armenia 27,205 \u2013 \u2013 Investment securities pledged under sale and repurchase agreements and securities lending measured at FVTPL \u2013 debt instruments 27,205 \u2013 \u2013 [6] Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost \u2013 debt instruments comprise: 2024 2023 2022 Government securities of the Republic of Armenia 270,199 \u2013 \u2013 Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost \u2013 debt instruments, gross 270,199 \u2013 \u2013 Less \u2013 Allowance for expected credit losses (408) \u2013 \u2013 Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost \u2013 debt instruments, net 269,791 \u2013 \u2013", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfInvestmentsSecuritiesAndInvestmentSecuritiesPledgedUnderSaleAndRepurchaseAgreementsAndSecuritiesLending", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-784": { "value": "
9. Loans to customers, factoring and finance lease receivables
2024
2023
2022
Commercial loans
12,112,671
6,965,986
5,302,011
Residential mortgage loans
7,497,628
4,557,525
4,193,204
Consumer loans
7,388,490
4,699,969
3,602,054
Micro and SME loans
6,347,982
4,073,022
3,820,513
Gold \u2013 pawn loans
154,242
150,228
164,554
Loans to customers at amortised cost, gross
33,501,013
20,446,730
17,082,336
Less \u2013 Allowance for expected credit loss
(430,312)
(327,792)
(325,803)
Loans to customers at amortised cost, net
33,070,701
20,118,938
16,756,533
Finance lease receivables, gross
428,222
70,091
90,742
Less \u2013 Allowance for expected credit loss
(10,485)
(11,208)
(8,698)
Finance lease receivables, net
417,737
58,883
82,044
Factoring receivables, gross
70,458
55,027
23,411
Less \u2013 Allowance for expected credit loss
(22)
(127)
(282)
Factoring receivables, net
70,436
54,900
23,129
Total loans to customers, factoring and finance lease receivables
33,558,874
20,232,721
16,861,706
As at 31 December 2024, loans to customers carried at GEL 1,044,929 (2023: GEL 954,695, 2022: GEL 1,092,475) were pledged for
short-term loans from the NBG.
Expected credit loss
Movements of the gross loans and respective allowance for ECL/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 2023
6,325,257
515,789
101,365
23,575
6,965,986
New financial asset originated or purchased
8,804,049
79,500
1,810
3,307
8,888,666
Transfer to Stage 1
95,934
(95,934)
\u2013
\u2013
\u2013
Transfer to Stage 2
(240,626)
244,577
(3,951)
\u2013
\u2013
Transfer to Stage 3
(13,936)
(126,968)
140,904
\u2013
\u2013
Assets repaid
(6,094,187)
(347,114)
(53,554)
(31,922)
(6,526,777)
Resegmentation
64,659
(1,644)
(3,641)
\u2013
59,374
Impact of modifications
(373)
(1,176)
(92)
(24)
(1,665)
Business combination
2,371,851
\u2013
\u2013
16,140
2,387,991
Foreign exchange movement
119,586
9,108
2,732
682
132,108
Net other changes
87,418
1,607
2,357
6,970
98,352
Write-offs
\u2013
\u2013
(5,424)
(7,430)
(12,854)
Recoveries of amounts previously written off
\u2013
\u2013
1,797
639
2,436
Unwind of discount
\u2013
\u2013
3,433
2,856
6,289
Currency translation differences
110,993
326
968
478
112,765
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Individually assessed
3,118,611
\u2013
180,055
13,718
3,312,384
Collectively assessed
8,512,014
278,071
8,649
1,553
8,800,287
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
New financial asset originated or purchased
33,130
724
760
2,071
36,685
Transfer to Stage 1
2,537
(2,537)
\u2013
\u2013
\u2013
Transfer to Stage 2
(4,559)
4,559
\u2013
\u2013
\u2013
Transfer to Stage 3
(1,820)
(26,706)
28,526
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,557)
5,205
47,622
\u2013
51,270
Assets repaid
(17,487)
(12,717)
(17,522)
(5,160)
(52,886)
Resegmentation
162
(84)
(1,667)
\u2013
(1,589)
Impact of modifications
(2)
9
78
(10)
75
Foreign exchange movement
(56)
98
835
300
1,177
Day 2 ECL on business combination
22,867
\u2013
\u2013
\u2013
22,867
Net other measurement of ECL
(7,444)
4,813
1,171
3,546
2,086
Income statement (releases)/charges
25,771
(26,636)
59,803
747
59,685
Write-offs
\u2013
\u2013
(5,424)
(7,430)
(12,854)
Recoveries of amounts previously written off
\u2013
\u2013
1,797
639
2,436
Unwind of discount
\u2013
\u2013
3,433
2,856
6,289
Currency translation differences
111
(86)
1,791
4
1,820
Balance at 31 December 2024
39,982
6,469
105,529
5,754
157,734
Individually assessed
25,468
\u2013
100,999
5,740
132,207
Collectively assessed
14,514
6,469
4,530
14
25,527
Balance at 31 December 2024
39,982
6,469
105,529
5,754
157,734
Residential mortgage loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
New financial asset originated or purchased
2,482,872
1
235
6,028
2,489,136
Transfer to Stage 1
252,566
(252,566)
\u2013
\u2013
\u2013
Transfer to Stage 2
(294,049)
312,710
(18,661)
\u2013
\u2013
Transfer to Stage 3
(13,606)
(30,102)
43,708
\u2013
\u2013
Assets repaid
(1,180,353)
(37,326)
(28,048)
(14,132)
(1,259,859)
Impact of modifications
1,242
71
897
12
2,222
Business combination
1,639,127
\u2013
\u2013
7,144
1,646,271
Foreign exchange movement
30,463
554
516
401
31,934
Net other changes
(31,106)
(21,789)
11,903
3,948
(37,044)
Write-offs
\u2013
\u2013
(4,109)
(1,880)
(5,989)
Recoveries of amounts previously written off
\u2013
\u2013
3,385
3,486
6,871
Unwind of discount
\u2013
\u2013
4
218
222
Currency translation differences
65,937
81
71
250
66,339
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Individually assessed
209
\u2013
11,230
6,284
17,723
Collectively assessed
7,253,222
145,686
49,617
31,380
7,479,905
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Residential mortgage loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
New financial asset originated or purchased
2,875
\u2013
16
933
3,824
Transfer to Stage 1
2,374
(2,374)
\u2013
\u2013
\u2013
Transfer to Stage 2
(1,800)
5,047
(3,247)
\u2013
\u2013
Transfer to Stage 3
(1,971)
(469)
2,440
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,459)
(1,572)
2,484
\u2013
(547)
Assets repaid
(811)
(707)
(9,286)
(3,611)
(14,415)
Impact of modifications
11
4
240
106
361
Foreign exchange movement
7
3
15
45
70
Day 2 ECL on business combination
872
\u2013
\u2013
\u2013
872
Net other measurement of ECL
(1,336)
(814)
4,036
(1,314)
572
Income statement (releases)/charges
(1,238)
(882)
(3,302)
(3,841)
(9,263)
Write-offs
\u2013
\u2013
(4,109)
(1,880)
(5,989)
Recoveries of amounts previously written off
\u2013
\u2013
3,385
3,486
6,871
Unwind of discount
\u2013
\u2013
4
218
222
Currency translation differences
11
3
20
\u2013
34
Balance at 31 December 2024
2,745
1,157
7,865
2,858
14,625
Individually assessed
\u2013
\u2013
1,860
42
1,902
Collectively assessed
2,745
1,157
6,005
2,816
12,723
Balance at 31 December 2024
2,745
1,157
7,865
2,858
14,625
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
New financial asset originated or purchased
3,421,215
967
1,407
12,237
3,435,826
Transfer to Stage 1
144,721
(144,721)
\u2013
\u2013
\u2013
Transfer to Stage 2
(292,673)
315,391
(22,718)
\u2013
\u2013
Transfer to Stage 3
(28,200)
(97,127)
125,327
\u2013
\u2013
Assets repaid
(2,573,227)
(60,408)
(84,365)
(5,519)
(2,723,519)
Resegmentation
(60,042)
1,644
3,641
\u2013
(54,757)
Impact of modifications
82
(283)
(1,257)
29
(1,429)
Business combination
1,476,893
\u2013
\u2013
50,215
1,527,108
Foreign exchange movement
31,127
1,562
2,199
270
35,158
Net other changes
7,242
(12,168)
4,671
(1,406)
(1,661)
Write-offs
\u2013
\u2013
(20,130)
(1,169)
(21,299)
Recoveries of amounts previously written off
\u2013
\u2013
9,366
3,647
13,013
Unwind of discount
\u2013
\u2013
3,112
295
3,407
Currency translation differences
60,349
331
643
1,790
63,113
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Individually assessed
655,936
\u2013
38,253
59,778
753,967
Collectively assessed
5,241,421
196,718
152,068
3,808
5,594,015
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Micro and SME loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
New financial asset originated or purchased
14,510
2
293
7,924
22,729
Transfer to Stage 1
4,270
(4,270)
\u2013
\u2013
\u2013
Transfer to Stage 2
(4,640)
9,822
(5,182)
\u2013
\u2013
Transfer to Stage 3
(8,366)
(5,102)
13,468
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(2,331)
(51)
19,218
\u2013
16,836
Assets repaid
(7,318)
(2,044)
(33,809)
(600)
(43,771)
Resegmentation
(161)
84
1,667
\u2013
1,590
Impact of modifications
4
4
(462)
21
(433)
Foreign exchange movement
7
(2)
571
(177)
399
Day 2 ECL on business combination
14,006
\u2013
\u2013
\u2013
14,006
Net other measurement of ECL
(1,825)
1,322
19,172
1,477
20,146
Income statement (releases)/charges
8,156
(235)
14,936
8,645
31,502
Write-offs
\u2013
\u2013
(20,130)
(1,169)
(21,299)
Recoveries of amounts previously written off
\u2013
\u2013
9,366
3,647
13,013
Unwind of discount
\u2013
\u2013
3,112
295
3,407
Currency translation differences
127
71
492
30
720
Balance at 31 December 2024
19,287
5,374
62,062
12,281
99,004
Individually assessed
3,616
\u2013
12,740
11,090
27,446
Collectively assessed
15,671
5,374
49,322
1,191
71,558
Balance at 31 December 2024
19,287
5,374
62,062
12,281
99,004
Consumer loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
New financial asset originated or purchased
6,778,565
29,708
4,132
3,652
6,816,057
Transfer to Stage 1
317,072
(317,013)
(59)
\u2013
\u2013
Transfer to Stage 2
(581,791)
623,733
(41,942)
\u2013
\u2013
Transfer to Stage 3
(18,800)
(102,783)
121,583
\u2013
\u2013
Assets repaid
(4,857,038)
(116,406)
(69,282)
(12,478)
(5,055,204)
Resegmentation
(4,686)
\u2013
\u2013
\u2013
(4,686)
Impact of modifications
(750)
28
(4,818)
(90)
(5,630)
Business combination
885,372
\u2013
\u2013
3,576
888,948
Foreign exchange movement
13,603
233
164
84
14,084
Net other changes
82,856
(89,982)
38,793
(869)
30,798
Write-offs
\u2013
(3)
(78,373)
(2,834)
(81,210)
Recoveries of amounts previously written off
\u2013
\u2013
31,146
7,944
39,090
Unwind of discount
\u2013
\u2013
1,777
347
2,124
Currency translation differences
43,613
135
288
114
44,150
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Individually assessed
\u2013
\u2013
7,899
1,438
9,337
Collectively assessed
6,983,775
261,879
106,979
26,520
7,379,153
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Consumer loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
New financial asset originated or purchased
83,547
1,664
2,203
932
88,346
Transfer to Stage 1
19,210
(19,181)
(29)
\u2013
\u2013
Transfer to Stage 2
(33,979)
59,782
(25,803)
\u2013
\u2013
Transfer to Stage 3
(8,534)
(21,301)
29,835
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(9,597)
2,719
28,102
\u2013
21,224
Assets repaid
(64,987)
(21,938)
(66,705)
(4,894)
(158,524)
Resegmentation
(1)
\u2013
\u2013
\u2013
(1)
Impact of modifications
(481)
1
(2,336)
(39)
(2,855)
Foreign exchange movement
10
7
53
17
87
Day 2 ECL on business combination
9,278
\u2013
\u2013
\u2013
9,278
Net other measurement of ECL
28,998
6,520
77,837
(4,963)
108,392
Income statement (releases)/charges
23,464
8,273
43,157
(8,947)
65,947
Write-offs
\u2013
(3)
(78,373)
(2,834)
(81,210)
Recoveries of amounts previously written off
\u2013
\u2013
31,146
7,944
39,090
Unwind of discount
\u2013
\u2013
1,777
347
2,124
Currency translation differences
134
42
175
\u2013
351
Balance at 31 December 2024
65,545
26,356
61,770
4,264
157,935
Individually assessed
\u2013
\u2013
3,421
(107)
3,314
Collectively assessed
65,545
26,356
58,349
4,371
154,621
Balance at 31 December 2024
65,545
26,356
61,770
4,264
157,935
Gold \u2013 pawn loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
New financial asset originated or purchased
199,792
\u2013
885
\u2013
200,677
Transfer to Stage 1
9,208
(9,208)
\u2013
\u2013
\u2013
Transfer to Stage 2
(13,774)
15,041
(1,267)
\u2013
\u2013
Transfer to Stage 3
(1,114)
(1,548)
2,662
\u2013
\u2013
Assets repaid
(176,370)
(7,352)
(3,964)
\u2013
(187,686)
Resegmentation
69
\u2013
\u2013
\u2013
69
Foreign exchange movement
4
\u2013
\u2013
\u2013
4
Net other changes
(9,365)
21
333
\u2013
(9,011)
Write-offs
\u2013
(1)
(40)
\u2013
(41)
Recoveries of amounts previously written off
\u2013
\u2013
3
\u2013
3
Unwind of discount
\u2013
\u2013
(1)
\u2013
(1)
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Collectively assessed
145,866
5,649
2,727
\u2013
154,242
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Gold \u2013 pawn loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
New financial asset originated or purchased
5
\u2013
58
\u2013
63
Transfer to Stage 1
13
(13)
\u2013
\u2013
\u2013
Transfer to Stage 2
(6)
75
(69)
\u2013
\u2013
Transfer to Stage 3
(1)
(2)
3
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(7)
(62)
136
\u2013
67
Assets repaid
(22)
(10)
(373)
\u2013
(405)
Net other measurement of ECL
(13)
(6)
(43)
\u2013
(62)
Income statement (releases)/charges
(31)
(18)
(288)
\u2013
(337)
Write-offs
\u2013
(1)
(40)
\u2013
(41)
Recoveries of amounts previously written off
\u2013
\u2013
3
\u2013
3
Unwind of discount
\u2013
\u2013
(1)
\u2013
(1)
Balance at 31 December 2024
13
5
996
\u2013
1,014
Collectively assessed
13
5
996
\u2013
1,014
Balance at 31 December 2024
13
5
996
\u2013
1,014
Commercial loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
New financial asset originated or purchased
6,307,552
62,180
8
15,820
6,385,560
Transfer to Stage 1
218,262
(218,262)
\u2013
\u2013
\u2013
Transfer to Stage 2
(408,476)
413,729
(5,253)
\u2013
\u2013
Transfer to Stage 3
(9,314)
(35,720)
45,034
\u2013
\u2013
Assets repaid
(4,411,902)
(316,022)
(97,131)
(10,324)
(4,835,379)
Resegmentation
76,352
(56)
2,959
\u2013
79,255
Impact of modifications
(755)
733
(143)
9
(156)
Foreign exchange movement
105,029
4,490
(375)
83
109,227
Net other changes
60,821
111
(10,563)
664
51,033
Write-offs
\u2013
\u2013
(11,502)
\u2013
(11,502)
Recoveries of amounts previously written off
\u2013
\u2013
8,723
957
9,680
Unwind of discount
\u2013
\u2013
(2,224)
416
(1,808)
Currency translation differences
(113,478)
(3,701)
(4,756)
\u2013
(121,935)
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Individually assessed
\u2013
\u2013
92,801
21,497
114,298
Collectively assessed
6,325,257
515,789
8,564
2,078
6,851,688
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
New financial asset originated or purchased
31,952
697
1
\u2013
32,650
Transfer to Stage 1
3,811
(3,811)
\u2013
\u2013
\u2013
Transfer to Stage 2
(5,004)
6,393
(1,389)
\u2013
\u2013
Transfer to Stage 3
(994)
(1,406)
2,400
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,777)
4,522
17,549
\u2013
20,294
Assets repaid
(13,682)
(11,978)
(29,709)
(1,325)
(56,694)
Resegmentation
1,102
(1,224)
870
\u2013
748
Impact of modifications
(1)
17
(149)
3
(130)
Foreign exchange movement
(14)
103
(641)
127
(425)
Net other measurement of ECL
(20,107)
16,327
17,249
4,195
17,664
Income statement (releases)/charges
(4,714)
9,640
6,181
3,000
14,107
Write-offs
\u2013
\u2013
(11,502)
\u2013
(11,502)
Recoveries of amounts previously written off
\u2013
\u2013
8,723
957
9,680
Unwind of discount
\u2013
\u2013
(2,224)
416
(1,808)
Currency translation differences
(272)
82
(1,296)
\u2013
(1,486)
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
Individually assessed
\u2013
\u2013
39,561
8,936
48,497
Collectively assessed
14,100
33,191
4,568
2
51,861
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
Residential mortgage loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,925,906
169,566
69,657
28,075
4,193,204
New financial asset originated or purchased
1,527,164
32
\u2013
14,796
1,541,992
Transfer to Stage 1
268,798
(268,798)
\u2013
\u2013
\u2013
Transfer to Stage 2
(320,140)
352,400
(32,260)
\u2013
\u2013
Transfer to Stage 3
(17,355)
(33,670)
51,025
\u2013
\u2013
Assets repaid
(1,081,098)
(45,148)
(37,682)
(11,487)
(1,175,415)
Impact of modifications
530
137
(83)
(185)
399
Foreign exchange movement
11,210
(150)
(263)
165
10,962
Net other changes
(7,727)
(147)
1,571
451
(5,852)
Write-offs
\u2013
\u2013
(2,534)
(263)
(2,797)
Recoveries of amounts previously written off
\u2013
\u2013
1,385
543
1,928
Unwind of discount
\u2013
\u2013
215
94
309
Currency translation differences
(6,950)
(170)
(85)
\u2013
(7,205)
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Individually assessed
\u2013
\u2013
168
2,092
2,260
Collectively assessed
4,300,338
174,052
50,778
30,097
4,555,265
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Residential mortgage loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
8,862
2,601
14,085
4,507
30,055
New financial asset originated or purchased
8,396
\u2013
\u2013
\u2013
8,396
Transfer to Stage 1
4,415
(4,415)
\u2013
\u2013
\u2013
Transfer to Stage 2
(2,766)
9,962
(7,196)
\u2013
\u2013
Transfer to Stage 3
(3,612)
(1,152)
4,764
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,133)
(5,845)
5,016
\u2013
(1,962)
Assets repaid
(1,516)
(747)
(8,701)
(3,395)
(14,359)
Impact of modifications
19
5
1,049
43
1,116
Foreign exchange movement
(1)
(3)
(46)
28
(22)
Net other measurement of ECL
(8,690)
1,632
3,842
3,318
102
Income statement (releases)/charges
(4,888)
(563)
(1,272)
(6)
(6,729)
Write-offs
\u2013
\u2013
(2,534)
(263)
(2,797)
Recoveries of amounts previously written off
\u2013
\u2013
1,385
543
1,928
Unwind of discount
\u2013
\u2013
215
94
309
Currency translation differences
(2)
(2)
(12)
\u2013
(16)
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
Individually assessed
\u2013
\u2013
50
271
321
Collectively assessed
3,972
2,036
11,817
4,604
22,429
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
New financial asset originated or purchased
2,718,907
606
1,502
1,685
2,722,700
Transfer to Stage 1
147,013
(147,013)
\u2013
\u2013
\u2013
Transfer to Stage 2
(308,398)
332,863
(24,465)
\u2013
\u2013
Transfer to Stage 3
(20,855)
(115,229)
136,084
\u2013
\u2013
Assets repaid
(2,258,325)
(81,221)
(65,159)
(1,572)
(2,406,277)
Resegmentation
(75,858)
88
(3,141)
\u2013
(78,911)
Impact of modifications
(86)
616
(2,971)
(7)
(2,448)
Foreign exchange movement
27,031
1,678
2,494
7
31,210
Net other changes
25,537
677
6,187
130
32,531
Write-offs
\u2013
\u2013
(36,568)
(70)
(36,638)
Recoveries of amounts previously written off
\u2013
\u2013
7,998
124
8,122
Unwind of discount
\u2013
\u2013
2,316
56
2,372
Currency translation differences
(15,785)
(1,998)
(2,369)
\u2013
(20,152)
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Individually assessed
\u2013
\u2013
29,131
\u2013
29,131
Collectively assessed
3,709,870
191,530
139,294
3,197
4,043,891
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Micro and SME loans at amortised cost, ECL:
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
New financial asset originated or purchased
16,897
\u2013
128
\u2013
17,025
Transfer to Stage 1
4,627
(4,627)
\u2013
\u2013
\u2013
Transfer to Stage 2
(5,665)
11,372
(5,707)
\u2013
\u2013
Transfer to Stage 3
(2,902)
(6,647)
9,549
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(754)
(4,692)
29,590
\u2013
24,144
Assets repaid
(7,501)
(3,001)
(18,746)
(524)
(29,772)
Resegmentation
(1,093)
1,226
(868)
\u2013
(735)
Impact of modifications
2
19
(1,241)
(7)
(1,227)
Foreign exchange movement
129
149
1,179
(1)
1,456
Net other measurement of ECL
(12,663)
6,463
30,543
596
24,939
Income statement (releases)/charges
(8,923)
262
44,427
64
35,830
Write-offs
\u2013
\u2013
(36,568)
(70)
(36,638)
Recoveries of amounts previously written off
\u2013
\u2013
7,998
124
8,122
Unwind of discount
\u2013
\u2013
2,316
56
2,372
Currency translation differences
(139)
(172)
(1,204)
\u2013
(1,515)
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
Individually assessed
\u2013
\u2013
14,564
\u2013
14,564
Collectively assessed
11,004
5,538
39,722
833
57,097
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
Consumer loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,243,191
213,875
121,992
22,996
3,602,054
New financial asset originated or purchased
4,547,920
5,818
833
17,964
4,572,535
Transfer to Stage 1
289,459
(289,423)
(36)
\u2013
\u2013
Transfer to Stage 2
(473,300)
524,075
(50,775)
\u2013
\u2013
Transfer to Stage 3
(72,199)
(110,688)
182,887
\u2013
\u2013
Assets repaid
(3,179,954)
(107,858)
(69,753)
(12,030)
(3,369,595)
Resegmentation
(494)
(32)
517
\u2013
(9)
Impact of modifications
699
(11)
(12,180)
(600)
(12,092)
Foreign exchange movement
5,109
65
524
89
5,787
Net other changes
(508)
(1,333)
21,566
595
20,320
Write-offs
\u2013
\u2013
(113,820)
(2,408)
(116,228)
Recoveries of amounts previously written off
\u2013
\u2013
25,870
1,376
27,246
Unwind of discount
\u2013
\u2013
4,199
530
4,729
Currency translation differences
(34,164)
(259)
(355)
\u2013
(34,778)
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Individually assessed
(1)
\u2013
2,464
\u2013
2,463
Collectively assessed
4,325,760
234,229
109,005
28,512
4,697,506
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Consumer loans at amortised cost, ECL:
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
40,598
19,309
67,956
7,587
135,450
New financial asset originated or purchased
128,968
702
380
\u2013
130,050
Transfer to Stage 1
19,103
(19,094)
(9)
\u2013
\u2013
Transfer to Stage 2
(23,869)
54,205
(30,336)
\u2013
\u2013
Transfer to Stage 3
(49,393)
(21,319)
70,712
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(2,120)
(24,929)
26,592
\u2013
(457)
Assets repaid
(41,913)
(8,393)
(41,821)
(4,886)
(97,013)
Resegmentation
(9)
(2)
(2)
\u2013
(13)
Impact of modifications
13
(7)
(5,235)
(122)
(5,351)
Foreign exchange movement
13
4
34
(4)
47
Net other measurement of ECL
(29,175)
17,623
59,529
5,681
53,658
Income statement (releases)/charges
1,618
(1,210)
79,844
669
80,921
Write-offs
\u2013
\u2013
(113,820)
(2,408)
(116,228)
Recoveries of amounts previously written off
\u2013
\u2013
25,870
1,376
27,246
Unwind of discount
\u2013
\u2013
4,199
530
4,729
Currency translation differences
(269)
(55)
(161)
\u2013
(485)
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
Individually assessed
\u2013
\u2013
1,062
\u2013
1,062
Collectively assessed
41,947
18,044
62,826
7,754
130,571
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
Gold \u2013 pawn loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
147,525
8,613
8,416
\u2013
164,554
New financial asset originated or purchased
103,553
\u2013
401
\u2013
103,954
Transfer to Stage 1
11,660
(11,660)
\u2013
\u2013
\u2013
Transfer to Stage 2
(16,775)
18,268
(1,493)
\u2013
\u2013
Transfer to Stage 3
(2,147)
(2,800)
4,947
\u2013
\u2013
Assets repaid
(106,379)
(3,676)
(2,124)
\u2013
(112,179)
Resegmentation
\u2013
\u2013
(335)
\u2013
(335)
Foreign exchange movement
(2)
(1)
(48)
\u2013
(51)
Net other changes
(19)
(48)
(746)
\u2013
(813)
Write-offs
\u2013
\u2013
(5,438)
\u2013
(5,438)
Recoveries of amounts previously written off
\u2013
\u2013
(13)
\u2013
(13)
Unwind of discount
\u2013
\u2013
549
\u2013
549
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Collectively assessed
137,416
8,696
4,116
\u2013
150,228
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Gold \u2013 pawn loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
70
32
5,339
\u2013
5,441
Transfer to Stage 1
32
(32)
\u2013
\u2013
\u2013
Transfer to Stage 2
(19)
184
(165)
\u2013
\u2013
Transfer to Stage 3
(2)
(8)
10
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
\u2013
(1)
\u2013
\u2013
(1)
Assets repaid
(24)
(8)
1,007
\u2013
975
Net other measurement of ECL
(13)
(143)
33
\u2013
(123)
Income statement (releases)/charges
(26)
(8)
885
\u2013
851
Write-offs
\u2013
\u2013
(5,438)
\u2013
(5,438)
Recoveries of amounts previously written off
\u2013
\u2013
(13)
\u2013
(13)
Unwind of discount
\u2013
\u2013
549
\u2013
549
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
Collectively assessed
44
24
1,322
\u2013
1,390
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
Commercial loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
4,913,239
374,933
226,925
18,014
5,533,111
New financial asset originated or purchased
4,489,689
34,779
693
6,969
4,532,130
Transfer to Stage 1
202,422
(202,422)
\u2013
\u2013
\u2013
Transfer to Stage 2
(761,225)
791,522
(30,297)
\u2013
\u2013
Transfer to Stage 3
(5,553)
(98,586)
104,139
\u2013
\u2013
Assets repaid
(4,033,355)
(207,872)
(83,237)
(9,763)
(4,334,227)
Resegmentation
194,578
2,622
(6,567)
\u2013
190,633
Impact of modifications
1,330
1,983
184
2
3,499
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
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)
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
Individually assessed
\u2013
\u2013
159,486
13,603
173,089
Collectively assessed
4,501,166
608,307
17,102
2,347
5,128,922
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
14,204
6,893
135,061
2,923
159,081
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
(6,165)
12,301
(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 repaid
(10,239)
(4,189)
(59,906)
(3,151)
(77,485)
Resegmentation
5,404
(27)
(997)
\u2013
4,380
Impact of modifications
30
104
1
2
137
Foreign exchange movement
(921)
(1,696)
(10,613)
(883)
(14,113)
Net other measurement of ECL
(7,127)
20,270
(25,291)
(547)
(12,695)
Income statement (releases)/charges
5,675
17,655
(72,491)
(1,582)
(50,743)
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)
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
Individually assessed
\u2013
\u2013
37,492
4,493
41,985
Collectively assessed
19,086
23,469
6,755
72
49,382
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
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)
Foreign exchange movement
(254,899)
(20,553)
(10,022)
(2,527)
(288,001)
Net other changes
8,928
(2,211)
348
155
7,220
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)
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)
Impact of modifications
4
1
937
64
1,006
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
Income statement (releases)/charges
(839)
(1,202)
(2,628)
2,278
(2,391)
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
(2)
\u2013
\u2013
\u2013
(2)
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
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
3,276,167
293,473
151,499
6,635
3,727,774
New financial asset originated or purchased
2,926,540
7,854
1,859
2,435
2,938,688
Transfer to Stage 1
337,049
(337,049)
\u2013
\u2013
\u2013
Transfer to Stage 2
(441,995)
501,852
(59,857)
\u2013
\u2013
Transfer to Stage 3
(50,683)
(106,474)
157,157
\u2013
\u2013
Assets repaid
(2,116,730)
(125,805)
(71,105)
(5,917)
(2,319,557)
Resegmentation
(224,709)
(4,680)
5,034
\u2013
(224,355)
Impact of modifications
194
139
(2,627)
(36)
(2,330)
Foreign exchange movement
(275,010)
(27,918)
(17,669)
(350)
(320,947)
Net other changes
51,417
168
7,865
38
59,488
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)
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
Individually assessed
\u2013
\u2013
39,448
\u2013
39,448
Collectively assessed
3,470,689
200,463
107,069
2,844
3,781,065
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
Micro and SME loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
28,160
6,556
39,584
124
74,424
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
(8,872)
20,801
(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
(13,592)
(3,065)
(24,514)
(496)
(41,667)
Resegmentation
(5,935)
(129)
541
\u2013
(5,523)
Impact of modifications
10
(24)
(1,147)
16
(1,145)
Foreign exchange movement
(1,071)
(114)
(3,448)
(67)
(4,700)
Net other measurement of ECL
(15,996)
6,765
18,514
762
10,045
Income statement (releases)/charges
(7,951)
(1,012)
22,989
496
14,522
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)
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
Individually assessed
\u2013
\u2013
10,552
\u2013
10,552
Collectively assessed
20,066
5,448
26,765
659
52,938
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
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
\u2013
34,142
Impact of modifications
1,152
(84)
(24,515)
(1,236)
(24,683)
Foreign exchange movement
(86,830)
(4,100)
(1,319)
(610)
(92,859)
Net other changes
33,406
(79)
31,671
1,021
66,019
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)
\u2013
(14,783)
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
\u2013
1,143
Impact of modifications
121
(12)
(10,792)
122
(10,561)
Foreign exchange movement
(191)
(60)
(763)
(63)
(1,077)
Net other measurement of ECL
(32,188)
29,344
90,779
8,785
96,720
Income statement (releases)/charges
(16,449)
(90)
154,242
9,406
147,109
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)
\u2013
(248)
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
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
Foreign exchange movement
(33)
(4)
4
\u2013
(33)
Net other changes
(1,461)
13
2,196
\u2013
748
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
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
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)
Net other measurement of ECL
756
(89)
3,412
\u2013
4,079
Income statement (releases)/charges
(1,753)
21
5,757
\u2013
4,025
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
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
The contractual amounts outstanding on all loans to customers that have been written off during the reporting period but are still
subject to enforcement activity was GEL 148,114 (2023: GEL 138,972, 2022: GEL 188,545).
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 ECL/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.
Without taking into account the discounted value of collateral, the ECL for credit-impaired loans would be as follows:
ECL without
taking into
account the
discounted
ECL for credit- value of
2024 impaired loans collateral
Commercial loans
111,283
194,086
Residential mortgage loans
10,723
58,324
Micro and SME loans
74,343
220,310
Consumer loans
66,034
95,777
Gold \u2013 pawn loans
996
2,212
Total
263,379
570,709
ECL without
taking into
account the
discounted
ECL for credit- value of
2023 impaired loans collateral
Commercial loans
53,067
118,367
Residential mortgage loans
16,742
56,851
Micro and SME loans
55,119
152,430
Consumer loans
71,642
105,437
Gold \u2013 pawn loans
1,322
3,290
Total
197,892
436,375
ECL without
taking into
account the
discounted
ECL for credit- value of
2022 impaired loans 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
Concentration of loans to customers
As at 31 December 2024, the concentration of loans granted by the Group to the ten largest third-party borrowers comprised
GEL 1,851,375 accounting for 6% of the gross loan portfolio of the Group (2023: GEL 1,507,812 and 7% respectively, 2022:
GEL 1,017,629 and 6% respectively). An allowance of ECL of GEL 6,803 (2023: GEL 13,524, 2022: GEL 8,209) was established against
these loans.
As at 31 December 2024, the concentration of loans granted by the Group to the ten largest third-party group of borrowers
(borrower and its related parties) comprised GEL 3,175,091 accounting for 9% of the gross loan portfolio of the Group (2023:
GEL 2,414,054 and 12% respectively, 2022: GEL 1,736,614 and 10% respectively). An allowance of ECL of GEL 8,011 (2023: GEL 3,599,
2022: GEL 17,392) was established against these loans.
As at 31 December 2024, 31 December 2023 and 31 December 2022, loans were principally issued within Georgia and Armenia, and
their distribution by industry sector was as follows:
2024
2023
2022
Individuals
17,190,045
11,445,733
10,011,378
Real estate
2,837,810
1,608,487
1,024,364
Trade
2,815,943
1,425,916
1,123,343
Agriculture
1,928,428
710,440
719,077
Construction
1,618,537
377,857
512,345
Manufacturing
1,441,527
1,475,982
1,064,092
Electricity, gas and water supply
1,145,468
665,454
458,415
Hospitality
991,169
975,621
828,577
Service
727,835
306,465
302,442
Financial intermediation
587,106
401,116
291,778
Mining and quarrying
552,872
160,261
144,799
Transport and communication
543,485
273,071
190,175
Other
1,120,788
620,327
411,551
Loans to customers, gross
33,501,013
20,446,730
17,082,336
Less \u2013 Allowance for expected credit loss
(430,312)
(327,792)
(325,803)
Loans to customers, net
33,070,701
20,118,938
16,756,533
As at 31 December 2024 the amount of loans to customers for which no ECL has been recognised due to the existence of high-
quality collateral was GEL 553,177 (2023: GEL 6,096,377, 2022: GEL 5,227,783).
Finance lease receivables
2024
2023
2022
Minimum lease payments receivable
561,788
86,839
114,850
Less \u2013 Unearned finance lease income
(133,566)
(16,748)
(24,108)
428,222
70,091
90,742
Less \u2013 Allowance for expected credit loss/impairment loss
(10,485)
(11,208)
(8,698)
Finance lease receivables, net
417,737
58,883
82,044
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 2024 and 31 December 2023 no finance lease receivables were pledged for inter-bank loans received (2022: GEL 16,965).
As at 31 December 2024, the concentration of investment in the five largest lease receivables comprised GEL 59,953 or 14% of total
finance lease receivables (2023: GEL 18,436 or 25%, 2022: GEL 20,515 or 22%) and finance income received from them for the year
ended 31 December 2024 comprised GEL 6,080 or 16% of total finance income from lease (2023: GEL 2,857 or 20%, 2022: GEL 793
or 4%).
Future minimum lease payments to be received after 31 December 2024, 31 December 2023 and 31 December 2022 are as follows:
2024
2023
2022
Within 1 year
195,319
46,531
49,228
From 1 to 2 years
122,348
9,203
21,711
From 2 to 3 years
88,789
7,288
17,123
From 3 to 4 years
48,084
1,894
7,037
From 4 to 5 years
29,743
2,913
2,727
More than 5 years
77,505
19,010
17,025
Minimum lease payment receivables
561,788
86,839
114,850
Movements of the gross finance lease receivables and respective allowance for ECL/impairment of finance lease receivables are as
follows:
Finance lease receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
New financial asset originated or purchased
177,363
\u2013
\u2013
6,578
183,941
Transfer to Stage 1
1,994
(1,867)
(127)
\u2013
\u2013
Transfer to Stage 2
(4,109)
4,418
(309)
\u2013
\u2013
Transfer to Stage 3
(3,516)
(3,732)
7,248
\u2013
\u2013
Assets repaid
(121,642)
(3,119)
(5,988)
(8,708)
(139,457)
Impact of modifications
(13)
\u2013
\u2013
\u2013
(13)
Business combination
298,683
\u2013
\u2013
273
298,956
Foreign exchange movement
2,069
26
(29)
(424)
1,642
Net other changes
2,816
109
171
169
3,265
Write-offs
\u2013
\u2013
(3,718)
(10)
(3,728)
Recoveries of amounts previously written off
\u2013
\u2013
1
531
532
Unwind of discount
\u2013
\u2013
30
(49)
(19)
Currency translation differences
12,971
73
(42)
10
13,012
Balance at 31 December 2024
400,515
956
9,300
17,451
428,222
Individually assessed
114,447
\u2013
2,436
252
117,135
Collectively assessed
286,068
956
6,864
17,199
311,087
Balance at 31 December 2024
400,515
956
9,300
17,451
428,222
Finance lease receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
1,169
484
5,707
3,848
11,208
New financial asset originated or purchased
600
\u2013
\u2013
\u2013
600
Transfer to Stage 1
67
(61)
(6)
\u2013
\u2013
Transfer to Stage 2
(86)
90
(4)
\u2013
\u2013
Transfer to Stage 3
(1,880)
(485)
2,365
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
2,395
191
322
\u2013
2,908
Assets repaid
(281)
(149)
(1,631)
(3,239)
(5,300)
Foreign exchange movement
53
(2)
11
(6)
56
Day 2 ECL on business combination
2,134
\u2013
\u2013
\u2013
2,134
Net other measurement of ECL
(2,285)
97
2,543
656
1,011
Income statement (releases)/charges
717
(319)
3,600
(2,589)
1,409
Write-offs
\u2013
\u2013
(1,873)
(10)
(1,883)
Recoveries of amounts previously written off
(851)
\u2013
1
531
(319)
Unwind of discount
\u2013
\u2013
30
(49)
(19)
Currency translation differences
29
12
47
1
89
Balance at 31 December 2024
1,064
177
7,512
1,732
10,485
Individually assessed
283
\u2013
648
4
935
Collectively assessed
781
177
6,864
1,728
9,550
Balance at 31 December 2024
1,064
177
7,512
1,732
10,485
Finance lease receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
New financial asset originated or purchased
24,001
\u2013
\u2013
10,525
34,526
Transfer to Stage 1
9,296
(8,702)
(594)
\u2013
\u2013
Transfer to Stage 2
(17,016)
21,008
(3,992)
\u2013
\u2013
Transfer to Stage 3
(1,291)
(10,139)
11,430
\u2013
\u2013
Assets repaid
(32,717)
(3,377)
(5,056)
(6,389)
(47,539)
Impact of modifications
(221)
\u2013
138
\u2013
(83)
Foreign exchange movement
2,285
198
117
(804)
1,796
Net other changes
992
(2)
(148)
(59)
783
Write-offs
\u2013
\u2013
(3,429)
313
(3,116)
Recoveries of amounts previously written off
\u2013
\u2013
66
\u2013
66
Unwind of discount
\u2013
\u2013
23
284
307
Currency translation differences
(6,401)
(389)
(601)
\u2013
(7,391)
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
Individually assessed
\u2013
\u2013
286
\u2013
286
Collectively assessed
33,899
5,048
11,777
19,081
69,805
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
Finance lease receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
818
258
3,542
4,080
8,698
New financial asset originated or purchased
964
\u2013
\u2013
\u2013
964
Transfer to Stage 1
275
(262)
(13)
\u2013
\u2013
Transfer to Stage 2
(650)
769
(119)
\u2013
\u2013
Transfer to Stage 3
(236)
(434)
670
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(142)
234
291
\u2013
383
Assets repaid
(538)
(170)
(2,816)
(2,394)
(5,918)
Impact of modifications
(2)
\u2013
\u2013
\u2013
(2)
Foreign exchange movement
50
37
4
\u2013
91
Net other measurement of ECL
425
(53)
5,307
1,565
7,244
Income statement (releases)/charges
146
121
3,324
(829)
2,762
Write-offs
\u2013
\u2013
(316)
313
(3)
Recoveries of amounts previously written off
\u2013
\u2013
66
\u2013
66
Unwind of discount
\u2013
\u2013
23
284
307
Currency translation differences
205
105
(932)
\u2013
(622)
Balance at 31 December 2023
1,169
484
5,707
3,848
11,208
Individually assessed
\u2013
\u2013
60
\u2013
60
Collectively assessed
1,169
484
5,647
3,848
11,148
Balance at 31 December 2023
1,169
484
5,707
3,848
11,208
Finance lease receivables
Finance lease receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
73,181
17,559
16,447
9,582
116,769
New financial asset originated or purchased
43,731
\u2013
\u2013
12,081
55,812
Transfer to Stage 1
23,502
(18,121)
(5,381)
\u2013
\u2013
Transfer to Stage 2
(24,194)
31,532
(7,338)
\u2013
\u2013
Transfer to Stage 3
(3,093)
(15,782)
18,875
\u2013
\u2013
Assets repaid
(54,166)
(7,662)
(5,148)
(6,537)
(73,513)
Impact of modifications
278
\u2013
\u2013
\u2013
278
Foreign exchange movement
865
(66)
86
\u2013
885
Net other changes
328
11
212
85
636
Write-offs
\u2013
\u2013
(2,724)
\u2013
(2,724)
Unwind of discount
\u2013
\u2013
105
\u2013
105
Currency translation differences
(5,461)
(1,020)
(1,025)
\u2013
(7,506)
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
Individually assessed
\u2013
\u2013
1,199
\u2013
1,199
Collectively assessed
54,971
6,451
12,910
15,211
89,543
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
Finance lease receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
1,031
762
2,686
1,196
5,675
New financial asset originated or purchased
793
\u2013
\u2013
\u2013
793
Transfer to Stage 1
1,322
(680)
(642)
\u2013
\u2013
Transfer to Stage 2
(537)
1,309
(772)
\u2013
\u2013
Transfer to Stage 3
(151)
(1,253)
1,404
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,284)
276
2,093
\u2013
1,085
Assets repaid
(569)
(192)
(1,559)
(1,856)
(4,176)
Foreign exchange movement
64
(3)
5
\u2013
66
Net other measurement of ECL
70
56
573
4,741
5,440
Income statement (releases)/charges
(292)
(487)
1,102
2,885
3,208
Write-offs
\u2013
\u2013
(480)
\u2013
(480)
Unwind of discount
\u2013
\u2013
105
\u2013
105
Currency translation differences
79
(17)
129
(1)
190
Balance at 31 December 2022
818
258
3,542
4,080
8,698
Individually assessed
\u2013
\u2013
306
\u2013
306
Collectively assessed
818
258
3,236
4,080
8,392
Balance at 31 December 2022
818
258
3,542
4,080
8,698
The Group writes off the finance lease receivable balance when it takes possession of the underlying asset. The difference between
the gross and ECL balances at the time of write-off represents the value of the repossessed asset.
Factoring receivables
2024
2023
2022
Factoring receivables, gross
70,458
55,027
23,411
Less \u2013 Allowance for expected credit loss
(22)
(127)
(282)
Factoring receivables, net
70,436
54,900
23,129
Factoring receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
New financial asset originated or purchased
143,368
\u2013
\u2013
\u2013
143,368
Transfer to Stage 2
(1,926)
1,926
\u2013
\u2013
\u2013
Transfer to Stage 3
(205)
(147)
352
\u2013
\u2013
Assets repaid
(218,540)
(513)
(422)
\u2013
(219,475)
Business combination
83,780
\u2013
\u2013
\u2013
83,780
Foreign exchange movement
406
\u2013
\u2013
\u2013
406
Net other changes
5,938
(1,371)
1
\u2013
4,568
Currency translation differences
2,774
7
3
\u2013
2,784
Balance at 31 December 2024
70,344
82
32
\u2013
70,458
Individually assessed
\u2013
\u2013
32
\u2013
32
Collectively assessed
70,344
82
\u2013
\u2013
70,426
Balance at 31 December 2024
70,344
82
32
\u2013
70,458
Factoring receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
28
1
98
\u2013
127
New financial asset originated or purchased
270
\u2013
\u2013
\u2013
270
Transfer to Stage 2
(32)
32
\u2013
\u2013
\u2013
Transfer to Stage 3
(205)
\u2013
205
\u2013
\u2013
Assets repaid
(72)
(1)
(241)
\u2013
(314)
Net other measurement of ECL
(96)
(31)
36
\u2013
(91)
Income statement (releases)/charges
(135)
\u2013
\u2013
\u2013
(135)
Currency translation differences
129
(1)
(98)
\u2013
30
Balance at 31 December 2024
22
\u2013
\u2013
\u2013
22
Collectively assessed
22
\u2013
\u2013
\u2013
22
Balance at 31 December 2024
22
\u2013
\u2013
\u2013
22
Factoring receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
New financial asset originated or purchased
89,935
\u2013
\u2013
\u2013
89,935
Transfer to Stage 2
(765)
765
\u2013
\u2013
\u2013
Transfer to Stage 3
(306)
(2)
308
\u2013
\u2013
Assets repaid
(53,456)
(3,546)
(231)
\u2013
(57,233)
Net other changes
(5)
\u2013
\u2013
\u2013
(5)
Currency translation differences
(1,019)
(37)
(25)
\u2013
(1,081)
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
Individually assessed
\u2013
\u2013
98
\u2013
98
Collectively assessed
54,749
180
\u2013
\u2013
54,929
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
Factoring receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
175
61
46
\u2013
282
New financial asset originated or purchased
411
\u2013
\u2013
\u2013
411
Transfer to Stage 2
(13)
13
\u2013
\u2013
\u2013
Transfer to Stage 3
(306)
\u2013
306
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
\u2013
4
1
\u2013
5
Assets repaid
(245)
(75)
(307)
\u2013
(627)
Net other measurement of ECL
32
(3)
\u2013
\u2013
29
Income statement (releases)/charges
(121)
(61)
\u2013
\u2013
(182)
Currency translation differences
(26)
1
52
\u2013
27
Balance at 31 December 2023
28
1
98
\u2013
127
Individually assessed
\u2013
\u2013
98
\u2013
98
Collectively assessed
28
1
\u2013
\u2013
29
Balance at 31 December 2023
28
1
98
\u2013
127
Factoring receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
33,048
25
165
\u2013
33,238
New financial asset originated or purchased
116,579
\u2013
\u2013
\u2013
116,579
Transfer to Stage 1
1,680
(1,680)
\u2013
\u2013
\u2013
Transfer to Stage 2
(14,310)
14,310
\u2013
\u2013
\u2013
Transfer to Stage 3
(46)
\u2013
46
\u2013
\u2013
Assets repaid
(115,785)
(9,652)
(151)
\u2013
(125,588)
Net other changes
11
(1)
1
\u2013
11
Currency translation differences
(812)
(2)
(15)
\u2013
(829)
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
Individually assessed
\u2013
\u2013
46
\u2013
46
Collectively assessed
20,365
3,000
\u2013
\u2013
23,365
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
Factoring receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
246
1
124
\u2013
371
New financial asset originated or purchased
744
\u2013
\u2013
\u2013
744
Transfer to Stage 1
364
(364)
\u2013
\u2013
\u2013
Transfer to Stage 2
(712)
712
\u2013
\u2013
\u2013
Transfer to Stage 3
(37)
\u2013
37
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(229)
310
11
\u2013
92
Assets repaid
(481)
(243)
(86)
\u2013
(810)
Net other measurement of ECL
341
(354)
38
\u2013
25
Income statement (releases)/charges
(10)
61
\u2013
\u2013
51
Currency translation differences
(61)
(1)
(78)
\u2013
(140)
Balance at 31 December 2022
175
61
46
\u2013
282
Individually assessed
\u2013
\u2013
46
\u2013
46
Collectively assessed
175
61
\u2013
\u2013
236
Balance at 31 December 2022
175
61
46
\u2013
282
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-835": { "value": "9. Loans to customers, factoring and finance lease receivables
2024
2023
2022
Commercial loans
12,112,671
6,965,986
5,302,011
Residential mortgage loans
7,497,628
4,557,525
4,193,204
Consumer loans
7,388,490
4,699,969
3,602,054
Micro and SME loans
6,347,982
4,073,022
3,820,513
Gold \u2013 pawn loans
154,242
150,228
164,554
Loans to customers at amortised cost, gross
33,501,013
20,446,730
17,082,336
Less \u2013 Allowance for expected credit loss
(430,312)
(327,792)
(325,803)
Loans to customers at amortised cost, net
33,070,701
20,118,938
16,756,533
Finance lease receivables, gross
428,222
70,091
90,742
Less \u2013 Allowance for expected credit loss
(10,485)
(11,208)
(8,698)
Finance lease receivables, net
417,737
58,883
82,044
Factoring receivables, gross
70,458
55,027
23,411
Less \u2013 Allowance for expected credit loss
(22)
(127)
(282)
Factoring receivables, net
70,436
54,900
23,129
Total loans to customers, factoring and finance lease receivables
33,558,874
20,232,721
16,861,706
As at 31 December 2024, loans to customers carried at GEL 1,044,929 (2023: GEL 954,695, 2022: GEL 1,092,475) were pledged for short-term loans from the NBG. Expected credit loss Movements of the gross loans and respective allowance for ECL/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 2023
6,325,257
515,789
101,365
23,575
6,965,986
New financial asset originated or purchased
8,804,049
79,500
1,810
3,307
8,888,666
Transfer to Stage 1
95,934
(95,934)
\u2013
\u2013
\u2013
Transfer to Stage 2
(240,626)
244,577
(3,951)
\u2013
\u2013
Transfer to Stage 3
(13,936)
(126,968)
140,904
\u2013
\u2013
Assets repaid
(6,094,187)
(347,114)
(53,554)
(31,922)
(6,526,777)
Resegmentation
64,659
(1,644)
(3,641)
\u2013
59,374
Impact of modifications
(373)
(1,176)
(92)
(24)
(1,665)
Business combination
2,371,851
\u2013
\u2013
16,140
2,387,991
Foreign exchange movement
119,586
9,108
2,732
682
132,108
Net other changes
87,418
1,607
2,357
6,970
98,352
Write-offs
\u2013
\u2013
(5,424)
(7,430)
(12,854)
Recoveries of amounts previously written off
\u2013
\u2013
1,797
639
2,436
Unwind of discount
\u2013
\u2013
3,433
2,856
6,289
Currency translation differences
110,993
326
968
478
112,765
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Individually assessed
3,118,611
\u2013
180,055
13,718
3,312,384
Collectively assessed
8,512,014
278,071
8,649
1,553
8,800,287
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
New financial asset originated or purchased
33,130
724
760
2,071
36,685
Transfer to Stage 1
2,537
(2,537)
\u2013
\u2013
\u2013
Transfer to Stage 2
(4,559)
4,559
\u2013
\u2013
\u2013
Transfer to Stage 3
(1,820)
(26,706)
28,526
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,557)
5,205
47,622
\u2013
51,270
Assets repaid
(17,487)
(12,717)
(17,522)
(5,160)
(52,886)
Resegmentation
162
(84)
(1,667)
\u2013
(1,589)
Impact of modifications
(2)
9
78
(10)
75
Foreign exchange movement
(56)
98
835
300
1,177
Day 2 ECL on business combination
22,867
\u2013
\u2013
\u2013
22,867
Net other measurement of ECL
(7,444)
4,813
1,171
3,546
2,086
Income statement (releases)/charges
25,771
(26,636)
59,803
747
59,685
Write-offs
\u2013
\u2013
(5,424)
(7,430)
(12,854)
Recoveries of amounts previously written off
\u2013
\u2013
1,797
639
2,436
Unwind of discount
\u2013
\u2013
3,433
2,856
6,289
Currency translation differences
111
(86)
1,791
4
1,820
Balance at 31 December 2024
39,982
6,469
105,529
5,754
157,734
Individually assessed
25,468
\u2013
100,999
5,740
132,207
Collectively assessed
14,514
6,469
4,530
14
25,527
Balance at 31 December 2024
39,982
6,469
105,529
5,754
157,734
Residential mortgage loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
New financial asset originated or purchased
2,482,872
1
235
6,028
2,489,136
Transfer to Stage 1
252,566
(252,566)
\u2013
\u2013
\u2013
Transfer to Stage 2
(294,049)
312,710
(18,661)
\u2013
\u2013
Transfer to Stage 3
(13,606)
(30,102)
43,708
\u2013
\u2013
Assets repaid
(1,180,353)
(37,326)
(28,048)
(14,132)
(1,259,859)
Impact of modifications
1,242
71
897
12
2,222
Business combination
1,639,127
\u2013
\u2013
7,144
1,646,271
Foreign exchange movement
30,463
554
516
401
31,934
Net other changes
(31,106)
(21,789)
11,903
3,948
(37,044)
Write-offs
\u2013
\u2013
(4,109)
(1,880)
(5,989)
Recoveries of amounts previously written off
\u2013
\u2013
3,385
3,486
6,871
Unwind of discount
\u2013
\u2013
4
218
222
Currency translation differences
65,937
81
71
250
66,339
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Individually assessed
209
\u2013
11,230
6,284
17,723
Collectively assessed
7,253,222
145,686
49,617
31,380
7,479,905
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Residential mortgage loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
New financial asset originated or purchased
2,875
\u2013
16
933
3,824
Transfer to Stage 1
2,374
(2,374)
\u2013
\u2013
\u2013
Transfer to Stage 2
(1,800)
5,047
(3,247)
\u2013
\u2013
Transfer to Stage 3
(1,971)
(469)
2,440
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,459)
(1,572)
2,484
\u2013
(547)
Assets repaid
(811)
(707)
(9,286)
(3,611)
(14,415)
Impact of modifications
11
4
240
106
361
Foreign exchange movement
7
3
15
45
70
Day 2 ECL on business combination
872
\u2013
\u2013
\u2013
872
Net other measurement of ECL
(1,336)
(814)
4,036
(1,314)
572
Income statement (releases)/charges
(1,238)
(882)
(3,302)
(3,841)
(9,263)
Write-offs
\u2013
\u2013
(4,109)
(1,880)
(5,989)
Recoveries of amounts previously written off
\u2013
\u2013
3,385
3,486
6,871
Unwind of discount
\u2013
\u2013
4
218
222
Currency translation differences
11
3
20
\u2013
34
Balance at 31 December 2024
2,745
1,157
7,865
2,858
14,625
Individually assessed
\u2013
\u2013
1,860
42
1,902
Collectively assessed
2,745
1,157
6,005
2,816
12,723
Balance at 31 December 2024
2,745
1,157
7,865
2,858
14,625
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
New financial asset originated or purchased
3,421,215
967
1,407
12,237
3,435,826
Transfer to Stage 1
144,721
(144,721)
\u2013
\u2013
\u2013
Transfer to Stage 2
(292,673)
315,391
(22,718)
\u2013
\u2013
Transfer to Stage 3
(28,200)
(97,127)
125,327
\u2013
\u2013
Assets repaid
(2,573,227)
(60,408)
(84,365)
(5,519)
(2,723,519)
Resegmentation
(60,042)
1,644
3,641
\u2013
(54,757)
Impact of modifications
82
(283)
(1,257)
29
(1,429)
Business combination
1,476,893
\u2013
\u2013
50,215
1,527,108
Foreign exchange movement
31,127
1,562
2,199
270
35,158
Net other changes
7,242
(12,168)
4,671
(1,406)
(1,661)
Write-offs
\u2013
\u2013
(20,130)
(1,169)
(21,299)
Recoveries of amounts previously written off
\u2013
\u2013
9,366
3,647
13,013
Unwind of discount
\u2013
\u2013
3,112
295
3,407
Currency translation differences
60,349
331
643
1,790
63,113
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Individually assessed
655,936
\u2013
38,253
59,778
753,967
Collectively assessed
5,241,421
196,718
152,068
3,808
5,594,015
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Micro and SME loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
New financial asset originated or purchased
14,510
2
293
7,924
22,729
Transfer to Stage 1
4,270
(4,270)
\u2013
\u2013
\u2013
Transfer to Stage 2
(4,640)
9,822
(5,182)
\u2013
\u2013
Transfer to Stage 3
(8,366)
(5,102)
13,468
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(2,331)
(51)
19,218
\u2013
16,836
Assets repaid
(7,318)
(2,044)
(33,809)
(600)
(43,771)
Resegmentation
(161)
84
1,667
\u2013
1,590
Impact of modifications
4
4
(462)
21
(433)
Foreign exchange movement
7
(2)
571
(177)
399
Day 2 ECL on business combination
14,006
\u2013
\u2013
\u2013
14,006
Net other measurement of ECL
(1,825)
1,322
19,172
1,477
20,146
Income statement (releases)/charges
8,156
(235)
14,936
8,645
31,502
Write-offs
\u2013
\u2013
(20,130)
(1,169)
(21,299)
Recoveries of amounts previously written off
\u2013
\u2013
9,366
3,647
13,013
Unwind of discount
\u2013
\u2013
3,112
295
3,407
Currency translation differences
127
71
492
30
720
Balance at 31 December 2024
19,287
5,374
62,062
12,281
99,004
Individually assessed
3,616
\u2013
12,740
11,090
27,446
Collectively assessed
15,671
5,374
49,322
1,191
71,558
Balance at 31 December 2024
19,287
5,374
62,062
12,281
99,004
Consumer loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
New financial asset originated or purchased
6,778,565
29,708
4,132
3,652
6,816,057
Transfer to Stage 1
317,072
(317,013)
(59)
\u2013
\u2013
Transfer to Stage 2
(581,791)
623,733
(41,942)
\u2013
\u2013
Transfer to Stage 3
(18,800)
(102,783)
121,583
\u2013
\u2013
Assets repaid
(4,857,038)
(116,406)
(69,282)
(12,478)
(5,055,204)
Resegmentation
(4,686)
\u2013
\u2013
\u2013
(4,686)
Impact of modifications
(750)
28
(4,818)
(90)
(5,630)
Business combination
885,372
\u2013
\u2013
3,576
888,948
Foreign exchange movement
13,603
233
164
84
14,084
Net other changes
82,856
(89,982)
38,793
(869)
30,798
Write-offs
\u2013
(3)
(78,373)
(2,834)
(81,210)
Recoveries of amounts previously written off
\u2013
\u2013
31,146
7,944
39,090
Unwind of discount
\u2013
\u2013
1,777
347
2,124
Currency translation differences
43,613
135
288
114
44,150
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Individually assessed
\u2013
\u2013
7,899
1,438
9,337
Collectively assessed
6,983,775
261,879
106,979
26,520
7,379,153
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Consumer loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
New financial asset originated or purchased
83,547
1,664
2,203
932
88,346
Transfer to Stage 1
19,210
(19,181)
(29)
\u2013
\u2013
Transfer to Stage 2
(33,979)
59,782
(25,803)
\u2013
\u2013
Transfer to Stage 3
(8,534)
(21,301)
29,835
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(9,597)
2,719
28,102
\u2013
21,224
Assets repaid
(64,987)
(21,938)
(66,705)
(4,894)
(158,524)
Resegmentation
(1)
\u2013
\u2013
\u2013
(1)
Impact of modifications
(481)
1
(2,336)
(39)
(2,855)
Foreign exchange movement
10
7
53
17
87
Day 2 ECL on business combination
9,278
\u2013
\u2013
\u2013
9,278
Net other measurement of ECL
28,998
6,520
77,837
(4,963)
108,392
Income statement (releases)/charges
23,464
8,273
43,157
(8,947)
65,947
Write-offs
\u2013
(3)
(78,373)
(2,834)
(81,210)
Recoveries of amounts previously written off
\u2013
\u2013
31,146
7,944
39,090
Unwind of discount
\u2013
\u2013
1,777
347
2,124
Currency translation differences
134
42
175
\u2013
351
Balance at 31 December 2024
65,545
26,356
61,770
4,264
157,935
Individually assessed
\u2013
\u2013
3,421
(107)
3,314
Collectively assessed
65,545
26,356
58,349
4,371
154,621
Balance at 31 December 2024
65,545
26,356
61,770
4,264
157,935
Gold \u2013 pawn loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
New financial asset originated or purchased
199,792
\u2013
885
\u2013
200,677
Transfer to Stage 1
9,208
(9,208)
\u2013
\u2013
\u2013
Transfer to Stage 2
(13,774)
15,041
(1,267)
\u2013
\u2013
Transfer to Stage 3
(1,114)
(1,548)
2,662
\u2013
\u2013
Assets repaid
(176,370)
(7,352)
(3,964)
\u2013
(187,686)
Resegmentation
69
\u2013
\u2013
\u2013
69
Foreign exchange movement
4
\u2013
\u2013
\u2013
4
Net other changes
(9,365)
21
333
\u2013
(9,011)
Write-offs
\u2013
(1)
(40)
\u2013
(41)
Recoveries of amounts previously written off
\u2013
\u2013
3
\u2013
3
Unwind of discount
\u2013
\u2013
(1)
\u2013
(1)
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Collectively assessed
145,866
5,649
2,727
\u2013
154,242
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Gold \u2013 pawn loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
New financial asset originated or purchased
5
\u2013
58
\u2013
63
Transfer to Stage 1
13
(13)
\u2013
\u2013
\u2013
Transfer to Stage 2
(6)
75
(69)
\u2013
\u2013
Transfer to Stage 3
(1)
(2)
3
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(7)
(62)
136
\u2013
67
Assets repaid
(22)
(10)
(373)
\u2013
(405)
Net other measurement of ECL
(13)
(6)
(43)
\u2013
(62)
Income statement (releases)/charges
(31)
(18)
(288)
\u2013
(337)
Write-offs
\u2013
(1)
(40)
\u2013
(41)
Recoveries of amounts previously written off
\u2013
\u2013
3
\u2013
3
Unwind of discount
\u2013
\u2013
(1)
\u2013
(1)
Balance at 31 December 2024
13
5
996
\u2013
1,014
Collectively assessed
13
5
996
\u2013
1,014
Balance at 31 December 2024
13
5
996
\u2013
1,014
Commercial loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
New financial asset originated or purchased
6,307,552
62,180
8
15,820
6,385,560
Transfer to Stage 1
218,262
(218,262)
\u2013
\u2013
\u2013
Transfer to Stage 2
(408,476)
413,729
(5,253)
\u2013
\u2013
Transfer to Stage 3
(9,314)
(35,720)
45,034
\u2013
\u2013
Assets repaid
(4,411,902)
(316,022)
(97,131)
(10,324)
(4,835,379)
Resegmentation
76,352
(56)
2,959
\u2013
79,255
Impact of modifications
(755)
733
(143)
9
(156)
Foreign exchange movement
105,029
4,490
(375)
83
109,227
Net other changes
60,821
111
(10,563)
664
51,033
Write-offs
\u2013
\u2013
(11,502)
\u2013
(11,502)
Recoveries of amounts previously written off
\u2013
\u2013
8,723
957
9,680
Unwind of discount
\u2013
\u2013
(2,224)
416
(1,808)
Currency translation differences
(113,478)
(3,701)
(4,756)
\u2013
(121,935)
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Individually assessed
\u2013
\u2013
92,801
21,497
114,298
Collectively assessed
6,325,257
515,789
8,564
2,078
6,851,688
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
New financial asset originated or purchased
31,952
697
1
\u2013
32,650
Transfer to Stage 1
3,811
(3,811)
\u2013
\u2013
\u2013
Transfer to Stage 2
(5,004)
6,393
(1,389)
\u2013
\u2013
Transfer to Stage 3
(994)
(1,406)
2,400
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,777)
4,522
17,549
\u2013
20,294
Assets repaid
(13,682)
(11,978)
(29,709)
(1,325)
(56,694)
Resegmentation
1,102
(1,224)
870
\u2013
748
Impact of modifications
(1)
17
(149)
3
(130)
Foreign exchange movement
(14)
103
(641)
127
(425)
Net other measurement of ECL
(20,107)
16,327
17,249
4,195
17,664
Income statement (releases)/charges
(4,714)
9,640
6,181
3,000
14,107
Write-offs
\u2013
\u2013
(11,502)
\u2013
(11,502)
Recoveries of amounts previously written off
\u2013
\u2013
8,723
957
9,680
Unwind of discount
\u2013
\u2013
(2,224)
416
(1,808)
Currency translation differences
(272)
82
(1,296)
\u2013
(1,486)
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
Individually assessed
\u2013
\u2013
39,561
8,936
48,497
Collectively assessed
14,100
33,191
4,568
2
51,861
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
Residential mortgage loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,925,906
169,566
69,657
28,075
4,193,204
New financial asset originated or purchased
1,527,164
32
\u2013
14,796
1,541,992
Transfer to Stage 1
268,798
(268,798)
\u2013
\u2013
\u2013
Transfer to Stage 2
(320,140)
352,400
(32,260)
\u2013
\u2013
Transfer to Stage 3
(17,355)
(33,670)
51,025
\u2013
\u2013
Assets repaid
(1,081,098)
(45,148)
(37,682)
(11,487)
(1,175,415)
Impact of modifications
530
137
(83)
(185)
399
Foreign exchange movement
11,210
(150)
(263)
165
10,962
Net other changes
(7,727)
(147)
1,571
451
(5,852)
Write-offs
\u2013
\u2013
(2,534)
(263)
(2,797)
Recoveries of amounts previously written off
\u2013
\u2013
1,385
543
1,928
Unwind of discount
\u2013
\u2013
215
94
309
Currency translation differences
(6,950)
(170)
(85)
\u2013
(7,205)
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Individually assessed
\u2013
\u2013
168
2,092
2,260
Collectively assessed
4,300,338
174,052
50,778
30,097
4,555,265
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Residential mortgage loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
8,862
2,601
14,085
4,507
30,055
New financial asset originated or purchased
8,396
\u2013
\u2013
\u2013
8,396
Transfer to Stage 1
4,415
(4,415)
\u2013
\u2013
\u2013
Transfer to Stage 2
(2,766)
9,962
(7,196)
\u2013
\u2013
Transfer to Stage 3
(3,612)
(1,152)
4,764
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,133)
(5,845)
5,016
\u2013
(1,962)
Assets repaid
(1,516)
(747)
(8,701)
(3,395)
(14,359)
Impact of modifications
19
5
1,049
43
1,116
Foreign exchange movement
(1)
(3)
(46)
28
(22)
Net other measurement of ECL
(8,690)
1,632
3,842
3,318
102
Income statement (releases)/charges
(4,888)
(563)
(1,272)
(6)
(6,729)
Write-offs
\u2013
\u2013
(2,534)
(263)
(2,797)
Recoveries of amounts previously written off
\u2013
\u2013
1,385
543
1,928
Unwind of discount
\u2013
\u2013
215
94
309
Currency translation differences
(2)
(2)
(12)
\u2013
(16)
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
Individually assessed
\u2013
\u2013
50
271
321
Collectively assessed
3,972
2,036
11,817
4,604
22,429
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
New financial asset originated or purchased
2,718,907
606
1,502
1,685
2,722,700
Transfer to Stage 1
147,013
(147,013)
\u2013
\u2013
\u2013
Transfer to Stage 2
(308,398)
332,863
(24,465)
\u2013
\u2013
Transfer to Stage 3
(20,855)
(115,229)
136,084
\u2013
\u2013
Assets repaid
(2,258,325)
(81,221)
(65,159)
(1,572)
(2,406,277)
Resegmentation
(75,858)
88
(3,141)
\u2013
(78,911)
Impact of modifications
(86)
616
(2,971)
(7)
(2,448)
Foreign exchange movement
27,031
1,678
2,494
7
31,210
Net other changes
25,537
677
6,187
130
32,531
Write-offs
\u2013
\u2013
(36,568)
(70)
(36,638)
Recoveries of amounts previously written off
\u2013
\u2013
7,998
124
8,122
Unwind of discount
\u2013
\u2013
2,316
56
2,372
Currency translation differences
(15,785)
(1,998)
(2,369)
\u2013
(20,152)
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Individually assessed
\u2013
\u2013
29,131
\u2013
29,131
Collectively assessed
3,709,870
191,530
139,294
3,197
4,043,891
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Micro and SME loans at amortised cost, ECL:
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
New financial asset originated or purchased
16,897
\u2013
128
\u2013
17,025
Transfer to Stage 1
4,627
(4,627)
\u2013
\u2013
\u2013
Transfer to Stage 2
(5,665)
11,372
(5,707)
\u2013
\u2013
Transfer to Stage 3
(2,902)
(6,647)
9,549
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(754)
(4,692)
29,590
\u2013
24,144
Assets repaid
(7,501)
(3,001)
(18,746)
(524)
(29,772)
Resegmentation
(1,093)
1,226
(868)
\u2013
(735)
Impact of modifications
2
19
(1,241)
(7)
(1,227)
Foreign exchange movement
129
149
1,179
(1)
1,456
Net other measurement of ECL
(12,663)
6,463
30,543
596
24,939
Income statement (releases)/charges
(8,923)
262
44,427
64
35,830
Write-offs
\u2013
\u2013
(36,568)
(70)
(36,638)
Recoveries of amounts previously written off
\u2013
\u2013
7,998
124
8,122
Unwind of discount
\u2013
\u2013
2,316
56
2,372
Currency translation differences
(139)
(172)
(1,204)
\u2013
(1,515)
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
Individually assessed
\u2013
\u2013
14,564
\u2013
14,564
Collectively assessed
11,004
5,538
39,722
833
57,097
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
Consumer loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,243,191
213,875
121,992
22,996
3,602,054
New financial asset originated or purchased
4,547,920
5,818
833
17,964
4,572,535
Transfer to Stage 1
289,459
(289,423)
(36)
\u2013
\u2013
Transfer to Stage 2
(473,300)
524,075
(50,775)
\u2013
\u2013
Transfer to Stage 3
(72,199)
(110,688)
182,887
\u2013
\u2013
Assets repaid
(3,179,954)
(107,858)
(69,753)
(12,030)
(3,369,595)
Resegmentation
(494)
(32)
517
\u2013
(9)
Impact of modifications
699
(11)
(12,180)
(600)
(12,092)
Foreign exchange movement
5,109
65
524
89
5,787
Net other changes
(508)
(1,333)
21,566
595
20,320
Write-offs
\u2013
\u2013
(113,820)
(2,408)
(116,228)
Recoveries of amounts previously written off
\u2013
\u2013
25,870
1,376
27,246
Unwind of discount
\u2013
\u2013
4,199
530
4,729
Currency translation differences
(34,164)
(259)
(355)
\u2013
(34,778)
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Individually assessed
(1)
\u2013
2,464
\u2013
2,463
Collectively assessed
4,325,760
234,229
109,005
28,512
4,697,506
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Consumer loans at amortised cost, ECL:
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
40,598
19,309
67,956
7,587
135,450
New financial asset originated or purchased
128,968
702
380
\u2013
130,050
Transfer to Stage 1
19,103
(19,094)
(9)
\u2013
\u2013
Transfer to Stage 2
(23,869)
54,205
(30,336)
\u2013
\u2013
Transfer to Stage 3
(49,393)
(21,319)
70,712
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(2,120)
(24,929)
26,592
\u2013
(457)
Assets repaid
(41,913)
(8,393)
(41,821)
(4,886)
(97,013)
Resegmentation
(9)
(2)
(2)
\u2013
(13)
Impact of modifications
13
(7)
(5,235)
(122)
(5,351)
Foreign exchange movement
13
4
34
(4)
47
Net other measurement of ECL
(29,175)
17,623
59,529
5,681
53,658
Income statement (releases)/charges
1,618
(1,210)
79,844
669
80,921
Write-offs
\u2013
\u2013
(113,820)
(2,408)
(116,228)
Recoveries of amounts previously written off
\u2013
\u2013
25,870
1,376
27,246
Unwind of discount
\u2013
\u2013
4,199
530
4,729
Currency translation differences
(269)
(55)
(161)
\u2013
(485)
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
Individually assessed
\u2013
\u2013
1,062
\u2013
1,062
Collectively assessed
41,947
18,044
62,826
7,754
130,571
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
Gold \u2013 pawn loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
147,525
8,613
8,416
\u2013
164,554
New financial asset originated or purchased
103,553
\u2013
401
\u2013
103,954
Transfer to Stage 1
11,660
(11,660)
\u2013
\u2013
\u2013
Transfer to Stage 2
(16,775)
18,268
(1,493)
\u2013
\u2013
Transfer to Stage 3
(2,147)
(2,800)
4,947
\u2013
\u2013
Assets repaid
(106,379)
(3,676)
(2,124)
\u2013
(112,179)
Resegmentation
\u2013
\u2013
(335)
\u2013
(335)
Foreign exchange movement
(2)
(1)
(48)
\u2013
(51)
Net other changes
(19)
(48)
(746)
\u2013
(813)
Write-offs
\u2013
\u2013
(5,438)
\u2013
(5,438)
Recoveries of amounts previously written off
\u2013
\u2013
(13)
\u2013
(13)
Unwind of discount
\u2013
\u2013
549
\u2013
549
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Collectively assessed
137,416
8,696
4,116
\u2013
150,228
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Gold \u2013 pawn loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
70
32
5,339
\u2013
5,441
Transfer to Stage 1
32
(32)
\u2013
\u2013
\u2013
Transfer to Stage 2
(19)
184
(165)
\u2013
\u2013
Transfer to Stage 3
(2)
(8)
10
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
\u2013
(1)
\u2013
\u2013
(1)
Assets repaid
(24)
(8)
1,007
\u2013
975
Net other measurement of ECL
(13)
(143)
33
\u2013
(123)
Income statement (releases)/charges
(26)
(8)
885
\u2013
851
Write-offs
\u2013
\u2013
(5,438)
\u2013
(5,438)
Recoveries of amounts previously written off
\u2013
\u2013
(13)
\u2013
(13)
Unwind of discount
\u2013
\u2013
549
\u2013
549
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
Collectively assessed
44
24
1,322
\u2013
1,390
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
Commercial loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
4,913,239
374,933
226,925
18,014
5,533,111
New financial asset originated or purchased
4,489,689
34,779
693
6,969
4,532,130
Transfer to Stage 1
202,422
(202,422)
\u2013
\u2013
\u2013
Transfer to Stage 2
(761,225)
791,522
(30,297)
\u2013
\u2013
Transfer to Stage 3
(5,553)
(98,586)
104,139
\u2013
\u2013
Assets repaid
(4,033,355)
(207,872)
(83,237)
(9,763)
(4,334,227)
Resegmentation
194,578
2,622
(6,567)
\u2013
190,633
Impact of modifications
1,330
1,983
184
2
3,499
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
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)
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
Individually assessed
\u2013
\u2013
159,486
13,603
173,089
Collectively assessed
4,501,166
608,307
17,102
2,347
5,128,922
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
14,204
6,893
135,061
2,923
159,081
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
(6,165)
12,301
(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 repaid
(10,239)
(4,189)
(59,906)
(3,151)
(77,485)
Resegmentation
5,404
(27)
(997)
\u2013
4,380
Impact of modifications
30
104
1
2
137
Foreign exchange movement
(921)
(1,696)
(10,613)
(883)
(14,113)
Net other measurement of ECL
(7,127)
20,270
(25,291)
(547)
(12,695)
Income statement (releases)/charges
5,675
17,655
(72,491)
(1,582)
(50,743)
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)
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
Individually assessed
\u2013
\u2013
37,492
4,493
41,985
Collectively assessed
19,086
23,469
6,755
72
49,382
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
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)
Foreign exchange movement
(254,899)
(20,553)
(10,022)
(2,527)
(288,001)
Net other changes
8,928
(2,211)
348
155
7,220
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)
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)
Impact of modifications
4
1
937
64
1,006
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
Income statement (releases)/charges
(839)
(1,202)
(2,628)
2,278
(2,391)
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
(2)
\u2013
\u2013
\u2013
(2)
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
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
3,276,167
293,473
151,499
6,635
3,727,774
New financial asset originated or purchased
2,926,540
7,854
1,859
2,435
2,938,688
Transfer to Stage 1
337,049
(337,049)
\u2013
\u2013
\u2013
Transfer to Stage 2
(441,995)
501,852
(59,857)
\u2013
\u2013
Transfer to Stage 3
(50,683)
(106,474)
157,157
\u2013
\u2013
Assets repaid
(2,116,730)
(125,805)
(71,105)
(5,917)
(2,319,557)
Resegmentation
(224,709)
(4,680)
5,034
\u2013
(224,355)
Impact of modifications
194
139
(2,627)
(36)
(2,330)
Foreign exchange movement
(275,010)
(27,918)
(17,669)
(350)
(320,947)
Net other changes
51,417
168
7,865
38
59,488
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)
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
Individually assessed
\u2013
\u2013
39,448
\u2013
39,448
Collectively assessed
3,470,689
200,463
107,069
2,844
3,781,065
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
Micro and SME loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
28,160
6,556
39,584
124
74,424
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
(8,872)
20,801
(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
(13,592)
(3,065)
(24,514)
(496)
(41,667)
Resegmentation
(5,935)
(129)
541
\u2013
(5,523)
Impact of modifications
10
(24)
(1,147)
16
(1,145)
Foreign exchange movement
(1,071)
(114)
(3,448)
(67)
(4,700)
Net other measurement of ECL
(15,996)
6,765
18,514
762
10,045
Income statement (releases)/charges
(7,951)
(1,012)
22,989
496
14,522
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)
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
Individually assessed
\u2013
\u2013
10,552
\u2013
10,552
Collectively assessed
20,066
5,448
26,765
659
52,938
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
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
\u2013
34,142
Impact of modifications
1,152
(84)
(24,515)
(1,236)
(24,683)
Foreign exchange movement
(86,830)
(4,100)
(1,319)
(610)
(92,859)
Net other changes
33,406
(79)
31,671
1,021
66,019
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)
\u2013
(14,783)
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
\u2013
1,143
Impact of modifications
121
(12)
(10,792)
122
(10,561)
Foreign exchange movement
(191)
(60)
(763)
(63)
(1,077)
Net other measurement of ECL
(32,188)
29,344
90,779
8,785
96,720
Income statement (releases)/charges
(16,449)
(90)
154,242
9,406
147,109
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)
\u2013
(248)
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
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
Foreign exchange movement
(33)
(4)
4
\u2013
(33)
Net other changes
(1,461)
13
2,196
\u2013
748
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
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
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)
Net other measurement of ECL
756
(89)
3,412
\u2013
4,079
Income statement (releases)/charges
(1,753)
21
5,757
\u2013
4,025
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
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
The contractual amounts outstanding on all loans to customers that have been written off during the reporting period but are still subject to enforcement activity was GEL 148,114 (2023: GEL 138,972, 2022: GEL 188,545). 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 ECL/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. Without taking into account the discounted value of collateral, the ECL for credit-impaired loans would be as follows:
ECL without
taking into
account the
discounted
ECL for credit- value of
2024 impaired loans collateral
Commercial loans
111,283
194,086
Residential mortgage loans
10,723
58,324
Micro and SME loans
74,343
220,310
Consumer loans
66,034
95,777
Gold \u2013 pawn loans
996
2,212
Total
263,379
570,709
ECL without
taking into
account the
discounted
ECL for credit- value of
2023 impaired loans collateral
Commercial loans
53,067
118,367
Residential mortgage loans
16,742
56,851
Micro and SME loans
55,119
152,430
Consumer loans
71,642
105,437
Gold \u2013 pawn loans
1,322
3,290
Total
197,892
436,375
ECL without
taking into
account the
discounted
ECL for credit- value of
2022 impaired loans 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
Concentration of loans to customers As at 31 December 2024, the concentration of loans granted by the Group to the ten largest third-party borrowers comprised GEL 1,851,375 accounting for 6% of the gross loan portfolio of the Group (2023: GEL 1,507,812 and 7% respectively, 2022: GEL 1,017,629 and 6% respectively). An allowance of ECL of GEL 6,803 (2023: GEL 13,524, 2022: GEL 8,209) was established against these loans. As at 31 December 2024, the concentration of loans granted by the Group to the ten largest third-party group of borrowers (borrower and its related parties) comprised GEL 3,175,091 accounting for 9% of the gross loan portfolio of the Group (2023: GEL 2,414,054 and 12% respectively, 2022: GEL 1,736,614 and 10% respectively). An allowance of ECL of GEL 8,011 (2023: GEL 3,599, 2022: GEL 17,392) was established against these loans. As at 31 December 2024, 31 December 2023 and 31 December 2022, loans were principally issued within Georgia and Armenia, and their distribution by industry sector was as follows:
2024
2023
2022
Individuals
17,190,045
11,445,733
10,011,378
Real estate
2,837,810
1,608,487
1,024,364
Trade
2,815,943
1,425,916
1,123,343
Agriculture
1,928,428
710,440
719,077
Construction
1,618,537
377,857
512,345
Manufacturing
1,441,527
1,475,982
1,064,092
Electricity, gas and water supply
1,145,468
665,454
458,415
Hospitality
991,169
975,621
828,577
Service
727,835
306,465
302,442
Financial intermediation
587,106
401,116
291,778
Mining and quarrying
552,872
160,261
144,799
Transport and communication
543,485
273,071
190,175
Other
1,120,788
620,327
411,551
Loans to customers, gross
33,501,013
20,446,730
17,082,336
Less \u2013 Allowance for expected credit loss
(430,312)
(327,792)
(325,803)
Loans to customers, net
33,070,701
20,118,938
16,756,533
As at 31 December 2024 the amount of loans to customers for which no ECL has been recognised due to the existence of high- quality collateral was GEL 553,177 (2023: GEL 6,096,377, 2022: GEL 5,227,783). Finance lease receivables
2024
2023
2022
Minimum lease payments receivable
561,788
86,839
114,850
Less \u2013 Unearned finance lease income
(133,566)
(16,748)
(24,108)
428,222
70,091
90,742
Less \u2013 Allowance for expected credit loss/impairment loss
(10,485)
(11,208)
(8,698)
Finance lease receivables, net
417,737
58,883
82,044
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 2024 and 31 December 2023 no finance lease receivables were pledged for inter-bank loans received (2022: GEL 16,965). As at 31 December 2024, the concentration of investment in the five largest lease receivables comprised GEL 59,953 or 14% of total finance lease receivables (2023: GEL 18,436 or 25%, 2022: GEL 20,515 or 22%) and finance income received from them for the year ended 31 December 2024 comprised GEL 6,080 or 16% of total finance income from lease (2023: GEL 2,857 or 20%, 2022: GEL 793 or 4%). Future minimum lease payments to be received after 31 December 2024, 31 December 2023 and 31 December 2022 are as follows:
2024
2023
2022
Within 1 year
195,319
46,531
49,228
From 1 to 2 years
122,348
9,203
21,711
From 2 to 3 years
88,789
7,288
17,123
From 3 to 4 years
48,084
1,894
7,037
From 4 to 5 years
29,743
2,913
2,727
More than 5 years
77,505
19,010
17,025
Minimum lease payment receivables
561,788
86,839
114,850
Movements of the gross finance lease receivables and respective allowance for ECL/impairment of finance lease receivables are as follows:
Finance lease receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
New financial asset originated or purchased
177,363
\u2013
\u2013
6,578
183,941
Transfer to Stage 1
1,994
(1,867)
(127)
\u2013
\u2013
Transfer to Stage 2
(4,109)
4,418
(309)
\u2013
\u2013
Transfer to Stage 3
(3,516)
(3,732)
7,248
\u2013
\u2013
Assets repaid
(121,642)
(3,119)
(5,988)
(8,708)
(139,457)
Impact of modifications
(13)
\u2013
\u2013
\u2013
(13)
Business combination
298,683
\u2013
\u2013
273
298,956
Foreign exchange movement
2,069
26
(29)
(424)
1,642
Net other changes
2,816
109
171
169
3,265
Write-offs
\u2013
\u2013
(3,718)
(10)
(3,728)
Recoveries of amounts previously written off
\u2013
\u2013
1
531
532
Unwind of discount
\u2013
\u2013
30
(49)
(19)
Currency translation differences
12,971
73
(42)
10
13,012
Balance at 31 December 2024
400,515
956
9,300
17,451
428,222
Individually assessed
114,447
\u2013
2,436
252
117,135
Collectively assessed
286,068
956
6,864
17,199
311,087
Balance at 31 December 2024
400,515
956
9,300
17,451
428,222
Finance lease receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
1,169
484
5,707
3,848
11,208
New financial asset originated or purchased
600
\u2013
\u2013
\u2013
600
Transfer to Stage 1
67
(61)
(6)
\u2013
\u2013
Transfer to Stage 2
(86)
90
(4)
\u2013
\u2013
Transfer to Stage 3
(1,880)
(485)
2,365
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
2,395
191
322
\u2013
2,908
Assets repaid
(281)
(149)
(1,631)
(3,239)
(5,300)
Foreign exchange movement
53
(2)
11
(6)
56
Day 2 ECL on business combination
2,134
\u2013
\u2013
\u2013
2,134
Net other measurement of ECL
(2,285)
97
2,543
656
1,011
Income statement (releases)/charges
717
(319)
3,600
(2,589)
1,409
Write-offs
\u2013
\u2013
(1,873)
(10)
(1,883)
Recoveries of amounts previously written off
(851)
\u2013
1
531
(319)
Unwind of discount
\u2013
\u2013
30
(49)
(19)
Currency translation differences
29
12
47
1
89
Balance at 31 December 2024
1,064
177
7,512
1,732
10,485
Individually assessed
283
\u2013
648
4
935
Collectively assessed
781
177
6,864
1,728
9,550
Balance at 31 December 2024
1,064
177
7,512
1,732
10,485
Finance lease receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
New financial asset originated or purchased
24,001
\u2013
\u2013
10,525
34,526
Transfer to Stage 1
9,296
(8,702)
(594)
\u2013
\u2013
Transfer to Stage 2
(17,016)
21,008
(3,992)
\u2013
\u2013
Transfer to Stage 3
(1,291)
(10,139)
11,430
\u2013
\u2013
Assets repaid
(32,717)
(3,377)
(5,056)
(6,389)
(47,539)
Impact of modifications
(221)
\u2013
138
\u2013
(83)
Foreign exchange movement
2,285
198
117
(804)
1,796
Net other changes
992
(2)
(148)
(59)
783
Write-offs
\u2013
\u2013
(3,429)
313
(3,116)
Recoveries of amounts previously written off
\u2013
\u2013
66
\u2013
66
Unwind of discount
\u2013
\u2013
23
284
307
Currency translation differences
(6,401)
(389)
(601)
\u2013
(7,391)
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
Individually assessed
\u2013
\u2013
286
\u2013
286
Collectively assessed
33,899
5,048
11,777
19,081
69,805
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
Finance lease receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
818
258
3,542
4,080
8,698
New financial asset originated or purchased
964
\u2013
\u2013
\u2013
964
Transfer to Stage 1
275
(262)
(13)
\u2013
\u2013
Transfer to Stage 2
(650)
769
(119)
\u2013
\u2013
Transfer to Stage 3
(236)
(434)
670
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(142)
234
291
\u2013
383
Assets repaid
(538)
(170)
(2,816)
(2,394)
(5,918)
Impact of modifications
(2)
\u2013
\u2013
\u2013
(2)
Foreign exchange movement
50
37
4
\u2013
91
Net other measurement of ECL
425
(53)
5,307
1,565
7,244
Income statement (releases)/charges
146
121
3,324
(829)
2,762
Write-offs
\u2013
\u2013
(316)
313
(3)
Recoveries of amounts previously written off
\u2013
\u2013
66
\u2013
66
Unwind of discount
\u2013
\u2013
23
284
307
Currency translation differences
205
105
(932)
\u2013
(622)
Balance at 31 December 2023
1,169
484
5,707
3,848
11,208
Individually assessed
\u2013
\u2013
60
\u2013
60
Collectively assessed
1,169
484
5,647
3,848
11,148
Balance at 31 December 2023
1,169
484
5,707
3,848
11,208
Finance lease receivables
Finance lease receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
73,181
17,559
16,447
9,582
116,769
New financial asset originated or purchased
43,731
\u2013
\u2013
12,081
55,812
Transfer to Stage 1
23,502
(18,121)
(5,381)
\u2013
\u2013
Transfer to Stage 2
(24,194)
31,532
(7,338)
\u2013
\u2013
Transfer to Stage 3
(3,093)
(15,782)
18,875
\u2013
\u2013
Assets repaid
(54,166)
(7,662)
(5,148)
(6,537)
(73,513)
Impact of modifications
278
\u2013
\u2013
\u2013
278
Foreign exchange movement
865
(66)
86
\u2013
885
Net other changes
328
11
212
85
636
Write-offs
\u2013
\u2013
(2,724)
\u2013
(2,724)
Unwind of discount
\u2013
\u2013
105
\u2013
105
Currency translation differences
(5,461)
(1,020)
(1,025)
\u2013
(7,506)
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
Individually assessed
\u2013
\u2013
1,199
\u2013
1,199
Collectively assessed
54,971
6,451
12,910
15,211
89,543
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
Finance lease receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
1,031
762
2,686
1,196
5,675
New financial asset originated or purchased
793
\u2013
\u2013
\u2013
793
Transfer to Stage 1
1,322
(680)
(642)
\u2013
\u2013
Transfer to Stage 2
(537)
1,309
(772)
\u2013
\u2013
Transfer to Stage 3
(151)
(1,253)
1,404
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,284)
276
2,093
\u2013
1,085
Assets repaid
(569)
(192)
(1,559)
(1,856)
(4,176)
Foreign exchange movement
64
(3)
5
\u2013
66
Net other measurement of ECL
70
56
573
4,741
5,440
Income statement (releases)/charges
(292)
(487)
1,102
2,885
3,208
Write-offs
\u2013
\u2013
(480)
\u2013
(480)
Unwind of discount
\u2013
\u2013
105
\u2013
105
Currency translation differences
79
(17)
129
(1)
190
Balance at 31 December 2022
818
258
3,542
4,080
8,698
Individually assessed
\u2013
\u2013
306
\u2013
306
Collectively assessed
818
258
3,236
4,080
8,392
Balance at 31 December 2022
818
258
3,542
4,080
8,698
The Group writes off the finance lease receivable balance when it takes possession of the underlying asset. The difference between the gross and ECL balances at the time of write-off represents the value of the repossessed asset. Factoring receivables
2024
2023
2022
Factoring receivables, gross
70,458
55,027
23,411
Less \u2013 Allowance for expected credit loss
(22)
(127)
(282)
Factoring receivables, net
70,436
54,900
23,129
Factoring receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
New financial asset originated or purchased
143,368
\u2013
\u2013
\u2013
143,368
Transfer to Stage 2
(1,926)
1,926
\u2013
\u2013
\u2013
Transfer to Stage 3
(205)
(147)
352
\u2013
\u2013
Assets repaid
(218,540)
(513)
(422)
\u2013
(219,475)
Business combination
83,780
\u2013
\u2013
\u2013
83,780
Foreign exchange movement
406
\u2013
\u2013
\u2013
406
Net other changes
5,938
(1,371)
1
\u2013
4,568
Currency translation differences
2,774
7
3
\u2013
2,784
Balance at 31 December 2024
70,344
82
32
\u2013
70,458
Individually assessed
\u2013
\u2013
32
\u2013
32
Collectively assessed
70,344
82
\u2013
\u2013
70,426
Balance at 31 December 2024
70,344
82
32
\u2013
70,458
Factoring receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
28
1
98
\u2013
127
New financial asset originated or purchased
270
\u2013
\u2013
\u2013
270
Transfer to Stage 2
(32)
32
\u2013
\u2013
\u2013
Transfer to Stage 3
(205)
\u2013
205
\u2013
\u2013
Assets repaid
(72)
(1)
(241)
\u2013
(314)
Net other measurement of ECL
(96)
(31)
36
\u2013
(91)
Income statement (releases)/charges
(135)
\u2013
\u2013
\u2013
(135)
Currency translation differences
129
(1)
(98)
\u2013
30
Balance at 31 December 2024
22
\u2013
\u2013
\u2013
22
Collectively assessed
22
\u2013
\u2013
\u2013
22
Balance at 31 December 2024
22
\u2013
\u2013
\u2013
22
Factoring receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
New financial asset originated or purchased
89,935
\u2013
\u2013
\u2013
89,935
Transfer to Stage 2
(765)
765
\u2013
\u2013
\u2013
Transfer to Stage 3
(306)
(2)
308
\u2013
\u2013
Assets repaid
(53,456)
(3,546)
(231)
\u2013
(57,233)
Net other changes
(5)
\u2013
\u2013
\u2013
(5)
Currency translation differences
(1,019)
(37)
(25)
\u2013
(1,081)
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
Individually assessed
\u2013
\u2013
98
\u2013
98
Collectively assessed
54,749
180
\u2013
\u2013
54,929
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
Factoring receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
175
61
46
\u2013
282
New financial asset originated or purchased
411
\u2013
\u2013
\u2013
411
Transfer to Stage 2
(13)
13
\u2013
\u2013
\u2013
Transfer to Stage 3
(306)
\u2013
306
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
\u2013
4
1
\u2013
5
Assets repaid
(245)
(75)
(307)
\u2013
(627)
Net other measurement of ECL
32
(3)
\u2013
\u2013
29
Income statement (releases)/charges
(121)
(61)
\u2013
\u2013
(182)
Currency translation differences
(26)
1
52
\u2013
27
Balance at 31 December 2023
28
1
98
\u2013
127
Individually assessed
\u2013
\u2013
98
\u2013
98
Collectively assessed
28
1
\u2013
\u2013
29
Balance at 31 December 2023
28
1
98
\u2013
127
Factoring receivables, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
33,048
25
165
\u2013
33,238
New financial asset originated or purchased
116,579
\u2013
\u2013
\u2013
116,579
Transfer to Stage 1
1,680
(1,680)
\u2013
\u2013
\u2013
Transfer to Stage 2
(14,310)
14,310
\u2013
\u2013
\u2013
Transfer to Stage 3
(46)
\u2013
46
\u2013
\u2013
Assets repaid
(115,785)
(9,652)
(151)
\u2013
(125,588)
Net other changes
11
(1)
1
\u2013
11
Currency translation differences
(812)
(2)
(15)
\u2013
(829)
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
Individually assessed
\u2013
\u2013
46
\u2013
46
Collectively assessed
20,365
3,000
\u2013
\u2013
23,365
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
Factoring receivables, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
246
1
124
\u2013
371
New financial asset originated or purchased
744
\u2013
\u2013
\u2013
744
Transfer to Stage 1
364
(364)
\u2013
\u2013
\u2013
Transfer to Stage 2
(712)
712
\u2013
\u2013
\u2013
Transfer to Stage 3
(37)
\u2013
37
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(229)
310
11
\u2013
92
Assets repaid
(481)
(243)
(86)
\u2013
(810)
Net other measurement of ECL
341
(354)
38
\u2013
25
Income statement (releases)/charges
(10)
61
\u2013
\u2013
51
Currency translation differences
(61)
(1)
(78)
\u2013
(140)
Balance at 31 December 2022
175
61
46
\u2013
282
Individually assessed
\u2013
\u2013
46
\u2013
46
Collectively assessed
175
61
\u2013
\u2013
236
Balance at 31 December 2022
175
61
46
\u2013
282
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-863": { "value": "Expected credit loss Movements of the gross loans and respective allowance for ECL/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 2023
6,325,257
515,789
101,365
23,575
6,965,986
New financial asset originated or purchased
8,804,049
79,500
1,810
3,307
8,888,666
Transfer to Stage 1
95,934
(95,934)
\u2013
\u2013
\u2013
Transfer to Stage 2
(240,626)
244,577
(3,951)
\u2013
\u2013
Transfer to Stage 3
(13,936)
(126,968)
140,904
\u2013
\u2013
Assets repaid
(6,094,187)
(347,114)
(53,554)
(31,922)
(6,526,777)
Resegmentation
64,659
(1,644)
(3,641)
\u2013
59,374
Impact of modifications
(373)
(1,176)
(92)
(24)
(1,665)
Business combination
2,371,851
\u2013
\u2013
16,140
2,387,991
Foreign exchange movement
119,586
9,108
2,732
682
132,108
Net other changes
87,418
1,607
2,357
6,970
98,352
Write-offs
\u2013
\u2013
(5,424)
(7,430)
(12,854)
Recoveries of amounts previously written off
\u2013
\u2013
1,797
639
2,436
Unwind of discount
\u2013
\u2013
3,433
2,856
6,289
Currency translation differences
110,993
326
968
478
112,765
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Individually assessed
3,118,611
\u2013
180,055
13,718
3,312,384
Collectively assessed
8,512,014
278,071
8,649
1,553
8,800,287
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
New financial asset originated or purchased
33,130
724
760
2,071
36,685
Transfer to Stage 1
2,537
(2,537)
\u2013
\u2013
\u2013
Transfer to Stage 2
(4,559)
4,559
\u2013
\u2013
\u2013
Transfer to Stage 3
(1,820)
(26,706)
28,526
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,557)
5,205
47,622
\u2013
51,270
Assets repaid
(17,487)
(12,717)
(17,522)
(5,160)
(52,886)
Resegmentation
162
(84)
(1,667)
\u2013
(1,589)
Impact of modifications
(2)
9
78
(10)
75
Foreign exchange movement
(56)
98
835
300
1,177
Day 2 ECL on business combination
22,867
\u2013
\u2013
\u2013
22,867
Net other measurement of ECL
(7,444)
4,813
1,171
3,546
2,086
Income statement (releases)/charges
25,771
(26,636)
59,803
747
59,685
Write-offs
\u2013
\u2013
(5,424)
(7,430)
(12,854)
Recoveries of amounts previously written off
\u2013
\u2013
1,797
639
2,436
Unwind of discount
\u2013
\u2013
3,433
2,856
6,289
Currency translation differences
111
(86)
1,791
4
1,820
Balance at 31 December 2024
39,982
6,469
105,529
5,754
157,734
Individually assessed
25,468
\u2013
100,999
5,740
132,207
Collectively assessed
14,514
6,469
4,530
14
25,527
Balance at 31 December 2024
39,982
6,469
105,529
5,754
157,734
Residential mortgage loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
New financial asset originated or purchased
2,482,872
1
235
6,028
2,489,136
Transfer to Stage 1
252,566
(252,566)
\u2013
\u2013
\u2013
Transfer to Stage 2
(294,049)
312,710
(18,661)
\u2013
\u2013
Transfer to Stage 3
(13,606)
(30,102)
43,708
\u2013
\u2013
Assets repaid
(1,180,353)
(37,326)
(28,048)
(14,132)
(1,259,859)
Impact of modifications
1,242
71
897
12
2,222
Business combination
1,639,127
\u2013
\u2013
7,144
1,646,271
Foreign exchange movement
30,463
554
516
401
31,934
Net other changes
(31,106)
(21,789)
11,903
3,948
(37,044)
Write-offs
\u2013
\u2013
(4,109)
(1,880)
(5,989)
Recoveries of amounts previously written off
\u2013
\u2013
3,385
3,486
6,871
Unwind of discount
\u2013
\u2013
4
218
222
Currency translation differences
65,937
81
71
250
66,339
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Individually assessed
209
\u2013
11,230
6,284
17,723
Collectively assessed
7,253,222
145,686
49,617
31,380
7,479,905
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Residential mortgage loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
New financial asset originated or purchased
2,875
\u2013
16
933
3,824
Transfer to Stage 1
2,374
(2,374)
\u2013
\u2013
\u2013
Transfer to Stage 2
(1,800)
5,047
(3,247)
\u2013
\u2013
Transfer to Stage 3
(1,971)
(469)
2,440
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,459)
(1,572)
2,484
\u2013
(547)
Assets repaid
(811)
(707)
(9,286)
(3,611)
(14,415)
Impact of modifications
11
4
240
106
361
Foreign exchange movement
7
3
15
45
70
Day 2 ECL on business combination
872
\u2013
\u2013
\u2013
872
Net other measurement of ECL
(1,336)
(814)
4,036
(1,314)
572
Income statement (releases)/charges
(1,238)
(882)
(3,302)
(3,841)
(9,263)
Write-offs
\u2013
\u2013
(4,109)
(1,880)
(5,989)
Recoveries of amounts previously written off
\u2013
\u2013
3,385
3,486
6,871
Unwind of discount
\u2013
\u2013
4
218
222
Currency translation differences
11
3
20
\u2013
34
Balance at 31 December 2024
2,745
1,157
7,865
2,858
14,625
Individually assessed
\u2013
\u2013
1,860
42
1,902
Collectively assessed
2,745
1,157
6,005
2,816
12,723
Balance at 31 December 2024
2,745
1,157
7,865
2,858
14,625
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
New financial asset originated or purchased
3,421,215
967
1,407
12,237
3,435,826
Transfer to Stage 1
144,721
(144,721)
\u2013
\u2013
\u2013
Transfer to Stage 2
(292,673)
315,391
(22,718)
\u2013
\u2013
Transfer to Stage 3
(28,200)
(97,127)
125,327
\u2013
\u2013
Assets repaid
(2,573,227)
(60,408)
(84,365)
(5,519)
(2,723,519)
Resegmentation
(60,042)
1,644
3,641
\u2013
(54,757)
Impact of modifications
82
(283)
(1,257)
29
(1,429)
Business combination
1,476,893
\u2013
\u2013
50,215
1,527,108
Foreign exchange movement
31,127
1,562
2,199
270
35,158
Net other changes
7,242
(12,168)
4,671
(1,406)
(1,661)
Write-offs
\u2013
\u2013
(20,130)
(1,169)
(21,299)
Recoveries of amounts previously written off
\u2013
\u2013
9,366
3,647
13,013
Unwind of discount
\u2013
\u2013
3,112
295
3,407
Currency translation differences
60,349
331
643
1,790
63,113
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Individually assessed
655,936
\u2013
38,253
59,778
753,967
Collectively assessed
5,241,421
196,718
152,068
3,808
5,594,015
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Micro and SME loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
New financial asset originated or purchased
14,510
2
293
7,924
22,729
Transfer to Stage 1
4,270
(4,270)
\u2013
\u2013
\u2013
Transfer to Stage 2
(4,640)
9,822
(5,182)
\u2013
\u2013
Transfer to Stage 3
(8,366)
(5,102)
13,468
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(2,331)
(51)
19,218
\u2013
16,836
Assets repaid
(7,318)
(2,044)
(33,809)
(600)
(43,771)
Resegmentation
(161)
84
1,667
\u2013
1,590
Impact of modifications
4
4
(462)
21
(433)
Foreign exchange movement
7
(2)
571
(177)
399
Day 2 ECL on business combination
14,006
\u2013
\u2013
\u2013
14,006
Net other measurement of ECL
(1,825)
1,322
19,172
1,477
20,146
Income statement (releases)/charges
8,156
(235)
14,936
8,645
31,502
Write-offs
\u2013
\u2013
(20,130)
(1,169)
(21,299)
Recoveries of amounts previously written off
\u2013
\u2013
9,366
3,647
13,013
Unwind of discount
\u2013
\u2013
3,112
295
3,407
Currency translation differences
127
71
492
30
720
Balance at 31 December 2024
19,287
5,374
62,062
12,281
99,004
Individually assessed
3,616
\u2013
12,740
11,090
27,446
Collectively assessed
15,671
5,374
49,322
1,191
71,558
Balance at 31 December 2024
19,287
5,374
62,062
12,281
99,004
Consumer loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
New financial asset originated or purchased
6,778,565
29,708
4,132
3,652
6,816,057
Transfer to Stage 1
317,072
(317,013)
(59)
\u2013
\u2013
Transfer to Stage 2
(581,791)
623,733
(41,942)
\u2013
\u2013
Transfer to Stage 3
(18,800)
(102,783)
121,583
\u2013
\u2013
Assets repaid
(4,857,038)
(116,406)
(69,282)
(12,478)
(5,055,204)
Resegmentation
(4,686)
\u2013
\u2013
\u2013
(4,686)
Impact of modifications
(750)
28
(4,818)
(90)
(5,630)
Business combination
885,372
\u2013
\u2013
3,576
888,948
Foreign exchange movement
13,603
233
164
84
14,084
Net other changes
82,856
(89,982)
38,793
(869)
30,798
Write-offs
\u2013
(3)
(78,373)
(2,834)
(81,210)
Recoveries of amounts previously written off
\u2013
\u2013
31,146
7,944
39,090
Unwind of discount
\u2013
\u2013
1,777
347
2,124
Currency translation differences
43,613
135
288
114
44,150
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Individually assessed
\u2013
\u2013
7,899
1,438
9,337
Collectively assessed
6,983,775
261,879
106,979
26,520
7,379,153
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Consumer loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
New financial asset originated or purchased
83,547
1,664
2,203
932
88,346
Transfer to Stage 1
19,210
(19,181)
(29)
\u2013
\u2013
Transfer to Stage 2
(33,979)
59,782
(25,803)
\u2013
\u2013
Transfer to Stage 3
(8,534)
(21,301)
29,835
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(9,597)
2,719
28,102
\u2013
21,224
Assets repaid
(64,987)
(21,938)
(66,705)
(4,894)
(158,524)
Resegmentation
(1)
\u2013
\u2013
\u2013
(1)
Impact of modifications
(481)
1
(2,336)
(39)
(2,855)
Foreign exchange movement
10
7
53
17
87
Day 2 ECL on business combination
9,278
\u2013
\u2013
\u2013
9,278
Net other measurement of ECL
28,998
6,520
77,837
(4,963)
108,392
Income statement (releases)/charges
23,464
8,273
43,157
(8,947)
65,947
Write-offs
\u2013
(3)
(78,373)
(2,834)
(81,210)
Recoveries of amounts previously written off
\u2013
\u2013
31,146
7,944
39,090
Unwind of discount
\u2013
\u2013
1,777
347
2,124
Currency translation differences
134
42
175
\u2013
351
Balance at 31 December 2024
65,545
26,356
61,770
4,264
157,935
Individually assessed
\u2013
\u2013
3,421
(107)
3,314
Collectively assessed
65,545
26,356
58,349
4,371
154,621
Balance at 31 December 2024
65,545
26,356
61,770
4,264
157,935
Gold \u2013 pawn loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
New financial asset originated or purchased
199,792
\u2013
885
\u2013
200,677
Transfer to Stage 1
9,208
(9,208)
\u2013
\u2013
\u2013
Transfer to Stage 2
(13,774)
15,041
(1,267)
\u2013
\u2013
Transfer to Stage 3
(1,114)
(1,548)
2,662
\u2013
\u2013
Assets repaid
(176,370)
(7,352)
(3,964)
\u2013
(187,686)
Resegmentation
69
\u2013
\u2013
\u2013
69
Foreign exchange movement
4
\u2013
\u2013
\u2013
4
Net other changes
(9,365)
21
333
\u2013
(9,011)
Write-offs
\u2013
(1)
(40)
\u2013
(41)
Recoveries of amounts previously written off
\u2013
\u2013
3
\u2013
3
Unwind of discount
\u2013
\u2013
(1)
\u2013
(1)
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Collectively assessed
145,866
5,649
2,727
\u2013
154,242
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Gold \u2013 pawn loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
New financial asset originated or purchased
5
\u2013
58
\u2013
63
Transfer to Stage 1
13
(13)
\u2013
\u2013
\u2013
Transfer to Stage 2
(6)
75
(69)
\u2013
\u2013
Transfer to Stage 3
(1)
(2)
3
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(7)
(62)
136
\u2013
67
Assets repaid
(22)
(10)
(373)
\u2013
(405)
Net other measurement of ECL
(13)
(6)
(43)
\u2013
(62)
Income statement (releases)/charges
(31)
(18)
(288)
\u2013
(337)
Write-offs
\u2013
(1)
(40)
\u2013
(41)
Recoveries of amounts previously written off
\u2013
\u2013
3
\u2013
3
Unwind of discount
\u2013
\u2013
(1)
\u2013
(1)
Balance at 31 December 2024
13
5
996
\u2013
1,014
Collectively assessed
13
5
996
\u2013
1,014
Balance at 31 December 2024
13
5
996
\u2013
1,014
Commercial loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
New financial asset originated or purchased
6,307,552
62,180
8
15,820
6,385,560
Transfer to Stage 1
218,262
(218,262)
\u2013
\u2013
\u2013
Transfer to Stage 2
(408,476)
413,729
(5,253)
\u2013
\u2013
Transfer to Stage 3
(9,314)
(35,720)
45,034
\u2013
\u2013
Assets repaid
(4,411,902)
(316,022)
(97,131)
(10,324)
(4,835,379)
Resegmentation
76,352
(56)
2,959
\u2013
79,255
Impact of modifications
(755)
733
(143)
9
(156)
Foreign exchange movement
105,029
4,490
(375)
83
109,227
Net other changes
60,821
111
(10,563)
664
51,033
Write-offs
\u2013
\u2013
(11,502)
\u2013
(11,502)
Recoveries of amounts previously written off
\u2013
\u2013
8,723
957
9,680
Unwind of discount
\u2013
\u2013
(2,224)
416
(1,808)
Currency translation differences
(113,478)
(3,701)
(4,756)
\u2013
(121,935)
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Individually assessed
\u2013
\u2013
92,801
21,497
114,298
Collectively assessed
6,325,257
515,789
8,564
2,078
6,851,688
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
New financial asset originated or purchased
31,952
697
1
\u2013
32,650
Transfer to Stage 1
3,811
(3,811)
\u2013
\u2013
\u2013
Transfer to Stage 2
(5,004)
6,393
(1,389)
\u2013
\u2013
Transfer to Stage 3
(994)
(1,406)
2,400
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,777)
4,522
17,549
\u2013
20,294
Assets repaid
(13,682)
(11,978)
(29,709)
(1,325)
(56,694)
Resegmentation
1,102
(1,224)
870
\u2013
748
Impact of modifications
(1)
17
(149)
3
(130)
Foreign exchange movement
(14)
103
(641)
127
(425)
Net other measurement of ECL
(20,107)
16,327
17,249
4,195
17,664
Income statement (releases)/charges
(4,714)
9,640
6,181
3,000
14,107
Write-offs
\u2013
\u2013
(11,502)
\u2013
(11,502)
Recoveries of amounts previously written off
\u2013
\u2013
8,723
957
9,680
Unwind of discount
\u2013
\u2013
(2,224)
416
(1,808)
Currency translation differences
(272)
82
(1,296)
\u2013
(1,486)
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
Individually assessed
\u2013
\u2013
39,561
8,936
48,497
Collectively assessed
14,100
33,191
4,568
2
51,861
Balance at 31 December 2023
14,100
33,191
44,129
8,938
100,358
Residential mortgage loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,925,906
169,566
69,657
28,075
4,193,204
New financial asset originated or purchased
1,527,164
32
\u2013
14,796
1,541,992
Transfer to Stage 1
268,798
(268,798)
\u2013
\u2013
\u2013
Transfer to Stage 2
(320,140)
352,400
(32,260)
\u2013
\u2013
Transfer to Stage 3
(17,355)
(33,670)
51,025
\u2013
\u2013
Assets repaid
(1,081,098)
(45,148)
(37,682)
(11,487)
(1,175,415)
Impact of modifications
530
137
(83)
(185)
399
Foreign exchange movement
11,210
(150)
(263)
165
10,962
Net other changes
(7,727)
(147)
1,571
451
(5,852)
Write-offs
\u2013
\u2013
(2,534)
(263)
(2,797)
Recoveries of amounts previously written off
\u2013
\u2013
1,385
543
1,928
Unwind of discount
\u2013
\u2013
215
94
309
Currency translation differences
(6,950)
(170)
(85)
\u2013
(7,205)
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Individually assessed
\u2013
\u2013
168
2,092
2,260
Collectively assessed
4,300,338
174,052
50,778
30,097
4,555,265
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Residential mortgage loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
8,862
2,601
14,085
4,507
30,055
New financial asset originated or purchased
8,396
\u2013
\u2013
\u2013
8,396
Transfer to Stage 1
4,415
(4,415)
\u2013
\u2013
\u2013
Transfer to Stage 2
(2,766)
9,962
(7,196)
\u2013
\u2013
Transfer to Stage 3
(3,612)
(1,152)
4,764
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(1,133)
(5,845)
5,016
\u2013
(1,962)
Assets repaid
(1,516)
(747)
(8,701)
(3,395)
(14,359)
Impact of modifications
19
5
1,049
43
1,116
Foreign exchange movement
(1)
(3)
(46)
28
(22)
Net other measurement of ECL
(8,690)
1,632
3,842
3,318
102
Income statement (releases)/charges
(4,888)
(563)
(1,272)
(6)
(6,729)
Write-offs
\u2013
\u2013
(2,534)
(263)
(2,797)
Recoveries of amounts previously written off
\u2013
\u2013
1,385
543
1,928
Unwind of discount
\u2013
\u2013
215
94
309
Currency translation differences
(2)
(2)
(12)
\u2013
(16)
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
Individually assessed
\u2013
\u2013
50
271
321
Collectively assessed
3,972
2,036
11,817
4,604
22,429
Balance at 31 December 2023
3,972
2,036
11,867
4,875
22,750
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
New financial asset originated or purchased
2,718,907
606
1,502
1,685
2,722,700
Transfer to Stage 1
147,013
(147,013)
\u2013
\u2013
\u2013
Transfer to Stage 2
(308,398)
332,863
(24,465)
\u2013
\u2013
Transfer to Stage 3
(20,855)
(115,229)
136,084
\u2013
\u2013
Assets repaid
(2,258,325)
(81,221)
(65,159)
(1,572)
(2,406,277)
Resegmentation
(75,858)
88
(3,141)
\u2013
(78,911)
Impact of modifications
(86)
616
(2,971)
(7)
(2,448)
Foreign exchange movement
27,031
1,678
2,494
7
31,210
Net other changes
25,537
677
6,187
130
32,531
Write-offs
\u2013
\u2013
(36,568)
(70)
(36,638)
Recoveries of amounts previously written off
\u2013
\u2013
7,998
124
8,122
Unwind of discount
\u2013
\u2013
2,316
56
2,372
Currency translation differences
(15,785)
(1,998)
(2,369)
\u2013
(20,152)
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Individually assessed
\u2013
\u2013
29,131
\u2013
29,131
Collectively assessed
3,709,870
191,530
139,294
3,197
4,043,891
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Micro and SME loans at amortised cost, ECL:
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
New financial asset originated or purchased
16,897
\u2013
128
\u2013
17,025
Transfer to Stage 1
4,627
(4,627)
\u2013
\u2013
\u2013
Transfer to Stage 2
(5,665)
11,372
(5,707)
\u2013
\u2013
Transfer to Stage 3
(2,902)
(6,647)
9,549
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(754)
(4,692)
29,590
\u2013
24,144
Assets repaid
(7,501)
(3,001)
(18,746)
(524)
(29,772)
Resegmentation
(1,093)
1,226
(868)
\u2013
(735)
Impact of modifications
2
19
(1,241)
(7)
(1,227)
Foreign exchange movement
129
149
1,179
(1)
1,456
Net other measurement of ECL
(12,663)
6,463
30,543
596
24,939
Income statement (releases)/charges
(8,923)
262
44,427
64
35,830
Write-offs
\u2013
\u2013
(36,568)
(70)
(36,638)
Recoveries of amounts previously written off
\u2013
\u2013
7,998
124
8,122
Unwind of discount
\u2013
\u2013
2,316
56
2,372
Currency translation differences
(139)
(172)
(1,204)
\u2013
(1,515)
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
Individually assessed
\u2013
\u2013
14,564
\u2013
14,564
Collectively assessed
11,004
5,538
39,722
833
57,097
Balance at 31 December 2023
11,004
5,538
54,286
833
71,661
Consumer loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
3,243,191
213,875
121,992
22,996
3,602,054
New financial asset originated or purchased
4,547,920
5,818
833
17,964
4,572,535
Transfer to Stage 1
289,459
(289,423)
(36)
\u2013
\u2013
Transfer to Stage 2
(473,300)
524,075
(50,775)
\u2013
\u2013
Transfer to Stage 3
(72,199)
(110,688)
182,887
\u2013
\u2013
Assets repaid
(3,179,954)
(107,858)
(69,753)
(12,030)
(3,369,595)
Resegmentation
(494)
(32)
517
\u2013
(9)
Impact of modifications
699
(11)
(12,180)
(600)
(12,092)
Foreign exchange movement
5,109
65
524
89
5,787
Net other changes
(508)
(1,333)
21,566
595
20,320
Write-offs
\u2013
\u2013
(113,820)
(2,408)
(116,228)
Recoveries of amounts previously written off
\u2013
\u2013
25,870
1,376
27,246
Unwind of discount
\u2013
\u2013
4,199
530
4,729
Currency translation differences
(34,164)
(259)
(355)
\u2013
(34,778)
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Individually assessed
(1)
\u2013
2,464
\u2013
2,463
Collectively assessed
4,325,760
234,229
109,005
28,512
4,697,506
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Consumer loans at amortised cost, ECL:
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
40,598
19,309
67,956
7,587
135,450
New financial asset originated or purchased
128,968
702
380
\u2013
130,050
Transfer to Stage 1
19,103
(19,094)
(9)
\u2013
\u2013
Transfer to Stage 2
(23,869)
54,205
(30,336)
\u2013
\u2013
Transfer to Stage 3
(49,393)
(21,319)
70,712
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
(2,120)
(24,929)
26,592
\u2013
(457)
Assets repaid
(41,913)
(8,393)
(41,821)
(4,886)
(97,013)
Resegmentation
(9)
(2)
(2)
\u2013
(13)
Impact of modifications
13
(7)
(5,235)
(122)
(5,351)
Foreign exchange movement
13
4
34
(4)
47
Net other measurement of ECL
(29,175)
17,623
59,529
5,681
53,658
Income statement (releases)/charges
1,618
(1,210)
79,844
669
80,921
Write-offs
\u2013
\u2013
(113,820)
(2,408)
(116,228)
Recoveries of amounts previously written off
\u2013
\u2013
25,870
1,376
27,246
Unwind of discount
\u2013
\u2013
4,199
530
4,729
Currency translation differences
(269)
(55)
(161)
\u2013
(485)
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
Individually assessed
\u2013
\u2013
1,062
\u2013
1,062
Collectively assessed
41,947
18,044
62,826
7,754
130,571
Balance at 31 December 2023
41,947
18,044
63,888
7,754
131,633
Gold \u2013 pawn loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
147,525
8,613
8,416
\u2013
164,554
New financial asset originated or purchased
103,553
\u2013
401
\u2013
103,954
Transfer to Stage 1
11,660
(11,660)
\u2013
\u2013
\u2013
Transfer to Stage 2
(16,775)
18,268
(1,493)
\u2013
\u2013
Transfer to Stage 3
(2,147)
(2,800)
4,947
\u2013
\u2013
Assets repaid
(106,379)
(3,676)
(2,124)
\u2013
(112,179)
Resegmentation
\u2013
\u2013
(335)
\u2013
(335)
Foreign exchange movement
(2)
(1)
(48)
\u2013
(51)
Net other changes
(19)
(48)
(746)
\u2013
(813)
Write-offs
\u2013
\u2013
(5,438)
\u2013
(5,438)
Recoveries of amounts previously written off
\u2013
\u2013
(13)
\u2013
(13)
Unwind of discount
\u2013
\u2013
549
\u2013
549
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Collectively assessed
137,416
8,696
4,116
\u2013
150,228
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Gold \u2013 pawn loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2022
70
32
5,339
\u2013
5,441
Transfer to Stage 1
32
(32)
\u2013
\u2013
\u2013
Transfer to Stage 2
(19)
184
(165)
\u2013
\u2013
Transfer to Stage 3
(2)
(8)
10
\u2013
\u2013
Impact on ECL of exposures transferred between stages
during the year
\u2013
(1)
\u2013
\u2013
(1)
Assets repaid
(24)
(8)
1,007
\u2013
975
Net other measurement of ECL
(13)
(143)
33
\u2013
(123)
Income statement (releases)/charges
(26)
(8)
885
\u2013
851
Write-offs
\u2013
\u2013
(5,438)
\u2013
(5,438)
Recoveries of amounts previously written off
\u2013
\u2013
(13)
\u2013
(13)
Unwind of discount
\u2013
\u2013
549
\u2013
549
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
Collectively assessed
44
24
1,322
\u2013
1,390
Balance at 31 December 2023
44
24
1,322
\u2013
1,390
Commercial loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
4,913,239
374,933
226,925
18,014
5,533,111
New financial asset originated or purchased
4,489,689
34,779
693
6,969
4,532,130
Transfer to Stage 1
202,422
(202,422)
\u2013
\u2013
\u2013
Transfer to Stage 2
(761,225)
791,522
(30,297)
\u2013
\u2013
Transfer to Stage 3
(5,553)
(98,586)
104,139
\u2013
\u2013
Assets repaid
(4,033,355)
(207,872)
(83,237)
(9,763)
(4,334,227)
Resegmentation
194,578
2,622
(6,567)
\u2013
190,633
Impact of modifications
1,330
1,983
184
2
3,499
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
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)
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
Individually assessed
\u2013
\u2013
159,486
13,603
173,089
Collectively assessed
4,501,166
608,307
17,102
2,347
5,128,922
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
Commercial loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
14,204
6,893
135,061
2,923
159,081
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
(6,165)
12,301
(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 repaid
(10,239)
(4,189)
(59,906)
(3,151)
(77,485)
Resegmentation
5,404
(27)
(997)
\u2013
4,380
Impact of modifications
30
104
1
2
137
Foreign exchange movement
(921)
(1,696)
(10,613)
(883)
(14,113)
Net other measurement of ECL
(7,127)
20,270
(25,291)
(547)
(12,695)
Income statement (releases)/charges
5,675
17,655
(72,491)
(1,582)
(50,743)
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)
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
Individually assessed
\u2013
\u2013
37,492
4,493
41,985
Collectively assessed
19,086
23,469
6,755
72
49,382
Balance at 31 December 2022
19,086
23,469
44,247
4,565
91,367
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)
Foreign exchange movement
(254,899)
(20,553)
(10,022)
(2,527)
(288,001)
Net other changes
8,928
(2,211)
348
155
7,220
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)
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)
Impact of modifications
4
1
937
64
1,006
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
Income statement (releases)/charges
(839)
(1,202)
(2,628)
2,278
(2,391)
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
(2)
\u2013
\u2013
\u2013
(2)
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
Micro and SME loans at amortised cost, gross
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
3,276,167
293,473
151,499
6,635
3,727,774
New financial asset originated or purchased
2,926,540
7,854
1,859
2,435
2,938,688
Transfer to Stage 1
337,049
(337,049)
\u2013
\u2013
\u2013
Transfer to Stage 2
(441,995)
501,852
(59,857)
\u2013
\u2013
Transfer to Stage 3
(50,683)
(106,474)
157,157
\u2013
\u2013
Assets repaid
(2,116,730)
(125,805)
(71,105)
(5,917)
(2,319,557)
Resegmentation
(224,709)
(4,680)
5,034
\u2013
(224,355)
Impact of modifications
194
139
(2,627)
(36)
(2,330)
Foreign exchange movement
(275,010)
(27,918)
(17,669)
(350)
(320,947)
Net other changes
51,417
168
7,865
38
59,488
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)
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
Individually assessed
\u2013
\u2013
39,448
\u2013
39,448
Collectively assessed
3,470,689
200,463
107,069
2,844
3,781,065
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
Micro and SME loans at amortised cost, ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Balance at 31 December 2021
28,160
6,556
39,584
124
74,424
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
(8,872)
20,801
(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
(13,592)
(3,065)
(24,514)
(496)
(41,667)
Resegmentation
(5,935)
(129)
541
\u2013
(5,523)
Impact of modifications
10
(24)
(1,147)
16
(1,145)
Foreign exchange movement
(1,071)
(114)
(3,448)
(67)
(4,700)
Net other measurement of ECL
(15,996)
6,765
18,514
762
10,045
Income statement (releases)/charges
(7,951)
(1,012)
22,989
496
14,522
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)
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
Individually assessed
\u2013
\u2013
10,552
\u2013
10,552
Collectively assessed
20,066
5,448
26,765
659
52,938
Balance at 31 December 2022
20,066
5,448
37,317
659
63,490
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
\u2013
34,142
Impact of modifications
1,152
(84)
(24,515)
(1,236)
(24,683)
Foreign exchange movement
(86,830)
(4,100)
(1,319)
(610)
(92,859)
Net other changes
33,406
(79)
31,671
1,021
66,019
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)
\u2013
(14,783)
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
\u2013
1,143
Impact of modifications
121
(12)
(10,792)
122
(10,561)
Foreign exchange movement
(191)
(60)
(763)
(63)
(1,077)
Net other measurement of ECL
(32,188)
29,344
90,779
8,785
96,720
Income statement (releases)/charges
(16,449)
(90)
154,242
9,406
147,109
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)
\u2013
(248)
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
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
Foreign exchange movement
(33)
(4)
4
\u2013
(33)
Net other changes
(1,461)
13
2,196
\u2013
748
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
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
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)
Net other measurement of ECL
756
(89)
3,412
\u2013
4,079
Income statement (releases)/charges
(1,753)
21
5,757
\u2013
4,025
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
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
The contractual amounts outstanding on all loans to customers that have been written off during the reporting period but are still subject to enforcement activity was GEL 148,114 (2023: GEL 138,972, 2022: GEL 188,545). 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 ECL/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. Without taking into account the discounted value of collateral, the ECL for credit-impaired loans would be as follows:
ECL without
taking into
account the
discounted
ECL for credit- value of
2024 impaired loans collateral
Commercial loans
111,283
194,086
Residential mortgage loans
10,723
58,324
Micro and SME loans
74,343
220,310
Consumer loans
66,034
95,777
Gold \u2013 pawn loans
996
2,212
Total
263,379
570,709
ECL without
taking into
account the
discounted
ECL for credit- value of
2023 impaired loans collateral
Commercial loans
53,067
118,367
Residential mortgage loans
16,742
56,851
Micro and SME loans
55,119
152,430
Consumer loans
71,642
105,437
Gold \u2013 pawn loans
1,322
3,290
Total
197,892
436,375
ECL without
taking into
account the
discounted
ECL for credit- value of
2022 impaired loans 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
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. 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 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 companies run internal rating models which 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 approach to maintain accurate and consistent risk ratings across the credit portfolio with its policies. 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 systems are 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 policies. Attributable risk ratings are assessed and updated regularly. Bank of Georgia also uses external ratings provided by Credit Bureau for For retail, micro and SME loans. 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 Risk functions within the Group\u2019s principal operating subsidiaries use 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.
External rating grades
Credit Standard &
Internal rating description*
Internal rating grades
Bureau
Poor\u2019s
Moody\u2019s
High grade
Aaa
1
A
AAA
Aaa1-AA3
Aa1
2+
B
AA+
Aa1
Aa2
2
C1
AA
Aa2
Aa3
2-
C2
AA-
Aa3
A1
3+
C3
A+
A1
A2
3
A
A2
A3
3-
A-
A3
Baa1
4+
BBB+
Baa1
Baa2
4
BBB
Baa2
Baa3
4-
BBB-
Baa3
Standard grade
Ba1
5+
D1
BB+
Ba1
Ba2
5
D2
BB
Ba2
Ba3
5-
D3
BB-
Ba3
B1
6+
B+
B1
B2
6
B
B2
Low grade
B3
6-
E1
B-
B3
Caa1
7+
E2
CCC+
Caaa
Caa2
7
E3
CCC
Ca
Caa3
7-
CCC-
CCC+-
Ca
CC
CCC
C CCC-
* Grades are not supposed to be linked to each other across the rating categories above. 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. Other financial assets include receivables from remittance operations and other receivables.
Cash and cash equivalents, excluding cash on hand
Stage 1
Total
High grade
1,267,348
1,267,348
Standard grade
701,956
701,956
Low grade
57,095
57,095
Not rated
366,424
366,424
Balance at 31 December 2024
2,392,823
2,392,823
Amounts due from credit institutions
Stage 1
Total
High grade
7,425
7,425
Standard grade
3,035,912
3,035,912
Not rated
236,789
236,789
Balance at 31 December 2024
3,280,126
3,280,126
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
2,365,268
2,365,268
Standard grade
3,544,491
3,544,491
Not rated
84,094
84,094
Balance at 31 December 2024
5,993,853
5,993,853
Investment securities measured at amortised cost \u2013 debt instruments
Stage 1
Total
High grade
1,951,318
1,951,318
Standard grade
658,350
658,350
Not rated
138,386
138,386
Balance at 31 December 2024
2,748,054
2,748,054
Investment securities pledged under sale and repurchase agreements and securities lending
measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
138,945
138,945
Standard grade
47,725
47,725
Balance at 31 December 2024
186,670
186,670
Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost \u2013
debt instruments
Stage 1
Total
Standard grade
270,199
270,199
Balance at 31 December 2024
270,199
270,199
Commercial loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
6,273,922
42,973
\u2013
389
6,317,284
Standard grade
3,933,578
65,195
\u2013
425
3,999,198
Low grade
651,221
162,971
\u2013
\u2013
814,192
Not rated
771,904
6,932
\u2013
\u2013
778,836
Defaulted
Non-performing
\u2013
\u2013
188,704
14,457
203,161
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Residential mortgage loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,736,156
10,808
\u2013
4,601
3,751,565
Standard grade
717,635
24,055
\u2013
4,960
746,650
Low grade
97,729
101,558
\u2013
6,958
206,245
Not rated
2,701,911
9,265
\u2013
116
2,711,292
Defaulted
Non-performing
\u2013
\u2013
60,847
21,029
81,876
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Micro and SME loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,309,395
25,236
\u2013
346
2,334,977
Standard grade
1,428,020
59,770
\u2013
149
1,487,939
Low grade
252,065
80,133
\u2013
345
332,543
Not rated
1,907,877
31,579
91
171
1,939,718
Defaulted
Non-performing
\u2013
\u2013
190,230
62,575
252,805
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Consumer loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,503,803
10,343
\u2013
1,879
3,516,025
Standard grade
1,532,755
41,342
\u2013
3,455
1,577,552
Low grade
370,633
199,161
\u2013
6,755
576,549
Not rated
1,576,584
11,033
\u2013
\u2013
1,587,617
Defaulted
Non-performing
\u2013
\u2013
114,877
15,869
130,746
Other
\u2013
\u2013
1
\u2013
1
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Gold \u2013 pawn loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
70,790
113
\u2013
\u2013
70,903
Standard grade
49,746
516
\u2013
\u2013
50,262
Low grade
21,442
5,001
\u2013
\u2013
26,443
Not rated
3,888
19
\u2013
\u2013
3,907
Defaulted
Non-performing
\u2013
\u2013
2,727
\u2013
2,727
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Finance lease receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
9,308
366
\u2013
3,781
13,455
Standard grade
101,504
58
\u2013
2,870
104,432
Low grade
3,815
16
\u2013
3,894
7,725
Not rated
285,888
516
\u2013
\u2013
286,404
Defaulted
Non-performing
\u2013
\u2013
9,300
6,559
15,859
Other
\u2013
\u2013
\u2013
347
347
Balance at 31 December 2024
400,515
956
9,300
17,451
428,222
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
31,947
\u2013
\u2013
\u2013
31,947
Standard grade
3,936
\u2013
\u2013
\u2013
3,936
Not rated
34,461
82
\u2013
\u2013
34,543
Defaulted
Non-performing
\u2013
\u2013
32
\u2013
32
Balance at 31 December 2024
70,344
82
32
\u2013
70,458
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,524
\u2013
\u2013
\u2013
3,524
Standard grade
91
\u2013
\u2013
\u2013
91
Not rated
11,272
\u2013
\u2013
\u2013
11,272
Balance at 31 December 2024
14,887
\u2013
\u2013
\u2013
14,887
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
195,982
\u2013
\u2013
\u2013
195,982
Balance at 31 December 2024
195,982
\u2013
\u2013
\u2013
195,982
Financial and performance guarantees issued
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
764,670
\u2013
\u2013
\u2013
764,670
Standard grade
319,599
8,167
\u2013
\u2013
327,766
Low grade
37,929
28,374
\u2013
\u2013
66,303
Not rated
1,440,810
5,623
\u2013
\u2013
1,446,433
Defaulted
Other
\u2013
\u2013
254
\u2013
254
Balance at 31 December 2024
2,563,008
42,164
254
\u2013
2,605,426
Letters of credit
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
78,830
\u2013
\u2013
\u2013
78,830
Standard grade
3,328
\u2013
\u2013
\u2013
3,328
Not rated
1,613
\u2013
\u2013
\u2013
1,613
Balance at 31 December 2024
83,771
\u2013
\u2013
\u2013
83,771
Undrawn loan facilities
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
776,482
168
\u2013
\u2013
776,650
Standard grade
163,806
5,784
\u2013
\u2013
169,590
Low grade
3,877
3,474
\u2013
1
7,352
Not rated
438,736
166
30
\u2013
438,932
Defaulted
Non-performing
\u2013
\u2013
14
\u2013
14
Other
\u2013
\u2013
677
14
691
Balance at 31 December 2024
1,382,901
9,592
721
15
1,393,229
Cash and cash equivalents, excluding cash on hand
Stage 1
Total
High grade
1,097,876
1,097,876
Standard grade
654,907
654,907
Low grade
32,398
32,398
Not rated
293,061
293,061
Balance at 31 December 2023
2,078,242
2,078,242
Amounts due from credit institutions
Stage 1
Total
High grade
1,734,224
1,734,224
Not rated
19,327
19,327
Balance at 31 December 2023
1,753,551
1,753,551
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
2,277,147
2,277,147
Standard grade
2,058,495
2,058,495
Not rated
88,518
88,518
Balance at 31 December 2023
4,424,160
4,424,160
Investment securities measured at amortised cost \u2013 debt instruments
Stage 1
Total
High grade
415,713
415,713
Standard grade
160,758
160,758
Not rated
114,648
114,648
Balance at 31 December 2023
691,119
691,119
Commercial loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
4,338,469
68,175
\u2013
339
4,406,983
Standard grade
1,389,524
58,796
\u2013
755
1,449,075
Low grade
132,265
372,006
\u2013
\u2013
504,271
Not rated
464,999
16,812
1
\u2013
481,812
Defaulted
Non-performing
\u2013
\u2013
101,364
22,481
123,845
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Residential mortgage loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,346,499
11,608
\u2013
4,209
3,362,316
Standard grade
714,568
45,712
\u2013
3,689
763,969
Low grade
86,008
116,000
\u2013
6,839
208,847
Not rated
153,263
732
\u2013
131
154,126
Defaulted
Non-performing
\u2013
\u2013
37,771
16,214
53,985
Other
\u2013
\u2013
13,175
1,107
14,282
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Micro and SME loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,480,970
29,931
\u2013
316
2,511,217
Standard grade
1,012,833
73,925
\u2013
228
1,086,986
Low grade
75,930
76,380
\u2013
242
152,552
Not rated
140,137
11,294
48
\u2013
151,479
Defaulted
Non-performing
\u2013
\u2013
167,506
2,364
169,870
Other
\u2013
\u2013
871
47
918
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Consumer loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,693,767
7,996
\u2013
2,406
2,704,169
Standard grade
1,179,793
50,968
\u2013
3,069
1,233,830
Low grade
233,382
173,992
\u2013
4,607
411,981
Not rated
218,817
1,273
90
\u2013
220,180
Defaulted
Non-performing
\u2013
\u2013
91,584
16,090
107,674
Other
\u2013
\u2013
19,795
2,340
22,135
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Gold \u2013 pawn loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
65,002
48
\u2013
\u2013
65,050
Standard grade
40,495
733
\u2013
\u2013
41,228
Low grade
17,381
7,915
\u2013
\u2013
25,296
Not rated
14,538
\u2013
273
\u2013
14,811
Defaulted
Non-performing
\u2013
\u2013
2,566
\u2013
2,566
Other
\u2013
\u2013
1,277
\u2013
1,277
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Finance lease receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
5,832
80
\u2013
4,274
10,186
Standard grade
2,731
381
\u2013
1,697
4,809
Low grade
475
1,261
\u2013
2,161
3,897
Not rated
24,861
3,326
\u2013
\u2013
28,187
Defaulted
Non-performing
\u2013
\u2013
12,063
10,392
22,455
Other
\u2013
\u2013
\u2013
557
557
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
50,112
\u2013
\u2013
\u2013
50,112
Standard grade
297
\u2013
\u2013
\u2013
297
Low grade
1,222
\u2013
\u2013
\u2013
1,222
Not rated
3,118
180
\u2013
\u2013
3,298
Defaulted
Non-performing
\u2013
\u2013
98
\u2013
98
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
52,696
\u2013
\u2013
\u2013
52,696
Balance at 31 December 2023
52,696
\u2013
\u2013
\u2013
52,696
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
154,765
\u2013
\u2013
\u2013
154,765
Balance at 31 December 2023
154,765
\u2013
\u2013
\u2013
154,765
Financial and performance guarantees issued
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
997,529
\u2013
\u2013
\u2013
997,529
Standard grade
347,015
257
\u2013
\u2013
347,272
Low grade
264,715
161,350
\u2013
\u2013
426,065
Not rated
140,467
8
\u2013
\u2013
140,475
Defaulted
Non-performing
\u2013
\u2013
1,915
\u2013
1,915
Other
\u2013
\u2013
5,741
\u2013
5,741
Balance at 31 December 2023
1,749,726
161,615
7,656
\u2013
1,918,997
Letters of credit
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
69,260
\u2013
\u2013
\u2013
69,260
Standard grade
7,546
\u2013
\u2013
\u2013
7,546
Low grade
307
\u2013
\u2013
\u2013
307
Not rated
432
\u2013
\u2013
\u2013
432
Balance at 31 December 2023
77,545
\u2013
\u2013
\u2013
77,545
Undrawn loan facilities
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
668,644
215
12
\u2013
668,871
Standard grade
240,974
1,203
\u2013
\u2013
242,177
Low grade
23,791
6,757
\u2013
1
30,549
Not rated
71,305
278
\u2013
\u2013
71,583
Defaulted
Non-performing
\u2013
\u2013
1,764
7
1,771
Balance at 31 December 2023
1,004,714
8,453
1,776
8
1,014,951
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
Not rated
29,577
29,577
Balance at 31 December 2022
2,438,346
2,438,346
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,335,392
\u2013
\u2013
\u2013
2,335,392
Standard grade
1,546,907
\u2013
\u2013
\u2013
1,546,907
Not rated
76,381
\u2013
1,619
\u2013
78,000
Balance at 31 December 2022
3,958,680
\u2013
1,619
\u2013
3,960,299
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
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
1,463,477
123,274
\u2013
310
1,587,061
Low grade
231,147
388,875
\u2013
1,187
621,209
Not rated
322,106
17,341
3,605
\u2013
343,052
Defaulted
Non-performing
\u2013
\u2013
169,661
14,453
184,114
Other
\u2013
\u2013
3,322
\u2013
3,322
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
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
2,025,930
43,580
\u2013
347
2,069,857
Standard grade
1,018,480
67,959
\u2013
361
1,086,800
Low grade
145,066
75,782
\u2013
45
220,893
Not rated
281,213
13,142
10
207
294,572
Defaulted
Non-performing
\u2013
\u2013
135,965
1,658
137,623
Other
\u2013
\u2013
10,542
226
10,768
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
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
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
Not rated
37,269
1,262
5,101
\u2013
43,632
Defaulted
Non-performing
\u2013
\u2013
3,779
11,909
15,688
Other
\u2013
\u2013
5,229
3,302
8,531
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
690
\u2013
\u2013
\u2013
690
Standard grade
7,262
\u2013
\u2013
\u2013
7,262
Low grade
7,660
3,000
\u2013
\u2013
10,660
Not rated
4,753
\u2013
\u2013
\u2013
4,753
Defaulted
Non-performing
\u2013
\u2013
35
\u2013
35
Other
\u2013
\u2013
11
\u2013
11
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
400,111
\u2013
\u2013
\u2013
400,111
Balance at 31 December 2022
400,111
\u2013
\u2013
\u2013
400,111
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
104,107
\u2013
\u2013
\u2013
104,107
Balance at 31 December 2022
104,107
\u2013
\u2013
\u2013
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
Defaulted
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
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 2024, up to 81.9% of the collateral held has been revalued within the last two years (2023: 80.1%, 2022: 78.6%).
As at 31 December 2024
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
12,112,671
1,782,121
2,815,826
2,328,356
883,509
628,231
2,054,038
437,380
376,188
807,022
ECL coverage
1.30%
0.65%
0.52%
1.05%
0.48%
0.35%
3.47%
1.06%
1.54%
2.34%
Residential mortgage
loans
7,497,628
120,289
2,097,089
3,340,173
1,135,344
511,073
226,744
15,082
8,287
43,547
ECL coverage
0.20%
0.85%
0.03%
0.14%
0.21%
0.32%
1.72%
1.51%
0.39%
0.26%
Micro and SME loans
6,347,982
269,388
2,054,887
2,221,069
613,817
394,142
690,978
37,233
15,191
51,277
ECL coverage
1.56%
4.65%
0.41%
0.99%
1.27%
2.71%
4.98%
4.78%
5.18%
1.54%
Consumer loans
7,388,490
3,767,633
1,494,713
1,610,804
258,056
186,421
59,485
4,769
2,491
4,118
ECL coverage
2.14%
3.75%
0.14%
0.45%
0.80%
0.69%
5.25%
4.30%
11.08%
3.74%
Gold \u2013 pawn loans
154,242
\u2013
14,273
56,400
27,234
39,053
16,041
13
1,228
\u2013
ECL coverage
0.66%
N/A
0.01%
0.02%
0.01%
0.06%
0.27%
69.23%
N/A
n/a
Loans to customers
at amortised
cost, gross
33,501,013
5,939,431
8,476,788
9,556,802
2,917,960
1,758,920
3,047,286
494,477
403,385
905,964
As at 31 December 2023
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
6,965,986
785,473
1,235,492
1,618,714
297,635
370,658
1,454,192
531,632
133,244
538,946
ECL coverage
1.44%
0.66%
0.55%
0.42%
0.21%
2.63%
2.11%
4.45%
2.41%
2.54%
Residential mortgage
loans
4,557,525
105,607
1,097,126
1,997,629
613,407
533,097
175,455
9,783
5,224
20,197
ECL coverage
0.50%
2.22%
0.00%
0.24%
0.73%
0.78%
3.56%
1.23%
2.28%
2.09%
Micro and SME loans 4,073,022
241,068
885,575
1,131,643
358,909
314,671
981,784
82,058
26,254
51,060
ECL coverage
1.76%
6.03%
0.01%
0.57%
0.79%
1.23%
3.85%
3.02%
4.57%
4.75%
Consumer loans
4,699,969
2,266,702
815,573
919,577
330,004
257,059
87,651
8,396
4,722
10,285
ECL coverage
2.80%
5.16%
0.01%
0.38%
0.83%
1.10%
5.61%
3.85%
4.36%
1.62%
Gold \u2013 pawn loans
150,228
\u2013
4,362
49,324
93,706
1,083
790
941
\u2013
22
ECL coverage
0.93%
N/A
0.02%
0.06%
0.24%
16.25%
27.72%
76.09%
N/A
81.82%
Loans to customers
at amortised
cost, gross
20,446,730
3,398,850
4,038,128
5,716,887
1,693,661
1,476,568
2,699,872
632,810
169,444
620,510
As at 31 December 2022
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
5,302,011
701,020
1,037,528
900,866
158,713
245,750
1,243,415
340,917
70,694
603,108
ECL coverage
1.72%
2.82%
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
3,820,513
399,854
885,724
966,056
278,684
280,462
800,119
73,083
30,447
106,084
ECL coverage
1.66%
4.79%
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
17,082,336
3,015,349
3,542,721
4,478,620
1,280,936
1,144,730
2,358,432
427,040
105,002
729,506
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 ECLs. 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:
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2024 modification modification
Commercial loans
595,934
(1,292)
Residential mortgage loans
52,254
980
Micro and SME loans
228,178
(1,511)
Consumer loans
330,820
(4,880)
Loans to customers
1,207,186
(6,703)
Receivables from factoring
\u2013
\u2013
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
1,207,186
(6,703)
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2023 modification modification
Commercial loans
710,073
599
Residential mortgage loans
44,848
(131)
Micro and SME loans
168,593
(2,362)
Consumer loans
287,667
(12,791)
Loans to customers
1,211,181
(14,685)
Finance lease receivables
839
138
Total loans to customers, factoring and finance lease receivables
1,212,020
(14,547)
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2022 modification 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)
Loans to customers
1,174,038
(29,271)
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
1,174,038
(29,271)
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:
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2024 amount ECL
Commercial loans
49,381
(369)
Residential mortgage loans
53,534
(19)
Micro and SME loans
35,161
(169)
Consumer loans
10,132
(109)
Loans to customers
148,208
(666)
Receivables from factoring
\u2013
\u2013
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
148,208
(666)
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2023 amount ECL
Commercial loans
96,127
(255)
Residential mortgage loans
63,193
(51)
Micro and SME loans
39,912
(98)
Consumer loans
14,217
(49)
Loans to customers
213,449
(453)
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
213,449
(453)
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2022 amount 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, factoring and finance lease receivables
143,426
(461)
The geographical concentration of the Group\u2019s assets and liabilities is set out below:
2024
Other foreign
Georgia
Armenia
OECD
countries
Total
Assets
Cash and cash equivalents
1,026,987
874,811
1,221,114
630,271
3,753,183
Amounts due from credit institutions
2,424,248
813,763
7,423
33,031
3,278,465
Investment securities
3,675,246
832,241
3,835,143
626,091
8,968,721
Investment securities pledged under sale and repurchase
agreements and securities lending
\u2013
344,721
138,945
\u2013
483,666
Loans to customers, factoring and finance lease
receivables
23,534,771
9,194,547
25,638
803,918
33,558,874
Accounts receivables and other loans
7,643
\u2013
\u2013
1,168
8,811
All other assets
1,520,592
426,332
135,249
73,895
2,156,168
32,189,587
12,486,415
5,363,512
2,168,374
52,207,888
Liabilities
Client deposits and notes
19,073,711
6,858,108
1,505,925
5,764,266
33,202,010
Amounts owed to credit institutions
2,987,091
363,586
4,454,019
875,537
8,680,233
Debt securities issued
979,869
843,281
317,500
114,366
2,255,016
Lease liability
168,948
90,949
\u2013
14,538
274,435
All other liabilities
278,063
354,351
37,749
110,804
780,967
23,487,682
8,510,275
6,315,193
6,879,511
45,192,661
Net balance sheet position
8,701,905
3,976,140
(951,681)
(4,711,137)
7,015,227
2023
2022
Other Other
foreign foreign
Georgia
OECD
countries
Total
Georgia
OECD
countries
Total
Assets
Cash and cash equivalents
1,523,046
975,099
603,679
3,101,824
1,508,225
1,453,844
622,774
3,584,843
Amounts due from credit institutions
1,733,898
\u2013
18,759
1,752,657
2,358,551
54,175
20,302
2,433,028
Investment securities
2,368,874
2,332,754
428,129
5,129,757
1,798,172
2,436,465
115,092
4,349,729
Loans to customers, factoring and
finance lease receivables
19,532,803
\u2013
699,918
20,232,721
16,339,883
\u2013
521,823
16,861,706
All other assets
1,314,511
150,031
76,057
1,540,599
1,473,703
120,271
78,620
1,672,594
26,473,132
3,457,884
1,826,542
31,757,558
23,478,534
4,064,755
1,358,611
28,901,900
Liabilities
Client deposits and notes
14,880,493
1,138,532
4,503,714
20,522,739
13,017,449
966,722
4,277,226
18,261,397
Amounts owed to credit institutions
2,369,365
2,257,129
529,515
5,156,009
2,622,787
2,142,083
501,783
5,266,653
Debt securities issued
273,923
147,436
\u2013
421,359
312,053
333,915
\u2013
645,968
Lease liability
128,725
\u2013
13,209
141,934
101,402
\u2013
13,068
114,470
All other liabilities
396,104
87,254
12,323
495,681
275,030
81,893
7,667
364,590
18,048,610
3,630,351
5,058,761
26,737,722
16,328,721
3,524,613
4,799,744
24,653,078
Net balance sheet position
8,424,522
(172,467)
(3,232,219)
5,019,836
7,149,813
540,142
(3,441,133)
4,248,822
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-785": { "value": "10. Accounts receivable and other loans In 2016 the Group disbursed a loan to a client with the purpose to finance the purchase of an industrial asset from one of the Group\u2019s defaulted borrowers. As part of the overall financing package, the Group entered into a dual option agreement with the shareholders of the new borrower over the shares in the new borrower. A dispute arose 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 the respective receivable estimated at fair value in its consolidated financial statements. On 9 January 2023 the Group received part of the settlement in the amount of GEL 371,922. As for the outstanding receivable, it has been remeasured at fair value (since the final amount to be received is based in part on profitability of the industrial asset) and the Group recognised additional GEL 22,585 one-off income in its consolidated financial statements in 2023. The receivable was fully settled on 31 January 2024. The Group does not expect any material tax consequences from this settlement in the foreseeable future.", "dimensions": { "concept": "lionfinancegroupplc:Page260DisclosureOfAccountsReceivableAndOtherLoans", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-786": { "value": "
11. Right-of-use assets and lease liabilities
2024
2023
2022
Right-of-use assets
257,896
138,695
117,387
Lease liability
274,435
141,934
114,470
Administrative expenses include occupancy and rent expenses on lease contracts where the recognition exemptions have been applied:
2024
2023
2022
Short-term leases
(7,479)
(4,872)
(4,672)
Leases of low-value assets
(2,436)
(2,264)
(1,585)
(9,915)
(7,136)
(6,257)
Movements in
lease liabilities
Carrying amount at 1 January 2022
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
Cash payments for the principal portion of the lease liability
(32,151)
Change in accrued interest
(665)
Additions
64,120
Other movements*
(3,840)
Carrying amount at 31 December 2023
141,934
Cash payments for the principal portion of the lease liability
(50,271)
Change in accrued interest
8,269
Additions
75,391
Business combination
88,172
Other movements*
10,940
Carrying amount at 31 December 2024
274,435
* 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 Computers and
centres
equipment
Total
Cost
31 December 2023
223,543
1,774
225,317
Additions
73,950
690
74,640
Disposals
(16,454)
\u2013
(16,454)
Business combination
85,309
3,663
88,972
Currency translation differences
4,072
242
4,314
31 December 2024
370,420
6,369
376,789
Accumulated impairment
31 December 2023
\u2013
\u2013
\u2013
31 December 2024
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2023
85,523
1,099
86,622
Depreciation charge
44,499
1,056
45,555
Disposals
(13,648)
\u2013
(13,648)
Currency translation differences
298
66
364
31 December 2024
116,672
2,221
118,893
Net book value
31 December 2023
138,020
675
138,695
31 December 2024
253,748
4,148
257,896
Office buildings
and service Computers and
centres
equipment
Total
Cost
31 December 2022
181,227
2,333
183,560
Additions
64,385
\u2013
64,385
Disposals
(16,785)
\u2013
(16,785)
Currency translation differences
(5,284)
(559)
(5,843)
31 December 2023
223,543
1,774
225,317
Accumulated impairment
31 December 2022
\u2013
\u2013
\u2013
31 December 2023
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2022
65,073
1,100
66,173
Depreciation charge
32,601
315
32,916
Disposals
(11,100)
\u2013
(11,100)
Currency translation differences
(1,051)
(316)
(1,367)
31 December 2023
85,523
1,099
86,622
Net book value
31 December 2022
116,154
1,233
117,387
31 December 2023
138,020
675
138,695
Office buildings
and service Computers and
centres
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 impairment
31 December 2021
\u2013
\u2013
\u2013
31 December 2022
\u2013
\u2013
\u2013
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-878": { "value": "11. Right-of-use assets and lease liabilities
2024
2023
2022
Right-of-use assets
257,896
138,695
117,387
Lease liability
274,435
141,934
114,470
Administrative expenses include occupancy and rent expenses on lease contracts where the recognition exemptions have been applied:
2024
2023
2022
Short-term leases
(7,479)
(4,872)
(4,672)
Leases of low-value assets
(2,436)
(2,264)
(1,585)
(9,915)
(7,136)
(6,257)
Movements in
lease liabilities
Carrying amount at 1 January 2022
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
Cash payments for the principal portion of the lease liability
(32,151)
Change in accrued interest
(665)
Additions
64,120
Other movements*
(3,840)
Carrying amount at 31 December 2023
141,934
Cash payments for the principal portion of the lease liability
(50,271)
Change in accrued interest
8,269
Additions
75,391
Business combination
88,172
Other movements*
10,940
Carrying amount at 31 December 2024
274,435
* 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 Computers and
centres
equipment
Total
Cost
31 December 2023
223,543
1,774
225,317
Additions
73,950
690
74,640
Disposals
(16,454)
\u2013
(16,454)
Business combination
85,309
3,663
88,972
Currency translation differences
4,072
242
4,314
31 December 2024
370,420
6,369
376,789
Accumulated impairment
31 December 2023
\u2013
\u2013
\u2013
31 December 2024
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2023
85,523
1,099
86,622
Depreciation charge
44,499
1,056
45,555
Disposals
(13,648)
\u2013
(13,648)
Currency translation differences
298
66
364
31 December 2024
116,672
2,221
118,893
Net book value
31 December 2023
138,020
675
138,695
31 December 2024
253,748
4,148
257,896
Office buildings
and service Computers and
centres
equipment
Total
Cost
31 December 2022
181,227
2,333
183,560
Additions
64,385
\u2013
64,385
Disposals
(16,785)
\u2013
(16,785)
Currency translation differences
(5,284)
(559)
(5,843)
31 December 2023
223,543
1,774
225,317
Accumulated impairment
31 December 2022
\u2013
\u2013
\u2013
31 December 2023
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2022
65,073
1,100
66,173
Depreciation charge
32,601
315
32,916
Disposals
(11,100)
\u2013
(11,100)
Currency translation differences
(1,051)
(316)
(1,367)
31 December 2023
85,523
1,099
86,622
Net book value
31 December 2022
116,154
1,233
117,387
31 December 2023
138,020
675
138,695
Office buildings
and service Computers and
centres
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 impairment
31 December 2021
\u2013
\u2013
\u2013
31 December 2022
\u2013
\u2013
\u2013
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-864": { "value": "11. Right-of-use assets and lease liabilities
2024
2023
2022
Right-of-use assets
257,896
138,695
117,387
Lease liability
274,435
141,934
114,470
Administrative expenses include occupancy and rent expenses on lease contracts where the recognition exemptions have been applied:
2024
2023
2022
Short-term leases
(7,479)
(4,872)
(4,672)
Leases of low-value assets
(2,436)
(2,264)
(1,585)
(9,915)
(7,136)
(6,257)
Movements in
lease liabilities
Carrying amount at 1 January 2022
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
Cash payments for the principal portion of the lease liability
(32,151)
Change in accrued interest
(665)
Additions
64,120
Other movements*
(3,840)
Carrying amount at 31 December 2023
141,934
Cash payments for the principal portion of the lease liability
(50,271)
Change in accrued interest
8,269
Additions
75,391
Business combination
88,172
Other movements*
10,940
Carrying amount at 31 December 2024
274,435
* 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 Computers and
centres
equipment
Total
Cost
31 December 2023
223,543
1,774
225,317
Additions
73,950
690
74,640
Disposals
(16,454)
\u2013
(16,454)
Business combination
85,309
3,663
88,972
Currency translation differences
4,072
242
4,314
31 December 2024
370,420
6,369
376,789
Accumulated impairment
31 December 2023
\u2013
\u2013
\u2013
31 December 2024
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2023
85,523
1,099
86,622
Depreciation charge
44,499
1,056
45,555
Disposals
(13,648)
\u2013
(13,648)
Currency translation differences
298
66
364
31 December 2024
116,672
2,221
118,893
Net book value
31 December 2023
138,020
675
138,695
31 December 2024
253,748
4,148
257,896
Office buildings
and service Computers and
centres
equipment
Total
Cost
31 December 2022
181,227
2,333
183,560
Additions
64,385
\u2013
64,385
Disposals
(16,785)
\u2013
(16,785)
Currency translation differences
(5,284)
(559)
(5,843)
31 December 2023
223,543
1,774
225,317
Accumulated impairment
31 December 2022
\u2013
\u2013
\u2013
31 December 2023
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2022
65,073
1,100
66,173
Depreciation charge
32,601
315
32,916
Disposals
(11,100)
\u2013
(11,100)
Currency translation differences
(1,051)
(316)
(1,367)
31 December 2023
85,523
1,099
86,622
Net book value
31 December 2022
116,154
1,233
117,387
31 December 2023
138,020
675
138,695
Office buildings
and service Computers and
centres
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 impairment
31 December 2021
\u2013
\u2013
\u2013
31 December 2022
\u2013
\u2013
\u2013
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-836": { "value": "11. Right-of-use assets and lease liabilities
2024
2023
2022
Right-of-use assets
257,896
138,695
117,387
Lease liability
274,435
141,934
114,470
Administrative expenses include occupancy and rent expenses on lease contracts where the recognition exemptions have been applied:
2024
2023
2022
Short-term leases
(7,479)
(4,872)
(4,672)
Leases of low-value assets
(2,436)
(2,264)
(1,585)
(9,915)
(7,136)
(6,257)
Movements in
lease liabilities
Carrying amount at 1 January 2022
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
Cash payments for the principal portion of the lease liability
(32,151)
Change in accrued interest
(665)
Additions
64,120
Other movements*
(3,840)
Carrying amount at 31 December 2023
141,934
Cash payments for the principal portion of the lease liability
(50,271)
Change in accrued interest
8,269
Additions
75,391
Business combination
88,172
Other movements*
10,940
Carrying amount at 31 December 2024
274,435
* 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 Computers and
centres
equipment
Total
Cost
31 December 2023
223,543
1,774
225,317
Additions
73,950
690
74,640
Disposals
(16,454)
\u2013
(16,454)
Business combination
85,309
3,663
88,972
Currency translation differences
4,072
242
4,314
31 December 2024
370,420
6,369
376,789
Accumulated impairment
31 December 2023
\u2013
\u2013
\u2013
31 December 2024
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2023
85,523
1,099
86,622
Depreciation charge
44,499
1,056
45,555
Disposals
(13,648)
\u2013
(13,648)
Currency translation differences
298
66
364
31 December 2024
116,672
2,221
118,893
Net book value
31 December 2023
138,020
675
138,695
31 December 2024
253,748
4,148
257,896
Office buildings
and service Computers and
centres
equipment
Total
Cost
31 December 2022
181,227
2,333
183,560
Additions
64,385
\u2013
64,385
Disposals
(16,785)
\u2013
(16,785)
Currency translation differences
(5,284)
(559)
(5,843)
31 December 2023
223,543
1,774
225,317
Accumulated impairment
31 December 2022
\u2013
\u2013
\u2013
31 December 2023
\u2013
\u2013
\u2013
Accumulated depreciation
31 December 2022
65,073
1,100
66,173
Depreciation charge
32,601
315
32,916
Disposals
(11,100)
\u2013
(11,100)
Currency translation differences
(1,051)
(316)
(1,367)
31 December 2023
85,523
1,099
86,622
Net book value
31 December 2022
116,154
1,233
117,387
31 December 2023
138,020
675
138,695
Office buildings
and service Computers and
centres
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 impairment
31 December 2021
\u2013
\u2013
\u2013
31 December 2022
\u2013
\u2013
\u2013
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-788": { "value": "12. Foreclosed assets 2024 2023 2022 At 1 January 271,712 119,924 3,216 Additions 177,908 239,872 128,170 Disposals (67,730) (77,324) (8,063) Write-down (3,019) (2,114) (3,399) Reversal of write-down 16 \u2013 \u2013 Transfers to property and equipment (673) (3,516) \u2013 Transfers to investment property (5,359) (3,428) \u2013 Business combination 5,453 \u2013 \u2013 Currency translation differences 334 (1,702) \u2013 At 31 December 378,642 271,712 119,924 Majority of the Group\u2019s foreclosed assets consists of the real estate assets repossessed during recovery of defaulted loans. As at 31 December 2024, the carrying value of foreclosed assets subjected to the repurchase option was GEL 187,756 (2023: GEL 157,507, 2022: GEL 27,798).", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfForeclosedAssets", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-787": { "value": "
13. Property and equipment
The movements in property and equipment were as follows:
Office
buildings Furniture Computers Assets
and service and and Motor Leasehold under
centres fixtures equipment vehicles improvements
construction
Total
Cost
31 December 2023
258,050
216,174
296,805
12,076
35,654
8,036
826,795
Additions
7,574
29,530
43,069
6,033
889
31,010
118,105
Transfers
4,671
(1,225)
3,874
\u2013
14,535
(21,855)
\u2013
Transfers to investment properties
(9,669)
\u2013
\u2013
\u2013
\u2013
\u2013
(9,669)
Transfers to assets held for sale
927
\u2013
\u2013
\u2013
\u2013
\u2013
927
Transfers from foreclosed assets
673
\u2013
\u2013
\u2013
\u2013
\u2013
673
Transfers (to) from other assets
(954)
(1,953)
(9,846)
\u2013
\u2013
(2,016)
(14,769)
Disposals
(44)
(339)
(518)
(508)
(296)
\u2013
(1,705)
Write-offs
(1,342)
(36)
(1,312)
(120)
(2,392)
\u2013
(5,202)
Business Combination
\u2013
11,534
38,609
1,167
26,705
\u2013
78,015
Currency translation differences
1,692
487
1,928
71
941
29
5,148
31 December 2024
261,578
254,172
372,609
18,719
76,036
15,204
998,318
Accumulated impairment
31 December 2023
2,557
55
98
8
\u2013
\u2013
2,718
Impairment charge
(290)
(43)
(82)
(8)
\u2013
\u2013
(423)
31 December 2024
2,267
12
16
\u2013
\u2013
\u2013
2,295
Accumulated depreciation
31 December 2023
33,873
131,304
199,886
5,517
16,542
\u2013
387,122
Depreciation charge
5,126
14,468
42,508
2,583
10,252
\u2013
74,937
Transfers
\u2013
(970)
970
\u2013
\u2013
\u2013
\u2013
Transfers to investment properties
(2,037)
\u2013
\u2013
\u2013
\u2013
\u2013
(2,037)
Transfers to other assets
\u2013
(1,230)
(7,712)
\u2013
\u2013
\u2013
(8,942)
Disposals
(1)
(275)
(462)
(406)
(287)
\u2013
(1,431)
Write-offs
(276)
(160)
(2,066)
(99)
(2,053)
\u2013
(4,654)
Currency translation differences
639
45
195
12
40
\u2013
931
31 December 2024
37,324
143,182
233,319
7,607
24,494
\u2013
445,926
Net book value
31 December 2023
221,620
84,815
96,821
6,551
19,112
8,036
436,955
31 December 2024
221,987
110,978
139,274
11,112
51,542
15,204
550,097
Office
buildings Furniture Computers
and service and and Motor Leasehold Assets under
centres fixtures equipment vehicles improvements
construction
Total
Cost
31 December 2022
235,249
193,103
279,259
8,729
29,084
4,755
750,179
Additions
20,485
25,363
28,301
4,573
1,644
17,769
98,135
Transfers
2,557
\u2013
2,059
\u2013
8,507
(13,123)
\u2013
Transfers to investment properties
(641)
\u2013
\u2013
\u2013
\u2013
\u2013
(641)
Transfers to assets held for sale
(1,363)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,363)
Transfers from foreclosed Assets
3,516
\u2013
\u2013
\u2013
\u2013
\u2013
3,516
Transfers to other assets
934
(1,421)
(7,714)
(207)
(29)
(243)
(8,680)
Disposals
(26)
(273)
(3,070)
(660)
(222)
\u2013
(4,251)
Write-offs
\u2013
(208)
(73)
(284)
(2,979)
(1,088)
(4,632)
Business Combination
\u2013
62
171
66
51
\u2013
350
Currency translation differences
(2,661)
(452)
(2,128)
(141)
(402)
(34)
(5,818)
31 December 2023
258,050
216,174
296,805
12,076
35,654
8,036
826,795
Accumulated impairment
31 December 2022
2,557
36
98
8
\u2013
\u2013
2,699
Impairment charge
\u2013
19
\u2013
\u2013
\u2013
770
789
31 December 2023
2,557
55
98
8
\u2013
770
3,488
Accumulated depreciation
31 December 2022
31,325
121,415
177,260
4,615
14,010
\u2013
348,625
Depreciation charge
5,120
11,825
32,364
1,647
4,839
\u2013
55,795
Transfers to investment properties
(225)
(1)
\u2013
\u2013
\u2013
\u2013
(226)
Transfers to assets held for sale
(1,065)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,065)
Transfers to other assets
\u2013
(996)
(5,526)
(203)
\u2013
\u2013
(6,725)
Disposals
(10)
(199)
(2,465)
(443)
(217)
\u2013
(3,334)
Write-offs
\u2013
(542)
(812)
(85)
(1,967)
(770)
(4,176)
Business Combination
\u2013
13
31
15
42
\u2013
101
Currency translation differences
(1,272)
(211)
(966)
(29)
(165)
\u2013
(2,643)
31 December 2023
33,873
131,304
199,886
5,517
16,542
(770)
386,352
Net book value
31 December 2022
201,367
71,652
101,901
4,106
15,074
4,755
398,855
31 December 2023
221,620
84,815
96,821
6,551
19,112
8,036
436,955
Office
buildings Furniture Computers
and service and and Motor Leasehold Assets under
centres fixtures equipment vehicles improvements
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-789": { "value": "
14. Intangible assets
The movements in intangible assets were as follows:
Brand name
and customer
relations
recognised
Software at business
and licence
combination
Other
Total
Cost
31 December 2023
291,341
\u2013
27,480
318,821
Additions
107,407
\u2013
196
107,603
Disposals
(6,405)
\u2013
\u2013
(6,405)
Write-offs
(2,948)
\u2013
\u2013
(2,948)
Business combination
43,327
52,534
32
95,893
Currency translation differences
3,202
1,911
(447)
4,666
31 December 2024
435,924
54,445
27,261
517,630
Accumulated impairment
31 December 2023
4,559
\u2013
\u2013
4,559
31 December 2024
4,559
\u2013
\u2013
4,559
Accumulated amortisation
31 December 2023
140,258
\u2013
6,142
146,400
Amortisation charge
48,529
3,892
224
52,645
Disposals
(6,237)
\u2013
\u2013
(6,237)
Write-offs
(2,367)
\u2013
(1)
(2,368)
Currency translation differences
327
28
26
381
31 December 2024
180,510
3,920
6,391
190,821
Net book value
31 December 2023
146,524
\u2013
21,338
167,862
31 December 2024
250,855
50,525
20,870
322,250
Software
and licence
Other
Total
Cost
31 December 2022
247,943
27,449
275,392
Additions
56,537
31
56,568
Disposals
(8,321)
\u2013
(8,321)
Write-offs
(1,258)
\u2013
(1,258)
Currency translation differences
(3,560)
\u2013
(3,560)
31 December 2023
291,341
27,480
318,821
Accumulated impairment
31 December 2022
2,358
\u2013
2,358
Impairment charge
2,201
\u2013
2,201
31 December 2023
4,559
\u2013
4,559
Accumulated amortisation
31 December 2022
117,629
5,964
123,593
Amortisation charge
32,844
178
33,022
Disposals
(7,815)
\u2013
(7,815)
Write-offs
(1,261)
\u2013
(1,261)
Currency translation differences
(1,139)
\u2013
(1,139)
31 December 2023
140,258
6,142
146,400
Net book value
31 December 2022
127,956
21,485
149,441
31 December 2023
146,524
21,338
167,862
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
27,449
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-837": { "value": "14. Intangible assets The movements in intangible assets were as follows:
Brand name
and customer
relations
recognised
Software at business
and licence
combination
Other
Total
Cost
31 December 2023
291,341
\u2013
27,480
318,821
Additions
107,407
\u2013
196
107,603
Disposals
(6,405)
\u2013
\u2013
(6,405)
Write-offs
(2,948)
\u2013
\u2013
(2,948)
Business combination
43,327
52,534
32
95,893
Currency translation differences
3,202
1,911
(447)
4,666
31 December 2024
435,924
54,445
27,261
517,630
Accumulated impairment
31 December 2023
4,559
\u2013
\u2013
4,559
31 December 2024
4,559
\u2013
\u2013
4,559
Accumulated amortisation
31 December 2023
140,258
\u2013
6,142
146,400
Amortisation charge
48,529
3,892
224
52,645
Disposals
(6,237)
\u2013
\u2013
(6,237)
Write-offs
(2,367)
\u2013
(1)
(2,368)
Currency translation differences
327
28
26
381
31 December 2024
180,510
3,920
6,391
190,821
Net book value
31 December 2023
146,524
\u2013
21,338
167,862
31 December 2024
250,855
50,525
20,870
322,250
Software
and licence
Other
Total
Cost
31 December 2022
247,943
27,449
275,392
Additions
56,537
31
56,568
Disposals
(8,321)
\u2013
(8,321)
Write-offs
(1,258)
\u2013
(1,258)
Currency translation differences
(3,560)
\u2013
(3,560)
31 December 2023
291,341
27,480
318,821
Accumulated impairment
31 December 2022
2,358
\u2013
2,358
Impairment charge
2,201
\u2013
2,201
31 December 2023
4,559
\u2013
4,559
Accumulated amortisation
31 December 2022
117,629
5,964
123,593
Amortisation charge
32,844
178
33,022
Disposals
(7,815)
\u2013
(7,815)
Write-offs
(1,261)
\u2013
(1,261)
Currency translation differences
(1,139)
\u2013
(1,139)
31 December 2023
140,258
6,142
146,400
Net book value
31 December 2022
127,956
21,485
149,441
31 December 2023
146,524
21,338
167,862
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
27,449
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
16. Goodwill Movements in goodwill were as follows:
2024
2023
2022
Cost
1 January
65,647
57,745
57,745
Business combination
\u2013
7,902
\u2013
At 31 December
65,647
65,647
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
41,253
33,351
33,351
Business combination
\u2013
7,902
\u2013
At 31 December
41,253
41,253
33,351
Impairment test for goodwill Goodwill acquired through business combinations with indefinite lives have been allocated to the following CGUs, for impairment testing: Corporate Banking, Retail Banking in the Georgian Financial Services Business Division, and other in Other Business. The carrying amount of goodwill allocated to each of the CGUs is as follows:
2024
2023
2022
Retail Banking
23,386
23,386
23,386
Corporate Banking
9,965
9,965
9,965
Other
7,902
7,902
\u2013
Total
41,253
41,253
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, Retail Banking and other CGUs:
Corporate Banking
Retail Banking
Other
2024
2023
2022
2024
2023
2022
2024
2023
2022
Discount rate
6.8%
5.3%
4.3%
6.2%
6.6%
8.4%
30.0%
30.0%
N/A
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. 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 2024. Possible change was taken as +/-3% in discount rate and growth rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-790": { "value": "
15. Investment properties
2024
2023
2022
At 1 January
124,068
166,546
226,849
Additions
\u2013
4,882
5,871
Disposals
(20,246)
(38,175)
(54,713)
Net gains from revaluation of investment property
19,053
756
7,421
Transfers to assets held for sale
(2,069)
(10,756)
(16,955)
Transfers from/(to) property and equipment
7,632
415
(924)
Transfers from foreclosed assets
5,359
3,428
\u2013
Transfers to other assets \u2013 inventories
(14)
\u2013
\u2013
Currency translation differences
555
(3,028)
(1,003)
At 31 December
134,338
124,068
166,546
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 2024, the fair values of the properties
are based on valuations performed by accredited independent valuers. Refer to note 32 for details on fair value measurements of
investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-791": { "value": "
16. Goodwill
Movements in goodwill were as follows:
2024
2023
2022
Cost
1 January
65,647
57,745
57,745
Business combination
\u2013
7,902
\u2013
At 31 December
65,647
65,647
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
41,253
33,351
33,351
Business combination
\u2013
7,902
\u2013
At 31 December
41,253
41,253
33,351
Impairment test for goodwill
Goodwill acquired through business combinations with indefinite lives have been allocated to the following CGUs, for impairment
testing: Corporate Banking, Retail Banking in the Georgian Financial Services Business Division, and other in Other Business.
The carrying amount of goodwill allocated to each of the CGUs is as follows:
2024
2023
2022
Retail Banking
23,386
23,386
23,386
Corporate Banking
9,965
9,965
9,965
Other
7,902
7,902
\u2013
Total
41,253
41,253
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, Retail Banking and other CGUs:
Corporate Banking
Retail Banking
Other
2024
2023
2022
2024
2023
2022
2024
2023
2022
Discount rate
6.8%
5.3%
4.3%
6.2%
6.6%
8.4%
30.0%
30.0%
N/A
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.
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 2024. Possible change was taken as +/-3% in discount rate and growth rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-792": { "value": "
17. Taxation
The corporate income tax expense in the income statement comprises:
2024
2023
2022
Current income benefit/(expense)
(379,632)
(324,452)
(137,430)
Deferred income tax benefit/(expense)
16,836
65,481
(53,221)
Income tax expense
(362,796)
(258,971)
(190,651)
2024
2023
2022
Net losses on investment securities
(345)
\u2013
\u2013
Income tax expense in other comprehensive income
(345)
\u2013
\u2013
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% (2023: from 15% to 25%, 2022: from 15% to 25%).
On 16 December 2022, an amendment to the Georgian corporate tax code was passed into law abolishing the expected transition to
taxation on distributed earnings from 1 January 2023. According to the amendment, which became effective from 1 January 2023,
existing taxation rules for financial institutions, including banks, are to be maintained. At the same time, the existing corporate tax
rate for banks 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 were defined as per IFRS, instead of local NBG regulations. Transition differences in ECLs
and interest income were taxed one-off at 15% and 20% 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 were
remeasured, in line with the updated legislation. The change resulted in a material one-off deferred tax charge as previously the
Group 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 2024, 31 December 2023 and
31 December 2022, a reconciliation of the income tax expense based on statutory rates with the actual expense is as follows:
2024
2023
2022
Profit before income tax expense
2,847,991
1,656,298
1,634,650
Average tax rate
20%
20%
15%
Theoretical income tax expense at average tax rate
(569,598)
(331,260)
(245,198)
Non-taxable income
208,617
76,934
115,636
Non-deductible expenses
(15,168)
(4,520)
(3,229)
Correction of prior year declarations
910
(2,342)
(2,846)
Tax at the domestic rates applicable to profits in each country
7,086
(1,007)
(1,991)
Effects from changes in tax legislation
\u2013
110
(53,074)
Tax deductible expenses
7,013
7,030
\u2013
Other
(1,656)
(3,916)
51
Income tax expense
(362,796)
(258,971)
(190,651)
Applicable taxes in Georgia, Armenia 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, Armenia 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 2024, 31 December 2023 and 31 December 2022, income tax assets and liabilities consist of the following:
2024
2023
2022
Current income tax assets
47,794
2,056
224
Deferred income tax assets
320
464
640
Income tax assets
48,114
2,520
864
Current income tax liabilities
67,342
185,440
20,258
Deferred income tax liabilities
21,089
13,618
79,275
Income tax liabilities
88,431
199,058
99,533
Deferred tax assets and liabilities as at 31 December 2024, 31 December 2023 and 31 December 2022, and their movements for the
respective years, are as follows:
Origination and Origination and
reversal of reversal of Origination and reversal
temporary differences temporary differences of temporary differences
In the In the In the In other
income income Business income comprehensive Currency
2021
statement
2022
statement 2023 combination statement income translation
2024
Tax effect of deductible
temporary differences:
Amounts due to credit
institutions
\u2013
193
193
(30)
163
\u2013
(72)
\u2013
\u2013
91
Investment securities
\u2013
294
294
(489)
(195)
\u2013
210
\u2013
\u2013
15
Investment securities
pledged under sale and
repurchase agreements
and securities lending
\u2013
\u2013
\u2013
\u2013
\u2013
48
743
(604)
3
190
Investment properties
167
1,954
2,121
(2,121)
\u2013
\u2013
328
\u2013
\u2013
328
Property and equipment
2,414
(182)
2,232
(1,072)
1,160
(2,313)
1,696
\u2013
(73)
470
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
114
\u2013
\u2013
114
Assets held for sale
\u2013
465
465
(127)
338
\u2013
73
\u2013
\u2013
411
Lease liability
3,770
19,389
23,159
5,012
28,171
15,871
7,955
\u2013
573
52,570
Accruals and deferred
income
19,744
18,388
38,132
5,393
43,525
\u2013
3,173
\u2013
\u2013
46,698
Other assets and
liabilities
435
3,845
4,280
1,439
5,719
9,170
23,724
\u2013
517
39,130
Deferred tax assets
26,530
44,346
70,876
8,005
78,881
22,776
37,944
(604)
1,020
140,017
Tax effect of taxable
temporary differences:
Amounts due to credit
institutions
2,287
1,660
3,947
(651)
3,296
2,829
684
\u2013
99
6,908
Debt securities issued
692
1,259
1,951
(414)
1,537
\u2013
1,062
\u2013
\u2013
2,599
Investment securities
\u2013
\u2013
\u2013
\u2013
\u2013
161
88
(259)
10
\u2013
Loans to customers,
factoring and finance
lease receivables
29,874
30,697
60,571
(57,006)
3,565
18,818
7,820
\u2013
718
30,921
Client deposits and notes
\u2013
\u2013
\u2013
104
104
\u2013
(77)
\u2013
\u2013
27
Property and equipment
5,900
37,342
43,242
4,309
47,551
\u2013
3,509
\u2013
\u2013
51,060
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
8,383
(1,071)
\u2013
295
7,607
Right-of-use assets
3,216
20,606
23,822
3,719
27,541
16,015
4,444
\u2013
574
48,574
Investment properties
965
7,822
8,787
(1,277)
7,510
\u2013
3,144
\u2013
\u2013
10,654
Assets held for sale
485
(485)
\u2013
\u2013
\u2013
\u2013
162
\u2013
\u2013
162
Accruals and deferred
income
113
(113)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other assets and
liabilities
8,412
(1,221)
7,191
(6,260)
931
\u2013
1,343
\u2013
\u2013
2,274
Deferred tax liabilities
51,944
97,567
149,511
(57,476)
92,035
46,206
21,108
(259)
1,696
160,786
Net deferred tax
liabilities
(25,414)
(53,221)
(78,635)
65,481
(13,154)
(23,430)
16,836
(345)
(676)
(20,769)
The Group has not recognised a deferred tax liability for its receivable under settlement discussed in note 10, as the receivable is
originated in a subsidiary subject to income tax only on distributed profits and the Group does not expect to use these proceeds
for distribution.
No deferred tax liability was recognised on a gain on bargain purchase arising from the business combination as the Group does not
intend to either sell Ameriabank or distribute dividends from profits accumulated prior to business combination.
18. Other assets, pr epayments and other liabilities
Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit.
Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and
presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature
of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in
Transit\u2019 note line. Prior period balances were not reclassified due to immateriality.
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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial
instruments (2023: GEL 59,662, 2022: GEL 277,513).
Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-896": { "value": "17. Taxation The corporate income tax expense in the income statement comprises:
2024
2023
2022
Current income benefit/(expense)
(379,632)
(324,452)
(137,430)
Deferred income tax benefit/(expense)
16,836
65,481
(53,221)
Income tax expense
(362,796)
(258,971)
(190,651)
2024
2023
2022
Net losses on investment securities
(345)
\u2013
\u2013
Income tax expense in other comprehensive income
(345)
\u2013
\u2013
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% (2023: from 15% to 25%, 2022: from 15% to 25%). On 16 December 2022, an amendment to the Georgian corporate tax code was passed into law abolishing the expected transition to taxation on distributed earnings from 1 January 2023. According to the amendment, which became effective from 1 January 2023, existing taxation rules for financial institutions, including banks, are to be maintained. At the same time, the existing corporate tax rate for banks 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 were defined as per IFRS, instead of local NBG regulations. Transition differences in ECLs and interest income were taxed one-off at 15% and 20% 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 were remeasured, in line with the updated legislation. The change resulted in a material one-off deferred tax charge as previously the Group 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 2024, 31 December 2023 and 31 December 2022, a reconciliation of the income tax expense based on statutory rates with the actual expense is as follows:
2024
2023
2022
Profit before income tax expense
2,847,991
1,656,298
1,634,650
Average tax rate
20%
20%
15%
Theoretical income tax expense at average tax rate
(569,598)
(331,260)
(245,198)
Non-taxable income
208,617
76,934
115,636
Non-deductible expenses
(15,168)
(4,520)
(3,229)
Correction of prior year declarations
910
(2,342)
(2,846)
Tax at the domestic rates applicable to profits in each country
7,086
(1,007)
(1,991)
Effects from changes in tax legislation
\u2013
110
(53,074)
Tax deductible expenses
7,013
7,030
\u2013
Other
(1,656)
(3,916)
51
Income tax expense
(362,796)
(258,971)
(190,651)
Applicable taxes in Georgia, Armenia 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, Armenia 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 2024, 31 December 2023 and 31 December 2022, income tax assets and liabilities consist of the following:
2024
2023
2022
Current income tax assets
47,794
2,056
224
Deferred income tax assets
320
464
640
Income tax assets
48,114
2,520
864
Current income tax liabilities
67,342
185,440
20,258
Deferred income tax liabilities
21,089
13,618
79,275
Income tax liabilities
88,431
199,058
99,533
Deferred tax assets and liabilities as at 31 December 2024, 31 December 2023 and 31 December 2022, and their movements for the respective years, are as follows:
Origination and Origination and
reversal of reversal of Origination and reversal
temporary differences temporary differences of temporary differences
In the In the In the In other
income income Business income comprehensive Currency
2021
statement
2022
statement 2023 combination statement income translation
2024
Tax effect of deductible
temporary differences:
Amounts due to credit
institutions
\u2013
193
193
(30)
163
\u2013
(72)
\u2013
\u2013
91
Investment securities
\u2013
294
294
(489)
(195)
\u2013
210
\u2013
\u2013
15
Investment securities
pledged under sale and
repurchase agreements
and securities lending
\u2013
\u2013
\u2013
\u2013
\u2013
48
743
(604)
3
190
Investment properties
167
1,954
2,121
(2,121)
\u2013
\u2013
328
\u2013
\u2013
328
Property and equipment
2,414
(182)
2,232
(1,072)
1,160
(2,313)
1,696
\u2013
(73)
470
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
114
\u2013
\u2013
114
Assets held for sale
\u2013
465
465
(127)
338
\u2013
73
\u2013
\u2013
411
Lease liability
3,770
19,389
23,159
5,012
28,171
15,871
7,955
\u2013
573
52,570
Accruals and deferred
income
19,744
18,388
38,132
5,393
43,525
\u2013
3,173
\u2013
\u2013
46,698
Other assets and
liabilities
435
3,845
4,280
1,439
5,719
9,170
23,724
\u2013
517
39,130
Deferred tax assets
26,530
44,346
70,876
8,005
78,881
22,776
37,944
(604)
1,020
140,017
Tax effect of taxable
temporary differences:
Amounts due to credit
institutions
2,287
1,660
3,947
(651)
3,296
2,829
684
\u2013
99
6,908
Debt securities issued
692
1,259
1,951
(414)
1,537
\u2013
1,062
\u2013
\u2013
2,599
Investment securities
\u2013
\u2013
\u2013
\u2013
\u2013
161
88
(259)
10
\u2013
Loans to customers,
factoring and finance
lease receivables
29,874
30,697
60,571
(57,006)
3,565
18,818
7,820
\u2013
718
30,921
Client deposits and notes
\u2013
\u2013
\u2013
104
104
\u2013
(77)
\u2013
\u2013
27
Property and equipment
5,900
37,342
43,242
4,309
47,551
\u2013
3,509
\u2013
\u2013
51,060
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
8,383
(1,071)
\u2013
295
7,607
Right-of-use assets
3,216
20,606
23,822
3,719
27,541
16,015
4,444
\u2013
574
48,574
Investment properties
965
7,822
8,787
(1,277)
7,510
\u2013
3,144
\u2013
\u2013
10,654
Assets held for sale
485
(485)
\u2013
\u2013
\u2013
\u2013
162
\u2013
\u2013
162
Accruals and deferred
income
113
(113)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other assets and
liabilities
8,412
(1,221)
7,191
(6,260)
931
\u2013
1,343
\u2013
\u2013
2,274
Deferred tax liabilities
51,944
97,567
149,511
(57,476)
92,035
46,206
21,108
(259)
1,696
160,786
Net deferred tax
liabilities
(25,414)
(53,221)
(78,635)
65,481
(13,154)
(23,430)
16,836
(345)
(676)
(20,769)
The Group has not recognised a deferred tax liability for its receivable under settlement discussed in note 10, as the receivable is originated in a subsidiary subject to income tax only on distributed profits and the Group does not expect to use these proceeds for distribution. No deferred tax liability was recognised on a gain on bargain purchase arising from the business combination as the Group does not intend to either sell Ameriabank or distribute dividends from profits accumulated prior to business combination. epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-838": { "value": "17. Taxation The corporate income tax expense in the income statement comprises:
2024
2023
2022
Current income benefit/(expense)
(379,632)
(324,452)
(137,430)
Deferred income tax benefit/(expense)
16,836
65,481
(53,221)
Income tax expense
(362,796)
(258,971)
(190,651)
2024
2023
2022
Net losses on investment securities
(345)
\u2013
\u2013
Income tax expense in other comprehensive income
(345)
\u2013
\u2013
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% (2023: from 15% to 25%, 2022: from 15% to 25%). On 16 December 2022, an amendment to the Georgian corporate tax code was passed into law abolishing the expected transition to taxation on distributed earnings from 1 January 2023. According to the amendment, which became effective from 1 January 2023, existing taxation rules for financial institutions, including banks, are to be maintained. At the same time, the existing corporate tax rate for banks 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 were defined as per IFRS, instead of local NBG regulations. Transition differences in ECLs and interest income were taxed one-off at 15% and 20% 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 were remeasured, in line with the updated legislation. The change resulted in a material one-off deferred tax charge as previously the Group 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 2024, 31 December 2023 and 31 December 2022, a reconciliation of the income tax expense based on statutory rates with the actual expense is as follows:
2024
2023
2022
Profit before income tax expense
2,847,991
1,656,298
1,634,650
Average tax rate
20%
20%
15%
Theoretical income tax expense at average tax rate
(569,598)
(331,260)
(245,198)
Non-taxable income
208,617
76,934
115,636
Non-deductible expenses
(15,168)
(4,520)
(3,229)
Correction of prior year declarations
910
(2,342)
(2,846)
Tax at the domestic rates applicable to profits in each country
7,086
(1,007)
(1,991)
Effects from changes in tax legislation
\u2013
110
(53,074)
Tax deductible expenses
7,013
7,030
\u2013
Other
(1,656)
(3,916)
51
Income tax expense
(362,796)
(258,971)
(190,651)
Applicable taxes in Georgia, Armenia 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, Armenia 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 2024, 31 December 2023 and 31 December 2022, income tax assets and liabilities consist of the following:
2024
2023
2022
Current income tax assets
47,794
2,056
224
Deferred income tax assets
320
464
640
Income tax assets
48,114
2,520
864
Current income tax liabilities
67,342
185,440
20,258
Deferred income tax liabilities
21,089
13,618
79,275
Income tax liabilities
88,431
199,058
99,533
Deferred tax assets and liabilities as at 31 December 2024, 31 December 2023 and 31 December 2022, and their movements for the respective years, are as follows:
Origination and Origination and
reversal of reversal of Origination and reversal
temporary differences temporary differences of temporary differences
In the In the In the In other
income income Business income comprehensive Currency
2021
statement
2022
statement 2023 combination statement income translation
2024
Tax effect of deductible
temporary differences:
Amounts due to credit
institutions
\u2013
193
193
(30)
163
\u2013
(72)
\u2013
\u2013
91
Investment securities
\u2013
294
294
(489)
(195)
\u2013
210
\u2013
\u2013
15
Investment securities
pledged under sale and
repurchase agreements
and securities lending
\u2013
\u2013
\u2013
\u2013
\u2013
48
743
(604)
3
190
Investment properties
167
1,954
2,121
(2,121)
\u2013
\u2013
328
\u2013
\u2013
328
Property and equipment
2,414
(182)
2,232
(1,072)
1,160
(2,313)
1,696
\u2013
(73)
470
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
114
\u2013
\u2013
114
Assets held for sale
\u2013
465
465
(127)
338
\u2013
73
\u2013
\u2013
411
Lease liability
3,770
19,389
23,159
5,012
28,171
15,871
7,955
\u2013
573
52,570
Accruals and deferred
income
19,744
18,388
38,132
5,393
43,525
\u2013
3,173
\u2013
\u2013
46,698
Other assets and
liabilities
435
3,845
4,280
1,439
5,719
9,170
23,724
\u2013
517
39,130
Deferred tax assets
26,530
44,346
70,876
8,005
78,881
22,776
37,944
(604)
1,020
140,017
Tax effect of taxable
temporary differences:
Amounts due to credit
institutions
2,287
1,660
3,947
(651)
3,296
2,829
684
\u2013
99
6,908
Debt securities issued
692
1,259
1,951
(414)
1,537
\u2013
1,062
\u2013
\u2013
2,599
Investment securities
\u2013
\u2013
\u2013
\u2013
\u2013
161
88
(259)
10
\u2013
Loans to customers,
factoring and finance
lease receivables
29,874
30,697
60,571
(57,006)
3,565
18,818
7,820
\u2013
718
30,921
Client deposits and notes
\u2013
\u2013
\u2013
104
104
\u2013
(77)
\u2013
\u2013
27
Property and equipment
5,900
37,342
43,242
4,309
47,551
\u2013
3,509
\u2013
\u2013
51,060
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
8,383
(1,071)
\u2013
295
7,607
Right-of-use assets
3,216
20,606
23,822
3,719
27,541
16,015
4,444
\u2013
574
48,574
Investment properties
965
7,822
8,787
(1,277)
7,510
\u2013
3,144
\u2013
\u2013
10,654
Assets held for sale
485
(485)
\u2013
\u2013
\u2013
\u2013
162
\u2013
\u2013
162
Accruals and deferred
income
113
(113)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other assets and
liabilities
8,412
(1,221)
7,191
(6,260)
931
\u2013
1,343
\u2013
\u2013
2,274
Deferred tax liabilities
51,944
97,567
149,511
(57,476)
92,035
46,206
21,108
(259)
1,696
160,786
Net deferred tax
liabilities
(25,414)
(53,221)
(78,635)
65,481
(13,154)
(23,430)
16,836
(345)
(676)
(20,769)
The Group has not recognised a deferred tax liability for its receivable under settlement discussed in note 10, as the receivable is originated in a subsidiary subject to income tax only on distributed profits and the Group does not expect to use these proceeds for distribution. No deferred tax liability was recognised on a gain on bargain purchase arising from the business combination as the Group does not intend to either sell Ameriabank or distribute dividends from profits accumulated prior to business combination. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-865": { "value": "17. Taxation The corporate income tax expense in the income statement comprises:
2024
2023
2022
Current income benefit/(expense)
(379,632)
(324,452)
(137,430)
Deferred income tax benefit/(expense)
16,836
65,481
(53,221)
Income tax expense
(362,796)
(258,971)
(190,651)
2024
2023
2022
Net losses on investment securities
(345)
\u2013
\u2013
Income tax expense in other comprehensive income
(345)
\u2013
\u2013
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% (2023: from 15% to 25%, 2022: from 15% to 25%). On 16 December 2022, an amendment to the Georgian corporate tax code was passed into law abolishing the expected transition to taxation on distributed earnings from 1 January 2023. According to the amendment, which became effective from 1 January 2023, existing taxation rules for financial institutions, including banks, are to be maintained. At the same time, the existing corporate tax rate for banks 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 were defined as per IFRS, instead of local NBG regulations. Transition differences in ECLs and interest income were taxed one-off at 15% and 20% 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 were remeasured, in line with the updated legislation. The change resulted in a material one-off deferred tax charge as previously the Group 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 2024, 31 December 2023 and 31 December 2022, a reconciliation of the income tax expense based on statutory rates with the actual expense is as follows:
2024
2023
2022
Profit before income tax expense
2,847,991
1,656,298
1,634,650
Average tax rate
20%
20%
15%
Theoretical income tax expense at average tax rate
(569,598)
(331,260)
(245,198)
Non-taxable income
208,617
76,934
115,636
Non-deductible expenses
(15,168)
(4,520)
(3,229)
Correction of prior year declarations
910
(2,342)
(2,846)
Tax at the domestic rates applicable to profits in each country
7,086
(1,007)
(1,991)
Effects from changes in tax legislation
\u2013
110
(53,074)
Tax deductible expenses
7,013
7,030
\u2013
Other
(1,656)
(3,916)
51
Income tax expense
(362,796)
(258,971)
(190,651)
Applicable taxes in Georgia, Armenia 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, Armenia 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 2024, 31 December 2023 and 31 December 2022, income tax assets and liabilities consist of the following:
2024
2023
2022
Current income tax assets
47,794
2,056
224
Deferred income tax assets
320
464
640
Income tax assets
48,114
2,520
864
Current income tax liabilities
67,342
185,440
20,258
Deferred income tax liabilities
21,089
13,618
79,275
Income tax liabilities
88,431
199,058
99,533
Deferred tax assets and liabilities as at 31 December 2024, 31 December 2023 and 31 December 2022, and their movements for the respective years, are as follows:
Origination and Origination and
reversal of reversal of Origination and reversal
temporary differences temporary differences of temporary differences
In the In the In the In other
income income Business income comprehensive Currency
2021
statement
2022
statement 2023 combination statement income translation
2024
Tax effect of deductible
temporary differences:
Amounts due to credit
institutions
\u2013
193
193
(30)
163
\u2013
(72)
\u2013
\u2013
91
Investment securities
\u2013
294
294
(489)
(195)
\u2013
210
\u2013
\u2013
15
Investment securities
pledged under sale and
repurchase agreements
and securities lending
\u2013
\u2013
\u2013
\u2013
\u2013
48
743
(604)
3
190
Investment properties
167
1,954
2,121
(2,121)
\u2013
\u2013
328
\u2013
\u2013
328
Property and equipment
2,414
(182)
2,232
(1,072)
1,160
(2,313)
1,696
\u2013
(73)
470
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
114
\u2013
\u2013
114
Assets held for sale
\u2013
465
465
(127)
338
\u2013
73
\u2013
\u2013
411
Lease liability
3,770
19,389
23,159
5,012
28,171
15,871
7,955
\u2013
573
52,570
Accruals and deferred
income
19,744
18,388
38,132
5,393
43,525
\u2013
3,173
\u2013
\u2013
46,698
Other assets and
liabilities
435
3,845
4,280
1,439
5,719
9,170
23,724
\u2013
517
39,130
Deferred tax assets
26,530
44,346
70,876
8,005
78,881
22,776
37,944
(604)
1,020
140,017
Tax effect of taxable
temporary differences:
Amounts due to credit
institutions
2,287
1,660
3,947
(651)
3,296
2,829
684
\u2013
99
6,908
Debt securities issued
692
1,259
1,951
(414)
1,537
\u2013
1,062
\u2013
\u2013
2,599
Investment securities
\u2013
\u2013
\u2013
\u2013
\u2013
161
88
(259)
10
\u2013
Loans to customers,
factoring and finance
lease receivables
29,874
30,697
60,571
(57,006)
3,565
18,818
7,820
\u2013
718
30,921
Client deposits and notes
\u2013
\u2013
\u2013
104
104
\u2013
(77)
\u2013
\u2013
27
Property and equipment
5,900
37,342
43,242
4,309
47,551
\u2013
3,509
\u2013
\u2013
51,060
Intangible assets
\u2013
\u2013
\u2013
\u2013
\u2013
8,383
(1,071)
\u2013
295
7,607
Right-of-use assets
3,216
20,606
23,822
3,719
27,541
16,015
4,444
\u2013
574
48,574
Investment properties
965
7,822
8,787
(1,277)
7,510
\u2013
3,144
\u2013
\u2013
10,654
Assets held for sale
485
(485)
\u2013
\u2013
\u2013
\u2013
162
\u2013
\u2013
162
Accruals and deferred
income
113
(113)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other assets and
liabilities
8,412
(1,221)
7,191
(6,260)
931
\u2013
1,343
\u2013
\u2013
2,274
Deferred tax liabilities
51,944
97,567
149,511
(57,476)
92,035
46,206
21,108
(259)
1,696
160,786
Net deferred tax
liabilities
(25,414)
(53,221)
(78,635)
65,481
(13,154)
(23,430)
16,836
(345)
(676)
(20,769)
The Group has not recognised a deferred tax liability for its receivable under settlement discussed in note 10, as the receivable is originated in a subsidiary subject to income tax only on distributed profits and the Group does not expect to use these proceeds for distribution. No deferred tax liability was recognised on a gain on bargain purchase arising from the business combination as the Group does not intend to either sell Ameriabank or distribute dividends from profits accumulated prior to business combination. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-898": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
22. Accruals and deferred income Accruals and deferred income comprise:
2024
2023
2022
Accruals for employee compensation
271,184
65,870
53,603
Deferred income
65,021
60,167
50,451
Other accruals
2,529
3,318
2,312
Total accruals and deferred income
338,734
129,355
106,366
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-897": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-895": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-894": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-892": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-888": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-879": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-866": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-839": { "value": "18. Other assets, pr epayments and other liabilities Other assets comprise:
2024
2023
2022
Receivables from remittance operations
152,188
138,833
86,742
Inventories
26,876
20,969
17,096
Derivative financial assets
25,000
10,942
39,270
Investments in associates
11,245
10,699
11,606
Other receivables
43,794
15,932
17,365
Derivatives margin
11,199
12,129
21,053
Operating tax assets
5,094
7,725
4,809
Assets purchased for finance lease purposes
1,441
2,019
2,140
Precious metals
222
\u2013
\u2013
Other
52,758
41,293
32,202
Other assets, gross
329,817
260,541
232,283
Less \u2013 Allowance for impairment of other assets
(15,197)
(15,469)
(17,225)
Other assets, net
314,620
245,072
215,058
Other receivables mainly include operating lease receivables and receivables from guarantees and letters of credit. Other liabilities comprise:
2024
2023
2022
Redemption liability for put option (note 3)
91,927
\u2013
\u2013
Payables for remittance operations
84,446
59,079
24,671
Creditors
52,378
34,038
29,562
Other taxes payable
32,501
4,244
6,504
Transfers in transit
31,991
\u2013
\u2013
Derivative financial liabilities
9,083
25,779
59,020
Accounts payable
5,725
12,731
5,605
Provisions
5,996
6,304
5,127
Dividends payable to non-controlling shareholders
5,165
3,555
2,379
Advances received
4,578
2,034
838
Derivatives margin
422
\u2013
\u2013
Other
29,590
19,504
24,985
Other liabilities
353,802
167,268
158,691
In 2024, the Group revisited classification of certain liabilities recorded on transit accounts at the end of the reporting period and presented under client deposits and notes in the prior period financial statements. Based on the detailed assessment of the nature of these balances, to improve the presentation the Group reclassified these balances to other liabilities within the \u2018Transfers in Transit\u2019 note line. Prior period balances were not reclassified due to immateriality. 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.
2024
Notional Fair value
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
942,183
1,170
6,649
Forwards and swaps \u2013 foreign
4,120,612
23,830
2,434
Total derivative assets/liabilities
5,062,795
25,000
9,083
2023
2022
Notional Fair value Notional Fair value
amount
Asset
Liability
amount
Asset
Liability
Foreign exchange contracts
Forwards and swaps \u2013 domestic
1,099,787
2,703
3,712
1,392,118
5,688
2,873
Forwards and swaps \u2013 foreign
3,776,221
8,239
22,067
4,615,758
33,234
56,147
Interest rate contracts
Forwards and swaps \u2013 foreign (IR)
\u2013
\u2013
\u2013
1,209
348
\u2013
Total derivative assets/liabilities
4,876,008
10,942
25,779
6,009,085
39,270
59,020
For the period ended 31 December 2024 GEL 135,543 was recognised as net foreign currency gain from derivative financial instruments (2023: GEL 59,662, 2022: GEL 277,513). Prepayments comprise:
2024
2023
2022
Prepayments to finance lease suppliers
36,012
3,043
382
Prepayments for non-current assets
23,289
18,373
17,087
Other prepayments
29,649
16,095
26,143
Prepayments
88,950
37,511
43,612
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-793": { "value": "
19. Client deposits and notes
The amounts due to customers include the following:
2024
2023
2022
Current accounts
18,778,650
12,198,454
11,002,863
Time deposits
14,423,360
8,324,285
7,258,534
Client deposits and notes
33,202,010
20,522,739
18,261,397
Held as security against letters of credit and guarantees (note23)
290,692
334,092
121,753
At 31 December 2024, amounts due to customers of GEL 3,619,228 (11%) were due to the ten largest customers (2023: GEL 1,955,839
(10%), 2022: GEL 2,107,058 (12%)).
Amounts due to customers include accounts with the following types of customers:
2024
2023
2022
Individuals
18,857,874
12,907,914
11,188,080
Private enterprises
12,881,843
7,120,507
6,382,083
State and state-owned entities
1,462,293
494,318
691,234
Client deposits and notes
33,202,010
20,522,739
18,261,397
The breakdown of customer accounts by industry sector is as follows:
2024
2023
2022
Individuals
18,857,874
12,907,914
11,188,080
Financial intermediation
2,496,389
1,451,014
1,261,530
Construction
2,241,261
1,140,925
796,019
Trade
2,098,291
1,367,858
1,158,977
Government services
1,271,027
445,880
682,809
Transport and communication
1,139,254
639,882
513,099
Service
982,174
822,284
709,442
Manufacturing
652,652
492,647
759,005
Electricity, gas and water supply
576,555
76,384
186,517
Real estate
437,257
344,279
232,508
Mining and quarrying
243,755
53,808
24,872
Agriculture
232,894
37,337
26,066
Hospitality
122,682
108,103
173,639
Other
1,849,945
634,424
548,834
Client deposits and notes
33,202,010
20,522,739
18,261,397
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-794": { "value": "
20. Amounts owed to credit institutions
Amounts due to credit institutions comprise:
2024
2023
2022
Borrowings from international credit institutions
3,446,611
1,794,696
1,439,136
Short-term loans from central banks
2,700,162
2,101,653
1,715,257
Time deposits and inter-bank loans
715,178
130,382
777,638
Correspondent accounts
621,182
431,232
660,767
Payables under repo operations
319,212
\u2013
\u2013
7,802,345
4,457,963
4,592,798
Non-convertible subordinated debt
736,455
562,520
537,794
Additional Tier 1
141,433
135,526
136,061
Amounts due to credit institutions
8,680,233
5,156,009
5,266,653
During the year ended 31 December 2024, the Group paid up to 13.76% and 11.12% on US$ and EUR, respectively, borrowings from
international credit institutions (2023: up to 9.36% and 0.00%, 2022: up to 7.52% and 0.95%). During the year ended 31 December
2024, the Group paid up to 12.25% and 9.22% on US$ and EUR, respectively, subordinated debt (2023: up to 11.82% and 0.00%,
2022: up to 10.73% and 0.00%).
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 2024, 31 December 2023 and 31 December 2022, the Group complied with all material Lender Covenants of the
borrowings from international credit institutions.
On 31 August 2023, Bank of Georgia signed a US$ 100 million loan agreement with Japan International Cooperation Agency as
lender with maturity of five years, which was fully utilised as at 31 December 2023.
On 13 September 2023, Bank of Georgia signed a loan agreement with Asian Development Bank as lender with maturity of five
years in the amount of the GEL equivalent of US$ 100 million, which was fully utilised as at 31 December 2023.
On 31 May 2022, Bank of Georgia 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, Bank of Georgia 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-840": { "value": "20. Amounts owed to credit institutions Amounts due to credit institutions comprise:
2024
2023
2022
Borrowings from international credit institutions
3,446,611
1,794,696
1,439,136
Short-term loans from central banks
2,700,162
2,101,653
1,715,257
Time deposits and inter-bank loans
715,178
130,382
777,638
Correspondent accounts
621,182
431,232
660,767
Payables under repo operations
319,212
\u2013
\u2013
7,802,345
4,457,963
4,592,798
Non-convertible subordinated debt
736,455
562,520
537,794
Additional Tier 1
141,433
135,526
136,061
Amounts due to credit institutions
8,680,233
5,156,009
5,266,653
During the year ended 31 December 2024, the Group paid up to 13.76% and 11.12% on US$ and EUR, respectively, borrowings from international credit institutions (2023: up to 9.36% and 0.00%, 2022: up to 7.52% and 0.95%). During the year ended 31 December 2024, the Group paid up to 12.25% and 9.22% on US$ and EUR, respectively, subordinated debt (2023: up to 11.82% and 0.00%, 2022: up to 10.73% and 0.00%). 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 2024, 31 December 2023 and 31 December 2022, the Group complied with all material Lender Covenants of the borrowings from international credit institutions. On 31 August 2023, Bank of Georgia signed a US$ 100 million loan agreement with Japan International Cooperation Agency as lender with maturity of five years, which was fully utilised as at 31 December 2023. On 13 September 2023, Bank of Georgia signed a loan agreement with Asian Development Bank as lender with maturity of five years in the amount of the GEL equivalent of US$ 100 million, which was fully utilised as at 31 December 2023. On 31 May 2022, Bank of Georgia 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, Bank of Georgia 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. 21. Debt securities issued Debt securities issued comprise:
2024
2023
2022
Additional Tier 1 capital notes issued
850,397
267,112
267,702
Tier 2 notes issued
140,620
83,158
\u2013
Eurobonds and notes issued
\u2013
\u2013
226,725
Local bonds
1,048,876
\u2013
\u2013
Bonds issued to international financial institutions to finance green projects
123,309
\u2013
\u2013
Certificates of deposit
91,814
64,279
107,021
Other instruments
\u2013
6,810
44,520
Debt securities issued
2,255,016
421,359
645,968
As at 31 December, 2024 the Group\u2019s subsidiary Ameriabank CJSC had bonds issued to international financial institutions to finance green projects in the amount of EUR 42 million with interest rate 3.05% maturing on 26 November 2025. The bonds were issued in 2020. As at 31 December 2024 the carrying value of the local bonds in AMD, BYN, USD and EUR was GEL 405,057, GEL 13,722, GEL 606,225 and GEL 23,872 respectively. Bonds issued by the Group are listed on the Armenia Securities Exchange stock exchange and Belarusian Currency and Stock Exchange. Changes in liabilities arising from financing activities
Bonds issued to
international
financial
Additional Tier 2 institutions to
Eurobonds and Tier 1 capital notes Local finance green
notes issued notes issued issued bonds projects
Carrying amount at 31 December 2021
932,260
306,239
\u2013
\u2013
\u2013
Repurchase of debt securities issued
(617,194)
\u2013
\u2013
\u2013
\u2013
Repayment of the principal portion of the debt securities
issued
(31,581)
\u2013
\u2013
\u2013
\u2013
Foreign exchange movements
(39,915)
\u2013
\u2013
\u2013
\u2013
Other movements
(16,845)
(38,537)
\u2013
\u2013
\u2013
Carrying amount at 31 December 2022
226,725
267,702
\u2013
\u2013
\u2013
Repurchase of debt securities issued
(20,980)
\u2013
\u2013
\u2013
\u2013
Repayment of the principal portion of the debt securities
issued
(230,995)
\u2013
\u2013
\u2013
\u2013
Proceeds from Tier 2 notes issued
\u2013
\u2013
78,921
\u2013
\u2013
Foreign exchange movements
(860)
\u2013
1,428
\u2013
\u2013
Other movements
26,110
(590)
2,809
\u2013
\u2013
Carrying amount at 31 December 2023
\u2013
267,112
83,158
\u2013
\u2013
Repayment of the principal portion of the debt securities
issued
\u2013
(283,570)
\u2013
(119,806)
\u2013
Proceeds from Additional Tier 1 notes
800,970
\u2013
\u2013
\u2013
Proceeds from Tier 2 notes issued
\u2013
\u2013
51,126
\u2013
\u2013
Proceeds from local bonds issued
\u2013
\u2013
\u2013
360,167
\u2013
Business combination
\u2013
\u2013
\u2013
764,018
122,844
Foreign exchange movements
\u2013
40,881
5,120
36,049
1,333
Other movements
\u2013
25,004
1,216
8,448
(868)
Carrying amount at 31 December 2024
\u2013
850,397
140,620
1,048,876
123,309
In April 2024 JSC Bank of Georgia issued US$ 300 million (GEL 800,970) 9.5% perpetual subordinated callable Additional Tier 1 notes. In June 2024 JSC Bank of Georgia fully repaid US$ 100 million (GEL 283,570) Additional Tier 1 notes issued in 2019. 32. 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 2024
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
134,338
134,338
Land
\u2013
\u2013
13,204
13,204
Residential properties
\u2013
\u2013
86,388
86,388
Non-residential properties
\u2013
\u2013
34,746
34,746
Investment securities measured at FVOCI and FVTPL
1,742,883
4,446,192
33,254
6,222,329
Investment securities pledged under sale and repurchase agreements and
securities lending measured at FVOCI and FVTPL
\u2013
213,875
\u2013
213,875
Other assets \u2013 derivative financial assets
\u2013
25,000
\u2013
25,000
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
251,470
2,518,426
\u2013
2,769,896
Investment securities pledged under sale and repurchase agreements and
securities lending measured at amortised cost \u2013 debt instruments
\u2013
267,327
\u2013
267,327
Loans to customers, factoring and finance lease receivables at amortised
\u2013
34,268
32,597,338
32,631,606
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
9,083
\u2013
9,083
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
25,238,507
7,988,086
33,226,593
Amounts owed to credit institutions
\u2013
5,513,290
3,139,345
8,652,635
Debt securities issued
\u2013
1,855,757
372,793
2,228,550
Lease liability
\u2013
20,612
254,850
275,462
At 31 December 2023
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
124,068
124,068
Land
\u2013
\u2013
4,844
4,844
Residential properties
\u2013
\u2013
87,758
87,758
Non-residential properties
\u2013
\u2013
31,466
31,466
Investment securities measured at FVOCI and FVTPL
7,726
4,424,206
7,519
4,439,451
Other assets \u2013 derivative financial assets
\u2013
10,942
\u2013
10,942
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
692,781
\u2013
692,781
Loans to customers, factoring and finance lease receivables at amortised
\u2013
\u2013
19,476,015
19,476,015
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
25,779
\u2013
25,779
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
20,469,692
72,620
20,542,312
Amounts owed to credit institutions
\u2013
3,735,221
1,416,771
5,151,992
Debt securities issued
\u2013
270,524
148,134
418,658
Lease liability
\u2013
13,209
130,236
143,445
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 measured at FVOCI and FVTPL
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 other
Assets for which fair values are disclosed
2,660
\u2013
\u2013
2,660
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
385,800
\u2013
385,800
Loans to customers, factoring and finance lease receivables at amortised
cost
\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
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 2 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Assets carried at fair value
Investment securities \u2013
4,446,192
4,424,206
3,960,360
Discounted cash flows
Government bonds yield curve,
debt instruments (DCF) Tbilisi interbank interest rate
(TIBR Index)
Investment securities pledged under
213,875
\u2013
\u2013
Discounted cash flows
Government bonds yield curve,
sale and repurchase agreements (DCF) Tbilisi interbank interest rate
and securities lending \u2013 (TIBR Index)
debt instruments
Derivative financial assets
25,000
10,942
39,270
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total assets recurring fair value
4,685,067
4,435,148
3,999,630
measurements at Level 2
Liabilities carried at fair value
Derivative financial liabilities
9,083
25,779
59,020
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total liabilities recurring fair value
9,083
25,779
59,020
measurements at Level 2
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 3 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Unobservable inputs
Assets carried at fair value
Investment securities \u2013 equity instruments
33,254
7,519
5,547
Discounted cash
Cash flow; Cash flow;
flows (DCF) discount rate discount rate
Total assets recurring fair value
measurements at Level 3
33,254
7,519
5,547
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. Investment securities Investment securities consist of equity and debt securities and are valued using a valuation technique or pricing models. 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. For quoted investments, respective quoted prices from Bloomberg or other relevant sources are used, while for unquoted investments fair value is calculated based on future cash flow expected discounted at current rate for new instruments with similar credit risk, remaining maturity and other characteristics. Assets and liabilities not measured at fair value but for which fair value is disclosed Fair values in 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. Transfer to Level 1 There were no transfers from Level 2 to Level 1. 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 At At At
31 December Purchase of 31 December Purchase of 31 December Business Purchase of 31 December
2021 securities 2022 securities 2023
combination
Revaluation
securities 2024
Level 3 financial assets
Equity investment
securities
3,689
1,858
5,547
1,972
7,519
3,528
6,909
15,298
33,254
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 15. 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:
2024
2023
2022
Effect of Effect of Effect of
reasonably reasonably reasonably
possible possible possible
Carrying alternative Carrying alternative Carrying alternative
amount assumptions amount assumptions amount assumptions
Level 3 financial assets
Equity investment securities
33,254
+/- 4,953
7,519
+/- 1,120
5,547
+/- 826
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. 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:
Valuation Significant Weighted Other key Weighted
2024 technique
unobservable inputs
MIN
MAX
average
information
MIN
MAX
Average
Investment 134,338
property
Land
13,204
Development land
12,766
Market
Price per square
0.033
2.859
2.214
Square
32
3,808
3,080
approach metre metres,
land
Agricultural land
438
Market
Price per square
0.012
0.096
0.046
Square
768
4,451
2,774
approach metre metres,
land
Residential
86,388
Market
Price per square
0.028
6.575
0.956
Square
18
989
205
properties approach metre metres,
building
Non-residential 34,746
properties
13,206
Market
Price of the
10
3,822
2,033
Square
50
23,884
1,876
approach property metres,
land
Square
17
2,626
1,528
metres,
building
17,685
Income
Rent per square
0.0105
0.0680
0.0629
Square
226
1,084
972
approach metre metres,
building
Occupancy rate
70.0%
90.0%
83.8%
3,855
Cost
Depreciated
0.084
3.973
0.981
Square
54
1,736
918
approach replacement cost metres,
per square metre building
* Price, rate and cost of unobservable inputs in this table are presented in Georgian Lari unless otherwise indicated. Set out below is an overview by measurement categories of financial instruments held by the Group as at 31 December 2024, 31 December 2023 and 31 December 2022:
At 31 December 2024
Amortised cost
FVOCI
FVTPL
Financial assets
Cash and cash equivalents
3,753,183
\u2013
\u2013
Amounts due from credit institutions
3,278,465
\u2013
\u2013
Loans to customers, factoring and finance lease receivables
33,558,874
\u2013
\u2013
Accounts receivable and other loans
8,811
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
26,900
16,788
Investment securities \u2013 debt instruments
2,746,392
5,993,853
184,788
Investment securities pledged under sale and repurchase agreements and securities
lending \u2013 debt instruments
269,791
186,670
27,205
Foreign currency derivative financial instruments
\u2013
\u2013
25,000
Total
43,615,516
6,207,423
253,781
Financial liabilities
Client deposits and notes
33,202,010
\u2013
\u2013
Amounts owed to credit institutions
8,680,233
\u2013
\u2013
Debt securities issued
2,255,016
\u2013
\u2013
Lease liability
274,435
\u2013
\u2013
Trade and other payables (in other liabilities)
272,142
\u2013
\u2013
Foreign currency derivative financial instruments
\u2013
\u2013
9,083
Total
44,683,836
\u2013
9,083
At 31 December 2023
At 31 December 2022
Amortised cost
FVOCI
FVTPL
Amortised cost
FVOCI
FVTPL
Financial assets
Loans to customers, factoring and finance
lease receivables
20,232,721
\u2013
\u2013
16,861,706
\u2013
\u2013
Accounts receivable and other loans
47,562
\u2013
\u2013
397,990
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
7,880
6,976
\u2013
10,893
\u2013
Investment securities \u2013 debt instruments
690,306
4,424,160
435
378,537
3,960,299
\u2013
Interest rate contracts
\u2013
\u2013
\u2013
\u2013
\u2013
348
Foreign currency derivative financial
instruments
\u2013
\u2013
10,942
\u2013
\u2013
38,922
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
2,660
Total
20,970,589
4,432,040
18,353
17,638,233
3,971,192
41,930
Financial liabilities
Client deposits and notes
20,522,739
\u2013
\u2013
18,261,397
\u2013
\u2013
Amounts owed to credit institutions
5,156,009
\u2013
\u2013
5,266,653
\u2013
\u2013
Debt securities issued
421,359
\u2013
\u2013
645,968
\u2013
\u2013
Lease liability
141,934
\u2013
\u2013
114,470
\u2013
\u2013
Trade and other payables (in other
liabilities)
113,647
\u2013
\u2013
68,721
\u2013
\u2013
Foreign currency derivative financial
instruments
\u2013
\u2013
25,779
\u2013
\u2013
59,020
Total
26,355,688
\u2013
25,779
24,357,209
\u2013
59,020
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, the fair values of which are materially close to their carrying values.
At 31 December 2024
Unrecognised
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at amortised cost \u2013 debt instruments
2,746,392
2,769,896
23,504
Investment securities pledged under sale and repurchase agreements and securities
lending measured at amortised cost-debt instruments
269,791
267,327
(2,464)
Loans to customers, factoring and finance lease receivables
33,558,874
32,631,606
(927,268)
Financial liabilities
Client deposits and notes
33,202,010
33,226,593
(24,583)
Amounts owed to credit institutions
8,680,233
8,652,635
27,598
Debt securities issued
2,255,016
2,228,550
26,466
Lease liability
274,435
275,462
(1,027)
Total unrecognised change in unrealised fair value
(877,774)
At 31 December 2023
At 31 December 2022
Unrecognised Unrecognised
Carrying value
Fair value
gain/(loss)
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at
amortised cost \u2013 debt instruments
690,306
692,781
2,475
378,537
385,800
7,263
Loans to customers, factoring and finance
lease receivables
20,232,721
19,476,015
(756,706)
16,861,706
16,266,826
(594,880)
Financial liabilities
Client deposits and notes
20,522,739
20,542,312
(19,573)
18,261,397
18,228,352
33,045
Amounts owed to credit institutions
5,156,009
5,151,992
4,017
5,266,653
5,242,868
23,785
Debt securities issued
421,359
418,658
2,701
645,968
642,367
3,601
Lease liability
141,934
143,445
(1,511)
114,470
117,738
(3,268)
Total unrecognised change in unrealised
fair value
(768,597)
(530,454)
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-795": { "value": "21. Debt securities issued Debt securities issued comprise:
2024
2023
2022
Additional Tier 1 capital notes issued
850,397
267,112
267,702
Tier 2 notes issued
140,620
83,158
\u2013
Eurobonds and notes issued
\u2013
\u2013
226,725
Local bonds
1,048,876
\u2013
\u2013
Bonds issued to international financial institutions to finance green projects
123,309
\u2013
\u2013
Certificates of deposit
91,814
64,279
107,021
Other instruments
\u2013
6,810
44,520
Debt securities issued
2,255,016
421,359
645,968
As at 31 December, 2024 the Group\u2019s subsidiary Ameriabank CJSC had bonds issued to international financial institutions to finance green projects in the amount of EUR 42 million with interest rate 3.05% maturing on 26 November 2025. The bonds were issued in 2020. As at 31 December 2024 the carrying value of the local bonds in AMD, BYN, USD and EUR was GEL 405,057, GEL 13,722, GEL 606,225 and GEL 23,872 respectively. Bonds issued by the Group are listed on the Armenia Securities Exchange stock exchange and Belarusian Currency and Stock Exchange.
Changes in liabilities arising from financing activities
Bonds issued to
international
financial
Additional Tier 2 institutions to
Eurobonds and Tier 1 capital notes Local finance green
notes issued notes issued issued bonds projects
Carrying amount at 31 December 2021
932,260
306,239
\u2013
\u2013
\u2013
Repurchase of debt securities issued
(617,194)
\u2013
\u2013
\u2013
\u2013
Repayment of the principal portion of the debt securities
issued
(31,581)
\u2013
\u2013
\u2013
\u2013
Foreign exchange movements
(39,915)
\u2013
\u2013
\u2013
\u2013
Other movements
(16,845)
(38,537)
\u2013
\u2013
\u2013
Carrying amount at 31 December 2022
226,725
267,702
\u2013
\u2013
\u2013
Repurchase of debt securities issued
(20,980)
\u2013
\u2013
\u2013
\u2013
Repayment of the principal portion of the debt securities
issued
(230,995)
\u2013
\u2013
\u2013
\u2013
Proceeds from Tier 2 notes issued
\u2013
\u2013
78,921
\u2013
\u2013
Foreign exchange movements
(860)
\u2013
1,428
\u2013
\u2013
Other movements
26,110
(590)
2,809
\u2013
\u2013
Carrying amount at 31 December 2023
\u2013
267,112
83,158
\u2013
\u2013
Repayment of the principal portion of the debt securities
issued
\u2013
(283,570)
\u2013
(119,806)
\u2013
Proceeds from Additional Tier 1 notes
800,970
\u2013
\u2013
\u2013
Proceeds from Tier 2 notes issued
\u2013
\u2013
51,126
\u2013
\u2013
Proceeds from local bonds issued
\u2013
\u2013
\u2013
360,167
\u2013
Business combination
\u2013
\u2013
\u2013
764,018
122,844
Foreign exchange movements
\u2013
40,881
5,120
36,049
1,333
Other movements
\u2013
25,004
1,216
8,448
(868)
Carrying amount at 31 December 2024
\u2013
850,397
140,620
1,048,876
123,309
In April 2024 JSC Bank of Georgia issued US$ 300 million (GEL 800,970) 9.5% perpetual subordinated callable Additional
Tier 1 notes.
In June 2024 JSC Bank of Georgia fully repaid US$ 100 million (GEL 283,570) Additional Tier 1 notes issued in 2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-796": { "value": "22. Accruals and deferred income Accruals and deferred income comprise: 2024 2023 2022 Accruals for employee compensation 271,184 65,870 53,603 Deferred income 65,021 60,167 50,451 Other accruals 2,529 3,318 2,312 Total accruals and deferred income 338,734 129,355 106,366", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfAccrualsAndDeferredIncome", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-841": { "value": "22. Accruals and deferred income Accruals and deferred income comprise:
2024
2023
2022
Accruals for employee compensation
271,184
65,870
53,603
Deferred income
65,021
60,167
50,451
Other accruals
2,529
3,318
2,312
Total accruals and deferred income
338,734
129,355
106,366
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-797": { "value": "
23. Commitments and contingencies
Legal
Sai-Invest
As at 31 December 2024, JSC Bank of Georgia 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 of LTD Sport Invest\u2019s loans owing to JSC Bank of Georgia. Sai-Invest 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 JSC Bank of Georgia believes to be erroneous and without merit, and which it has appealed to
the Supreme Court. The matter is currently under review by the Supreme Court, and the timeline as to when the judgment is to be
expected is not available. JSC Bank of Georgia\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.
In the ordinary course of business, the Group is subject to legal actions and complaints. Management believes that the ultimate
liability, if any, arising from such actions or complaints will not have a material adverse effect on the financial condition or the results
of future operations of the Group or Lion Finance Group PLC.
Financial commitments and contingencies
As at 31 December 2024, 31 December 2023 and 31 December 2022, the Group\u2019s financial commitments and contingencies
comprised the following:
2024
2023
2022
Credit-related commitments
Financial and performance guarantees issued*
2,605,426
1,918,997
1,717,308
Undrawn loan facilities
1,393,229
1,014,951
869,061
Letters of credit
83,771
77,545
116,309
4,082,426
3,011,493
2,702,678
Less \u2013 Cash held as security against letters of credit and guarantees (note 19)
(290,692)
(334,092)
(121,753)
Less \u2013 Provisions
(5,996)
(6,304)
(5,127)
Capital expenditure commitments
15,232
7,559
6,790
Total commitments
3,800,970
2,678,656
2,582,588
* Out of total guarantees issued as at 31 December 2024 financial and performance guarantees of the Group comprised GEL 1,269,368 (31 December 2023: GEL 1,162,825,
31 December 2022: GEL 988,094) and GEL 1,336,058 (31 December 2023: GEL 756,172, 31 December 2022: GEL 729,214), 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-880": { "value": "23. Commitments and contingencies Legal Sai-Invest As at 31 December 2024, JSC Bank of Georgia 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 of LTD Sport Invest\u2019s loans owing to JSC Bank of Georgia. Sai-Invest 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 JSC Bank of Georgia believes to be erroneous and without merit, and which it has appealed to the Supreme Court. The matter is currently under review by the Supreme Court, and the timeline as to when the judgment is to be expected is not available. JSC Bank of Georgia\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. In the ordinary course of business, the Group is subject to legal actions and complaints. Management believes that the ultimate liability, if any, arising from such actions or complaints will not have a material adverse effect on the financial condition or the results of future operations of the Group or Lion Finance Group PLC. Financial commitments and contingencies As at 31 December 2024, 31 December 2023 and 31 December 2022, the Group\u2019s financial commitments and contingencies comprised the following:
2024
2023
2022
Credit-related commitments
Financial and performance guarantees issued*
2,605,426
1,918,997
1,717,308
Undrawn loan facilities
1,393,229
1,014,951
869,061
Letters of credit
83,771
77,545
116,309
4,082,426
3,011,493
2,702,678
Less \u2013 Cash held as security against letters of credit and guarantees (note 19)
(290,692)
(334,092)
(121,753)
Less \u2013 Provisions
(5,996)
(6,304)
(5,127)
Capital expenditure commitments
15,232
7,559
6,790
Total commitments
3,800,970
2,678,656
2,582,588
* Out of total guarantees issued as at 31 December 2024 financial and performance guarantees of the Group comprised GEL 1,269,368 (31 December 2023: GEL 1,162,825, 31 December 2022: GEL 988,094) and GEL 1,336,058 (31 December 2023: GEL 756,172, 31 December 2022: GEL 729,214), 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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-867": { "value": "23. Commitments and contingencies Legal Sai-Invest As at 31 December 2024, JSC Bank of Georgia 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 of LTD Sport Invest\u2019s loans owing to JSC Bank of Georgia. Sai-Invest 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 JSC Bank of Georgia believes to be erroneous and without merit, and which it has appealed to the Supreme Court. The matter is currently under review by the Supreme Court, and the timeline as to when the judgment is to be expected is not available. JSC Bank of Georgia\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. In the ordinary course of business, the Group is subject to legal actions and complaints. Management believes that the ultimate liability, if any, arising from such actions or complaints will not have a material adverse effect on the financial condition or the results of future operations of the Group or Lion Finance Group PLC. Financial commitments and contingencies As at 31 December 2024, 31 December 2023 and 31 December 2022, the Group\u2019s financial commitments and contingencies comprised the following:
2024
2023
2022
Credit-related commitments
Financial and performance guarantees issued*
2,605,426
1,918,997
1,717,308
Undrawn loan facilities
1,393,229
1,014,951
869,061
Letters of credit
83,771
77,545
116,309
4,082,426
3,011,493
2,702,678
Less \u2013 Cash held as security against letters of credit and guarantees (note 19)
(290,692)
(334,092)
(121,753)
Less \u2013 Provisions
(5,996)
(6,304)
(5,127)
Capital expenditure commitments
15,232
7,559
6,790
Total commitments
3,800,970
2,678,656
2,582,588
* Out of total guarantees issued as at 31 December 2024 financial and performance guarantees of the Group comprised GEL 1,269,368 (31 December 2023: GEL 1,162,825, 31 December 2022: GEL 988,094) and GEL 1,336,058 (31 December 2023: GEL 756,172, 31 December 2022: GEL 729,214), 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:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-842": { "value": "23. Commitments and contingencies Legal Sai-Invest As at 31 December 2024, JSC Bank of Georgia 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 of LTD Sport Invest\u2019s loans owing to JSC Bank of Georgia. Sai-Invest 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 JSC Bank of Georgia believes to be erroneous and without merit, and which it has appealed to the Supreme Court. The matter is currently under review by the Supreme Court, and the timeline as to when the judgment is to be expected is not available. JSC Bank of Georgia\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. In the ordinary course of business, the Group is subject to legal actions and complaints. Management believes that the ultimate liability, if any, arising from such actions or complaints will not have a material adverse effect on the financial condition or the results of future operations of the Group or Lion Finance Group PLC. Financial commitments and contingencies As at 31 December 2024, 31 December 2023 and 31 December 2022, the Group\u2019s financial commitments and contingencies comprised the following:
2024
2023
2022
Credit-related commitments
Financial and performance guarantees issued*
2,605,426
1,918,997
1,717,308
Undrawn loan facilities
1,393,229
1,014,951
869,061
Letters of credit
83,771
77,545
116,309
4,082,426
3,011,493
2,702,678
Less \u2013 Cash held as security against letters of credit and guarantees (note 19)
(290,692)
(334,092)
(121,753)
Less \u2013 Provisions
(5,996)
(6,304)
(5,127)
Capital expenditure commitments
15,232
7,559
6,790
Total commitments
3,800,970
2,678,656
2,582,588
* Out of total guarantees issued as at 31 December 2024 financial and performance guarantees of the Group comprised GEL 1,269,368 (31 December 2023: GEL 1,162,825, 31 December 2022: GEL 988,094) and GEL 1,336,058 (31 December 2023: GEL 756,172, 31 December 2022: GEL 729,214), 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:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-798": { "value": "
24. Equity
Share capital
As at 31 December 2024 issued share capital comprised 44,498,147 (31 December 2023: 45,766,293, 31 December 2022: 47,498,982)
common shares of Lion Finance Group PLC, 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 2024 are described below:
Number of
ordinary shares
Share capital
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
Buyback and cancellation of own shares
(1,732,689)
(57)
31 December 2023
45,766,293
1,506
Buyback and cancellation of own shares
(1,268,146)
(42)
31 December 2024
44,498,147
1,464
In the second half of 2022, the Group commenced a share buyback and cancellation programme in amount of GEL 112,700 to reduce
its share capital and consistent with its dividend and capital 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.
On 16 February 2023, the Group\u2019s Board of Directors approved a GEL 147,984 share buyback and cancellation programme. The share
buyback and cancellation programme was completed by June 2023 with purchased and cancelled ordinary shares of 1,584,259.
On 17 August 2023, the Group\u2019s Board of Directors approved a GEL 62,000 share buyback and cancellation programme.
On 15 March 2024, the Group\u2019s Board of Directors approved a GEL 100,000 extension of the share buyback and cancellation
programme which was completed in July 2024.
On 22 August 2024, the Group\u2019s Board of Directors approved a GEL 73,400 share buyback and cancellation programme.
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 2024, comprised 1,562,586 (31 December 2023: 2,155,535,
31 December 2022: 2,516,151), with a nominal amount of GEL 51 (31 December 2023: GEL 71, 31 December 2022: GEL 83).
Dividends
Shareholders are entitled to dividends in pounds sterling.
In 2024, 2023 and 2022 the Group distributed dividends on the shares vested and exercised during 2024, 2023 and 2022, respectively.
On 21 August 2024, the Board of Directors of Lion Finance Group PLC declared an interim dividend for 2024 of Georgian Lari
3.38 per share. The currency conversion period was set to be for the period 23 September to 27 September 2024, with the official
GEL:GBP exchange rate of 3.6380, resulting in a GBP-denominated final dividend of 0.93 per share. Payment of the total GEL
146,234 interim dividends was received by shareholders on 11 October 2024.
On 17 June 2024, the shareholders of Lion Finance Group PLC approved a final dividend for 2023 of Georgian Lari 4.94 per share.
The currency conversion period was set to be for the period 1 July to 5 July 2024, with the official GEL:GBP exchange rate of 3.5495,
resulting in a GBP-denominated final dividend of 1.3917 per share. Payment of the total GEL 226,220 final dividends was received by
shareholders on 19 July 2024.
On 16 August 2023, the Board of Directors of Lion Finance Group PLC approved an interim dividend for 2023 of Georgian Lari 3.06
per share. The currency conversion period was set to be for the period 2 October to 6 October 2023, with the official GEL:GBP
exchange rate of 3.2559, resulting in a GBP-denominated final dividend of 0.9398 per share. Payment of the total GEL 134,078
interim dividends was received by shareholders on 27 October 2023.
On 19 May 2023, the shareholders of Lion Finance Group PLC declared a final dividend for 2022 of Georgian Lari 5.80 per share. The
currency conversion period was set to be for the period 26 June to 30 June 2023, with the official GEL:GBP exchange rate of 3.3360,
resulting in a GBP-denominated final dividend of 1.7386 per share. Payment of the total GEL 262,549 final dividends was received by
shareholders on 14 July 2023.
On 16 August 2022, the Board of Directors of Lion Finance 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 Lion Finance 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.
Nature and purpose of other reserves
Unrealised gains and losses on investment securities
This reserve records fair value and ECL 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 2024, 31 December 2023 and 31 December 2022, are presented in the statements of other comprehensive income.
The movements in other reserves were as follows:
Unrealised
gains/(losses)
from dilution or
Unrealised sale/acquisition
gains/(losses) of shares
on investment in existing
securities
subsidiaries
Ameriabank
Other
Other
31 December 2021
(6,823)
64,000
\u2013
(60,825)
425
Net change in fair value on investments in debt securities
measured at FVOCI
29,232
\u2013
\u2013
\u2013
\u2013
Net gain (loss) on investments in equity instruments
designated at FVOCI
(1,369)
\u2013
\u2013
\u2013
\u2013
Change in allowance for ECL investments in debt
instruments measured at FVOCI reclassified to the
consolidated income statement
6,568
\u2013
\u2013
\u2013
\u2013
Realised loss on financial assets measured at FVOCI
(7,921)
\u2013
\u2013
\u2013
\u2013
Gain/(loss) from currency translation differences
844
(1)
\u2013
(9,451)
(26)
Increase in share capital of subsidiaries
\u2013
(89)
\u2013
\u2013
\u2013
Other movement
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2022
20,531
63,910
\u2013
(70,276)
399
Net change in fair value on investments in debt securities
measured at FVOCI
25,000
\u2013
\u2013
\u2013
\u2013
Net gain on investments in equity instruments designated
at FVOCI
1,776
\u2013
\u2013
\u2013
\u2013
Change in allowance for ECL investments in debt
instruments measured at FVOCI reclassified to the
consolidated income statement
1,046
\u2013
\u2013
\u2013
\u2013
Realised loss on financial assets measured at FVOCI
(8,330)
\u2013
\u2013
\u2013
\u2013
Loss from currency translation differences
(4,360)
\u2013
\u2013
(8,344)
\u2013
Increase in share capital of subsidiaries
\u2013
34
\u2013
\u2013
\u2013
Other movement
(1)
\u2013
\u2013
\u2013
\u2013
31 December 2023
35,662
63,944
\u2013
(78,620)
399
Net change in fair value on investments in debt securities
measured at FVOCI
23,769
\u2013
\u2013
\u2013
\u2013
Net gain (loss) on investments in equity instruments
designated at FVOCI
1,630
\u2013
\u2013
\u2013
\u2013
Change in allowance for ECL investments in debt
instruments measured at FVOCI reclassified to the
consolidated income statement
1,785
\u2013
\u2013
\u2013
\u2013
Realised loss on financial assets measured at FVOCI
(4,541)
\u2013
\u2013
\u2013
\u2013
Gain/(loss) from currency translation differences
1,332
\u2013
54,729
9,824
(5)
Increase in share capital of subsidiaries
\u2013
(178)
\u2013
\u2013
\u2013
Dilution of interests in subsidiaries
\u2013
(88)
\u2013
\u2013
\u2013
Other movement
\u2013
\u2013
\u2013
\u2013
1,144
31 December 2024
59,637
63,678
54,729
(68,796)
1,538
Earnings per share
2024
2023
2022
Basic earnings per share
Profit for the year attributable to ordinary shareholders of the Group
2,476,943
1,391,277
1,439,507
Weighted average number of ordinary shares outstanding during the year
43,527,114
44,454,395
46,443,820
Basic earnings per share
56.9057
31.2967
30.9946
2024
2023
2022
Diluted earnings per share
Effect of dilution on weighted average number of ordinary shares:
Dilutive unvested share options
901,624
1,273,359
1,013,330
Weighted average number of ordinary shares adjusted for the effect of dilution
44,428,738
45,727,754
47,457,150
Diluted earnings per share
55.7509
30.4252
30.3328
Currency translation reserves", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-843": { "value": "Share capital As at 31 December 2024 issued share capital comprised 44,498,147 (31 December 2023: 45,766,293, 31 December 2022: 47,498,982) common shares of Lion Finance Group PLC, 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 2024 are described below:
Number of
ordinary shares
Share capital
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
Buyback and cancellation of own shares
(1,732,689)
(57)
31 December 2023
45,766,293
1,506
Buyback and cancellation of own shares
(1,268,146)
(42)
31 December 2024
44,498,147
1,464
In the second half of 2022, the Group commenced a share buyback and cancellation programme in amount of GEL 112,700 to reduce its share capital and consistent with its dividend and capital 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. On 16 February 2023, the Group\u2019s Board of Directors approved a GEL 147,984 share buyback and cancellation programme. The share buyback and cancellation programme was completed by June 2023 with purchased and cancelled ordinary shares of 1,584,259. On 17 August 2023, the Group\u2019s Board of Directors approved a GEL 62,000 share buyback and cancellation programme. On 15 March 2024, the Group\u2019s Board of Directors approved a GEL 100,000 extension of the share buyback and cancellation programme which was completed in July 2024. On 22 August 2024, the Group\u2019s Board of Directors approved a GEL 73,400 share buyback and cancellation programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-844": { "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 2024, comprised 1,562,586 (31 December 2023: 2,155,535, 31 December 2022: 2,516,151), with a nominal amount of GEL 51 (31 December 2023: GEL 71, 31 December 2022: GEL 83). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-845": { "value": "Dividends Shareholders are entitled to dividends in pounds sterling. In 2024, 2023 and 2022 the Group distributed dividends on the shares vested and exercised during 2024, 2023 and 2022, respectively. On 21 August 2024, the Board of Directors of Lion Finance Group PLC declared an interim dividend for 2024 of Georgian Lari 3.38 per share. The currency conversion period was set to be for the period 23 September to 27 September 2024, with the official GEL:GBP exchange rate of 3.6380, resulting in a GBP-denominated final dividend of 0.93 per share. Payment of the total GEL 146,234 interim dividends was received by shareholders on 11 October 2024. On 17 June 2024, the shareholders of Lion Finance Group PLC approved a final dividend for 2023 of Georgian Lari 4.94 per share. The currency conversion period was set to be for the period 1 July to 5 July 2024, with the official GEL:GBP exchange rate of 3.5495, resulting in a GBP-denominated final dividend of 1.3917 per share. Payment of the total GEL 226,220 final dividends was received by shareholders on 19 July 2024. On 16 August 2023, the Board of Directors of Lion Finance Group PLC approved an interim dividend for 2023 of Georgian Lari 3.06 per share. The currency conversion period was set to be for the period 2 October to 6 October 2023, with the official GEL:GBP exchange rate of 3.2559, resulting in a GBP-denominated final dividend of 0.9398 per share. Payment of the total GEL 134,078 interim dividends was received by shareholders on 27 October 2023. On 19 May 2023, the shareholders of Lion Finance Group PLC declared a final dividend for 2022 of Georgian Lari 5.80 per share. The currency conversion period was set to be for the period 26 June to 30 June 2023, with the official GEL:GBP exchange rate of 3.3360, resulting in a GBP-denominated final dividend of 1.7386 per share. Payment of the total GEL 262,549 final dividends was received by shareholders on 14 July 2023. On 16 August 2022, the Board of Directors of Lion Finance 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 Lion Finance 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-846": { "value": "Nature and purpose of other reserves Unrealised gains and losses on investment securities This reserve records fair value and ECL 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 2024, 31 December 2023 and 31 December 2022, are presented in the statements of other comprehensive income. The movements in other reserves were as follows:
Unrealised
gains/(losses)
from dilution or
Unrealised sale/acquisition
gains/(losses) of shares
on investment in existing
securities
subsidiaries
Ameriabank
Other
Other
31 December 2021
(6,823)
64,000
\u2013
(60,825)
425
Net change in fair value on investments in debt securities
measured at FVOCI
29,232
\u2013
\u2013
\u2013
\u2013
Net gain (loss) on investments in equity instruments
designated at FVOCI
(1,369)
\u2013
\u2013
\u2013
\u2013
Change in allowance for ECL investments in debt
instruments measured at FVOCI reclassified to the
consolidated income statement
6,568
\u2013
\u2013
\u2013
\u2013
Realised loss on financial assets measured at FVOCI
(7,921)
\u2013
\u2013
\u2013
\u2013
Gain/(loss) from currency translation differences
844
(1)
\u2013
(9,451)
(26)
Increase in share capital of subsidiaries
\u2013
(89)
\u2013
\u2013
\u2013
Other movement
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2022
20,531
63,910
\u2013
(70,276)
399
Net change in fair value on investments in debt securities
measured at FVOCI
25,000
\u2013
\u2013
\u2013
\u2013
Net gain on investments in equity instruments designated
at FVOCI
1,776
\u2013
\u2013
\u2013
\u2013
Change in allowance for ECL investments in debt
instruments measured at FVOCI reclassified to the
consolidated income statement
1,046
\u2013
\u2013
\u2013
\u2013
Realised loss on financial assets measured at FVOCI
(8,330)
\u2013
\u2013
\u2013
\u2013
Loss from currency translation differences
(4,360)
\u2013
\u2013
(8,344)
\u2013
Increase in share capital of subsidiaries
\u2013
34
\u2013
\u2013
\u2013
Other movement
(1)
\u2013
\u2013
\u2013
\u2013
31 December 2023
35,662
63,944
\u2013
(78,620)
399
Net change in fair value on investments in debt securities
measured at FVOCI
23,769
\u2013
\u2013
\u2013
\u2013
Net gain (loss) on investments in equity instruments
designated at FVOCI
1,630
\u2013
\u2013
\u2013
\u2013
Change in allowance for ECL investments in debt
instruments measured at FVOCI reclassified to the
consolidated income statement
1,785
\u2013
\u2013
\u2013
\u2013
Realised loss on financial assets measured at FVOCI
(4,541)
\u2013
\u2013
\u2013
\u2013
Gain/(loss) from currency translation differences
1,332
\u2013
54,729
9,824
(5)
Increase in share capital of subsidiaries
\u2013
(178)
\u2013
\u2013
\u2013
Dilution of interests in subsidiaries
\u2013
(88)
\u2013
\u2013
\u2013
Other movement
\u2013
\u2013
\u2013
\u2013
1,144
31 December 2024
59,637
63,678
54,729
(68,796)
1,538
Currency translation reserves", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-847": { "value": "
Earnings per share
2024
2023
2022
Basic earnings per share
Profit for the year attributable to ordinary shareholders of the Group
2,476,943
1,391,277
1,439,507
Weighted average number of ordinary shares outstanding during the year
43,527,114
44,454,395
46,443,820
Basic earnings per share
56.9057
31.2967
30.9946
2024
2023
2022
Diluted earnings per share
Effect of dilution on weighted average number of ordinary shares:
Dilutive unvested share options
901,624
1,273,359
1,013,330
Weighted average number of ordinary shares adjusted for the effect of dilution
44,428,738
45,727,754
47,457,150
Diluted earnings per share
55.7509
30.4252
30.3328
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-800": { "value": "
2024
2023
2022
Interest income calculated using EIR method
4,093,368
2,734,208
2,236,307
From loans to customers
3,427,246
2,314,552
1,915,677
From investment securities
552,448
356,945
297,528
From amounts due from credit institutions
109,124
76,633
47,864
From factoring receivables
11,065
458
1,376
Net (losses)/gains on modification of financial assets
(6,515)
(14,380)
(26,138)
Other interest income
46,532
14,053
20,574
From finance lease receivable
38,430
13,962
20,574
From investments securities measured at FVTPL
8,102
\u2013
\u2013
From other assets
\u2013
91
\u2013
Interest income
4,139,900
2,748,261
2,256,881
Interest expense calculated using EIR method
(1,739,767)
(1,132,227)
(1,081,376)
On client deposits and notes
(1,122,508)
(796,724)
(569,436)
On amounts owed to credit institutions
(472,570)
(290,198)
(426,950)
On debt securities issued
(136,096)
(45,305)
(84,990)
Other
(8,593)
\u2013
\u2013
Other interest expense
(1,629)
19,659
24,547
Interest element of cross-currency swaps
11,838
25,276
29,402
On lease liability
(13,467)
(5,617)
(4,855)
Interest expense
(1,741,396)
(1,112,568)
(1,056,829)
Deposit insurance fees
(37,657)
(20,247)
(17,717)
Net interest income
2,360,847
1,615,446
1,182,335
For the period ended 31 December 2024 the Group recognised GEL 419,060 (2023: GEL 297,662, 2022: GEL 283,381) interest income
from investment securities measured at FVOCI.
The Group is required to make regular contributions to the Deposit Insurance Agencies, calculated based on its deposit portfolio. In
the consolidated income statement, these contributions are presented as deposit insurance fees under net interest income, as they
are directly related to deposit acceptance activities .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-848": { "value": "
2024
2023
2022
Interest income calculated using EIR method
4,093,368
2,734,208
2,236,307
From loans to customers
3,427,246
2,314,552
1,915,677
From investment securities
552,448
356,945
297,528
From amounts due from credit institutions
109,124
76,633
47,864
From factoring receivables
11,065
458
1,376
Net (losses)/gains on modification of financial assets
(6,515)
(14,380)
(26,138)
Other interest income
46,532
14,053
20,574
From finance lease receivable
38,430
13,962
20,574
From investments securities measured at FVTPL
8,102
\u2013
\u2013
From other assets
\u2013
91
\u2013
Interest income
4,139,900
2,748,261
2,256,881
Interest expense calculated using EIR method
(1,739,767)
(1,132,227)
(1,081,376)
On client deposits and notes
(1,122,508)
(796,724)
(569,436)
On amounts owed to credit institutions
(472,570)
(290,198)
(426,950)
On debt securities issued
(136,096)
(45,305)
(84,990)
Other
(8,593)
\u2013
\u2013
Other interest expense
(1,629)
19,659
24,547
Interest element of cross-currency swaps
11,838
25,276
29,402
On lease liability
(13,467)
(5,617)
(4,855)
Interest expense
(1,741,396)
(1,112,568)
(1,056,829)
Deposit insurance fees
(37,657)
(20,247)
(17,717)
Net interest income
2,360,847
1,615,446
1,182,335
For the period ended 31 December 2024 the Group recognised GEL 419,060 (2023: GEL 297,662, 2022: GEL 283,381) interest income from investment securities measured at FVOCI. The Group is required to make regular contributions to the Deposit Insurance Agencies, calculated based on its deposit portfolio. In the consolidated income statement, these contributions are presented as deposit insurance fees under net interest income, as they are directly related to deposit acceptance activities .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-868": { "value": "
2024
2023
2022
Interest income calculated using EIR method
4,093,368
2,734,208
2,236,307
From loans to customers
3,427,246
2,314,552
1,915,677
From investment securities
552,448
356,945
297,528
From amounts due from credit institutions
109,124
76,633
47,864
From factoring receivables
11,065
458
1,376
Net (losses)/gains on modification of financial assets
(6,515)
(14,380)
(26,138)
Other interest income
46,532
14,053
20,574
From finance lease receivable
38,430
13,962
20,574
From investments securities measured at FVTPL
8,102
\u2013
\u2013
From other assets
\u2013
91
\u2013
Interest income
4,139,900
2,748,261
2,256,881
Interest expense calculated using EIR method
(1,739,767)
(1,132,227)
(1,081,376)
On client deposits and notes
(1,122,508)
(796,724)
(569,436)
On amounts owed to credit institutions
(472,570)
(290,198)
(426,950)
On debt securities issued
(136,096)
(45,305)
(84,990)
Other
(8,593)
\u2013
\u2013
Other interest expense
(1,629)
19,659
24,547
Interest element of cross-currency swaps
11,838
25,276
29,402
On lease liability
(13,467)
(5,617)
(4,855)
Interest expense
(1,741,396)
(1,112,568)
(1,056,829)
Deposit insurance fees
(37,657)
(20,247)
(17,717)
Net interest income
2,360,847
1,615,446
1,182,335
For the period ended 31 December 2024 the Group recognised GEL 419,060 (2023: GEL 297,662, 2022: GEL 283,381) interest income from investment securities measured at FVOCI. The Group is required to make regular contributions to the Deposit Insurance Agencies, calculated based on its deposit portfolio. In the consolidated income statement, these contributions are presented as deposit insurance fees under net interest income, as they are directly related to deposit acceptance activities ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-881": { "value": "
2024
2023
2022
Interest income calculated using EIR method
4,093,368
2,734,208
2,236,307
From loans to customers
3,427,246
2,314,552
1,915,677
From investment securities
552,448
356,945
297,528
From amounts due from credit institutions
109,124
76,633
47,864
From factoring receivables
11,065
458
1,376
Net (losses)/gains on modification of financial assets
(6,515)
(14,380)
(26,138)
Other interest income
46,532
14,053
20,574
From finance lease receivable
38,430
13,962
20,574
From investments securities measured at FVTPL
8,102
\u2013
\u2013
From other assets
\u2013
91
\u2013
Interest income
4,139,900
2,748,261
2,256,881
Interest expense calculated using EIR method
(1,739,767)
(1,132,227)
(1,081,376)
On client deposits and notes
(1,122,508)
(796,724)
(569,436)
On amounts owed to credit institutions
(472,570)
(290,198)
(426,950)
On debt securities issued
(136,096)
(45,305)
(84,990)
Other
(8,593)
\u2013
\u2013
Other interest expense
(1,629)
19,659
24,547
Interest element of cross-currency swaps
11,838
25,276
29,402
On lease liability
(13,467)
(5,617)
(4,855)
Interest expense
(1,741,396)
(1,112,568)
(1,056,829)
Deposit insurance fees
(37,657)
(20,247)
(17,717)
Net interest income
2,360,847
1,615,446
1,182,335
For the period ended 31 December 2024 the Group recognised GEL 419,060 (2023: GEL 297,662, 2022: GEL 283,381) interest income from investment securities measured at FVOCI. The Group is required to make regular contributions to the Deposit Insurance Agencies, calculated based on its deposit portfolio. In the consolidated income statement, these contributions are presented as deposit insurance fees under net interest income, as they are directly related to deposit acceptance activities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-889": { "value": "
2024
2023
2022
Interest income calculated using EIR method
4,093,368
2,734,208
2,236,307
From loans to customers
3,427,246
2,314,552
1,915,677
From investment securities
552,448
356,945
297,528
From amounts due from credit institutions
109,124
76,633
47,864
From factoring receivables
11,065
458
1,376
Net (losses)/gains on modification of financial assets
(6,515)
(14,380)
(26,138)
Other interest income
46,532
14,053
20,574
From finance lease receivable
38,430
13,962
20,574
From investments securities measured at FVTPL
8,102
\u2013
\u2013
From other assets
\u2013
91
\u2013
Interest income
4,139,900
2,748,261
2,256,881
Interest expense calculated using EIR method
(1,739,767)
(1,132,227)
(1,081,376)
On client deposits and notes
(1,122,508)
(796,724)
(569,436)
On amounts owed to credit institutions
(472,570)
(290,198)
(426,950)
On debt securities issued
(136,096)
(45,305)
(84,990)
Other
(8,593)
\u2013
\u2013
Other interest expense
(1,629)
19,659
24,547
Interest element of cross-currency swaps
11,838
25,276
29,402
On lease liability
(13,467)
(5,617)
(4,855)
Interest expense
(1,741,396)
(1,112,568)
(1,056,829)
Deposit insurance fees
(37,657)
(20,247)
(17,717)
Net interest income
2,360,847
1,615,446
1,182,335
For the period ended 31 December 2024 the Group recognised GEL 419,060 (2023: GEL 297,662, 2022: GEL 283,381) interest income from investment securities measured at FVOCI. The Group is required to make regular contributions to the Deposit Insurance Agencies, calculated based on its deposit portfolio. In the consolidated income statement, these contributions are presented as deposit insurance fees under net interest income, as they are directly related to deposit acceptance activities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-893": { "value": "
2024
2023
2022
Interest income calculated using EIR method
4,093,368
2,734,208
2,236,307
From loans to customers
3,427,246
2,314,552
1,915,677
From investment securities
552,448
356,945
297,528
From amounts due from credit institutions
109,124
76,633
47,864
From factoring receivables
11,065
458
1,376
Net (losses)/gains on modification of financial assets
(6,515)
(14,380)
(26,138)
Other interest income
46,532
14,053
20,574
From finance lease receivable
38,430
13,962
20,574
From investments securities measured at FVTPL
8,102
\u2013
\u2013
From other assets
\u2013
91
\u2013
Interest income
4,139,900
2,748,261
2,256,881
Interest expense calculated using EIR method
(1,739,767)
(1,132,227)
(1,081,376)
On client deposits and notes
(1,122,508)
(796,724)
(569,436)
On amounts owed to credit institutions
(472,570)
(290,198)
(426,950)
On debt securities issued
(136,096)
(45,305)
(84,990)
Other
(8,593)
\u2013
\u2013
Other interest expense
(1,629)
19,659
24,547
Interest element of cross-currency swaps
11,838
25,276
29,402
On lease liability
(13,467)
(5,617)
(4,855)
Interest expense
(1,741,396)
(1,112,568)
(1,056,829)
Deposit insurance fees
(37,657)
(20,247)
(17,717)
Net interest income
2,360,847
1,615,446
1,182,335
For the period ended 31 December 2024 the Group recognised GEL 419,060 (2023: GEL 297,662, 2022: GEL 283,381) interest income from investment securities measured at FVOCI. The Group is required to make regular contributions to the Deposit Insurance Agencies, calculated based on its deposit portfolio. In the consolidated income statement, these contributions are presented as deposit insurance fees under net interest income, as they are directly related to deposit acceptance activities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-799": { "value": "
26. Net fee and commission income
2024
2023
2022
Settlements operations
732,744
539,537
446,092
Guarantees and letters of credit
65,276
45,323
35,283
Currency conversion operations
52,295
49,370
34,546
Advisory
29,755
33,089
4,241
Cash operations
29,284
24,790
26,896
Brokerage service fees
20,060
8,759
7,676
Other
8,363
6,897
4,731
Fee and commission income
937,777
707,765
559,465
Settlements operations
(317,806)
(229,251)
(197,089)
Cash operations
(24,964)
(20,315)
(27,211)
Currency conversion operations
(11,928)
(10,146)
(6,403)
Brokerage service fees
(7,017)
(5,587)
(5,079)
Guarantees and letters of credit
(294)
(239)
(323)
Advisory
(186)
(301)
(316)
Other
(13,920)
(7,444)
(5,553)
Fee and commission expense
(376,115)
(273,283)
(241,974)
Net fee and commission income
561,662
434,482
317,491
Contract assets and liabilities
As at 31 December 2024, the Group has recognised GEL 65,021 revenue-related contract liabilities (2023: GEL 60,165, 2022: GEL
50,451). Accounts receivable are recognised when the right to consideration becomes unconditional. Deferred revenue is recognised
as revenue as the Group performs 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 2024, the Group recognised GEL 54,996 revenue (2023: GEL 48,303, 2022: GEL 38,495) 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 In In In
In 1 year 2 years 3 years 3 to 5 years
5 to 10 years
Total
As at 31 December 2024
61,453
1,509
1,917
38
104
65,021
As at 31 December 2023
55,733
2,428
1,325
594
87
60,167
As at 31 December 2022
47,793
2,466
128
46
18
50,451
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-801": { "value": "
27. Salaries and other employee benefits, and general and administrative expenses
Salaries and other employee benefits
2024
2023
2022
Salaries and bonuses
(742,452)
(405,764)
(350,758)
Social security costs
(8,343)
(7,899)
(6,818)
Pension costs
(7,195)
(5,791)
(4,443)
Salaries and other employee benefits
(757,990)
(419,454)
(362,019)
In 2024, salaries and bonuses include GEL 66,820 of the Equity Compensation Plan costs (2023: GEL 72,055, 2022: GEL 82,025),
associated with the existing share-based compensation scheme approved by the Group (note 30).
The average number of staff employed by the Group for the years ended 31 December 2024, 31 December 2023 and 31 December
2022, comprised:
2024
2023
2022
Bank of Georgia
7,733
6,981
6,324
Ameriabank
1,941
\u2013
\u2013
BNB
814
802
654
Other
1,220
1,072
1,041
Average total number of staff employed
11,708
8,855
8,019
General and administrative expenses
2024
2023
2022
Repairs and maintenance
(83,620)
(56,343)
(47,943)
Marketing and advertising
(63,421)
(44,645)
(35,316)
Legal and other professional services
(34,445)
(31,551)
(17,396)
Operating taxes
(18,909)
(13,397)
(13,539)
Personnel training and recruitment
(12,265)
(6,956)
(4,304)
Communication
(11,610)
(7,808)
(7,959)
Office supplies
(10,021)
(10,097)
(8,571)
Occupancy and rent
(9,915)
(7,136)
(6,257)
Travel expenses
(8,256)
(7,093)
(5,387)
Corporate hospitality and entertainment
(7,070)
(7,361)
(6,181)
Security
(6,517)
(4,369)
(3,219)
Insurance
(4,068)
(3,553)
(3,945)
Other
(9,080)
(5,059)
(4,433)
General and administrative expenses
(279,197)
(205,368)
(164,450)
Auditor remuneration
Auditor remuneration comprises:
2024
2023
2022
Fees payable for the audit of the Company\u2019s current year Annual Report
1,341
971
770
Fees payable for other services:
Audit of the Company\u2019s subsidiaries
1,192
1,048
905
Total audit fees
2,533
2,019
1,675
Audit-related assurance services:
Review of the Company\u2019s and subsidiaries\u2019 interim accounts
564
539
397
Other assurance services
42
32
32
Total audit-related fees
606
571
429
Non-audit services:
Other assurance services
\u2013
4,620
12
Services related to corporate finance transactions not covered above
655
\u2013
\u2013
Total other services fees
655
4,620
12
Total fees
3,794
7,210
2,116
In 2023 other non-audit assurance services are related to the acquisition of Ameriabank.
Total non-audit fees exceeded a 1:1 non-audit fee to audit fee ratio in 2023 and the 70% non-audit services fee cap provision of
the Financial Reporting Council (FRC) Ethical Standard in 2024 and 2023, primarily attributed to reporting accounting work in
connection with the Ameriabank transaction. EY requested a two-year waiver from the FRC, which was granted.
The figures shown in the above table relate to fees of Ernst & Young LLP (EY) and its associates. In 2024, fees paid to other auditors
not associated with EY in respect of the audit of the Parent and Group\u2019s subsidiaries were GEL 1,236 (2023: GEL 1,031, 2022: GEL
247), and in respect of other services of the Group were GEL 2,455 (2023: GEL 1,605, 2022: GEL 579).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-849": { "value": "Salaries and other employee benefits
2024
2023
2022
Salaries and bonuses
(742,452)
(405,764)
(350,758)
Social security costs
(8,343)
(7,899)
(6,818)
Pension costs
(7,195)
(5,791)
(4,443)
Salaries and other employee benefits
(757,990)
(419,454)
(362,019)
In 2024, salaries and bonuses include GEL 66,820 of the Equity Compensation Plan costs (2023: GEL 72,055, 2022: GEL 82,025), associated with the existing share-based compensation scheme approved by the Group (note 30). The average number of staff employed by the Group for the years ended 31 December 2024, 31 December 2023 and 31 December 2022, comprised:
2024
2023
2022
Bank of Georgia
7,733
6,981
6,324
Ameriabank
1,941
\u2013
\u2013
BNB
814
802
654
Other
1,220
1,072
1,041
Average total number of staff employed
11,708
8,855
8,019
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-882": { "value": "General and administrative expenses
2024
2023
2022
Repairs and maintenance
(83,620)
(56,343)
(47,943)
Marketing and advertising
(63,421)
(44,645)
(35,316)
Legal and other professional services
(34,445)
(31,551)
(17,396)
Operating taxes
(18,909)
(13,397)
(13,539)
Personnel training and recruitment
(12,265)
(6,956)
(4,304)
Communication
(11,610)
(7,808)
(7,959)
Office supplies
(10,021)
(10,097)
(8,571)
Occupancy and rent
(9,915)
(7,136)
(6,257)
Travel expenses
(8,256)
(7,093)
(5,387)
Corporate hospitality and entertainment
(7,070)
(7,361)
(6,181)
Security
(6,517)
(4,369)
(3,219)
Insurance
(4,068)
(3,553)
(3,945)
Other
(9,080)
(5,059)
(4,433)
General and administrative expenses
(279,197)
(205,368)
(164,450)
Auditor remuneration Auditor remuneration comprises:
2024
2023
2022
Fees payable for the audit of the Company\u2019s current year Annual Report
1,341
971
770
Fees payable for other services:
Audit of the Company\u2019s subsidiaries
1,192
1,048
905
Total audit fees
2,533
2,019
1,675
Audit-related assurance services:
Review of the Company\u2019s and subsidiaries\u2019 interim accounts
564
539
397
Other assurance services
42
32
32
Total audit-related fees
606
571
429
Non-audit services:
Other assurance services
\u2013
4,620
12
Services related to corporate finance transactions not covered above
655
\u2013
\u2013
Total other services fees
655
4,620
12
Total fees
3,794
7,210
2,116
In 2023 other non-audit assurance services are related to the acquisition of Ameriabank. Total non-audit fees exceeded a 1:1 non-audit fee to audit fee ratio in 2023 and the 70% non-audit services fee cap provision of the Financial Reporting Council (FRC) Ethical Standard in 2024 and 2023, primarily attributed to reporting accounting work in connection with the Ameriabank transaction. EY requested a two-year waiver from the FRC, which was granted. The figures shown in the above table relate to fees of Ernst & Young LLP (EY) and its associates. In 2024, fees paid to other auditors not associated with EY in respect of the audit of the Parent and Group\u2019s subsidiaries were GEL 1,236 (2023: GEL 1,031, 2022: GEL 247), and in respect of other services of the Group were GEL 2,455 (2023: GEL 1,605, 2022: GEL 579).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-869": { "value": "General and administrative expenses
2024
2023
2022
Repairs and maintenance
(83,620)
(56,343)
(47,943)
Marketing and advertising
(63,421)
(44,645)
(35,316)
Legal and other professional services
(34,445)
(31,551)
(17,396)
Operating taxes
(18,909)
(13,397)
(13,539)
Personnel training and recruitment
(12,265)
(6,956)
(4,304)
Communication
(11,610)
(7,808)
(7,959)
Office supplies
(10,021)
(10,097)
(8,571)
Occupancy and rent
(9,915)
(7,136)
(6,257)
Travel expenses
(8,256)
(7,093)
(5,387)
Corporate hospitality and entertainment
(7,070)
(7,361)
(6,181)
Security
(6,517)
(4,369)
(3,219)
Insurance
(4,068)
(3,553)
(3,945)
Other
(9,080)
(5,059)
(4,433)
General and administrative expenses
(279,197)
(205,368)
(164,450)
Auditor remuneration Auditor remuneration comprises:
2024
2023
2022
Fees payable for the audit of the Company\u2019s current year Annual Report
1,341
971
770
Fees payable for other services:
Audit of the Company\u2019s subsidiaries
1,192
1,048
905
Total audit fees
2,533
2,019
1,675
Audit-related assurance services:
Review of the Company\u2019s and subsidiaries\u2019 interim accounts
564
539
397
Other assurance services
42
32
32
Total audit-related fees
606
571
429
Non-audit services:
Other assurance services
\u2013
4,620
12
Services related to corporate finance transactions not covered above
655
\u2013
\u2013
Total other services fees
655
4,620
12
Total fees
3,794
7,210
2,116
In 2023 other non-audit assurance services are related to the acquisition of Ameriabank. Total non-audit fees exceeded a 1:1 non-audit fee to audit fee ratio in 2023 and the 70% non-audit services fee cap provision of the Financial Reporting Council (FRC) Ethical Standard in 2024 and 2023, primarily attributed to reporting accounting work in connection with the Ameriabank transaction. EY requested a two-year waiver from the FRC, which was granted. The figures shown in the above table relate to fees of Ernst & Young LLP (EY) and its associates. In 2024, fees paid to other auditors not associated with EY in respect of the audit of the Parent and Group\u2019s subsidiaries were GEL 1,236 (2023: GEL 1,031, 2022: GEL 247), and in respect of other services of the Group were GEL 2,455 (2023: GEL 1,605, 2022: GEL 579).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-850": { "value": "General and administrative expenses
2024
2023
2022
Repairs and maintenance
(83,620)
(56,343)
(47,943)
Marketing and advertising
(63,421)
(44,645)
(35,316)
Legal and other professional services
(34,445)
(31,551)
(17,396)
Operating taxes
(18,909)
(13,397)
(13,539)
Personnel training and recruitment
(12,265)
(6,956)
(4,304)
Communication
(11,610)
(7,808)
(7,959)
Office supplies
(10,021)
(10,097)
(8,571)
Occupancy and rent
(9,915)
(7,136)
(6,257)
Travel expenses
(8,256)
(7,093)
(5,387)
Corporate hospitality and entertainment
(7,070)
(7,361)
(6,181)
Security
(6,517)
(4,369)
(3,219)
Insurance
(4,068)
(3,553)
(3,945)
Other
(9,080)
(5,059)
(4,433)
General and administrative expenses
(279,197)
(205,368)
(164,450)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-851": { "value": "Auditor remuneration Auditor remuneration comprises:
2024
2023
2022
Fees payable for the audit of the Company\u2019s current year Annual Report
1,341
971
770
Fees payable for other services:
Audit of the Company\u2019s subsidiaries
1,192
1,048
905
Total audit fees
2,533
2,019
1,675
Audit-related assurance services:
Review of the Company\u2019s and subsidiaries\u2019 interim accounts
564
539
397
Other assurance services
42
32
32
Total audit-related fees
606
571
429
Non-audit services:
Other assurance services
\u2013
4,620
12
Services related to corporate finance transactions not covered above
655
\u2013
\u2013
Total other services fees
655
4,620
12
Total fees
3,794
7,210
2,116
In 2023 other non-audit assurance services are related to the acquisition of Ameriabank. Total non-audit fees exceeded a 1:1 non-audit fee to audit fee ratio in 2023 and the 70% non-audit services fee cap provision of the Financial Reporting Council (FRC) Ethical Standard in 2024 and 2023, primarily attributed to reporting accounting work in connection with the Ameriabank transaction. EY requested a two-year waiver from the FRC, which was granted. The figures shown in the above table relate to fees of Ernst & Young LLP (EY) and its associates. In 2024, fees paid to other auditors not associated with EY in respect of the audit of the Parent and Group\u2019s subsidiaries were GEL 1,236 (2023: GEL 1,031, 2022: GEL 247), and in respect of other services of the Group were GEL 2,455 (2023: GEL 1,605, 2022: GEL 579).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-802": { "value": "28. 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 Individual Collective Collective Individual Collective Individual Collective Total Cash and cash equivalents \u2013 250 \u2013 \u2013 \u2013 \u2013 \u2013 250 Amounts due from credit institutions \u2013 489 \u2013 \u2013 \u2013 \u2013 \u2013 489 Investment securities measured at amortised cost \u2013 debt instruments \u2013 408 \u2013 \u2013 \u2013 \u2013 \u2013 408 Investment securities measured at FVOCI \u2013 debt instruments \u2013 (2,595) \u2013 \u2013 \u2013 \u2013 \u2013 (2,595) Investment securities pledged under sale and repurchase agreements and securities lending at amortised cost \u2013 debt instruments \u2013 24 \u2013 \u2013 \u2013 \u2013 \u2013 24 Investment securities pledged under sale and repurchase agreements and securities lending at FVOCI \u2013 debt instruments \u2013 55 \u2013 \u2013 \u2013 \u2013 \u2013 55 Loans to customers at amortised cost (26,783) (29,339) 19,498 (67,159) (47,147) (277) 3,673 (147,534) Factoring receivables \u2013 135 \u2013 \u2013 \u2013 \u2013 \u2013 135 Finance lease receivables (230) (487) 319 (2,292) (1,308) 130 2,459 (1,409) Accounts receivable and other loans (58) (235) (3) \u2013 (63) \u2013 \u2013 (359) Other financial assets \u2013 \u2013 \u2013 (1,571) \u2013 \u2013 \u2013 (1,571) Financial and performance guarantees \u2013 1,055 (457) 195 4 \u2013 \u2013 797 Letter of credit to customers \u2013 (68) \u2013 \u2013 \u2013 \u2013 \u2013 (68) Other financial commitments \u2013 658 46 \u2013 \u2013 \u2013 \u2013 704 For the year ended 31 December 2024 (27,071) (29,650) 19,403 (70,827) (48,514) (147) 6,132 (150,674) Stage 1 Stage 2 Stage 3 POCI IndividualCollectiveCollectiveIndividualCollectiveIndividualCollective Total Cash and cash equivalents \u2013 (182) \u2013 \u2013 \u2013 \u2013 \u2013 (182) Amounts due from credit institutions \u20134,260 \u2013 \u2013 \u2013 \u2013 \u20134,260 Investment securities measured at amortised cost \u2013 debt instruments \u20133,284 \u2013 \u2013 \u2013 \u2013 \u20133,284 Investment securities measured at FVOCI \u2013 debt instruments \u2013(1,937) \u2013 \u2013 \u2013 \u2013 \u2013(1,937) Loans to customers at amortised cost \u201316,933(8,121)(446)(129,119) \u2013(3,727)(124,480) Factoring receivables 121 61 \u2013 \u2013 \u2013 \u2013 182 Finance lease receivables \u2013 (146) (121) (92)(3,232) \u2013 829(2,762) Accounts receivable and other loans \u2013 \u2013 \u2013 (81) \u2013 \u2013 \u2013 (81) Other financial assets \u2013 \u2013 \u2013(3,854) (1) \u2013 \u2013(3,855) Financial and performance guarantees \u2013 284 (2) 24 5 \u2013 \u2013 311 Letter of credit to customers \u2013 15 \u2013 \u2013 \u2013 \u2013 \u2013 15 Other financial commitments \u2013 721 13 \u2013 \u2013 \u2013 \u2013 734 For the year ended 31 December 2023 \u201323,353(8,170)(4,449)(132,347) \u2013(2,898)(124,511) Stage 1 Stage 2 Stage 3 POCI IndividualCollectiveCollectiveIndividualCollectiveIndividualCollective Total Cash and cash equivalents \u2013 (334) \u2013 \u2013 \u2013 \u2013 \u2013 (334) Amounts due from credit institutions \u2013(5,179) \u2013 \u2013 \u2013 \u2013 \u2013(5,179) Investment securities measured at amortised cost \u2013 debt instruments \u2013(2,387) \u2013 \u2013 \u2013 \u2013 \u2013(2,387) Investment securities measured at FVOCI \u2013 debt instruments \u2013(3,896) \u2013 \u2013 \u2013 \u2013 \u2013(3,896) Loans to customers at amortised cost \u201321,317(15,372)53,195(177,169) \u2013(10,598)(128,627) Factoring receivables \u2013 10 (61) \u2013 \u2013 \u2013 \u2013 (51) Finance lease receivables \u2013 292 487 784(1,886) \u2013(2,885)(3,208) Accounts receivable and other loans \u2013 \u2013 \u2013 (255) \u2013 \u2013 \u2013 (255) Other financial assets \u2013(4,205) \u2013 \u2013 \u2013 \u2013 \u2013(4,205) Financial and performance guarantees \u2013 (437) 6 32 2 \u2013 \u2013 (397) Letter of credit to customers \u2013 (33) \u2013 65 \u2013 \u2013 \u2013 32 Other financial commitments \u2013 140 292 \u2013 \u2013 \u2013 \u2013 432 For the year ended 31 December 2022 \u20135,288(14,648)53,821(179,053) \u2013(13,483)(148,075) Impairment charge on other assets and provisions comprise: 2024 2023 2022 Litigation provision (charge)/reversal (713) (2,946) 46,645 Impairment (charge)/reversal on assets held for sale (1,309) (4,550) (4,296) Other impairment charge (12,557) (12,057) (13,342) Impairment (charge)/reversal on other assets and provisions (14,579) (19,553) 29,007", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfCostOfRisk", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-803": { "value": "29. Net other gains/(losses) 2024 2023 2022 Net real estate gains/(losses) 22,409 91,868 20,498 Net gains/(losses) from revaluation of investment property 19,053 756 7,421 Net gains/(losses) on financial assets at FVTPL 8,928 (660) (2,710) Net gains/(losses) on derecognition of financial assets measured at FVOCI 4,541 12,520 7,921 Net other gains/(losses) 13,377 9,687 11,679 Net other gains/(losses) 68,308 114,171 44,809 During 2021-2023, the Group repossessed significant movable and immovable assets from a defaulted group of borrowers via the public auction at a deep discount. The properties were classified as foreclosed assets and measured at the lower of cost and net realisable value. The Group managed to realise various properties at then current market prices in 2023 and recorded respective real estate gain in an amount of GEL 81,327 in its consolidated financial statements.", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfNetOtherGainsLosses", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-804": { "value": "
30. 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 Limited (formerly Sanne Fiduciary
Services Limited) (the \u2018Trustee\u2019) which acts as the trustee of the Group\u2019s EECP. In 2024, the Trustee repurchased 53,114 shares (2023:
585,864 shares and, 2022: 695,750 shares).
In 2019, the Group set up the Group\u2019s Employee Equity Compensation Trustee \u2013 Apex Group Fiduciary Services Limited (formerly
Sanne Fiduciary Services Limited) (the \u2018Trustee\u2019) which acts as the trustee of Employees\u2019 Equity Compensation Plan. In 2024, the
Trustee repurchased 135,674 shares (2023: 172,951 shares, 2022: 319,231 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 holding period of up to four years. For the CEO,
annual remuneration paid in shares is fixed every three years, whereas for other members of the Management Board and MRTs
remuneration is set annually. As for the variable share remuneration, it is awarded annually in the form of nil-cost options over
the shares of Lion Finance Group 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 2024, Lion Finance Group PLC\u2019s Remuneration Committee resolved to award 193,767 ordinary shares of Lion Finance Group PLC
to the members of the Management Board and 46,186 ordinary shares of Lion Finance Group PLC to the Group\u2019s 16 Executives.
Shares awarded to the Management Board are subject to five-year vesting and two-year holding periods, while those awarded
to the other 16 Executives are subject to three-year vesting periods with continuous employment being the only vesting condition
for both awards. The Group considers 12 February 2024 as the grant date. The Group estimates that the fair value of the shares
awarded on 12 February 2024 was Georgian Lari 128.47 per share.
In 2023, Lion Finance Group PLC\u2019s Remuneration Committee resolved to award 241,500 ordinary shares of Lion Finance Group PLC
to the members of the Management Board and 74,520 ordinary shares of Lion Finance Group PLC to the Group\u2019s 18 Executives.
Shares awarded to the Management Board are subject to five-year vesting and two-year holding periods, while those awarded to
the other 18 Executives are subject to three-year vesting periods with continuous employment being the only vesting condition for
both awards. The Group considers 9 February, 10 May and 20 October 2023 as the grant date. The Group estimates that the fair
value of the shares awarded on 9 February, 10 May and 20 October 2023 was Georgian Lari 87.65, 99.04 and 106.31 per share.
In 2022, Lion Finance Group PLC\u2019s Remuneration Committee resolved to award 350,017 ordinary shares of Lion Finance Group PLC
to the members of the Management Board and 54,851 ordinary shares of Lion Finance 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 2024, Management Board members signed fixed contingent share-based compensation agreements, with fixed contract value of
GEL 15,777. The Group considers 1 January 2024 as the grant dates for the awards. The Group estimated the value of the shares was
Georgian Lari 129.23 per share respectively, based on the five working day average share price before 25 December 2023 and using
the grant date exchange rates, respectively. The awards are subject to one-year vesting and four-year holding periods.
In 2024, the Group\u2019s other executive members signed fixed contingent share-based compensation agreements, with fixed contract
value of GEL 4,973. The Group considers 1 January 2024 and 1 July 2024 as the grant dates for the awards. The Group estimated the
value of the shares were Georgian Lari 129.23 and 135.03 per share respectively, based on the five working day average share price
before 25 December 2023 and using grant date exchange rates, respectively. The awards are subject to one-year vesting and three-
year holding periods.
In 2023, Management Board members signed fixed contingent share-based compensation agreements, with fixed contract value
of GEL 16,248. The Group considers 1 January 2023 as the grant dates for the awards. The Group estimated the value of the
shares was Georgian Lari 82.91 per share respectively, based on the five working day average share price before 25 December 2022,
respectively. The awards are subject to one-year vesting and four-year holding periods.
In 2023, the Group\u2019s other executive members signed fixed contingent share-based compensation agreements, with fixed contract
value of GEL 4,149. The Group considers 1 January 2023, 1 April 2023, 27 April 2023, 1 May 2023 and 1 June 2023 as the grant dates
for the awards. The Group estimated the value of the shares were Georgian Lari 82.91, 78.44, 76.77, 76.61 and 79.99 per share
respectively, based on the five working day average share price before 25 December 2022. The awards are subject to one-year
vesting and three-year holding periods.
In 2022, Management Board members signed fixed contingent share-based compensation agreements, with fixed contract value
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 25 December 2021. The awards are subject to one-year vesting and four-year holding periods.
In 2022, the Group\u2019s other executive members signed fixed contingent share-based compensation agreements, with fixed contract
value 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 25 December 2021. The awards are subject to one-year vesting and three-year holding periods.
The Group grants share compensation to its non-executive employees. In 2024, 2023 and 2022, the Supervisory Board of the Group
resolved to award 139,461, 157,146 and 212,327 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 12 February 2024, 9 February 2023 and 31 January 2022 as the grant dates of these awards, respectively. The Group
estimated that the fair values of the shares awarded on 12 February 2024, 9 February 2023 and 31 January 2022 were Georgian Lari
128.47, 87.65 and 59.98 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 amounted to Georgian Lari 128.71 per share in year ended
31 December 2024 (31 December 2023: Georgian Lari 84.87 per share, 31 December 2022: Georgian Lari 62.25).
The Group\u2019s total share-based payment expenses for the year ended 31 December 2024 amounted to GEL 66,820 (31 December
2023: GEL 72,055, 31 December 2022: GEL 82,025) 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:
2024
2023
2022
Total number of equity instruments awarded
539,909
724,296
1,405,389
Among them, to the Management Board
315,858
437,461
1,071,053
Weighted average value at grant date, per share (GEL in full amount)
128.71
84.87
62.25
Value at grant date, total (GEL)
69,493
61,469
87,481
Total expense recognised during the year (GEL)
(66,820)
(72,055)
(82,025)
During 2024 Lion Finance Group PLC Directors exercised 179,031 (2023: 242,707, 2022: 70,646) shares with fair value of GEL 29,374
(2023: GEL 20,827, 2022: GEL 3,602). Weighted average share price was GEL 164.07 per share (2023: GEL 85.81, 2022: GEL 50.99).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-805": { "value": "
31. 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 faces various
financial risks (including credit risk, capital and liquidity risks, and market risk) as well as non-financial risks. For a comprehensive
discussion of the Group\u2019s principal and emerging risks, please refer to page 95.
Risk management structure
The Group\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 codes adopted by the NBG and the CBA. The three lines of defence model
enhances the understanding of risk management and control by clarifying roles and responsibilities within the Group\u2019s different risk
management bodies and business units in order to increase the effective management of risk and control.
Audit Committees
The Audit Committees assist the Supervisory Boards in relation to the oversight of the Group\u2019s respective principal operating
subsidiary\u2019s financial and reporting processes. They monitor the integrity of the financial statements and are responsible for
governance around both the Internal Audit functions and External Auditor, reporting back to the respective Board. They review the
effectiveness of the policies, procedures and systems in place related to, among other operational risks, compliance, IT and internal
security (including cybersecurity), and work closely with the Risk Committees in connection with assessing the effectiveness of the
risk management and internal control framework.
Risk Committees
The Risk Committees assist the Supervisory Boards in relation to the oversight of risk. They review the Group\u2019s principal operating
subsidiaries\u2019 risk appetites in line with strategy, identify and monitor risk exposure and the risk management infrastructure,
oversee the implementation of strategy to address risk, and in conjunction with the Audit Committees, assess the strength and
effectiveness of the risk management and internal control framework within the entities.
Management Boards
Management Boards of the Group\u2019s principal operating subsidiaries have overall responsibility for the respective entity\u2019s asset,
liability and risk management activities, policies and procedures. In order to effectively implement the risk management system, the
Management Boards delegate individual risk management functions to each of the various decision-making and execution bodies
within the entities.
Credit Committees
Group\u2019s principal operating subsidiaries have several Credit Committees, each responsible for supervising and managing the entity\u2019s
credit risks in respect of loans and counterparty credit exposures. For detailed information on how we manage credit risk within the
Group\u2019s principal operating subsidiaries, please refer to pages 95 to 96.
Asset and Liability Management Committees
Principal operating subsidiaries have Asset and Liability Management Committees (ALCOs) that are responsible for establishing
policies and guidelines with respect to capital adequacy, market risks, liquidity and funding risk, interest rate and prepayment risks
and respective limits, money market general terms and credit exposure limits. The ALCOs review scenario analyses and stress tests,
regularly monitor compliance with the pre-set risk limits, and approve treasury deals.
Internal Audit
The Group\u2019s principal operating subsidiaries have Internal Audit functions acting as the third line of defence and are responsible for
providing independent and objective assurance on the effectiveness of internal control, risk management and governance processes
within the entities. They evaluate and improve the effectiveness of risk management procedures and control systems through
systematic, disciplined reviews of key business processes and controls within the entity.
Internal Audit functions within the Group\u2019s principal operating subsidiaries have a dual-reporting lines to both the local Supervisory
Board Audit Committees as well as the Board of Directors\u2019 Audit Committee at the Group level.
Risk measurement and reporting systems
The Group\u2019s principal operating subsidiaries apply a variety of risk metrics to measure their exposures, ranging from operational
indicators to forward looking/statistical model-based approaches and stress scenarios.
The Group\u2019s principal operating subsidiaries have established risk appetite limits for their principal risks, which are approved by their
Supervisory Boards. Monitoring and controlling of these risks are performed with reference to these limits. Risk appetites stem from
Group\u2019s strategic objectives and market environment in which the subsidiaries operate and they set the boundaries for the level of
risk the Group is willing to take. Market landscape is monitored continuously to ensure that any significant changes in the underlying
assumptions and/or conditions are identified and adapted in a timely manner.
Information compiled from all the businesses within the Group\u2019s operating subsidiaries is examined and processed in order to
analyse, control and identify early risks. This information is presented and explained to the respective Management Board, and the
head of each Business Division. The reports include aggregate credit exposures, liquidity ratios and changes to the risk profile. Risk
Appetite Statements (RAS) are approved by the respective Supervisory Board annually and performance against RAS is reported to
the respective Risk Committee quarterly.
For all levels throughout the Group\u2019s principal operating subsidiaries, 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.
Risk mitigation
As part of their overall risk management, the Group\u2019s principal operating subsidiaries use derivatives and other instruments to
manage exposures resulting from changes in interest rates, foreign currencies, equity risks, credit risks, and exposures arising from
expected future transactions. While these are intended for hedging, they do not qualify for hedge accounting.
The Group\u2019 principal operating subsidiaries actively use collateral to reduce 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, policies and procedures within the Group\u2019s principal operating subsidiaries 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. 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 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 companies run internal rating models which 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 approach to maintain accurate and consistent risk ratings across the credit portfolio with
its policies. 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 systems are 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 policies. Attributable risk ratings are assessed and updated regularly.
Bank of Georgia also uses external ratings provided by Credit Bureau for For retail, micro and SME loans.
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 Risk functions within the Group\u2019s
principal operating subsidiaries use 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.
External rating grades
Credit Standard &
Internal rating description*
Internal rating grades
Bureau
Poor\u2019s
Moody\u2019s
High grade
Aaa
1
A
AAA
Aaa1-AA3
Aa1
2+
B
AA+
Aa1
Aa2
2
C1
AA
Aa2
Aa3
2-
C2
AA-
Aa3
A1
3+
C3
A+
A1
A2
3
A
A2
A3
3-
A-
A3
Baa1
4+
BBB+
Baa1
Baa2
4
BBB
Baa2
Baa3
4-
BBB-
Baa3
Standard grade
Ba1
5+
D1
BB+
Ba1
Ba2
5
D2
BB
Ba2
Ba3
5-
D3
BB-
Ba3
B1
6+
B+
B1
B2
6
B
B2
Low grade
B3
6-
E1
B-
B3
Caa1
7+
E2
CCC+
Caaa
Caa2
7
E3
CCC
Ca
Caa3
7-
CCC-
CCC+-
Ca
CC
CCC
C CCC-
* Grades are not supposed to be linked to each other across the rating categories above.
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.
Other financial assets include receivables from remittance operations and other receivables.
Cash and cash equivalents, excluding cash on hand
Stage 1
Total
High grade
1,267,348
1,267,348
Standard grade
701,956
701,956
Low grade
57,095
57,095
Not rated
366,424
366,424
Balance at 31 December 2024
2,392,823
2,392,823
Amounts due from credit institutions
Stage 1
Total
High grade
7,425
7,425
Standard grade
3,035,912
3,035,912
Not rated
236,789
236,789
Balance at 31 December 2024
3,280,126
3,280,126
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
2,365,268
2,365,268
Standard grade
3,544,491
3,544,491
Not rated
84,094
84,094
Balance at 31 December 2024
5,993,853
5,993,853
Investment securities measured at amortised cost \u2013 debt instruments
Stage 1
Total
High grade
1,951,318
1,951,318
Standard grade
658,350
658,350
Not rated
138,386
138,386
Balance at 31 December 2024
2,748,054
2,748,054
Investment securities pledged under sale and repurchase agreements and securities lending
measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
138,945
138,945
Standard grade
47,725
47,725
Balance at 31 December 2024
186,670
186,670
Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost \u2013
debt instruments
Stage 1
Total
Standard grade
270,199
270,199
Balance at 31 December 2024
270,199
270,199
Commercial loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
6,273,922
42,973
\u2013
389
6,317,284
Standard grade
3,933,578
65,195
\u2013
425
3,999,198
Low grade
651,221
162,971
\u2013
\u2013
814,192
Not rated
771,904
6,932
\u2013
\u2013
778,836
Defaulted
Non-performing
\u2013
\u2013
188,704
14,457
203,161
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Residential mortgage loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,736,156
10,808
\u2013
4,601
3,751,565
Standard grade
717,635
24,055
\u2013
4,960
746,650
Low grade
97,729
101,558
\u2013
6,958
206,245
Not rated
2,701,911
9,265
\u2013
116
2,711,292
Defaulted
Non-performing
\u2013
\u2013
60,847
21,029
81,876
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Micro and SME loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,309,395
25,236
\u2013
346
2,334,977
Standard grade
1,428,020
59,770
\u2013
149
1,487,939
Low grade
252,065
80,133
\u2013
345
332,543
Not rated
1,907,877
31,579
91
171
1,939,718
Defaulted
Non-performing
\u2013
\u2013
190,230
62,575
252,805
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Consumer loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,503,803
10,343
\u2013
1,879
3,516,025
Standard grade
1,532,755
41,342
\u2013
3,455
1,577,552
Low grade
370,633
199,161
\u2013
6,755
576,549
Not rated
1,576,584
11,033
\u2013
\u2013
1,587,617
Defaulted
Non-performing
\u2013
\u2013
114,877
15,869
130,746
Other
\u2013
\u2013
1
\u2013
1
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Gold \u2013 pawn loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
70,790
113
\u2013
\u2013
70,903
Standard grade
49,746
516
\u2013
\u2013
50,262
Low grade
21,442
5,001
\u2013
\u2013
26,443
Not rated
3,888
19
\u2013
\u2013
3,907
Defaulted
Non-performing
\u2013
\u2013
2,727
\u2013
2,727
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Finance lease receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
9,308
366
\u2013
3,781
13,455
Standard grade
101,504
58
\u2013
2,870
104,432
Low grade
3,815
16
\u2013
3,894
7,725
Not rated
285,888
516
\u2013
\u2013
286,404
Defaulted
Non-performing
\u2013
\u2013
9,300
6,559
15,859
Other
\u2013
\u2013
\u2013
347
347
Balance at 31 December 2024
400,515
956
9,300
17,451
428,222
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
31,947
\u2013
\u2013
\u2013
31,947
Standard grade
3,936
\u2013
\u2013
\u2013
3,936
Not rated
34,461
82
\u2013
\u2013
34,543
Defaulted
Non-performing
\u2013
\u2013
32
\u2013
32
Balance at 31 December 2024
70,344
82
32
\u2013
70,458
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,524
\u2013
\u2013
\u2013
3,524
Standard grade
91
\u2013
\u2013
\u2013
91
Not rated
11,272
\u2013
\u2013
\u2013
11,272
Balance at 31 December 2024
14,887
\u2013
\u2013
\u2013
14,887
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
195,982
\u2013
\u2013
\u2013
195,982
Balance at 31 December 2024
195,982
\u2013
\u2013
\u2013
195,982
Financial and performance guarantees issued
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
764,670
\u2013
\u2013
\u2013
764,670
Standard grade
319,599
8,167
\u2013
\u2013
327,766
Low grade
37,929
28,374
\u2013
\u2013
66,303
Not rated
1,440,810
5,623
\u2013
\u2013
1,446,433
Defaulted
Other
\u2013
\u2013
254
\u2013
254
Balance at 31 December 2024
2,563,008
42,164
254
\u2013
2,605,426
Letters of credit
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
78,830
\u2013
\u2013
\u2013
78,830
Standard grade
3,328
\u2013
\u2013
\u2013
3,328
Not rated
1,613
\u2013
\u2013
\u2013
1,613
Balance at 31 December 2024
83,771
\u2013
\u2013
\u2013
83,771
Undrawn loan facilities
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
776,482
168
\u2013
\u2013
776,650
Standard grade
163,806
5,784
\u2013
\u2013
169,590
Low grade
3,877
3,474
\u2013
1
7,352
Not rated
438,736
166
30
\u2013
438,932
Defaulted
Non-performing
\u2013
\u2013
14
\u2013
14
Other
\u2013
\u2013
677
14
691
Balance at 31 December 2024
1,382,901
9,592
721
15
1,393,229
Cash and cash equivalents, excluding cash on hand
Stage 1
Total
High grade
1,097,876
1,097,876
Standard grade
654,907
654,907
Low grade
32,398
32,398
Not rated
293,061
293,061
Balance at 31 December 2023
2,078,242
2,078,242
Amounts due from credit institutions
Stage 1
Total
High grade
1,734,224
1,734,224
Not rated
19,327
19,327
Balance at 31 December 2023
1,753,551
1,753,551
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
2,277,147
2,277,147
Standard grade
2,058,495
2,058,495
Not rated
88,518
88,518
Balance at 31 December 2023
4,424,160
4,424,160
Investment securities measured at amortised cost \u2013 debt instruments
Stage 1
Total
High grade
415,713
415,713
Standard grade
160,758
160,758
Not rated
114,648
114,648
Balance at 31 December 2023
691,119
691,119
Commercial loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
4,338,469
68,175
\u2013
339
4,406,983
Standard grade
1,389,524
58,796
\u2013
755
1,449,075
Low grade
132,265
372,006
\u2013
\u2013
504,271
Not rated
464,999
16,812
1
\u2013
481,812
Defaulted
Non-performing
\u2013
\u2013
101,364
22,481
123,845
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Residential mortgage loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,346,499
11,608
\u2013
4,209
3,362,316
Standard grade
714,568
45,712
\u2013
3,689
763,969
Low grade
86,008
116,000
\u2013
6,839
208,847
Not rated
153,263
732
\u2013
131
154,126
Defaulted
Non-performing
\u2013
\u2013
37,771
16,214
53,985
Other
\u2013
\u2013
13,175
1,107
14,282
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Micro and SME loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,480,970
29,931
\u2013
316
2,511,217
Standard grade
1,012,833
73,925
\u2013
228
1,086,986
Low grade
75,930
76,380
\u2013
242
152,552
Not rated
140,137
11,294
48
\u2013
151,479
Defaulted
Non-performing
\u2013
\u2013
167,506
2,364
169,870
Other
\u2013
\u2013
871
47
918
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Consumer loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,693,767
7,996
\u2013
2,406
2,704,169
Standard grade
1,179,793
50,968
\u2013
3,069
1,233,830
Low grade
233,382
173,992
\u2013
4,607
411,981
Not rated
218,817
1,273
90
\u2013
220,180
Defaulted
Non-performing
\u2013
\u2013
91,584
16,090
107,674
Other
\u2013
\u2013
19,795
2,340
22,135
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Gold \u2013 pawn loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
65,002
48
\u2013
\u2013
65,050
Standard grade
40,495
733
\u2013
\u2013
41,228
Low grade
17,381
7,915
\u2013
\u2013
25,296
Not rated
14,538
\u2013
273
\u2013
14,811
Defaulted
Non-performing
\u2013
\u2013
2,566
\u2013
2,566
Other
\u2013
\u2013
1,277
\u2013
1,277
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Finance lease receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
5,832
80
\u2013
4,274
10,186
Standard grade
2,731
381
\u2013
1,697
4,809
Low grade
475
1,261
\u2013
2,161
3,897
Not rated
24,861
3,326
\u2013
\u2013
28,187
Defaulted
Non-performing
\u2013
\u2013
12,063
10,392
22,455
Other
\u2013
\u2013
\u2013
557
557
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
50,112
\u2013
\u2013
\u2013
50,112
Standard grade
297
\u2013
\u2013
\u2013
297
Low grade
1,222
\u2013
\u2013
\u2013
1,222
Not rated
3,118
180
\u2013
\u2013
3,298
Defaulted
Non-performing
\u2013
\u2013
98
\u2013
98
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
52,696
\u2013
\u2013
\u2013
52,696
Balance at 31 December 2023
52,696
\u2013
\u2013
\u2013
52,696
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
154,765
\u2013
\u2013
\u2013
154,765
Balance at 31 December 2023
154,765
\u2013
\u2013
\u2013
154,765
Financial and performance guarantees issued
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
997,529
\u2013
\u2013
\u2013
997,529
Standard grade
347,015
257
\u2013
\u2013
347,272
Low grade
264,715
161,350
\u2013
\u2013
426,065
Not rated
140,467
8
\u2013
\u2013
140,475
Defaulted
Non-performing
\u2013
\u2013
1,915
\u2013
1,915
Other
\u2013
\u2013
5,741
\u2013
5,741
Balance at 31 December 2023
1,749,726
161,615
7,656
\u2013
1,918,997
Letters of credit
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
69,260
\u2013
\u2013
\u2013
69,260
Standard grade
7,546
\u2013
\u2013
\u2013
7,546
Low grade
307
\u2013
\u2013
\u2013
307
Not rated
432
\u2013
\u2013
\u2013
432
Balance at 31 December 2023
77,545
\u2013
\u2013
\u2013
77,545
Undrawn loan facilities
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
668,644
215
12
\u2013
668,871
Standard grade
240,974
1,203
\u2013
\u2013
242,177
Low grade
23,791
6,757
\u2013
1
30,549
Not rated
71,305
278
\u2013
\u2013
71,583
Defaulted
Non-performing
\u2013
\u2013
1,764
7
1,771
Balance at 31 December 2023
1,004,714
8,453
1,776
8
1,014,951
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
Not rated
29,577
29,577
Balance at 31 December 2022
2,438,346
2,438,346
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,335,392
\u2013
\u2013
\u2013
2,335,392
Standard grade
1,546,907
\u2013
\u2013
\u2013
1,546,907
Not rated
76,381
\u2013
1,619
\u2013
78,000
Balance at 31 December 2022
3,958,680
\u2013
1,619
\u2013
3,960,299
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
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
1,463,477
123,274
\u2013
310
1,587,061
Low grade
231,147
388,875
\u2013
1,187
621,209
Not rated
322,106
17,341
3,605
\u2013
343,052
Defaulted
Non-performing
\u2013
\u2013
169,661
14,453
184,114
Other
\u2013
\u2013
3,322
\u2013
3,322
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
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
2,025,930
43,580
\u2013
347
2,069,857
Standard grade
1,018,480
67,959
\u2013
361
1,086,800
Low grade
145,066
75,782
\u2013
45
220,893
Not rated
281,213
13,142
10
207
294,572
Defaulted
Non-performing
\u2013
\u2013
135,965
1,658
137,623
Other
\u2013
\u2013
10,542
226
10,768
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
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
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
Not rated
37,269
1,262
5,101
\u2013
43,632
Defaulted
Non-performing
\u2013
\u2013
3,779
11,909
15,688
Other
\u2013
\u2013
5,229
3,302
8,531
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
690
\u2013
\u2013
\u2013
690
Standard grade
7,262
\u2013
\u2013
\u2013
7,262
Low grade
7,660
3,000
\u2013
\u2013
10,660
Not rated
4,753
\u2013
\u2013
\u2013
4,753
Defaulted
Non-performing
\u2013
\u2013
35
\u2013
35
Other
\u2013
\u2013
11
\u2013
11
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
400,111
\u2013
\u2013
\u2013
400,111
Balance at 31 December 2022
400,111
\u2013
\u2013
\u2013
400,111
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
104,107
\u2013
\u2013
\u2013
104,107
Balance at 31 December 2022
104,107
\u2013
\u2013
\u2013
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
Defaulted
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
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 2024, up to 81.9% of the collateral held has been revalued
within the last two years (2023: 80.1%, 2022: 78.6%).
As at 31 December 2024
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
12,112,671
1,782,121
2,815,826
2,328,356
883,509
628,231
2,054,038
437,380
376,188
807,022
ECL coverage
1.30%
0.65%
0.52%
1.05%
0.48%
0.35%
3.47%
1.06%
1.54%
2.34%
Residential mortgage
loans
7,497,628
120,289
2,097,089
3,340,173
1,135,344
511,073
226,744
15,082
8,287
43,547
ECL coverage
0.20%
0.85%
0.03%
0.14%
0.21%
0.32%
1.72%
1.51%
0.39%
0.26%
Micro and SME loans
6,347,982
269,388
2,054,887
2,221,069
613,817
394,142
690,978
37,233
15,191
51,277
ECL coverage
1.56%
4.65%
0.41%
0.99%
1.27%
2.71%
4.98%
4.78%
5.18%
1.54%
Consumer loans
7,388,490
3,767,633
1,494,713
1,610,804
258,056
186,421
59,485
4,769
2,491
4,118
ECL coverage
2.14%
3.75%
0.14%
0.45%
0.80%
0.69%
5.25%
4.30%
11.08%
3.74%
Gold \u2013 pawn loans
154,242
\u2013
14,273
56,400
27,234
39,053
16,041
13
1,228
\u2013
ECL coverage
0.66%
N/A
0.01%
0.02%
0.01%
0.06%
0.27%
69.23%
N/A
n/a
Loans to customers
at amortised
cost, gross
33,501,013
5,939,431
8,476,788
9,556,802
2,917,960
1,758,920
3,047,286
494,477
403,385
905,964
As at 31 December 2023
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
6,965,986
785,473
1,235,492
1,618,714
297,635
370,658
1,454,192
531,632
133,244
538,946
ECL coverage
1.44%
0.66%
0.55%
0.42%
0.21%
2.63%
2.11%
4.45%
2.41%
2.54%
Residential mortgage
loans
4,557,525
105,607
1,097,126
1,997,629
613,407
533,097
175,455
9,783
5,224
20,197
ECL coverage
0.50%
2.22%
0.00%
0.24%
0.73%
0.78%
3.56%
1.23%
2.28%
2.09%
Micro and SME loans 4,073,022
241,068
885,575
1,131,643
358,909
314,671
981,784
82,058
26,254
51,060
ECL coverage
1.76%
6.03%
0.01%
0.57%
0.79%
1.23%
3.85%
3.02%
4.57%
4.75%
Consumer loans
4,699,969
2,266,702
815,573
919,577
330,004
257,059
87,651
8,396
4,722
10,285
ECL coverage
2.80%
5.16%
0.01%
0.38%
0.83%
1.10%
5.61%
3.85%
4.36%
1.62%
Gold \u2013 pawn loans
150,228
\u2013
4,362
49,324
93,706
1,083
790
941
\u2013
22
ECL coverage
0.93%
N/A
0.02%
0.06%
0.24%
16.25%
27.72%
76.09%
N/A
81.82%
Loans to customers
at amortised
cost, gross
20,446,730
3,398,850
4,038,128
5,716,887
1,693,661
1,476,568
2,699,872
632,810
169,444
620,510
As at 31 December 2022
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
5,302,011
701,020
1,037,528
900,866
158,713
245,750
1,243,415
340,917
70,694
603,108
ECL coverage
1.72%
2.82%
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
3,820,513
399,854
885,724
966,056
278,684
280,462
800,119
73,083
30,447
106,084
ECL coverage
1.66%
4.79%
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
17,082,336
3,015,349
3,542,721
4,478,620
1,280,936
1,144,730
2,358,432
427,040
105,002
729,506
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 ECLs.
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:
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2024 modification modification
Commercial loans
595,934
(1,292)
Residential mortgage loans
52,254
980
Micro and SME loans
228,178
(1,511)
Consumer loans
330,820
(4,880)
Loans to customers
1,207,186
(6,703)
Receivables from factoring
\u2013
\u2013
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
1,207,186
(6,703)
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2023 modification modification
Commercial loans
710,073
599
Residential mortgage loans
44,848
(131)
Micro and SME loans
168,593
(2,362)
Consumer loans
287,667
(12,791)
Loans to customers
1,211,181
(14,685)
Finance lease receivables
839
138
Total loans to customers, factoring and finance lease receivables
1,212,020
(14,547)
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2022 modification 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)
Loans to customers
1,174,038
(29,271)
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
1,174,038
(29,271)
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:
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2024 amount ECL
Commercial loans
49,381
(369)
Residential mortgage loans
53,534
(19)
Micro and SME loans
35,161
(169)
Consumer loans
10,132
(109)
Loans to customers
148,208
(666)
Receivables from factoring
\u2013
\u2013
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
148,208
(666)
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2023 amount ECL
Commercial loans
96,127
(255)
Residential mortgage loans
63,193
(51)
Micro and SME loans
39,912
(98)
Consumer loans
14,217
(49)
Loans to customers
213,449
(453)
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
213,449
(453)
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2022 amount 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, factoring and finance lease receivables
143,426
(461)
The geographical concentration of the Group\u2019s assets and liabilities is set out below:
2024
Other foreign
Georgia
Armenia
OECD
countries
Total
Assets
Cash and cash equivalents
1,026,987
874,811
1,221,114
630,271
3,753,183
Amounts due from credit institutions
2,424,248
813,763
7,423
33,031
3,278,465
Investment securities
3,675,246
832,241
3,835,143
626,091
8,968,721
Investment securities pledged under sale and repurchase
agreements and securities lending
\u2013
344,721
138,945
\u2013
483,666
Loans to customers, factoring and finance lease
receivables
23,534,771
9,194,547
25,638
803,918
33,558,874
Accounts receivables and other loans
7,643
\u2013
\u2013
1,168
8,811
All other assets
1,520,592
426,332
135,249
73,895
2,156,168
32,189,587
12,486,415
5,363,512
2,168,374
52,207,888
Liabilities
Client deposits and notes
19,073,711
6,858,108
1,505,925
5,764,266
33,202,010
Amounts owed to credit institutions
2,987,091
363,586
4,454,019
875,537
8,680,233
Debt securities issued
979,869
843,281
317,500
114,366
2,255,016
Lease liability
168,948
90,949
\u2013
14,538
274,435
All other liabilities
278,063
354,351
37,749
110,804
780,967
23,487,682
8,510,275
6,315,193
6,879,511
45,192,661
Net balance sheet position
8,701,905
3,976,140
(951,681)
(4,711,137)
7,015,227
2023
2022
Other Other
foreign foreign
Georgia
OECD
countries
Total
Georgia
OECD
countries
Total
Assets
Cash and cash equivalents
1,523,046
975,099
603,679
3,101,824
1,508,225
1,453,844
622,774
3,584,843
Amounts due from credit institutions
1,733,898
\u2013
18,759
1,752,657
2,358,551
54,175
20,302
2,433,028
Investment securities
2,368,874
2,332,754
428,129
5,129,757
1,798,172
2,436,465
115,092
4,349,729
Loans to customers, factoring and
finance lease receivables
19,532,803
\u2013
699,918
20,232,721
16,339,883
\u2013
521,823
16,861,706
All other assets
1,314,511
150,031
76,057
1,540,599
1,473,703
120,271
78,620
1,672,594
26,473,132
3,457,884
1,826,542
31,757,558
23,478,534
4,064,755
1,358,611
28,901,900
Liabilities
Client deposits and notes
14,880,493
1,138,532
4,503,714
20,522,739
13,017,449
966,722
4,277,226
18,261,397
Amounts owed to credit institutions
2,369,365
2,257,129
529,515
5,156,009
2,622,787
2,142,083
501,783
5,266,653
Debt securities issued
273,923
147,436
\u2013
421,359
312,053
333,915
\u2013
645,968
Lease liability
128,725
\u2013
13,209
141,934
101,402
\u2013
13,068
114,470
All other liabilities
396,104
87,254
12,323
495,681
275,030
81,893
7,667
364,590
18,048,610
3,630,351
5,058,761
26,737,722
16,328,721
3,524,613
4,799,744
24,653,078
Net balance sheet position
8,424,522
(172,467)
(3,232,219)
5,019,836
7,149,813
540,142
(3,441,133)
4,248,822
Offsetting financial assets and financial liabilities
The disclosures set out in the tables below include financial assets and financial liabilities that:
\u2022 are offset in the Group\u2019s statement of financial position; or
\u2022 are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments,
irrespective of whether they are offset in the statement of financial position.
The similar agreements include derivative agreements, global master repurchase agreements, and global master securities lending
agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale and repurchase
agreements and securities borrowing and lending agreements. Financial instruments such as loans and deposits are not disclosed in
the table below unless they are offset in the statement of financial position.
The Group receives and accepts collateral in the form of marketable securities in respect of sale and repurchase, and reverse sale
and repurchase agreements. Such collateral is subject to the standard industry terms. This means that securities received/given as
collateral can be pledged or sold during the term of the transaction but must be returned on maturity of the transaction. The terms
also give each counterparty the right to terminate the related transitions upon the counterparty\u2019s failure to post collateral. The
above arrangements do not meet the criteria for offsetting in the statement of financial position. This is because they create a right
of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Group or the
counterparties. In addition, the Group and its counterparties do not intend to settle on a net basis or to realise the assets and settle
the liabilities simultaneously. The table below shows financial assets and financial liabilities subject to offsetting, enforceable master
netting arrangements and similar arrangements as at 31 December 2024:
Amounts subject to enforceable netting arrangements
Net amount
of financial
assets/ Financial
liabilities assets/
Gross amounts presented in Financial liabilities after
of recognised Amounts the statement instruments, consideration
financial asset/ of financial including non- of netting
Types of financial assets/liabilities liability offset position
cash collateral*
Cash collateral
potential
Receivables from repo operations
217,146
\u2013
217,146
(217,146)
\u2013
\u2013
Derivative financial assets
25,000
\u2013
25,000
(422)
\u2013
24,578
Total financial assets
242,146
\u2013
242,146
(217,568)
\u2013
24,578
Payables under repo operations
319,212
\u2013
319,212
(319,212)
\u2013
\u2013
Derivative financial liabilities
9,083
\u2013
9,083
(9,083)
\u2013
\u2013
Total financial liabilities
328,295
\u2013
328,295
(328,295)
\u2013
\u2013
* The collateral amounts are limited to net balance sheet exposure so as to not include overcollateralisation.
Currency translation reserves
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 and the CBA, 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 JSC Bank of Georgia and Ameriabank CJSC
basis, based on certain liquidity ratios established by the NBG and the CBA, respectively. The banks in Georgia and Armenia, absent
a stress-period, are required to maintain a liquidity coverage ratio no lower than 100%. The liquidity coverage ratio of JSC Bank of
Georgia and Ameriabank CJSC as at 31 December 2024 was 138.6% and 195.7% respectively (2023: JSC Bank of Georgia 125.2%,
2022: JSC Bank of Georgia 132.4%).
JSC Bank of Georgia and Ameriabank CJSC hold a comfortable buffer on top of net stable funding ratio (NSFR) requirement of
100%. 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 of JSC Bank of
Georgia and Ameriabank CJSC as at 31 December 2024 was 130.7% and 128.8% respectively, (2023: JSC Bank of Georgia 130.4%,
2022: JSC Bank of Georgia 131.9%), all comfortably above the NBG\u2019s and the CBA\u2019s minimum regulatory requirements, respectively.
The Group also matches the maturity of financial assets and financial liabilities and regularly monitors negative gaps compared with
JSC Bank of Georgia\u2019s and Ameriabank CJSC\u2019s standalone total regulatory capital calculated per the NBG and the CBA regulations.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted repayment
obligations, expect for other liabilities, which are presented at carrying amounts due to the short-term nature of these liabilities.
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 Group could be required to pay, and the table does not reflect the
expected cash flows indicated by the Group\u2019s deposit retention history.
Less than 3 to 12 1 to 5 Over
Financial liabilities 3 months months years
5 years
Total
As at 31 December 2024
Client deposits and notes
15,042,587
15,869,646
3,143,839
79,730
34,135,802
Amounts owed to credit institutions
4,364,016
1,128,148
3,411,160
719,638
9,622,962
Debt securities issued
143,273
489,974
1,958,194
186,547
2,777,988
Lease liability
15,550
46,089
171,473
118,769
351,881
Derivative financial liabilities
6,228
978
1,877
\u2013
9,083
Other liabilities
338,527
4,802
1,281
109
344,719
Total undiscounted financial liabilities
19,910,181
17,539,637
8,687,824
1,104,793
47,242,435
Less than 3 to 12 1 to 5 Over
Financial liabilities 3 months months years
5 years
Total
As at 31 December 2023
Client deposits and notes
8,491,287
10,559,684
1,963,380
73,382
21,087,733
Amounts owed to credit institutions
2,777,202
569,441
1,773,329
836,493
5,956,465
Debt securities issued
406
204,747
452,747
83,158
741,058
Lease liability
9,077
27,435
100,420
26,499
163,431
Derivative financial liabilities
12,300
12,302
1,177
\u2013
25,779
Other liabilities
139,434
730
1,192
133
141,489
Total undiscounted financial liabilities
11,429,706
11,374,339
4,292,245
1,019,665
28,115,955
Less than 3 to 12 1 to 5 Over
Financial liabilities 3 months months years
5 years
Total
As at 31 December 2022
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
The table below shows the contractual expiry by maturity of the Group\u2019s financial commitments and contingencies which can
contractually be called within three months.
Less than 3 3 to 12 1 to 5 Over
months months years
5 years
Total
31 December 2024
1,704,714
1,223,799
1,125,875
43,270
4,097,658
31 December 2023
1,349,928
634,601
1,006,963
27,560
3,019,052
31 December 2022
1,280,906
623,036
775,683
29,843
2,709,468
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.
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.
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 2024.
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 2024, 2023 and 2022, sensitivity analysis did not reveal any significant
potential effect on the Group\u2019s equity.
Sensitivity
Sensitivity of of other
Increase in net interest comprehensive
basis points income income
Currency 2024 2024 2024
GEL
21
5,116
3,933
EUR
10
218
\u2013
USD
11
449
2,565
Sensitivity
Sensitivity of of other
Decrease in net interest comprehensive
basis points income income
Currency 2024 2024 2024
GEL
21
(5,116)
(3,933)
EUR
10
(218)
\u2013
USD
11
(449)
(2,565)
Sensitivity
Sensitivity of of other
Increase in net interest comprehensive
basis points income income
Currency 2023 2023 2023
GEL
22
6,541
2,289
EUR
8
707
2
USD
12
813
101
Sensitivity
Sensitivity of of other
Decrease in net interest comprehensive
basis points income income
Currency 2023 2023 2023
GEL
22
(6,541)
(2,289)
EUR
8
(707)
(2)
USD
12
(813)
(101)
Sensitivity
Sensitivity of of other
Increase in net interest comprehensive
basis points income income
Currency 2022 2022 2022
GEL
14
2,432
1,348
EUR
24
3,732
107
USD
21
1,624
1,022
Sensitivity
Sensitivity of of other
Decrease in net interest comprehensive
basis points income income
Currency 2022 2022 2022
GEL
14
(2,432)
(1,348)
EUR
24
(3,732)
(107)
USD
21
(1,624)
(1,022)
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 2024 on its monetary assets
and liabilities. The analysis calculates the effect of a reasonably possible movement of the currency rate against the Georgian Lari
and Armenian Dram, with all other variables held constant on the income statement. The reasonably possible movement of the
currency rate against the Georgian Lari and Armenian Dram are 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 the income statement or equity, while
a positive amount reflects a net potential increase. During the years ended 31 December 2024, 31 December 2023 and 31 December
2022, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity.
JSC Bank of Georgia
2024
2023
2022
Change in Change in Change in
currency Effect on profit currency Effect on profit currency Effect on profit
Currency rate in % before tax rate in % before tax rate in % before tax
EUR
8.7%
(2,213)
8.8%
(323)
13.4%
1,251
USD
6.8%
(6,410)
4.9%
14,415
10.9%
806
CJSC Ameriabank
2024
Change in
currency Effect on profit
Currency rate in % before tax
EUR
6.2%
2,335
USD
2.8%
4,206
GBP
6.7%
(5,267)
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 2024, 31 December
2023 and 31 December 2022, is as follows:
Effect on net
interest income
2024
(221,242)
2023
(71,177)
2022
(51,899)
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
The Group\u2019s principal subsidiaries operate in Georgia and Armenia. Both countries, as developing economies, lack the well-
established business and regulatory infrastructure typically found in more mature markets. Consequently, operations in these
regions involve risks not generally encountered in developed economies. These include the limited convertibility of the Georgian Lari
and Armenian Dram and underdeveloped debt and equity markets. Moreover, as Georgia and Armenia are small open economies,
they are significantly exposed to global and regional disruption. Political uncertainty, such as the one following Georgia\u2019s October
2024 parliamentary elections, could impact consumer and business sentiment, potentially leading to weaker economic growth and
GEL depreciation. Armenia also faces several country-specific challenges, including unresolved border issues with Azerbaijan and
strained relations with Russia, which further complicate the operating environment.
Despite these risks, both Georgia and Armenia have improved their investment climates over the past decade. Key reforms in
banking, judicial, taxation and regulatory systems, including updated tax codes and procedural laws, have contributed to a more
favourable business environment. The Board views these reforms as reducing the risks of operating in these countries. Furthermore,
both countries have demonstrated sound macroeconomic management, with prudent monetary policies and fiscal discipline in place
to mitigate potential adverse effects.
The trend of improving business conditions is expected to continue, with the future stability of the economies relying on effective
government policies and reforms, alongside regional and global developments.
Emerging risks
The Group continues to monitor and assess emerging risks, with climate risk remaining a key focus since its identification in
2021. Recognising the evolving and complex nature of climate-related risks, the Group enhanced it\u2019s assessment approach in
2024, transitioning from qualitative to quantitative analysis, with a particular emphasis on credit risk. This year\u2019s focus was on
understanding inherent risks from both physical and transition factors and evaluating potential financial impacts across the
Group\u2019s portfolio. For the remaining prudential risk categories \u2014 liquidity, capital, market, operational and reputational \u2014 the Group
conducted qualitative analyses to explore how climate change could drive risks under different scenarios.
The Group\u2019s materiality analysis on credit risk, completed as of 31 December 2024, assessed exposures to physical and transition
risks over a medium-term horizon (2040), aligned with loan maturities. The findings highlighted drought as the most significant
physical risk under the SSP5-8.5 scenario (refer to the Climate-related disclosures section starting on page 60), particularly
impacting agriculture clients. Heatwaves and floods also emerged as notable risks, though with less severity. On the transition risk
side, the Delayed Transition scenario revealed the highest exposures, primarily concentrated in the manufacturing sector, driven by
potential indirect emission costs. High-emitting sectors are particularly vulnerable under this scenario due to abrupt policy shifts
that could lead to substantial increases in carbon costs.
To better understand how these risks may evolve, the Group conducted scenario analyses focusing on SSP5-8.5 and Delayed
Transition pathways. Physical risks under SSP5-8.5 were assessed for both short-term (2030) and long-term (2050) horizons,
revealing a significant escalation over time, primarily due to increasing drought and heatwave events. Transition risks under the
Delayed Transition scenario are expected to rise sharply over the long term, while short-term impacts remain limited.
While climate change is not currently considered a material factor in the credit assessment of individual clients, the Group plans to
expand climate data collection, particularly for high-carbon-intensive sectors. This includes gathering information on greenhouse
(GHG) emissions, decarbonisation plans and asset-level location data to enhance future risk analysis.
Retail client exposure to climate-related risks was not included in this year\u2019s materiality analysis. Assessments for this segment are
planned for future analysis to better understand potential exposures to both physical and transition risks.
As of 31 December 2024, management does not consider climate-related risks to have a material impact on the Group\u2019s critical
judgements and estimates in the short to medium term. Consequently, no adjustments have been made to provisions related to
climate risk. The Group will continue its analysis through ongoing climate stress testing to further refine risk assessments and
evaluate future adjustments as necessary.
The Group has disclosed climate-related risks in line with the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations, detailed on page 60.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-852": { "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. 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 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 companies run internal rating models which 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 approach to maintain accurate and consistent risk ratings across the credit portfolio with its policies. 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 systems are 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 policies. Attributable risk ratings are assessed and updated regularly. Bank of Georgia also uses external ratings provided by Credit Bureau for For retail, micro and SME loans. 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 Risk functions within the Group\u2019s principal operating subsidiaries use 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.
External rating grades
Credit Standard &
Internal rating description*
Internal rating grades
Bureau
Poor\u2019s
Moody\u2019s
High grade
Aaa
1
A
AAA
Aaa1-AA3
Aa1
2+
B
AA+
Aa1
Aa2
2
C1
AA
Aa2
Aa3
2-
C2
AA-
Aa3
A1
3+
C3
A+
A1
A2
3
A
A2
A3
3-
A-
A3
Baa1
4+
BBB+
Baa1
Baa2
4
BBB
Baa2
Baa3
4-
BBB-
Baa3
Standard grade
Ba1
5+
D1
BB+
Ba1
Ba2
5
D2
BB
Ba2
Ba3
5-
D3
BB-
Ba3
B1
6+
B+
B1
B2
6
B
B2
Low grade
B3
6-
E1
B-
B3
Caa1
7+
E2
CCC+
Caaa
Caa2
7
E3
CCC
Ca
Caa3
7-
CCC-
CCC+-
Ca
CC
CCC
C CCC-
* Grades are not supposed to be linked to each other across the rating categories above. 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. Other financial assets include receivables from remittance operations and other receivables.
Cash and cash equivalents, excluding cash on hand
Stage 1
Total
High grade
1,267,348
1,267,348
Standard grade
701,956
701,956
Low grade
57,095
57,095
Not rated
366,424
366,424
Balance at 31 December 2024
2,392,823
2,392,823
Amounts due from credit institutions
Stage 1
Total
High grade
7,425
7,425
Standard grade
3,035,912
3,035,912
Not rated
236,789
236,789
Balance at 31 December 2024
3,280,126
3,280,126
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
2,365,268
2,365,268
Standard grade
3,544,491
3,544,491
Not rated
84,094
84,094
Balance at 31 December 2024
5,993,853
5,993,853
Investment securities measured at amortised cost \u2013 debt instruments
Stage 1
Total
High grade
1,951,318
1,951,318
Standard grade
658,350
658,350
Not rated
138,386
138,386
Balance at 31 December 2024
2,748,054
2,748,054
Investment securities pledged under sale and repurchase agreements and securities lending
measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
138,945
138,945
Standard grade
47,725
47,725
Balance at 31 December 2024
186,670
186,670
Investment securities pledged under sale and repurchase agreements and securities lending measured at amortised cost \u2013
debt instruments
Stage 1
Total
Standard grade
270,199
270,199
Balance at 31 December 2024
270,199
270,199
Commercial loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
6,273,922
42,973
\u2013
389
6,317,284
Standard grade
3,933,578
65,195
\u2013
425
3,999,198
Low grade
651,221
162,971
\u2013
\u2013
814,192
Not rated
771,904
6,932
\u2013
\u2013
778,836
Defaulted
Non-performing
\u2013
\u2013
188,704
14,457
203,161
Balance at 31 December 2024
11,630,625
278,071
188,704
15,271
12,112,671
Residential mortgage loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,736,156
10,808
\u2013
4,601
3,751,565
Standard grade
717,635
24,055
\u2013
4,960
746,650
Low grade
97,729
101,558
\u2013
6,958
206,245
Not rated
2,701,911
9,265
\u2013
116
2,711,292
Defaulted
Non-performing
\u2013
\u2013
60,847
21,029
81,876
Balance at 31 December 2024
7,253,431
145,686
60,847
37,664
7,497,628
Micro and SME loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,309,395
25,236
\u2013
346
2,334,977
Standard grade
1,428,020
59,770
\u2013
149
1,487,939
Low grade
252,065
80,133
\u2013
345
332,543
Not rated
1,907,877
31,579
91
171
1,939,718
Defaulted
Non-performing
\u2013
\u2013
190,230
62,575
252,805
Balance at 31 December 2024
5,897,357
196,718
190,321
63,586
6,347,982
Consumer loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,503,803
10,343
\u2013
1,879
3,516,025
Standard grade
1,532,755
41,342
\u2013
3,455
1,577,552
Low grade
370,633
199,161
\u2013
6,755
576,549
Not rated
1,576,584
11,033
\u2013
\u2013
1,587,617
Defaulted
Non-performing
\u2013
\u2013
114,877
15,869
130,746
Other
\u2013
\u2013
1
\u2013
1
Balance at 31 December 2024
6,983,775
261,879
114,878
27,958
7,388,490
Gold \u2013 pawn loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
70,790
113
\u2013
\u2013
70,903
Standard grade
49,746
516
\u2013
\u2013
50,262
Low grade
21,442
5,001
\u2013
\u2013
26,443
Not rated
3,888
19
\u2013
\u2013
3,907
Defaulted
Non-performing
\u2013
\u2013
2,727
\u2013
2,727
Balance at 31 December 2024
145,866
5,649
2,727
\u2013
154,242
Finance lease receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
9,308
366
\u2013
3,781
13,455
Standard grade
101,504
58
\u2013
2,870
104,432
Low grade
3,815
16
\u2013
3,894
7,725
Not rated
285,888
516
\u2013
\u2013
286,404
Defaulted
Non-performing
\u2013
\u2013
9,300
6,559
15,859
Other
\u2013
\u2013
\u2013
347
347
Balance at 31 December 2024
400,515
956
9,300
17,451
428,222
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
31,947
\u2013
\u2013
\u2013
31,947
Standard grade
3,936
\u2013
\u2013
\u2013
3,936
Not rated
34,461
82
\u2013
\u2013
34,543
Defaulted
Non-performing
\u2013
\u2013
32
\u2013
32
Balance at 31 December 2024
70,344
82
32
\u2013
70,458
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,524
\u2013
\u2013
\u2013
3,524
Standard grade
91
\u2013
\u2013
\u2013
91
Not rated
11,272
\u2013
\u2013
\u2013
11,272
Balance at 31 December 2024
14,887
\u2013
\u2013
\u2013
14,887
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
195,982
\u2013
\u2013
\u2013
195,982
Balance at 31 December 2024
195,982
\u2013
\u2013
\u2013
195,982
Financial and performance guarantees issued
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
764,670
\u2013
\u2013
\u2013
764,670
Standard grade
319,599
8,167
\u2013
\u2013
327,766
Low grade
37,929
28,374
\u2013
\u2013
66,303
Not rated
1,440,810
5,623
\u2013
\u2013
1,446,433
Defaulted
Other
\u2013
\u2013
254
\u2013
254
Balance at 31 December 2024
2,563,008
42,164
254
\u2013
2,605,426
Letters of credit
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
78,830
\u2013
\u2013
\u2013
78,830
Standard grade
3,328
\u2013
\u2013
\u2013
3,328
Not rated
1,613
\u2013
\u2013
\u2013
1,613
Balance at 31 December 2024
83,771
\u2013
\u2013
\u2013
83,771
Undrawn loan facilities
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
776,482
168
\u2013
\u2013
776,650
Standard grade
163,806
5,784
\u2013
\u2013
169,590
Low grade
3,877
3,474
\u2013
1
7,352
Not rated
438,736
166
30
\u2013
438,932
Defaulted
Non-performing
\u2013
\u2013
14
\u2013
14
Other
\u2013
\u2013
677
14
691
Balance at 31 December 2024
1,382,901
9,592
721
15
1,393,229
Cash and cash equivalents, excluding cash on hand
Stage 1
Total
High grade
1,097,876
1,097,876
Standard grade
654,907
654,907
Low grade
32,398
32,398
Not rated
293,061
293,061
Balance at 31 December 2023
2,078,242
2,078,242
Amounts due from credit institutions
Stage 1
Total
High grade
1,734,224
1,734,224
Not rated
19,327
19,327
Balance at 31 December 2023
1,753,551
1,753,551
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Total
High grade
2,277,147
2,277,147
Standard grade
2,058,495
2,058,495
Not rated
88,518
88,518
Balance at 31 December 2023
4,424,160
4,424,160
Investment securities measured at amortised cost \u2013 debt instruments
Stage 1
Total
High grade
415,713
415,713
Standard grade
160,758
160,758
Not rated
114,648
114,648
Balance at 31 December 2023
691,119
691,119
Commercial loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
4,338,469
68,175
\u2013
339
4,406,983
Standard grade
1,389,524
58,796
\u2013
755
1,449,075
Low grade
132,265
372,006
\u2013
\u2013
504,271
Not rated
464,999
16,812
1
\u2013
481,812
Defaulted
Non-performing
\u2013
\u2013
101,364
22,481
123,845
Balance at 31 December 2023
6,325,257
515,789
101,365
23,575
6,965,986
Residential mortgage loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
3,346,499
11,608
\u2013
4,209
3,362,316
Standard grade
714,568
45,712
\u2013
3,689
763,969
Low grade
86,008
116,000
\u2013
6,839
208,847
Not rated
153,263
732
\u2013
131
154,126
Defaulted
Non-performing
\u2013
\u2013
37,771
16,214
53,985
Other
\u2013
\u2013
13,175
1,107
14,282
Balance at 31 December 2023
4,300,338
174,052
50,946
32,189
4,557,525
Micro and SME loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,480,970
29,931
\u2013
316
2,511,217
Standard grade
1,012,833
73,925
\u2013
228
1,086,986
Low grade
75,930
76,380
\u2013
242
152,552
Not rated
140,137
11,294
48
\u2013
151,479
Defaulted
Non-performing
\u2013
\u2013
167,506
2,364
169,870
Other
\u2013
\u2013
871
47
918
Balance at 31 December 2023
3,709,870
191,530
168,425
3,197
4,073,022
Consumer loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,693,767
7,996
\u2013
2,406
2,704,169
Standard grade
1,179,793
50,968
\u2013
3,069
1,233,830
Low grade
233,382
173,992
\u2013
4,607
411,981
Not rated
218,817
1,273
90
\u2013
220,180
Defaulted
Non-performing
\u2013
\u2013
91,584
16,090
107,674
Other
\u2013
\u2013
19,795
2,340
22,135
Balance at 31 December 2023
4,325,759
234,229
111,469
28,512
4,699,969
Gold \u2013 pawn loans at amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
65,002
48
\u2013
\u2013
65,050
Standard grade
40,495
733
\u2013
\u2013
41,228
Low grade
17,381
7,915
\u2013
\u2013
25,296
Not rated
14,538
\u2013
273
\u2013
14,811
Defaulted
Non-performing
\u2013
\u2013
2,566
\u2013
2,566
Other
\u2013
\u2013
1,277
\u2013
1,277
Balance at 31 December 2023
137,416
8,696
4,116
\u2013
150,228
Finance lease receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
5,832
80
\u2013
4,274
10,186
Standard grade
2,731
381
\u2013
1,697
4,809
Low grade
475
1,261
\u2013
2,161
3,897
Not rated
24,861
3,326
\u2013
\u2013
28,187
Defaulted
Non-performing
\u2013
\u2013
12,063
10,392
22,455
Other
\u2013
\u2013
\u2013
557
557
Balance at 31 December 2023
33,899
5,048
12,063
19,081
70,091
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
50,112
\u2013
\u2013
\u2013
50,112
Standard grade
297
\u2013
\u2013
\u2013
297
Low grade
1,222
\u2013
\u2013
\u2013
1,222
Not rated
3,118
180
\u2013
\u2013
3,298
Defaulted
Non-performing
\u2013
\u2013
98
\u2013
98
Balance at 31 December 2023
54,749
180
98
\u2013
55,027
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
52,696
\u2013
\u2013
\u2013
52,696
Balance at 31 December 2023
52,696
\u2013
\u2013
\u2013
52,696
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
154,765
\u2013
\u2013
\u2013
154,765
Balance at 31 December 2023
154,765
\u2013
\u2013
\u2013
154,765
Financial and performance guarantees issued
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
997,529
\u2013
\u2013
\u2013
997,529
Standard grade
347,015
257
\u2013
\u2013
347,272
Low grade
264,715
161,350
\u2013
\u2013
426,065
Not rated
140,467
8
\u2013
\u2013
140,475
Defaulted
Non-performing
\u2013
\u2013
1,915
\u2013
1,915
Other
\u2013
\u2013
5,741
\u2013
5,741
Balance at 31 December 2023
1,749,726
161,615
7,656
\u2013
1,918,997
Letters of credit
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
69,260
\u2013
\u2013
\u2013
69,260
Standard grade
7,546
\u2013
\u2013
\u2013
7,546
Low grade
307
\u2013
\u2013
\u2013
307
Not rated
432
\u2013
\u2013
\u2013
432
Balance at 31 December 2023
77,545
\u2013
\u2013
\u2013
77,545
Undrawn loan facilities
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
668,644
215
12
\u2013
668,871
Standard grade
240,974
1,203
\u2013
\u2013
242,177
Low grade
23,791
6,757
\u2013
1
30,549
Not rated
71,305
278
\u2013
\u2013
71,583
Defaulted
Non-performing
\u2013
\u2013
1,764
7
1,771
Balance at 31 December 2023
1,004,714
8,453
1,776
8
1,014,951
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
Not rated
29,577
29,577
Balance at 31 December 2022
2,438,346
2,438,346
Investment securities measured at FVOCI \u2013 debt instruments
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
2,335,392
\u2013
\u2013
\u2013
2,335,392
Standard grade
1,546,907
\u2013
\u2013
\u2013
1,546,907
Not rated
76,381
\u2013
1,619
\u2013
78,000
Balance at 31 December 2022
3,958,680
\u2013
1,619
\u2013
3,960,299
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
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
1,463,477
123,274
\u2013
310
1,587,061
Low grade
231,147
388,875
\u2013
1,187
621,209
Not rated
322,106
17,341
3,605
\u2013
343,052
Defaulted
Non-performing
\u2013
\u2013
169,661
14,453
184,114
Other
\u2013
\u2013
3,322
\u2013
3,322
Balance at 31 December 2022
4,501,166
608,307
176,588
15,950
5,302,011
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
2,025,930
43,580
\u2013
347
2,069,857
Standard grade
1,018,480
67,959
\u2013
361
1,086,800
Low grade
145,066
75,782
\u2013
45
220,893
Not rated
281,213
13,142
10
207
294,572
Defaulted
Non-performing
\u2013
\u2013
135,965
1,658
137,623
Other
\u2013
\u2013
10,542
226
10,768
Balance at 31 December 2022
3,470,689
200,463
146,517
2,844
3,820,513
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
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
Not rated
37,269
1,262
5,101
\u2013
43,632
Defaulted
Non-performing
\u2013
\u2013
3,779
11,909
15,688
Other
\u2013
\u2013
5,229
3,302
8,531
Balance at 31 December 2022
54,971
6,451
14,109
15,211
90,742
Factoring receivables
Stage 1
Stage 2
Stage 3
POCI
Total
High grade
690
\u2013
\u2013
\u2013
690
Standard grade
7,262
\u2013
\u2013
\u2013
7,262
Low grade
7,660
3,000
\u2013
\u2013
10,660
Not rated
4,753
\u2013
\u2013
\u2013
4,753
Defaulted
Non-performing
\u2013
\u2013
35
\u2013
35
Other
\u2013
\u2013
11
\u2013
11
Balance at 31 December 2022
20,365
3,000
46
\u2013
23,411
Accounts receivable
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
400,111
\u2013
\u2013
\u2013
400,111
Balance at 31 December 2022
400,111
\u2013
\u2013
\u2013
400,111
Other financial assets
Stage 1
Stage 2
Stage 3
POCI
Total
Not rated
104,107
\u2013
\u2013
\u2013
104,107
Balance at 31 December 2022
104,107
\u2013
\u2013
\u2013
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
Defaulted
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
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 2024, up to 81.9% of the collateral held has been revalued within the last two years (2023: 80.1%, 2022: 78.6%).
As at 31 December 2024
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
12,112,671
1,782,121
2,815,826
2,328,356
883,509
628,231
2,054,038
437,380
376,188
807,022
ECL coverage
1.30%
0.65%
0.52%
1.05%
0.48%
0.35%
3.47%
1.06%
1.54%
2.34%
Residential mortgage
loans
7,497,628
120,289
2,097,089
3,340,173
1,135,344
511,073
226,744
15,082
8,287
43,547
ECL coverage
0.20%
0.85%
0.03%
0.14%
0.21%
0.32%
1.72%
1.51%
0.39%
0.26%
Micro and SME loans
6,347,982
269,388
2,054,887
2,221,069
613,817
394,142
690,978
37,233
15,191
51,277
ECL coverage
1.56%
4.65%
0.41%
0.99%
1.27%
2.71%
4.98%
4.78%
5.18%
1.54%
Consumer loans
7,388,490
3,767,633
1,494,713
1,610,804
258,056
186,421
59,485
4,769
2,491
4,118
ECL coverage
2.14%
3.75%
0.14%
0.45%
0.80%
0.69%
5.25%
4.30%
11.08%
3.74%
Gold \u2013 pawn loans
154,242
\u2013
14,273
56,400
27,234
39,053
16,041
13
1,228
\u2013
ECL coverage
0.66%
N/A
0.01%
0.02%
0.01%
0.06%
0.27%
69.23%
N/A
n/a
Loans to customers
at amortised
cost, gross
33,501,013
5,939,431
8,476,788
9,556,802
2,917,960
1,758,920
3,047,286
494,477
403,385
905,964
As at 31 December 2023
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
6,965,986
785,473
1,235,492
1,618,714
297,635
370,658
1,454,192
531,632
133,244
538,946
ECL coverage
1.44%
0.66%
0.55%
0.42%
0.21%
2.63%
2.11%
4.45%
2.41%
2.54%
Residential mortgage
loans
4,557,525
105,607
1,097,126
1,997,629
613,407
533,097
175,455
9,783
5,224
20,197
ECL coverage
0.50%
2.22%
0.00%
0.24%
0.73%
0.78%
3.56%
1.23%
2.28%
2.09%
Micro and SME loans 4,073,022
241,068
885,575
1,131,643
358,909
314,671
981,784
82,058
26,254
51,060
ECL coverage
1.76%
6.03%
0.01%
0.57%
0.79%
1.23%
3.85%
3.02%
4.57%
4.75%
Consumer loans
4,699,969
2,266,702
815,573
919,577
330,004
257,059
87,651
8,396
4,722
10,285
ECL coverage
2.80%
5.16%
0.01%
0.38%
0.83%
1.10%
5.61%
3.85%
4.36%
1.62%
Gold \u2013 pawn loans
150,228
\u2013
4,362
49,324
93,706
1,083
790
941
\u2013
22
ECL coverage
0.93%
N/A
0.02%
0.06%
0.24%
16.25%
27.72%
76.09%
N/A
81.82%
Loans to customers
at amortised
cost, gross
20,446,730
3,398,850
4,038,128
5,716,887
1,693,661
1,476,568
2,699,872
632,810
169,444
620,510
As at 31 December 2022
Total gross Loan-to-value %
carrying Less than More than
amount
Unsecured
50%
50-80%
80-90%
90-100%
100-200%
200-300%
300-400%
400%
Commercial loans
5,302,011
701,020
1,037,528
900,866
158,713
245,750
1,243,415
340,917
70,694
603,108
ECL coverage
1.72%
2.82%
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
3,820,513
399,854
885,724
966,056
278,684
280,462
800,119
73,083
30,447
106,084
ECL coverage
1.66%
4.79%
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
17,082,336
3,015,349
3,542,721
4,478,620
1,280,936
1,144,730
2,358,432
427,040
105,002
729,506
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 ECLs. 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:
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2024 modification modification
Commercial loans
595,934
(1,292)
Residential mortgage loans
52,254
980
Micro and SME loans
228,178
(1,511)
Consumer loans
330,820
(4,880)
Loans to customers
1,207,186
(6,703)
Receivables from factoring
\u2013
\u2013
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
1,207,186
(6,703)
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2023 modification modification
Commercial loans
710,073
599
Residential mortgage loans
44,848
(131)
Micro and SME loans
168,593
(2,362)
Consumer loans
287,667
(12,791)
Loans to customers
1,211,181
(14,685)
Finance lease receivables
839
138
Total loans to customers, factoring and finance lease receivables
1,212,020
(14,547)
Amortised Net gain/(loss)
cost before arising from
Financial assets modified during 2022 modification 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)
Loans to customers
1,174,038
(29,271)
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
1,174,038
(29,271)
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:
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2024 amount ECL
Commercial loans
49,381
(369)
Residential mortgage loans
53,534
(19)
Micro and SME loans
35,161
(169)
Consumer loans
10,132
(109)
Loans to customers
148,208
(666)
Receivables from factoring
\u2013
\u2013
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
148,208
(666)
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2023 amount ECL
Commercial loans
96,127
(255)
Residential mortgage loans
63,193
(51)
Micro and SME loans
39,912
(98)
Consumer loans
14,217
(49)
Loans to customers
213,449
(453)
Finance lease receivables
\u2013
\u2013
Total loans to customers, factoring and finance lease receivables
213,449
(453)
Gross carrying Corresponding
Financial assets modified since initial recognition, as at 31 December 2022 amount 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, factoring and finance lease receivables
143,426
(461)
The geographical concentration of the Group\u2019s assets and liabilities is set out below:
2024
Other foreign
Georgia
Armenia
OECD
countries
Total
Assets
Cash and cash equivalents
1,026,987
874,811
1,221,114
630,271
3,753,183
Amounts due from credit institutions
2,424,248
813,763
7,423
33,031
3,278,465
Investment securities
3,675,246
832,241
3,835,143
626,091
8,968,721
Investment securities pledged under sale and repurchase
agreements and securities lending
\u2013
344,721
138,945
\u2013
483,666
Loans to customers, factoring and finance lease
receivables
23,534,771
9,194,547
25,638
803,918
33,558,874
Accounts receivables and other loans
7,643
\u2013
\u2013
1,168
8,811
All other assets
1,520,592
426,332
135,249
73,895
2,156,168
32,189,587
12,486,415
5,363,512
2,168,374
52,207,888
Liabilities
Client deposits and notes
19,073,711
6,858,108
1,505,925
5,764,266
33,202,010
Amounts owed to credit institutions
2,987,091
363,586
4,454,019
875,537
8,680,233
Debt securities issued
979,869
843,281
317,500
114,366
2,255,016
Lease liability
168,948
90,949
\u2013
14,538
274,435
All other liabilities
278,063
354,351
37,749
110,804
780,967
23,487,682
8,510,275
6,315,193
6,879,511
45,192,661
Net balance sheet position
8,701,905
3,976,140
(951,681)
(4,711,137)
7,015,227
2023
2022
Other Other
foreign foreign
Georgia
OECD
countries
Total
Georgia
OECD
countries
Total
Assets
Cash and cash equivalents
1,523,046
975,099
603,679
3,101,824
1,508,225
1,453,844
622,774
3,584,843
Amounts due from credit institutions
1,733,898
\u2013
18,759
1,752,657
2,358,551
54,175
20,302
2,433,028
Investment securities
2,368,874
2,332,754
428,129
5,129,757
1,798,172
2,436,465
115,092
4,349,729
Loans to customers, factoring and
finance lease receivables
19,532,803
\u2013
699,918
20,232,721
16,339,883
\u2013
521,823
16,861,706
All other assets
1,314,511
150,031
76,057
1,540,599
1,473,703
120,271
78,620
1,672,594
26,473,132
3,457,884
1,826,542
31,757,558
23,478,534
4,064,755
1,358,611
28,901,900
Liabilities
Client deposits and notes
14,880,493
1,138,532
4,503,714
20,522,739
13,017,449
966,722
4,277,226
18,261,397
Amounts owed to credit institutions
2,369,365
2,257,129
529,515
5,156,009
2,622,787
2,142,083
501,783
5,266,653
Debt securities issued
273,923
147,436
\u2013
421,359
312,053
333,915
\u2013
645,968
Lease liability
128,725
\u2013
13,209
141,934
101,402
\u2013
13,068
114,470
All other liabilities
396,104
87,254
12,323
495,681
275,030
81,893
7,667
364,590
18,048,610
3,630,351
5,058,761
26,737,722
16,328,721
3,524,613
4,799,744
24,653,078
Net balance sheet position
8,424,522
(172,467)
(3,232,219)
5,019,836
7,149,813
540,142
(3,441,133)
4,248,822
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-883": { "value": "Offsetting financial assets and financial liabilities The disclosures set out in the tables below include financial assets and financial liabilities that: \u2022 are offset in the Group\u2019s statement of financial position; or \u2022 are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments, irrespective of whether they are offset in the statement of financial position. The similar agreements include derivative agreements, global master repurchase agreements, and global master securities lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale and repurchase agreements and securities borrowing and lending agreements. Financial instruments such as loans and deposits are not disclosed in the table below unless they are offset in the statement of financial position. The Group receives and accepts collateral in the form of marketable securities in respect of sale and repurchase, and reverse sale and repurchase agreements. Such collateral is subject to the standard industry terms. This means that securities received/given as collateral can be pledged or sold during the term of the transaction but must be returned on maturity of the transaction. The terms also give each counterparty the right to terminate the related transitions upon the counterparty\u2019s failure to post collateral. The above arrangements do not meet the criteria for offsetting in the statement of financial position. This is because they create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Group or the counterparties. In addition, the Group and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously. The table below shows financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and similar arrangements as at 31 December 2024:
Amounts subject to enforceable netting arrangements
Net amount
of financial
assets/ Financial
liabilities assets/
Gross amounts presented in Financial liabilities after
of recognised Amounts the statement instruments, consideration
financial asset/ of financial including non- of netting
Types of financial assets/liabilities liability offset position
cash collateral*
Cash collateral
potential
Receivables from repo operations
217,146
\u2013
217,146
(217,146)
\u2013
\u2013
Derivative financial assets
25,000
\u2013
25,000
(422)
\u2013
24,578
Total financial assets
242,146
\u2013
242,146
(217,568)
\u2013
24,578
Payables under repo operations
319,212
\u2013
319,212
(319,212)
\u2013
\u2013
Derivative financial liabilities
9,083
\u2013
9,083
(9,083)
\u2013
\u2013
Total financial liabilities
328,295
\u2013
328,295
(328,295)
\u2013
\u2013
* The collateral amounts are limited to net balance sheet exposure so as to not include overcollateralisation. Currency translation reserves ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-870": { "value": "Offsetting financial assets and financial liabilities The disclosures set out in the tables below include financial assets and financial liabilities that: \u2022 are offset in the Group\u2019s statement of financial position; or \u2022 are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments, irrespective of whether they are offset in the statement of financial position. The similar agreements include derivative agreements, global master repurchase agreements, and global master securities lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale and repurchase agreements and securities borrowing and lending agreements. Financial instruments such as loans and deposits are not disclosed in the table below unless they are offset in the statement of financial position. The Group receives and accepts collateral in the form of marketable securities in respect of sale and repurchase, and reverse sale and repurchase agreements. Such collateral is subject to the standard industry terms. This means that securities received/given as collateral can be pledged or sold during the term of the transaction but must be returned on maturity of the transaction. The terms also give each counterparty the right to terminate the related transitions upon the counterparty\u2019s failure to post collateral. The above arrangements do not meet the criteria for offsetting in the statement of financial position. This is because they create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Group or the counterparties. In addition, the Group and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously. The table below shows financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and similar arrangements as at 31 December 2024:
Amounts subject to enforceable netting arrangements
Net amount
of financial
assets/ Financial
liabilities assets/
Gross amounts presented in Financial liabilities after
of recognised Amounts the statement instruments, consideration
financial asset/ of financial including non- of netting
Types of financial assets/liabilities liability offset position
cash collateral*
Cash collateral
potential
Receivables from repo operations
217,146
\u2013
217,146
(217,146)
\u2013
\u2013
Derivative financial assets
25,000
\u2013
25,000
(422)
\u2013
24,578
Total financial assets
242,146
\u2013
242,146
(217,568)
\u2013
24,578
Payables under repo operations
319,212
\u2013
319,212
(319,212)
\u2013
\u2013
Derivative financial liabilities
9,083
\u2013
9,083
(9,083)
\u2013
\u2013
Total financial liabilities
328,295
\u2013
328,295
(328,295)
\u2013
\u2013
* The collateral amounts are limited to net balance sheet exposure so as to not include overcollateralisation. Currency translation reserves ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-853": { "value": "Offsetting financial assets and financial liabilities The disclosures set out in the tables below include financial assets and financial liabilities that: \u2022 are offset in the Group\u2019s statement of financial position; or \u2022 are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments, irrespective of whether they are offset in the statement of financial position. The similar agreements include derivative agreements, global master repurchase agreements, and global master securities lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale and repurchase agreements and securities borrowing and lending agreements. Financial instruments such as loans and deposits are not disclosed in the table below unless they are offset in the statement of financial position. The Group receives and accepts collateral in the form of marketable securities in respect of sale and repurchase, and reverse sale and repurchase agreements. Such collateral is subject to the standard industry terms. This means that securities received/given as collateral can be pledged or sold during the term of the transaction but must be returned on maturity of the transaction. The terms also give each counterparty the right to terminate the related transitions upon the counterparty\u2019s failure to post collateral. The above arrangements do not meet the criteria for offsetting in the statement of financial position. This is because they create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Group or the counterparties. In addition, the Group and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously. The table below shows financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and similar arrangements as at 31 December 2024:
Amounts subject to enforceable netting arrangements
Net amount
of financial
assets/ Financial
liabilities assets/
Gross amounts presented in Financial liabilities after
of recognised Amounts the statement instruments, consideration
financial asset/ of financial including non- of netting
Types of financial assets/liabilities liability offset position
cash collateral*
Cash collateral
potential
Receivables from repo operations
217,146
\u2013
217,146
(217,146)
\u2013
\u2013
Derivative financial assets
25,000
\u2013
25,000
(422)
\u2013
24,578
Total financial assets
242,146
\u2013
242,146
(217,568)
\u2013
24,578
Payables under repo operations
319,212
\u2013
319,212
(319,212)
\u2013
\u2013
Derivative financial liabilities
9,083
\u2013
9,083
(9,083)
\u2013
\u2013
Total financial liabilities
328,295
\u2013
328,295
(328,295)
\u2013
\u2013
* The collateral amounts are limited to net balance sheet exposure so as to not include overcollateralisation. Currency translation reserves ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-854": { "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 and the CBA, 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 JSC Bank of Georgia and Ameriabank CJSC basis, based on certain liquidity ratios established by the NBG and the CBA, respectively. The banks in Georgia and Armenia, absent a stress-period, are required to maintain a liquidity coverage ratio no lower than 100%. The liquidity coverage ratio of JSC Bank of Georgia and Ameriabank CJSC as at 31 December 2024 was 138.6% and 195.7% respectively (2023: JSC Bank of Georgia 125.2%, 2022: JSC Bank of Georgia 132.4%). JSC Bank of Georgia and Ameriabank CJSC hold a comfortable buffer on top of net stable funding ratio (NSFR) requirement of 100%. 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 of JSC Bank of Georgia and Ameriabank CJSC as at 31 December 2024 was 130.7% and 128.8% respectively, (2023: JSC Bank of Georgia 130.4%, 2022: JSC Bank of Georgia 131.9%), all comfortably above the NBG\u2019s and the CBA\u2019s minimum regulatory requirements, respectively. The Group also matches the maturity of financial assets and financial liabilities and regularly monitors negative gaps compared with JSC Bank of Georgia\u2019s and Ameriabank CJSC\u2019s standalone total regulatory capital calculated per the NBG and the CBA regulations. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted repayment obligations, expect for other liabilities, which are presented at carrying amounts due to the short-term nature of these liabilities. 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 Group could be required to pay, and the table does not reflect the expected cash flows indicated by the Group\u2019s deposit retention history.
Less than 3 to 12 1 to 5 Over
Financial liabilities 3 months months years
5 years
Total
As at 31 December 2024
Client deposits and notes
15,042,587
15,869,646
3,143,839
79,730
34,135,802
Amounts owed to credit institutions
4,364,016
1,128,148
3,411,160
719,638
9,622,962
Debt securities issued
143,273
489,974
1,958,194
186,547
2,777,988
Lease liability
15,550
46,089
171,473
118,769
351,881
Derivative financial liabilities
6,228
978
1,877
\u2013
9,083
Other liabilities
338,527
4,802
1,281
109
344,719
Total undiscounted financial liabilities
19,910,181
17,539,637
8,687,824
1,104,793
47,242,435
Less than 3 to 12 1 to 5 Over
Financial liabilities 3 months months years
5 years
Total
As at 31 December 2023
Client deposits and notes
8,491,287
10,559,684
1,963,380
73,382
21,087,733
Amounts owed to credit institutions
2,777,202
569,441
1,773,329
836,493
5,956,465
Debt securities issued
406
204,747
452,747
83,158
741,058
Lease liability
9,077
27,435
100,420
26,499
163,431
Derivative financial liabilities
12,300
12,302
1,177
\u2013
25,779
Other liabilities
139,434
730
1,192
133
141,489
Total undiscounted financial liabilities
11,429,706
11,374,339
4,292,245
1,019,665
28,115,955
Less than 3 to 12 1 to 5 Over
Financial liabilities 3 months months years
5 years
Total
As at 31 December 2022
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
The table below shows the contractual expiry by maturity of the Group\u2019s financial commitments and contingencies which can contractually be called within three months.
Less than 3 3 to 12 1 to 5 Over
months months years
5 years
Total
31 December 2024
1,704,714
1,223,799
1,125,875
43,270
4,097,658
31 December 2023
1,349,928
634,601
1,006,963
27,560
3,019,052
31 December 2022
1,280,906
623,036
775,683
29,843
2,709,468
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-855": { "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. 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 2024. 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 2024, 2023 and 2022, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity.
Sensitivity
Sensitivity of of other
Increase in net interest comprehensive
basis points income income
Currency 2024 2024 2024
GEL
21
5,116
3,933
EUR
10
218
\u2013
USD
11
449
2,565
Sensitivity
Sensitivity of of other
Decrease in net interest comprehensive
basis points income income
Currency 2024 2024 2024
GEL
21
(5,116)
(3,933)
EUR
10
(218)
\u2013
USD
11
(449)
(2,565)
Sensitivity
Sensitivity of of other
Increase in net interest comprehensive
basis points income income
Currency 2023 2023 2023
GEL
22
6,541
2,289
EUR
8
707
2
USD
12
813
101
Sensitivity
Sensitivity of of other
Decrease in net interest comprehensive
basis points income income
Currency 2023 2023 2023
GEL
22
(6,541)
(2,289)
EUR
8
(707)
(2)
USD
12
(813)
(101)
Sensitivity
Sensitivity of of other
Increase in net interest comprehensive
basis points income income
Currency 2022 2022 2022
GEL
14
2,432
1,348
EUR
24
3,732
107
USD
21
1,624
1,022
Sensitivity
Sensitivity of of other
Decrease in net interest comprehensive
basis points income income
Currency 2022 2022 2022
GEL
14
(2,432)
(1,348)
EUR
24
(3,732)
(107)
USD
21
(1,624)
(1,022)
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 2024 on its monetary assets and liabilities. The analysis calculates the effect of a reasonably possible movement of the currency rate against the Georgian Lari and Armenian Dram, with all other variables held constant on the income statement. The reasonably possible movement of the currency rate against the Georgian Lari and Armenian Dram are 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 the income statement or equity, while a positive amount reflects a net potential increase. During the years ended 31 December 2024, 31 December 2023 and 31 December 2022, sensitivity analysis did not reveal any significant potential effect on the Group\u2019s equity.
JSC Bank of Georgia
2024
2023
2022
Change in Change in Change in
currency Effect on profit currency Effect on profit currency Effect on profit
Currency rate in % before tax rate in % before tax rate in % before tax
EUR
8.7%
(2,213)
8.8%
(323)
13.4%
1,251
USD
6.8%
(6,410)
4.9%
14,415
10.9%
806
CJSC Ameriabank
2024
Change in
currency Effect on profit
Currency rate in % before tax
EUR
6.2%
2,335
USD
2.8%
4,206
GBP
6.7%
(5,267)
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 2024, 31 December 2023 and 31 December 2022, is as follows:
Effect on net
interest income
2024
(221,242)
2023
(71,177)
2022
(51,899)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-806": { "value": "
32. 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 2024
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
134,338
134,338
Land
\u2013
\u2013
13,204
13,204
Residential properties
\u2013
\u2013
86,388
86,388
Non-residential properties
\u2013
\u2013
34,746
34,746
Investment securities measured at FVOCI and FVTPL
1,742,883
4,446,192
33,254
6,222,329
Investment securities pledged under sale and repurchase agreements and
securities lending measured at FVOCI and FVTPL
\u2013
213,875
\u2013
213,875
Other assets \u2013 derivative financial assets
\u2013
25,000
\u2013
25,000
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
251,470
2,518,426
\u2013
2,769,896
Investment securities pledged under sale and repurchase agreements and
securities lending measured at amortised cost \u2013 debt instruments
\u2013
267,327
\u2013
267,327
Loans to customers, factoring and finance lease receivables at amortised
\u2013
34,268
32,597,338
32,631,606
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
9,083
\u2013
9,083
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
25,238,507
7,988,086
33,226,593
Amounts owed to credit institutions
\u2013
5,513,290
3,139,345
8,652,635
Debt securities issued
\u2013
1,855,757
372,793
2,228,550
Lease liability
\u2013
20,612
254,850
275,462
At 31 December 2023
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
124,068
124,068
Land
\u2013
\u2013
4,844
4,844
Residential properties
\u2013
\u2013
87,758
87,758
Non-residential properties
\u2013
\u2013
31,466
31,466
Investment securities measured at FVOCI and FVTPL
7,726
4,424,206
7,519
4,439,451
Other assets \u2013 derivative financial assets
\u2013
10,942
\u2013
10,942
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
692,781
\u2013
692,781
Loans to customers, factoring and finance lease receivables at amortised
\u2013
\u2013
19,476,015
19,476,015
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
25,779
\u2013
25,779
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
20,469,692
72,620
20,542,312
Amounts owed to credit institutions
\u2013
3,735,221
1,416,771
5,151,992
Debt securities issued
\u2013
270,524
148,134
418,658
Lease liability
\u2013
13,209
130,236
143,445
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 measured at FVOCI and FVTPL
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 other
Assets for which fair values are disclosed
2,660
\u2013
\u2013
2,660
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
385,800
\u2013
385,800
Loans to customers, factoring and finance lease receivables at amortised
cost
\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
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 2 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Assets carried at fair value
Investment securities \u2013
4,446,192
4,424,206
3,960,360
Discounted cash flows
Government bonds yield curve,
debt instruments (DCF) Tbilisi interbank interest rate
(TIBR Index)
Investment securities pledged under
213,875
\u2013
\u2013
Discounted cash flows
Government bonds yield curve,
sale and repurchase agreements (DCF) Tbilisi interbank interest rate
and securities lending \u2013 (TIBR Index)
debt instruments
Derivative financial assets
25,000
10,942
39,270
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total assets recurring fair value
4,685,067
4,435,148
3,999,630
measurements at Level 2
Liabilities carried at fair value
Derivative financial liabilities
9,083
25,779
59,020
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total liabilities recurring fair value
9,083
25,779
59,020
measurements at Level 2
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 3 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Unobservable inputs
Assets carried at fair value
Investment securities \u2013 equity instruments
33,254
7,519
5,547
Discounted cash
Cash flow; Cash flow;
flows (DCF) discount rate discount rate
Total assets recurring fair value
measurements at Level 3
33,254
7,519
5,547
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.
Investment securities
Investment securities consist of equity and debt securities and are valued using a valuation technique or pricing models. 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. For quoted investments, respective quoted prices from Bloomberg or other relevant sources
are used, while for unquoted investments fair value is calculated based on future cash flow expected discounted at current rate for
new instruments with similar credit risk, remaining maturity and other characteristics.
Assets and liabilities not measured at fair value but for which fair value is disclosed
Fair values in 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.
Transfer to Level 1
There were no transfers from Level 2 to Level 1.
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 At At At
31 December Purchase of 31 December Purchase of 31 December Business Purchase of 31 December
2021 securities 2022 securities 2023
combination
Revaluation
securities 2024
Level 3 financial assets
Equity investment
securities
3,689
1,858
5,547
1,972
7,519
3,528
6,909
15,298
33,254
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 15.
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:
2024
2023
2022
Effect of Effect of Effect of
reasonably reasonably reasonably
possible possible possible
Carrying alternative Carrying alternative Carrying alternative
amount assumptions amount assumptions amount assumptions
Level 3 financial assets
Equity investment securities
33,254
+/- 4,953
7,519
+/- 1,120
5,547
+/- 826
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.
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:
Valuation Significant Weighted Other key Weighted
2024 technique
unobservable inputs
MIN
MAX
average
information
MIN
MAX
Average
Investment 134,338
property
Land
13,204
Development land
12,766
Market
Price per square
0.033
2.859
2.214
Square
32
3,808
3,080
approach metre metres,
land
Agricultural land
438
Market
Price per square
0.012
0.096
0.046
Square
768
4,451
2,774
approach metre metres,
land
Residential
86,388
Market
Price per square
0.028
6.575
0.956
Square
18
989
205
properties approach metre metres,
building
Non-residential 34,746
properties
13,206
Market
Price of the
10
3,822
2,033
Square
50
23,884
1,876
approach property metres,
land
Square
17
2,626
1,528
metres,
building
17,685
Income
Rent per square
0.0105
0.0680
0.0629
Square
226
1,084
972
approach metre metres,
building
Occupancy rate
70.0%
90.0%
83.8%
3,855
Cost
Depreciated
0.084
3.973
0.981
Square
54
1,736
918
approach replacement cost metres,
per square metre building
* Price, rate and cost of unobservable inputs in this table are presented in Georgian Lari unless otherwise indicated.
Set out below is an overview by measurement categories of financial instruments held by the Group as at 31 December 2024,
31 December 2023 and 31 December 2022:
At 31 December 2024
Amortised cost
FVOCI
FVTPL
Financial assets
Cash and cash equivalents
3,753,183
\u2013
\u2013
Amounts due from credit institutions
3,278,465
\u2013
\u2013
Loans to customers, factoring and finance lease receivables
33,558,874
\u2013
\u2013
Accounts receivable and other loans
8,811
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
26,900
16,788
Investment securities \u2013 debt instruments
2,746,392
5,993,853
184,788
Investment securities pledged under sale and repurchase agreements and securities
lending \u2013 debt instruments
269,791
186,670
27,205
Foreign currency derivative financial instruments
\u2013
\u2013
25,000
Total
43,615,516
6,207,423
253,781
Financial liabilities
Client deposits and notes
33,202,010
\u2013
\u2013
Amounts owed to credit institutions
8,680,233
\u2013
\u2013
Debt securities issued
2,255,016
\u2013
\u2013
Lease liability
274,435
\u2013
\u2013
Trade and other payables (in other liabilities)
272,142
\u2013
\u2013
Foreign currency derivative financial instruments
\u2013
\u2013
9,083
Total
44,683,836
\u2013
9,083
At 31 December 2023
At 31 December 2022
Amortised cost
FVOCI
FVTPL
Amortised cost
FVOCI
FVTPL
Financial assets
Loans to customers, factoring and finance
lease receivables
20,232,721
\u2013
\u2013
16,861,706
\u2013
\u2013
Accounts receivable and other loans
47,562
\u2013
\u2013
397,990
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
7,880
6,976
\u2013
10,893
\u2013
Investment securities \u2013 debt instruments
690,306
4,424,160
435
378,537
3,960,299
\u2013
Interest rate contracts
\u2013
\u2013
\u2013
\u2013
\u2013
348
Foreign currency derivative financial
instruments
\u2013
\u2013
10,942
\u2013
\u2013
38,922
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
2,660
Total
20,970,589
4,432,040
18,353
17,638,233
3,971,192
41,930
Financial liabilities
Client deposits and notes
20,522,739
\u2013
\u2013
18,261,397
\u2013
\u2013
Amounts owed to credit institutions
5,156,009
\u2013
\u2013
5,266,653
\u2013
\u2013
Debt securities issued
421,359
\u2013
\u2013
645,968
\u2013
\u2013
Lease liability
141,934
\u2013
\u2013
114,470
\u2013
\u2013
Trade and other payables (in other
liabilities)
113,647
\u2013
\u2013
68,721
\u2013
\u2013
Foreign currency derivative financial
instruments
\u2013
\u2013
25,779
\u2013
\u2013
59,020
Total
26,355,688
\u2013
25,779
24,357,209
\u2013
59,020
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, the fair values of which are materially close to their carrying values.
At 31 December 2024
Unrecognised
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at amortised cost \u2013 debt instruments
2,746,392
2,769,896
23,504
Investment securities pledged under sale and repurchase agreements and securities
lending measured at amortised cost-debt instruments
269,791
267,327
(2,464)
Loans to customers, factoring and finance lease receivables
33,558,874
32,631,606
(927,268)
Financial liabilities
Client deposits and notes
33,202,010
33,226,593
(24,583)
Amounts owed to credit institutions
8,680,233
8,652,635
27,598
Debt securities issued
2,255,016
2,228,550
26,466
Lease liability
274,435
275,462
(1,027)
Total unrecognised change in unrealised fair value
(877,774)
At 31 December 2023
At 31 December 2022
Unrecognised Unrecognised
Carrying value
Fair value
gain/(loss)
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at
amortised cost \u2013 debt instruments
690,306
692,781
2,475
378,537
385,800
7,263
Loans to customers, factoring and finance
lease receivables
20,232,721
19,476,015
(756,706)
16,861,706
16,266,826
(594,880)
Financial liabilities
Client deposits and notes
20,522,739
20,542,312
(19,573)
18,261,397
18,228,352
33,045
Amounts owed to credit institutions
5,156,009
5,151,992
4,017
5,266,653
5,242,868
23,785
Debt securities issued
421,359
418,658
2,701
645,968
642,367
3,601
Lease liability
141,934
143,445
(1,511)
114,470
117,738
(3,268)
Total unrecognised change in unrealised
fair value
(768,597)
(530,454)
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-890": { "value": "32. 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 2024
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
134,338
134,338
Land
\u2013
\u2013
13,204
13,204
Residential properties
\u2013
\u2013
86,388
86,388
Non-residential properties
\u2013
\u2013
34,746
34,746
Investment securities measured at FVOCI and FVTPL
1,742,883
4,446,192
33,254
6,222,329
Investment securities pledged under sale and repurchase agreements and
securities lending measured at FVOCI and FVTPL
\u2013
213,875
\u2013
213,875
Other assets \u2013 derivative financial assets
\u2013
25,000
\u2013
25,000
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
251,470
2,518,426
\u2013
2,769,896
Investment securities pledged under sale and repurchase agreements and
securities lending measured at amortised cost \u2013 debt instruments
\u2013
267,327
\u2013
267,327
Loans to customers, factoring and finance lease receivables at amortised
\u2013
34,268
32,597,338
32,631,606
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
9,083
\u2013
9,083
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
25,238,507
7,988,086
33,226,593
Amounts owed to credit institutions
\u2013
5,513,290
3,139,345
8,652,635
Debt securities issued
\u2013
1,855,757
372,793
2,228,550
Lease liability
\u2013
20,612
254,850
275,462
At 31 December 2023
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
124,068
124,068
Land
\u2013
\u2013
4,844
4,844
Residential properties
\u2013
\u2013
87,758
87,758
Non-residential properties
\u2013
\u2013
31,466
31,466
Investment securities measured at FVOCI and FVTPL
7,726
4,424,206
7,519
4,439,451
Other assets \u2013 derivative financial assets
\u2013
10,942
\u2013
10,942
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
692,781
\u2013
692,781
Loans to customers, factoring and finance lease receivables at amortised
\u2013
\u2013
19,476,015
19,476,015
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
25,779
\u2013
25,779
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
20,469,692
72,620
20,542,312
Amounts owed to credit institutions
\u2013
3,735,221
1,416,771
5,151,992
Debt securities issued
\u2013
270,524
148,134
418,658
Lease liability
\u2013
13,209
130,236
143,445
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 measured at FVOCI and FVTPL
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 other
Assets for which fair values are disclosed
2,660
\u2013
\u2013
2,660
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
385,800
\u2013
385,800
Loans to customers, factoring and finance lease receivables at amortised
cost
\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
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 2 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Assets carried at fair value
Investment securities \u2013
4,446,192
4,424,206
3,960,360
Discounted cash flows
Government bonds yield curve,
debt instruments (DCF) Tbilisi interbank interest rate
(TIBR Index)
Investment securities pledged under
213,875
\u2013
\u2013
Discounted cash flows
Government bonds yield curve,
sale and repurchase agreements (DCF) Tbilisi interbank interest rate
and securities lending \u2013 (TIBR Index)
debt instruments
Derivative financial assets
25,000
10,942
39,270
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total assets recurring fair value
4,685,067
4,435,148
3,999,630
measurements at Level 2
Liabilities carried at fair value
Derivative financial liabilities
9,083
25,779
59,020
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total liabilities recurring fair value
9,083
25,779
59,020
measurements at Level 2
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 3 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Unobservable inputs
Assets carried at fair value
Investment securities \u2013 equity instruments
33,254
7,519
5,547
Discounted cash
Cash flow; Cash flow;
flows (DCF) discount rate discount rate
Total assets recurring fair value
measurements at Level 3
33,254
7,519
5,547
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. Investment securities Investment securities consist of equity and debt securities and are valued using a valuation technique or pricing models. 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. For quoted investments, respective quoted prices from Bloomberg or other relevant sources are used, while for unquoted investments fair value is calculated based on future cash flow expected discounted at current rate for new instruments with similar credit risk, remaining maturity and other characteristics. Assets and liabilities not measured at fair value but for which fair value is disclosed Fair values in 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. Transfer to Level 1 There were no transfers from Level 2 to Level 1. 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 At At At
31 December Purchase of 31 December Purchase of 31 December Business Purchase of 31 December
2021 securities 2022 securities 2023
combination
Revaluation
securities 2024
Level 3 financial assets
Equity investment
securities
3,689
1,858
5,547
1,972
7,519
3,528
6,909
15,298
33,254
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 15. 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:
2024
2023
2022
Effect of Effect of Effect of
reasonably reasonably reasonably
possible possible possible
Carrying alternative Carrying alternative Carrying alternative
amount assumptions amount assumptions amount assumptions
Level 3 financial assets
Equity investment securities
33,254
+/- 4,953
7,519
+/- 1,120
5,547
+/- 826
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. 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:
Valuation Significant Weighted Other key Weighted
2024 technique
unobservable inputs
MIN
MAX
average
information
MIN
MAX
Average
Investment 134,338
property
Land
13,204
Development land
12,766
Market
Price per square
0.033
2.859
2.214
Square
32
3,808
3,080
approach metre metres,
land
Agricultural land
438
Market
Price per square
0.012
0.096
0.046
Square
768
4,451
2,774
approach metre metres,
land
Residential
86,388
Market
Price per square
0.028
6.575
0.956
Square
18
989
205
properties approach metre metres,
building
Non-residential 34,746
properties
13,206
Market
Price of the
10
3,822
2,033
Square
50
23,884
1,876
approach property metres,
land
Square
17
2,626
1,528
metres,
building
17,685
Income
Rent per square
0.0105
0.0680
0.0629
Square
226
1,084
972
approach metre metres,
building
Occupancy rate
70.0%
90.0%
83.8%
3,855
Cost
Depreciated
0.084
3.973
0.981
Square
54
1,736
918
approach replacement cost metres,
per square metre building
* Price, rate and cost of unobservable inputs in this table are presented in Georgian Lari unless otherwise indicated. Set out below is an overview by measurement categories of financial instruments held by the Group as at 31 December 2024, 31 December 2023 and 31 December 2022:
At 31 December 2024
Amortised cost
FVOCI
FVTPL
Financial assets
Cash and cash equivalents
3,753,183
\u2013
\u2013
Amounts due from credit institutions
3,278,465
\u2013
\u2013
Loans to customers, factoring and finance lease receivables
33,558,874
\u2013
\u2013
Accounts receivable and other loans
8,811
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
26,900
16,788
Investment securities \u2013 debt instruments
2,746,392
5,993,853
184,788
Investment securities pledged under sale and repurchase agreements and securities
lending \u2013 debt instruments
269,791
186,670
27,205
Foreign currency derivative financial instruments
\u2013
\u2013
25,000
Total
43,615,516
6,207,423
253,781
Financial liabilities
Client deposits and notes
33,202,010
\u2013
\u2013
Amounts owed to credit institutions
8,680,233
\u2013
\u2013
Debt securities issued
2,255,016
\u2013
\u2013
Lease liability
274,435
\u2013
\u2013
Trade and other payables (in other liabilities)
272,142
\u2013
\u2013
Foreign currency derivative financial instruments
\u2013
\u2013
9,083
Total
44,683,836
\u2013
9,083
At 31 December 2023
At 31 December 2022
Amortised cost
FVOCI
FVTPL
Amortised cost
FVOCI
FVTPL
Financial assets
Loans to customers, factoring and finance
lease receivables
20,232,721
\u2013
\u2013
16,861,706
\u2013
\u2013
Accounts receivable and other loans
47,562
\u2013
\u2013
397,990
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
7,880
6,976
\u2013
10,893
\u2013
Investment securities \u2013 debt instruments
690,306
4,424,160
435
378,537
3,960,299
\u2013
Interest rate contracts
\u2013
\u2013
\u2013
\u2013
\u2013
348
Foreign currency derivative financial
instruments
\u2013
\u2013
10,942
\u2013
\u2013
38,922
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
2,660
Total
20,970,589
4,432,040
18,353
17,638,233
3,971,192
41,930
Financial liabilities
Client deposits and notes
20,522,739
\u2013
\u2013
18,261,397
\u2013
\u2013
Amounts owed to credit institutions
5,156,009
\u2013
\u2013
5,266,653
\u2013
\u2013
Debt securities issued
421,359
\u2013
\u2013
645,968
\u2013
\u2013
Lease liability
141,934
\u2013
\u2013
114,470
\u2013
\u2013
Trade and other payables (in other
liabilities)
113,647
\u2013
\u2013
68,721
\u2013
\u2013
Foreign currency derivative financial
instruments
\u2013
\u2013
25,779
\u2013
\u2013
59,020
Total
26,355,688
\u2013
25,779
24,357,209
\u2013
59,020
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, the fair values of which are materially close to their carrying values.
At 31 December 2024
Unrecognised
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at amortised cost \u2013 debt instruments
2,746,392
2,769,896
23,504
Investment securities pledged under sale and repurchase agreements and securities
lending measured at amortised cost-debt instruments
269,791
267,327
(2,464)
Loans to customers, factoring and finance lease receivables
33,558,874
32,631,606
(927,268)
Financial liabilities
Client deposits and notes
33,202,010
33,226,593
(24,583)
Amounts owed to credit institutions
8,680,233
8,652,635
27,598
Debt securities issued
2,255,016
2,228,550
26,466
Lease liability
274,435
275,462
(1,027)
Total unrecognised change in unrealised fair value
(877,774)
At 31 December 2023
At 31 December 2022
Unrecognised Unrecognised
Carrying value
Fair value
gain/(loss)
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at
amortised cost \u2013 debt instruments
690,306
692,781
2,475
378,537
385,800
7,263
Loans to customers, factoring and finance
lease receivables
20,232,721
19,476,015
(756,706)
16,861,706
16,266,826
(594,880)
Financial liabilities
Client deposits and notes
20,522,739
20,542,312
(19,573)
18,261,397
18,228,352
33,045
Amounts owed to credit institutions
5,156,009
5,151,992
4,017
5,266,653
5,242,868
23,785
Debt securities issued
421,359
418,658
2,701
645,968
642,367
3,601
Lease liability
141,934
143,445
(1,511)
114,470
117,738
(3,268)
Total unrecognised change in unrealised
fair value
(768,597)
(530,454)
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-884": { "value": "32. 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 2024
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
134,338
134,338
Land
\u2013
\u2013
13,204
13,204
Residential properties
\u2013
\u2013
86,388
86,388
Non-residential properties
\u2013
\u2013
34,746
34,746
Investment securities measured at FVOCI and FVTPL
1,742,883
4,446,192
33,254
6,222,329
Investment securities pledged under sale and repurchase agreements and
securities lending measured at FVOCI and FVTPL
\u2013
213,875
\u2013
213,875
Other assets \u2013 derivative financial assets
\u2013
25,000
\u2013
25,000
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
251,470
2,518,426
\u2013
2,769,896
Investment securities pledged under sale and repurchase agreements and
securities lending measured at amortised cost \u2013 debt instruments
\u2013
267,327
\u2013
267,327
Loans to customers, factoring and finance lease receivables at amortised
\u2013
34,268
32,597,338
32,631,606
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
9,083
\u2013
9,083
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
25,238,507
7,988,086
33,226,593
Amounts owed to credit institutions
\u2013
5,513,290
3,139,345
8,652,635
Debt securities issued
\u2013
1,855,757
372,793
2,228,550
Lease liability
\u2013
20,612
254,850
275,462
At 31 December 2023
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
124,068
124,068
Land
\u2013
\u2013
4,844
4,844
Residential properties
\u2013
\u2013
87,758
87,758
Non-residential properties
\u2013
\u2013
31,466
31,466
Investment securities measured at FVOCI and FVTPL
7,726
4,424,206
7,519
4,439,451
Other assets \u2013 derivative financial assets
\u2013
10,942
\u2013
10,942
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
692,781
\u2013
692,781
Loans to customers, factoring and finance lease receivables at amortised
\u2013
\u2013
19,476,015
19,476,015
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
25,779
\u2013
25,779
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
20,469,692
72,620
20,542,312
Amounts owed to credit institutions
\u2013
3,735,221
1,416,771
5,151,992
Debt securities issued
\u2013
270,524
148,134
418,658
Lease liability
\u2013
13,209
130,236
143,445
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 measured at FVOCI and FVTPL
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 other
Assets for which fair values are disclosed
2,660
\u2013
\u2013
2,660
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
385,800
\u2013
385,800
Loans to customers, factoring and finance lease receivables at amortised
cost
\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
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 2 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Assets carried at fair value
Investment securities \u2013
4,446,192
4,424,206
3,960,360
Discounted cash flows
Government bonds yield curve,
debt instruments (DCF) Tbilisi interbank interest rate
(TIBR Index)
Investment securities pledged under
213,875
\u2013
\u2013
Discounted cash flows
Government bonds yield curve,
sale and repurchase agreements (DCF) Tbilisi interbank interest rate
and securities lending \u2013 (TIBR Index)
debt instruments
Derivative financial assets
25,000
10,942
39,270
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total assets recurring fair value
4,685,067
4,435,148
3,999,630
measurements at Level 2
Liabilities carried at fair value
Derivative financial liabilities
9,083
25,779
59,020
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total liabilities recurring fair value
9,083
25,779
59,020
measurements at Level 2
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 3 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Unobservable inputs
Assets carried at fair value
Investment securities \u2013 equity instruments
33,254
7,519
5,547
Discounted cash
Cash flow; Cash flow;
flows (DCF) discount rate discount rate
Total assets recurring fair value
measurements at Level 3
33,254
7,519
5,547
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. Investment securities Investment securities consist of equity and debt securities and are valued using a valuation technique or pricing models. 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. For quoted investments, respective quoted prices from Bloomberg or other relevant sources are used, while for unquoted investments fair value is calculated based on future cash flow expected discounted at current rate for new instruments with similar credit risk, remaining maturity and other characteristics. Assets and liabilities not measured at fair value but for which fair value is disclosed Fair values in 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. Transfer to Level 1 There were no transfers from Level 2 to Level 1. 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 At At At
31 December Purchase of 31 December Purchase of 31 December Business Purchase of 31 December
2021 securities 2022 securities 2023
combination
Revaluation
securities 2024
Level 3 financial assets
Equity investment
securities
3,689
1,858
5,547
1,972
7,519
3,528
6,909
15,298
33,254
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 15. 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:
2024
2023
2022
Effect of Effect of Effect of
reasonably reasonably reasonably
possible possible possible
Carrying alternative Carrying alternative Carrying alternative
amount assumptions amount assumptions amount assumptions
Level 3 financial assets
Equity investment securities
33,254
+/- 4,953
7,519
+/- 1,120
5,547
+/- 826
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. 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:
Valuation Significant Weighted Other key Weighted
2024 technique
unobservable inputs
MIN
MAX
average
information
MIN
MAX
Average
Investment 134,338
property
Land
13,204
Development land
12,766
Market
Price per square
0.033
2.859
2.214
Square
32
3,808
3,080
approach metre metres,
land
Agricultural land
438
Market
Price per square
0.012
0.096
0.046
Square
768
4,451
2,774
approach metre metres,
land
Residential
86,388
Market
Price per square
0.028
6.575
0.956
Square
18
989
205
properties approach metre metres,
building
Non-residential 34,746
properties
13,206
Market
Price of the
10
3,822
2,033
Square
50
23,884
1,876
approach property metres,
land
Square
17
2,626
1,528
metres,
building
17,685
Income
Rent per square
0.0105
0.0680
0.0629
Square
226
1,084
972
approach metre metres,
building
Occupancy rate
70.0%
90.0%
83.8%
3,855
Cost
Depreciated
0.084
3.973
0.981
Square
54
1,736
918
approach replacement cost metres,
per square metre building
* Price, rate and cost of unobservable inputs in this table are presented in Georgian Lari unless otherwise indicated. Set out below is an overview by measurement categories of financial instruments held by the Group as at 31 December 2024, 31 December 2023 and 31 December 2022:
At 31 December 2024
Amortised cost
FVOCI
FVTPL
Financial assets
Cash and cash equivalents
3,753,183
\u2013
\u2013
Amounts due from credit institutions
3,278,465
\u2013
\u2013
Loans to customers, factoring and finance lease receivables
33,558,874
\u2013
\u2013
Accounts receivable and other loans
8,811
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
26,900
16,788
Investment securities \u2013 debt instruments
2,746,392
5,993,853
184,788
Investment securities pledged under sale and repurchase agreements and securities
lending \u2013 debt instruments
269,791
186,670
27,205
Foreign currency derivative financial instruments
\u2013
\u2013
25,000
Total
43,615,516
6,207,423
253,781
Financial liabilities
Client deposits and notes
33,202,010
\u2013
\u2013
Amounts owed to credit institutions
8,680,233
\u2013
\u2013
Debt securities issued
2,255,016
\u2013
\u2013
Lease liability
274,435
\u2013
\u2013
Trade and other payables (in other liabilities)
272,142
\u2013
\u2013
Foreign currency derivative financial instruments
\u2013
\u2013
9,083
Total
44,683,836
\u2013
9,083
At 31 December 2023
At 31 December 2022
Amortised cost
FVOCI
FVTPL
Amortised cost
FVOCI
FVTPL
Financial assets
Loans to customers, factoring and finance
lease receivables
20,232,721
\u2013
\u2013
16,861,706
\u2013
\u2013
Accounts receivable and other loans
47,562
\u2013
\u2013
397,990
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
7,880
6,976
\u2013
10,893
\u2013
Investment securities \u2013 debt instruments
690,306
4,424,160
435
378,537
3,960,299
\u2013
Interest rate contracts
\u2013
\u2013
\u2013
\u2013
\u2013
348
Foreign currency derivative financial
instruments
\u2013
\u2013
10,942
\u2013
\u2013
38,922
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
2,660
Total
20,970,589
4,432,040
18,353
17,638,233
3,971,192
41,930
Financial liabilities
Client deposits and notes
20,522,739
\u2013
\u2013
18,261,397
\u2013
\u2013
Amounts owed to credit institutions
5,156,009
\u2013
\u2013
5,266,653
\u2013
\u2013
Debt securities issued
421,359
\u2013
\u2013
645,968
\u2013
\u2013
Lease liability
141,934
\u2013
\u2013
114,470
\u2013
\u2013
Trade and other payables (in other
liabilities)
113,647
\u2013
\u2013
68,721
\u2013
\u2013
Foreign currency derivative financial
instruments
\u2013
\u2013
25,779
\u2013
\u2013
59,020
Total
26,355,688
\u2013
25,779
24,357,209
\u2013
59,020
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, the fair values of which are materially close to their carrying values.
At 31 December 2024
Unrecognised
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at amortised cost \u2013 debt instruments
2,746,392
2,769,896
23,504
Investment securities pledged under sale and repurchase agreements and securities
lending measured at amortised cost-debt instruments
269,791
267,327
(2,464)
Loans to customers, factoring and finance lease receivables
33,558,874
32,631,606
(927,268)
Financial liabilities
Client deposits and notes
33,202,010
33,226,593
(24,583)
Amounts owed to credit institutions
8,680,233
8,652,635
27,598
Debt securities issued
2,255,016
2,228,550
26,466
Lease liability
274,435
275,462
(1,027)
Total unrecognised change in unrealised fair value
(877,774)
At 31 December 2023
At 31 December 2022
Unrecognised Unrecognised
Carrying value
Fair value
gain/(loss)
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at
amortised cost \u2013 debt instruments
690,306
692,781
2,475
378,537
385,800
7,263
Loans to customers, factoring and finance
lease receivables
20,232,721
19,476,015
(756,706)
16,861,706
16,266,826
(594,880)
Financial liabilities
Client deposits and notes
20,522,739
20,542,312
(19,573)
18,261,397
18,228,352
33,045
Amounts owed to credit institutions
5,156,009
5,151,992
4,017
5,266,653
5,242,868
23,785
Debt securities issued
421,359
418,658
2,701
645,968
642,367
3,601
Lease liability
141,934
143,445
(1,511)
114,470
117,738
(3,268)
Total unrecognised change in unrealised
fair value
(768,597)
(530,454)
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-871": { "value": "32. 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 2024
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
134,338
134,338
Land
\u2013
\u2013
13,204
13,204
Residential properties
\u2013
\u2013
86,388
86,388
Non-residential properties
\u2013
\u2013
34,746
34,746
Investment securities measured at FVOCI and FVTPL
1,742,883
4,446,192
33,254
6,222,329
Investment securities pledged under sale and repurchase agreements and
securities lending measured at FVOCI and FVTPL
\u2013
213,875
\u2013
213,875
Other assets \u2013 derivative financial assets
\u2013
25,000
\u2013
25,000
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
251,470
2,518,426
\u2013
2,769,896
Investment securities pledged under sale and repurchase agreements and
securities lending measured at amortised cost \u2013 debt instruments
\u2013
267,327
\u2013
267,327
Loans to customers, factoring and finance lease receivables at amortised
\u2013
34,268
32,597,338
32,631,606
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
9,083
\u2013
9,083
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
25,238,507
7,988,086
33,226,593
Amounts owed to credit institutions
\u2013
5,513,290
3,139,345
8,652,635
Debt securities issued
\u2013
1,855,757
372,793
2,228,550
Lease liability
\u2013
20,612
254,850
275,462
At 31 December 2023
Level 1
Level 2
Level 3
Total
Assets measured at fair value
Total investment properties
\u2013
\u2013
124,068
124,068
Land
\u2013
\u2013
4,844
4,844
Residential properties
\u2013
\u2013
87,758
87,758
Non-residential properties
\u2013
\u2013
31,466
31,466
Investment securities measured at FVOCI and FVTPL
7,726
4,424,206
7,519
4,439,451
Other assets \u2013 derivative financial assets
\u2013
10,942
\u2013
10,942
Assets for which fair values are disclosed
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
692,781
\u2013
692,781
Loans to customers, factoring and finance lease receivables at amortised
\u2013
\u2013
19,476,015
19,476,015
cost
Liabilities measured at fair value
Other liabilities \u2013 derivative financial liabilities
\u2013
25,779
\u2013
25,779
Liabilities for which fair values are disclosed
Client deposits and notes
\u2013
20,469,692
72,620
20,542,312
Amounts owed to credit institutions
\u2013
3,735,221
1,416,771
5,151,992
Debt securities issued
\u2013
270,524
148,134
418,658
Lease liability
\u2013
13,209
130,236
143,445
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 measured at FVOCI and FVTPL
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 other
Assets for which fair values are disclosed
2,660
\u2013
\u2013
2,660
Investment securities measured at amortised cost \u2013 debt instruments
\u2013
385,800
\u2013
385,800
Loans to customers, factoring and finance lease receivables at amortised
cost
\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
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 2 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Assets carried at fair value
Investment securities \u2013
4,446,192
4,424,206
3,960,360
Discounted cash flows
Government bonds yield curve,
debt instruments (DCF) Tbilisi interbank interest rate
(TIBR Index)
Investment securities pledged under
213,875
\u2013
\u2013
Discounted cash flows
Government bonds yield curve,
sale and repurchase agreements (DCF) Tbilisi interbank interest rate
and securities lending \u2013 (TIBR Index)
debt instruments
Derivative financial assets
25,000
10,942
39,270
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total assets recurring fair value
4,685,067
4,435,148
3,999,630
measurements at Level 2
Liabilities carried at fair value
Derivative financial liabilities
9,083
25,779
59,020
Forward pricing and swap
Credit quality of
models, using present counterparties, foreign
value calculations and exchange spot and forward
standard option pricing rates, interest rate curves and
models implied volatilities
Total liabilities recurring fair value
9,083
25,779
59,020
measurements at Level 2
The description of the valuation technique and the description of inputs used in the fair value measurement for Level 3 measurements:
Fair value at 31 December
2024
2023
2022
Valuation technique
Inputs used
Unobservable inputs
Assets carried at fair value
Investment securities \u2013 equity instruments
33,254
7,519
5,547
Discounted cash
Cash flow; Cash flow;
flows (DCF) discount rate discount rate
Total assets recurring fair value
measurements at Level 3
33,254
7,519
5,547
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. Investment securities Investment securities consist of equity and debt securities and are valued using a valuation technique or pricing models. 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. For quoted investments, respective quoted prices from Bloomberg or other relevant sources are used, while for unquoted investments fair value is calculated based on future cash flow expected discounted at current rate for new instruments with similar credit risk, remaining maturity and other characteristics. Assets and liabilities not measured at fair value but for which fair value is disclosed Fair values in 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. Transfer to Level 1 There were no transfers from Level 2 to Level 1. 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 At At At
31 December Purchase of 31 December Purchase of 31 December Business Purchase of 31 December
2021 securities 2022 securities 2023
combination
Revaluation
securities 2024
Level 3 financial assets
Equity investment
securities
3,689
1,858
5,547
1,972
7,519
3,528
6,909
15,298
33,254
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 15. 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:
2024
2023
2022
Effect of Effect of Effect of
reasonably reasonably reasonably
possible possible possible
Carrying alternative Carrying alternative Carrying alternative
amount assumptions amount assumptions amount assumptions
Level 3 financial assets
Equity investment securities
33,254
+/- 4,953
7,519
+/- 1,120
5,547
+/- 826
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. 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:
Valuation Significant Weighted Other key Weighted
2024 technique
unobservable inputs
MIN
MAX
average
information
MIN
MAX
Average
Investment 134,338
property
Land
13,204
Development land
12,766
Market
Price per square
0.033
2.859
2.214
Square
32
3,808
3,080
approach metre metres,
land
Agricultural land
438
Market
Price per square
0.012
0.096
0.046
Square
768
4,451
2,774
approach metre metres,
land
Residential
86,388
Market
Price per square
0.028
6.575
0.956
Square
18
989
205
properties approach metre metres,
building
Non-residential 34,746
properties
13,206
Market
Price of the
10
3,822
2,033
Square
50
23,884
1,876
approach property metres,
land
Square
17
2,626
1,528
metres,
building
17,685
Income
Rent per square
0.0105
0.0680
0.0629
Square
226
1,084
972
approach metre metres,
building
Occupancy rate
70.0%
90.0%
83.8%
3,855
Cost
Depreciated
0.084
3.973
0.981
Square
54
1,736
918
approach replacement cost metres,
per square metre building
* Price, rate and cost of unobservable inputs in this table are presented in Georgian Lari unless otherwise indicated. Set out below is an overview by measurement categories of financial instruments held by the Group as at 31 December 2024, 31 December 2023 and 31 December 2022:
At 31 December 2024
Amortised cost
FVOCI
FVTPL
Financial assets
Cash and cash equivalents
3,753,183
\u2013
\u2013
Amounts due from credit institutions
3,278,465
\u2013
\u2013
Loans to customers, factoring and finance lease receivables
33,558,874
\u2013
\u2013
Accounts receivable and other loans
8,811
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
26,900
16,788
Investment securities \u2013 debt instruments
2,746,392
5,993,853
184,788
Investment securities pledged under sale and repurchase agreements and securities
lending \u2013 debt instruments
269,791
186,670
27,205
Foreign currency derivative financial instruments
\u2013
\u2013
25,000
Total
43,615,516
6,207,423
253,781
Financial liabilities
Client deposits and notes
33,202,010
\u2013
\u2013
Amounts owed to credit institutions
8,680,233
\u2013
\u2013
Debt securities issued
2,255,016
\u2013
\u2013
Lease liability
274,435
\u2013
\u2013
Trade and other payables (in other liabilities)
272,142
\u2013
\u2013
Foreign currency derivative financial instruments
\u2013
\u2013
9,083
Total
44,683,836
\u2013
9,083
At 31 December 2023
At 31 December 2022
Amortised cost
FVOCI
FVTPL
Amortised cost
FVOCI
FVTPL
Financial assets
Loans to customers, factoring and finance
lease receivables
20,232,721
\u2013
\u2013
16,861,706
\u2013
\u2013
Accounts receivable and other loans
47,562
\u2013
\u2013
397,990
\u2013
\u2013
Investment securities \u2013 equity instruments
\u2013
7,880
6,976
\u2013
10,893
\u2013
Investment securities \u2013 debt instruments
690,306
4,424,160
435
378,537
3,960,299
\u2013
Interest rate contracts
\u2013
\u2013
\u2013
\u2013
\u2013
348
Foreign currency derivative financial
instruments
\u2013
\u2013
10,942
\u2013
\u2013
38,922
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
2,660
Total
20,970,589
4,432,040
18,353
17,638,233
3,971,192
41,930
Financial liabilities
Client deposits and notes
20,522,739
\u2013
\u2013
18,261,397
\u2013
\u2013
Amounts owed to credit institutions
5,156,009
\u2013
\u2013
5,266,653
\u2013
\u2013
Debt securities issued
421,359
\u2013
\u2013
645,968
\u2013
\u2013
Lease liability
141,934
\u2013
\u2013
114,470
\u2013
\u2013
Trade and other payables (in other
liabilities)
113,647
\u2013
\u2013
68,721
\u2013
\u2013
Foreign currency derivative financial
instruments
\u2013
\u2013
25,779
\u2013
\u2013
59,020
Total
26,355,688
\u2013
25,779
24,357,209
\u2013
59,020
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, the fair values of which are materially close to their carrying values.
At 31 December 2024
Unrecognised
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at amortised cost \u2013 debt instruments
2,746,392
2,769,896
23,504
Investment securities pledged under sale and repurchase agreements and securities
lending measured at amortised cost-debt instruments
269,791
267,327
(2,464)
Loans to customers, factoring and finance lease receivables
33,558,874
32,631,606
(927,268)
Financial liabilities
Client deposits and notes
33,202,010
33,226,593
(24,583)
Amounts owed to credit institutions
8,680,233
8,652,635
27,598
Debt securities issued
2,255,016
2,228,550
26,466
Lease liability
274,435
275,462
(1,027)
Total unrecognised change in unrealised fair value
(877,774)
At 31 December 2023
At 31 December 2022
Unrecognised Unrecognised
Carrying value
Fair value
gain/(loss)
Carrying value
Fair value
gain/(loss)
Financial assets
Investment securities measured at
amortised cost \u2013 debt instruments
690,306
692,781
2,475
378,537
385,800
7,263
Loans to customers, factoring and finance
lease receivables
20,232,721
19,476,015
(756,706)
16,861,706
16,266,826
(594,880)
Financial liabilities
Client deposits and notes
20,522,739
20,542,312
(19,573)
18,261,397
18,228,352
33,045
Amounts owed to credit institutions
5,156,009
5,151,992
4,017
5,266,653
5,242,868
23,785
Debt securities issued
421,359
418,658
2,701
645,968
642,367
3,601
Lease liability
141,934
143,445
(1,511)
114,470
117,738
(3,268)
Total unrecognised change in unrealised
fair value
(768,597)
(530,454)
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-807": { "value": "33. 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 31 \u2018Risk management\u2019 for the Group\u2019s contractual undiscounted repayment obligations. At 31 December 2024 Up to Up to Up to Up to Up to Over On demand 3 months 6 months 1 year 3 years 5 years 5 years Total Financial assets Cash and cash equivalents 3,472,205 280,978 \u2013 \u2013 \u2013 \u2013 \u2013 3,753,183 Amounts due from credit institutions 2,423,722 218,959 \u2013 \u2013 \u2013 \u2013 635,784 3,278,465 Investment securities 3,249,569 3,738,256 703,349 400,226 223,461 476,265 177,595 8,968,721 Investment securities pledged under sale and repurchase agreements and securities lending \u2013 455,949 27,717 \u2013 \u2013 \u2013 \u2013 483,666 Loans to customers, factoring and finance lease receivables 108 4,895,349 2,455,068 4,319,400 9,672,567 5,131,394 7,084,988 33,558,874 Accounts receivable and other loans 1,553 6,672 280 306 \u2013 \u2013 \u2013 8,811 Total 9,147,157 9,596,163 3,186,414 4,719,932 9,896,028 5,607,659 7,898,367 50,051,720 Financial liabilities Client deposits and notes 7,396,955 6,195,347 2,644,642 13,804,248 2,108,432 989,853 62,533 33,202,010 Amounts owed to credit institutions 637,215 3,747,974 372,289 691,977 1,706,145 1,082,747 441,886 8,680,233 Debt securities issued \u2013 141,930 89,019 384,150 668,508 799,138 172,271 2,255,016 Lease liability \u2013 15,622 14,929 30,385 94,874 52,000 66,625 274,435 Total 8,034,170 10,100,873 3,120,879 14,910,760 4,577,959 2,923,738 743,315 44,411,694 Net 1,112,987 (504,710) 65,535 (10,190,828) 5,318,069 2,683,921 7,155,052 5,640,026 Accumulated gap 1,112,987 608,277 673,812 (9,517,016) (4,198,947) (1,515,026) 5,640,026 At 31 December 2023 Up to Up to Up to Up to Up to Over On demand 3 months 6 months 1 year 3 years 5 years 5 years Total Financial assets Cash and cash equivalents 2,417,513 684,311 \u2013 \u2013 \u2013 \u2013 \u2013 3,101,824 Amounts due from credit institutions 1,733,898 \u2013 \u2013 \u2013 \u2013 \u2013 18,759 1,752,657 Investment securities 1,499,313 2,661,776 462,614 228,000 242,779 32,823 2,452 5,129,757 Loans to customers, factoring and finance lease receivables 1,190 2,870,703 1,353,016 2,754,708 5,372,193 2,964,992 4,915,919 20,232,721 Accounts receivable and other loans 1,546 45,630 184 202 \u2013 \u2013 \u2013 47,562 Total 5,653,460 6,262,420 1,815,814 2,982,910 5,614,972 2,997,815 4,937,130 30,264,521 Financial liabilities Client deposits and notes 5,306,925 3,164,462 1,509,643 8,895,604 1,075,055 517,532 53,518 20,522,739 Amounts owed to credit institutions 476,646 2,297,284 87,969 424,409 810,610 554,167 504,924 5,156,009 Debt securities issued \u2013 406 25,135 13,388 294,075 5,197 83,158 421,359 Lease liability \u2013 9,024 8,855 16,762 55,277 31,107 20,909 141,934 Total 5,783,571 5,471,176 1,631,602 9,350,163 2,235,017 1,108,003 662,509 26,242,041 Net (130,111) 791,244 184,212 (6,367,253) 3,379,955 1,889,812 4,274,621 4,022,480 Accumulated gap (130,111) 661,133 845,345 (5,521,908) (2,141,953) (252,141) 4,022,480 At 31 December 2022 Up to Up to Up to Up to Up to Over On demand 3 months 6 months 1 year 3 years 5 years 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, factoring 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 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 and Armenian 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. Pledged investment securities are distributed into maturity buckets based on the contractual maturity of the agreement they are pledged for. Securities which can be pledged but are not pledged fall into \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 2024, client deposits and notes amounted to GEL 33,202,010 (2023: GEL 20,522,739, 2022: GEL 18,261,397) and represented 73% (2023: 77%, 2022: 74%) 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 2024, amounts owed to credit institutions amounted to GEL 8,680,233 (2023: GEL 5,156,009, 2022: GEL 5,266,653) and represented 19% (2023: 19%, 2022: 21%) of total liabilities. As at 31 December 2024, debt securities issued amounted to GEL 2,255,016 (2023: GEL 421,359, 2022: GEL 645,968) and represented 5% (2023: 2%, 2022: 3%) of total liabilities. In the Board\u2019s opinion, liquidity is sufficient to meet the Group\u2019s present requirements. The table below shows an analysis of assets and liabilities according to when they are expected to be recovered or settled, except for current accounts which are included in \u2018Up to 1 year\u2019 category in the table above, noting that respective contractual maturity may expand over significantly longer periods: At 31 December 2024 Less than More than 1 year 1 year Total Cash and cash equivalents 3,753,183 \u2013 3,753,183 Amounts due from credit institutions 2,642,681 635,784 3,278,465 Investment securities 8,091,400 877,321 8,968,721 Investment securities pledged under sale and repurchase agreements and securities lending 483,666 \u2013 483,666 Loans to customers, factoring and finance lease receivables 11,669,925 21,888,949 33,558,874 Accounts receivable and other loans 8,811 \u2013 8,811 Prepayments 82,989 5,961 88,950 Foreclosed assets \u2013 378,642 378,642 Right-of-use assets \u2013 257,896 257,896 Investment properties \u2013 134,338 134,338 Property and equipment \u2013 550,097 550,097 Goodwill \u2013 41,253 41,253 Intangible assets \u2013 322,250 322,250 Income tax assets 47,794 320 48,114 Other assets 303,890 10,730 314,620 Assets held for sale 20,008 \u2013 20,008 Total assets 27,104,347 25,103,541 52,207,888 Client deposits and notes 30,041,192 3,160,818 33,202,010 Amounts owed to credit institutions 5,449,455 3,230,778 8,680,233 Debt securities issued 615,099 1,639,917 2,255,016 Lease liability 60,936 213,499 274,435 Accruals and deferred income 295,783 42,951 338,734 Income tax liabilities 67,342 21,089 88,431 Other liabilities 353,802 \u2013 353,802 Total liabilities 36,883,609 8,309,052 45,192,661 Net (9,779,262) 16,794,489 7,015,227 At 31 December 2023 At 31 December 2022 Less than More than Less than More than 1 year 1 year Total 1 year 1 year Total Cash and cash equivalents 3,101,824 \u2013 3,101,824 3,584,843 \u2013 3,584,843 Amounts due from credit institutions 1,733,898 18,759 1,752,657 2,402,449 30,579 2,433,028 Investment securities 4,851,703 278,054 5,129,757 4,022,815 326,914 4,349,729 Loans to customers and finance lease receivables 6,979,617 13,253,104 20,232,721 5,434,783 11,426,923 16,861,706 Loans to customers, factoring and finance lease receivables 47,562 \u2013 47,562 379,346 18,644 397,990 Prepayments 30,633 6,878 37,511 40,020 3,592 43,612 Foreclosed assets \u2013 271,712 271,712 \u2013 119,924 119,924 Right-of-use assets \u2013 138,695 138,695 \u2013 117,387 117,387 Investment properties \u2013 124,068 124,068 \u2013 166,546 166,546 Property and equipment \u2013 436,955 436,955 \u2013 398,855 398,855 Goodwill \u2013 41,253 41,253 \u2013 33,351 33,351 Intangible assets \u2013 167,862 167,862 \u2013 149,441 149,441 Income tax assets 2,520 \u2013 2,520 224 640 864 Other assets 238,560 6,512 245,072 206,176 8,882 215,058 Assets held for sale 27,389 \u2013 27,389 29,566 \u2013 29,566 Total assets 17,013,706 14,743,852 31,757,558 16,100,222 12,801,678 28,901,900 Client deposits and notes 18,876,634 1,646,105 20,522,739 16,481,748 1,779,649 18,261,397 Amounts owed to credit institutions 3,286,308 1,869,701 5,156,009 3,865,628 1,401,025 5,266,653 Debt securities issued 38,929 382,430 421,359 340,442 305,526 645,968 Lease liability 34,641 107,293 141,934 28,206 86,264 114,470 Accruals and deferred income 90,762 38,593 129,355 73,660 32,706 106,366 Income tax liabilities 185,440 13,618 199,058 20,258 79,275 99,533 Other liabilities 167,268 \u2013 167,268 157,948 743 158,691 Total liabilities 22,679,982 4,057,740 26,737,722 20,967,890 3,685,188 24,653,078 Net (5,666,276) 10,686,112 5,019,836 (4,867,668) 9,116,490 4,248,822", "dimensions": { "concept": "lionfinancegroupplc:DisclosureOfMaturityAnalysisOfFinancialAssetsAndLiabilities", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-856": { "value": "33. 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 31 \u2018Risk management\u2019 for the Group\u2019s contractual undiscounted repayment obligations.
At 31 December 2024
Up to Up to Up to Up to Up to Over
On demand 3 months 6 months 1 year 3 years 5 years
5 years
Total
Financial assets
Cash and cash equivalents
3,472,205
280,978
\u2013
\u2013
\u2013
\u2013
\u2013
3,753,183
Amounts due from credit
institutions
2,423,722
218,959
\u2013
\u2013
\u2013
\u2013
635,784
3,278,465
Investment securities
3,249,569
3,738,256
703,349
400,226
223,461
476,265
177,595
8,968,721
Investment securities pledged
under sale and repurchase
agreements and securities
lending
\u2013
455,949
27,717
\u2013
\u2013
\u2013
\u2013
483,666
Loans to customers, factoring
and finance lease receivables
108
4,895,349
2,455,068
4,319,400
9,672,567
5,131,394
7,084,988
33,558,874
Accounts receivable and other
loans
1,553
6,672
280
306
\u2013
\u2013
\u2013
8,811
Total
9,147,157
9,596,163
3,186,414
4,719,932
9,896,028
5,607,659
7,898,367
50,051,720
Financial liabilities
Client deposits and notes
7,396,955
6,195,347
2,644,642
13,804,248
2,108,432
989,853
62,533
33,202,010
Amounts owed to credit
institutions
637,215
3,747,974
372,289
691,977
1,706,145
1,082,747
441,886
8,680,233
Debt securities issued
\u2013
141,930
89,019
384,150
668,508
799,138
172,271
2,255,016
Lease liability
\u2013
15,622
14,929
30,385
94,874
52,000
66,625
274,435
Total
8,034,170
10,100,873
3,120,879
14,910,760
4,577,959
2,923,738
743,315
44,411,694
Net
1,112,987
(504,710)
65,535
(10,190,828)
5,318,069
2,683,921
7,155,052
5,640,026
Accumulated gap
1,112,987
608,277
673,812
(9,517,016)
(4,198,947)
(1,515,026)
5,640,026
At 31 December 2023
Up to Up to Up to Up to Up to Over
On demand 3 months 6 months 1 year 3 years 5 years
5 years
Total
Financial assets
Cash and cash equivalents
2,417,513
684,311
\u2013
\u2013
\u2013
\u2013
\u2013
3,101,824
Amounts due from credit
institutions
1,733,898
\u2013
\u2013
\u2013
\u2013
\u2013
18,759
1,752,657
Investment securities
1,499,313
2,661,776
462,614
228,000
242,779
32,823
2,452
5,129,757
Loans to customers, factoring and
finance lease receivables
1,190
2,870,703
1,353,016
2,754,708
5,372,193
2,964,992
4,915,919
20,232,721
Accounts receivable and other loans
1,546
45,630
184
202
\u2013
\u2013
\u2013
47,562
Total
5,653,460
6,262,420
1,815,814
2,982,910
5,614,972
2,997,815
4,937,130
30,264,521
Financial liabilities
Client deposits and notes
5,306,925
3,164,462
1,509,643
8,895,604
1,075,055
517,532
53,518
20,522,739
Amounts owed to credit institutions
476,646
2,297,284
87,969
424,409
810,610
554,167
504,924
5,156,009
Debt securities issued
\u2013
406
25,135
13,388
294,075
5,197
83,158
421,359
Lease liability
\u2013
9,024
8,855
16,762
55,277
31,107
20,909
141,934
Total
5,783,571
5,471,176
1,631,602
9,350,163
2,235,017
1,108,003
662,509
26,242,041
Net
(130,111)
791,244
184,212
(6,367,253)
3,379,955
1,889,812
4,274,621
4,022,480
Accumulated gap
(130,111)
661,133
845,345
(5,521,908)
(2,141,953)
(252,141)
4,022,480
At 31 December 2022
Up to Up to Up to Up to Up to Over
On demand 3 months 6 months 1 year 3 years 5 years
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, factoring 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
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 and Armenian 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. Pledged investment securities are distributed into maturity buckets based on the contractual maturity of the agreement they are pledged for. Securities which can be pledged but are not pledged fall into \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 2024, client deposits and notes amounted to GEL 33,202,010 (2023: GEL 20,522,739, 2022: GEL 18,261,397) and represented 73% (2023: 77%, 2022: 74%) 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 2024, amounts owed to credit institutions amounted to GEL 8,680,233 (2023: GEL 5,156,009, 2022: GEL 5,266,653) and represented 19% (2023: 19%, 2022: 21%) of total liabilities. As at 31 December 2024, debt securities issued amounted to GEL 2,255,016 (2023: GEL 421,359, 2022: GEL 645,968) and represented 5% (2023: 2%, 2022: 3%) of total liabilities. In the Board\u2019s opinion, liquidity is sufficient to meet the Group\u2019s present requirements. The table below shows an analysis of assets and liabilities according to when they are expected to be recovered or settled, except for current accounts which are included in \u2018Up to 1 year\u2019 category in the table above, noting that respective contractual maturity may expand over significantly longer periods:
At 31 December 2024
Less than More than
1 year
1 year
Total
Cash and cash equivalents
3,753,183
\u2013
3,753,183
Amounts due from credit institutions
2,642,681
635,784
3,278,465
Investment securities
8,091,400
877,321
8,968,721
Investment securities pledged under sale and repurchase agreements and securities
lending
483,666
\u2013
483,666
Loans to customers, factoring and finance lease receivables
11,669,925
21,888,949
33,558,874
Accounts receivable and other loans
8,811
\u2013
8,811
Prepayments
82,989
5,961
88,950
Foreclosed assets
\u2013
378,642
378,642
Right-of-use assets
\u2013
257,896
257,896
Investment properties
\u2013
134,338
134,338
Property and equipment
\u2013
550,097
550,097
Goodwill
\u2013
41,253
41,253
Intangible assets
\u2013
322,250
322,250
Income tax assets
47,794
320
48,114
Other assets
303,890
10,730
314,620
Assets held for sale
20,008
\u2013
20,008
Total assets
27,104,347
25,103,541
52,207,888
Client deposits and notes
30,041,192
3,160,818
33,202,010
Amounts owed to credit institutions
5,449,455
3,230,778
8,680,233
Debt securities issued
615,099
1,639,917
2,255,016
Lease liability
60,936
213,499
274,435
Accruals and deferred income
295,783
42,951
338,734
Income tax liabilities
67,342
21,089
88,431
Other liabilities
353,802
\u2013
353,802
Total liabilities
36,883,609
8,309,052
45,192,661
Net
(9,779,262)
16,794,489
7,015,227
At 31 December 2023
At 31 December 2022
Less than More than Less than More than
1 year
1 year
Total
1 year
1 year
Total
Cash and cash equivalents
3,101,824
\u2013
3,101,824
3,584,843
\u2013
3,584,843
Amounts due from credit institutions
1,733,898
18,759
1,752,657
2,402,449
30,579
2,433,028
Investment securities
4,851,703
278,054
5,129,757
4,022,815
326,914
4,349,729
Loans to customers and finance lease
receivables
6,979,617
13,253,104
20,232,721
5,434,783
11,426,923
16,861,706
Loans to customers, factoring and finance
lease receivables
47,562
\u2013
47,562
379,346
18,644
397,990
Prepayments
30,633
6,878
37,511
40,020
3,592
43,612
Foreclosed assets
\u2013
271,712
271,712
\u2013
119,924
119,924
Right-of-use assets
\u2013
138,695
138,695
\u2013
117,387
117,387
Investment properties
\u2013
124,068
124,068
\u2013
166,546
166,546
Property and equipment
\u2013
436,955
436,955
\u2013
398,855
398,855
Goodwill
\u2013
41,253
41,253
\u2013
33,351
33,351
Intangible assets
\u2013
167,862
167,862
\u2013
149,441
149,441
Income tax assets
2,520
\u2013
2,520
224
640
864
Other assets
238,560
6,512
245,072
206,176
8,882
215,058
Assets held for sale
27,389
\u2013
27,389
29,566
\u2013
29,566
Total assets
17,013,706
14,743,852
31,757,558
16,100,222
12,801,678
28,901,900
Client deposits and notes
18,876,634
1,646,105
20,522,739
16,481,748
1,779,649
18,261,397
Amounts owed to credit institutions
3,286,308
1,869,701
5,156,009
3,865,628
1,401,025
5,266,653
Debt securities issued
38,929
382,430
421,359
340,442
305,526
645,968
Lease liability
34,641
107,293
141,934
28,206
86,264
114,470
Accruals and deferred income
90,762
38,593
129,355
73,660
32,706
106,366
Income tax liabilities
185,440
13,618
199,058
20,258
79,275
99,533
Other liabilities
167,268
\u2013
167,268
157,948
743
158,691
Total liabilities
22,679,982
4,057,740
26,737,722
20,967,890
3,685,188
24,653,078
Net
(5,666,276)
10,686,112
5,019,836
(4,867,668)
9,116,490
4,248,822
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-808": { "value": "
34. Related party disclosures
In accordance with IAS 24
Related Party Disclosures
, 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 2024
At 31 December 2023
At 31 December 2022
Key Key Key
management management management
Associates
personnel*
Associates
personnel*
Associates
personnel*
Loans outstanding
\u2013
30,455
\u2013
10,926
\u2013
9,752
Interest income on loans
\u2013
2,323
\u2013
556
\u2013
745
Expected credit loss
\u2013
81
\u2013
(40)
\u2013
(200)
Deposits
3,741
27,774
2,039
13,351
243
12,633
Interest expense on deposits
194
2,329
\u2013
863
\u2013
959
Debt securities issued
\u2013
10,574
\u2013
\u2013
\u2013
\u2013
Interest expense on debt securities
issued
\u2013
427
\u2013
\u2013
\u2013
\u2013
* Key management personnel include members of Lion Finance Group PLC\u2019s Board of Directors, key Executives of the Group and key subsidiaries.
Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 150 to 181. Compensation of key management
personnel comprised the following:
2024
2023
2022
Salaries and other benefits
19,585
17,824
11,841
Cash compensation
45,266
\u2013
\u2013
Share-based payments compensation (note 30)
44,341
50,861
58,208
Total key management compensation
109,192
68,685
70,049
The number of key management personnel at 31 December 2024 was 30 (31 December 2023: 23, 31 December 2022: 23).
As at 31 December 2024 interest rates on loans issued to key management personnel comprised 10.7% and 5.9% (31 December 2023:
16.8% and 4.5%, 31 December 2022: 17.9% and 4.5%) for loans denominated in local and foreign currency, respectively. As at 31 December
2024 interest rates on deposits placed by key management personnel comprised 12.7% and 0.0% (31 December 2023: 13.5% and 0.0%,
31 December 2022: 13.5% and 0.0%) for deposits denominated in local and foreign currency, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-872": { "value": "34. Related party disclosures In accordance with IAS 24 Related Party Disclosures, 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 2024
At 31 December 2023
At 31 December 2022
Key Key Key
management management management
Associates
personnel*
Associates
personnel*
Associates
personnel*
Loans outstanding
\u2013
30,455
\u2013
10,926
\u2013
9,752
Interest income on loans
\u2013
2,323
\u2013
556
\u2013
745
Expected credit loss
\u2013
81
\u2013
(40)
\u2013
(200)
Deposits
3,741
27,774
2,039
13,351
243
12,633
Interest expense on deposits
194
2,329
\u2013
863
\u2013
959
Debt securities issued
\u2013
10,574
\u2013
\u2013
\u2013
\u2013
Interest expense on debt securities
issued
\u2013
427
\u2013
\u2013
\u2013
\u2013
* Key management personnel include members of Lion Finance Group PLC\u2019s Board of Directors, key Executives of the Group and key subsidiaries. Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 150 to 181. Compensation of key management personnel comprised the following:
2024
2023
2022
Salaries and other benefits
19,585
17,824
11,841
Cash compensation
45,266
\u2013
\u2013
Share-based payments compensation (note 30)
44,341
50,861
58,208
Total key management compensation
109,192
68,685
70,049
The number of key management personnel at 31 December 2024 was 30 (31 December 2023: 23, 31 December 2022: 23). As at 31 December 2024 interest rates on loans issued to key management personnel comprised 10.7% and 5.9% (31 December 2023: 16.8% and 4.5%, 31 December 2022: 17.9% and 4.5%) for loans denominated in local and foreign currency, respectively. As at 31 December 2024 interest rates on deposits placed by key management personnel comprised 12.7% and 0.0% (31 December 2023: 13.5% and 0.0%, 31 December 2022: 13.5% and 0.0%) for deposits denominated in local and foreign currency, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-857": { "value": "34. Related party disclosures In accordance with IAS 24 Related Party Disclosures, 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 2024
At 31 December 2023
At 31 December 2022
Key Key Key
management management management
Associates
personnel*
Associates
personnel*
Associates
personnel*
Loans outstanding
\u2013
30,455
\u2013
10,926
\u2013
9,752
Interest income on loans
\u2013
2,323
\u2013
556
\u2013
745
Expected credit loss
\u2013
81
\u2013
(40)
\u2013
(200)
Deposits
3,741
27,774
2,039
13,351
243
12,633
Interest expense on deposits
194
2,329
\u2013
863
\u2013
959
Debt securities issued
\u2013
10,574
\u2013
\u2013
\u2013
\u2013
Interest expense on debt securities
issued
\u2013
427
\u2013
\u2013
\u2013
\u2013
* Key management personnel include members of Lion Finance Group PLC\u2019s Board of Directors, key Executives of the Group and key subsidiaries. Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 150 to 181. Compensation of key management personnel comprised the following:
2024
2023
2022
Salaries and other benefits
19,585
17,824
11,841
Cash compensation
45,266
\u2013
\u2013
Share-based payments compensation (note 30)
44,341
50,861
58,208
Total key management compensation
109,192
68,685
70,049
The number of key management personnel at 31 December 2024 was 30 (31 December 2023: 23, 31 December 2022: 23). As at 31 December 2024 interest rates on loans issued to key management personnel comprised 10.7% and 5.9% (31 December 2023: 16.8% and 4.5%, 31 December 2022: 17.9% and 4.5%) for loans denominated in local and foreign currency, respectively. As at 31 December 2024 interest rates on deposits placed by key management personnel comprised 12.7% and 0.0% (31 December 2023: 13.5% and 0.0%, 31 December 2022: 13.5% and 0.0%) for deposits denominated in local and foreign currency, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-809": { "value": "35. 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 and the CBA in supervising JSC Bank of Georgia and Ameriabank CJSC, respectively. During the year ended 31 December 2024, 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 Banks comply 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 JSC Bank of Georgia to maintain a minimum total capital adequacy ratio of risk-weighted assets, computed based on its standalone special-purpose financial statements prepared in accordance with NBG regulations and pronouncements, based on Basel III requirements. In January 2023, the NBG transitioned to IFRS-based accounting and introduced a new Pillar 2 buffer \u2013 Credit Risk Adjustment (CRA) buffer, to account for the difference between the NBG-based and the IFRS-based provision levels (higher in the former case). As at 31 December 2024 and 31 December 2023 JSC Bank of Georgia\u2019s capital adequacy ratio on this basis was as follows: IFRS-based NBG (Basel III) capital adequacy ratio As at As at 31 December 31 December 2024 2023 Tier 1 capital 5,957,405 4,603,352 Tier 2 capital 462,428 499,018 Total capital 6,419,833 5,102,370 Risk-weighted assets 29,080,593 23,061,905 Tier 1 capital ratio 20.5% 20.0% Total capital ratio 22.1% 22.1% Min. requirement for Tier 1 capital ratio 17.0% 16.7% Min. requirement for Total capital ratio 19.9% 19.6% As at 31 December 2022 JSC Bank of Georgia\u2019s capital adequacy was as follows: As at 31 December NBG (Basel III) capital adequacy ratio 2022 Tier 1 capital 3,388,048 Tier 2 capital 618,232 Total capital 4,006,280 Risk-weighted assets 20,279,424 Tier 1 capital ratio 16.7% Total capital ratio 19.8% Min. requirement for Tier 1 capital ratio 13.8% Min. requirement for Total capital ratio 17.2% Ameriabank CJSC defines as capital those items defined by statutory regulation as capital for credit institutions. Under the current capital requirements set by the CBA, which are based on Basel Accord principles, banks have to maintain a ratio of capital to risk- weighted assets (statutory capital ratio) above the prescribed minimum level. As at 31 December 2024 Ameriabank CJSC\u2019s capital adequacy ratio was as follows: As at 31 December Armenia capital adequacy ratio 2024 Tier 1 capital 1,686,547 Tier 2 capital 252,573 Total capital 1,939,120 Risk-weighted assets 11,703,258 Tier 1 capital ratio 14.4% Total capital ratio 16.6% Min. requirement for Tier 1 capital ratio 13.8% Min. requirement for Total capital ratio 16.5%", "dimensions": { "concept": "lionfinancegroupplc:DislosureOfCapitalAdequacy", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-810": { "value": "
36. Business combination
Ameriabank acquisition (2024)
On 31 March 2024, with reference to a Share Purchase Agreement dated 18 February 2024, the Group acquired 90% of the share
capital of Ameriabank CJSC, one of the leading banks operating in Armenia, from selling shareholders IMAST Group (CY) Limited
(owning 48.82% shares in Ameriabank CJSC), the European Bank for Reconstruction and Development (EBRD) (owning 17.71%
shares in Ameriabank CJSC, out of which 7.71% shares were acquired and the remaining 10% subject to put/call option), Asian
Development Bank (owning 13.92% shares in Ameriabank CJSC), ESPS Holding Limited (owning 12.05% shares in Ameriabank
CJSC) and Afeyan Foundation for Armenia Inc. (owning 7.5% shares in Ameriabank CJSC). The acquisition was financed by cash
consideration of US$ 276,989 (GEL 746,569), out of which US$ 21,031 (GEL 56,686) was deferred and was due six months after the
completion date (deferred consideration was fully settled as at 31 December 2024). The remaining 10% of share capital retained by
EBRD is subject to a put/call option. Price of the put/call option is US$ 30,777 (GEL 82,955) with interest accrued till the exercise
date at a rate of 6-month SOFR + 3.5% p.a. subject to offset by any dividends paid to EBRD until exercise date. The Group can
exercise the call option anytime up to three years after completion, while the put option can be exercised by EBRD in the three years
after completion.
The Group analysed the terms of the put/call option to assess whether the Group has obtained present ownership rights over the
shares subject to option at the acquisition date. The Group has concluded that the shares subject to option shall be accounted for as
acquired (no non-controlling interests to be recognised) and the option shall be recorded as a financial liability (presented as part of
other liabilities) forming a part of the consideration transferred. As a result, the Group accounts for the entire issued share capital of
Ameriabank CJSC, with ownership split between JSC Bank of Georgia with a 30% shareholding and Lion Finance Group PLC a 70%
shareholding (including the present ownership of 10% shares subject to the put/call) as acquired.
The acquisition will enable the Group\u2019s expansion in the Armenian market and is expected to provide significant strategic,
commercial and financial benefits to the Group as outlined below:
\u2022 The Armenian economy and banking sector have certain attractive characteristics similar to those in the Group\u2019s principal
operating country, Georgia, and the Board considers this as an attractive market for expansion that fits very well with the
current footprint. Armenia is a neighbouring country with a high-growth economy of similar size to Georgia. The overall Armenian
economy is less leveraged compared with the Georgian economy, creating a supportive environment for further banking sector
growth in coming years. The Armenian banking sector is financially prudent with low market share concentration levels offering
scope for further consolidation.
\u2022 Ameriabank CJSC is one of the leading universal banks in Armenia with prudent risk policies and a strong profitability track
record and has an attractive franchise with significant upside potential from leveraging the Group\u2019s customer focus and digital
capabilities. Ameriabank CJSC has a leading market position in Armenia based on the loan portfolio size and a particularly
strong foothold in the corporate segment. The market share in retail segment is also increasing boosted by improving digital
offerings. The Group believes that Ameriabank CJSC has significant growth potential and further scope to improve commercial
performance, particularly in retail. This is expected to be achieved by combining Ameriabank CJSC\u2019s existing franchise strengths
with the Group\u2019s expertise. Besides, Ameriabank CJSC has a well-regarded and experienced management team who agreed to
stay on after the acquisition (for at least 24 months).
\u2022 The acquisition offers multiple strategic benefits to the Group allowing it to diversify its revenue streams, unlock further growth
potential and increase scale. Considering the Group has achieved leading market shares in Georgia, an expansion geographically
unlocks further growth potential beyond the local Georgian market. The acquisition also has strong financial rationale that fulfils
strict internal financial criteria set by the Group and is expected to result in significant value creation for shareholders.
The acquisition-date fair value of the total purchase consideration and its components are as follows:
Cash consideration payment
689,883
Deferred consideration
56,686
Present value of redemption liability for put option
82,955
Total purchase consideration
829,524
Acquisition-related transaction costs of GEL 6,965 were expensed in 2023. Additionally, GEL 13,715 acquisition-related costs were
expensed in 2024.
The purchase consideration is based on the book value of Ameriabank CJSC based on its balance sheet as at 30 October 2023.
However, in accordance with IFRS 3 \u2018Business Combinations\u2019, the Group must account for business acquisitions based on fair values
of the identifiable assets acquired, and liabilities assumed. These two different approaches can lead to differences; and, as set
out in the table below, the excess of the net fair value of the acquiree\u2019s identifiable assets and liabilities over cost (\u2018gain on bargain
purchase\u2019) is immediately recorded in the income statement for the year.
Details of the assets and liabilities acquired and gain on bargain purchase arising from the acquisition are as follows:
Carrying value
in Ameriabank\u2019s Fair value Total fair value
accounts adjustments recognised
Cash and cash equivalents
989,930
\u2013
989,930
Amounts due from credit institutions
707,851
\u2013
707,851
Investment securities
1,084,296
\u2013
1,084,296
Investment securities pledged under sale and repurchase agreements and securities
lending
87,063
\u2013
87,063
Loans to customers, factoring and finance lease receivables
6,811,477
21,430
6,832,907
Foreclosed assets
5,453
\u2013
5,453
Right-of-use assets
77,162
11,811
88,973
Property and equipment
63,346
14,669
78,015
Intangible assets
47,958
47,925
95,883
Prepayments
41,935
\u2013
41,935
Other assets
41,176
\u2013
41,176
Client deposits and notes
(6,522,822)
\u2013
(6,522,822)
Amounts owed to credit institutions
(851,401)
11,921
(839,480)
Debt securities issued
(886,862)
\u2013
(886,862)
Lease liability
(88,172)
\u2013
(88,172)
Accruals and deferred income
(47,406)
\u2013
(47,406)
Income tax liabilities
(49,265)
(19,396)
(68,661)
Other liabilities
(84,667)
\u2013
(84,667)
Total
1,427,052
88,360
1,515,412
Total purchase consideration
829,524
Gain on bargain purchase arising from the acquisition
685,888
The fair values of assets and liabilities were determined with the involvement of third-party experts. The valuations were based on
discounted cash flow models.
Based on the appraisal report, the following intangible assets are included in the purchase price allocation:
\u2022 brand name valued at GEL 27,424; and
\u2022 customer relationships valued at GEL 25,110.
Brand name and customer relationships are amortised over the estimated life of eight and five years, respectively. Other fair value
adjustments are amortised over the remaining contractual or useful life of respective assets and liabilities.
The gain on bargain purchase is recognised in the consolidated income statement and separately presented as a gain from
bargain purchase. It is primarily attributable to the scarcity of potential buyers in the Armenian market considering the value of
the net assets acquired. Additionally, the Group is a UK listed financial institution which provided further incentive for Ameriabank
shareholders and management to sell.
No deferred tax liability was recognised on a gain on bargain purchase arising from the business combination as the Group does not
intend to either sell Ameriabank or distribute dividends from profits accumulated prior to business combination.
At acquisition, the carrying amount of loans to customers and finance lease receivables classified as POCI by the Group in the
consolidated financial statement was GEL 77,348. The remaining amount of GEL 6,755,559 represented the gross carrying amount
of Stage 1 loans to customers and finance lease receivables. Gross contractual amounts receivable under loans to customers and
finance lease receivables was GEL 6,916,868.
The amounts of revenue* and profit of Ameriabank CJSC since the acquisition date included in the consolidated statement of
comprehensive income for the reporting period is GEL 740,987 and GEL 286,528, respectively. The revenue* and profit of the
combined entity for the current reporting period as though the acquisition date had been as of the beginning of the reporting period
would be GEL 5,325,520 and GEL 2,569,453, respectively.
Business combinations (2023)
On 25 May 2023, the Group acquired 45.63% of the voting shares in JSC Delivery, an online grocery shopping platform in Georgia.
The Group had previously held 34.37% shares in the company and accounted for the shareholding as an investment in associate.
Following the above transaction, the shareholding was increased to 80% resulting in the Group obtaining control over the entity.
The company was acquired with the purposes of entering the quick-commerce market.
The Group has simultaneously formed an agreement with one of the non-controlling interests whereby the parties agreed on the
sale/purchase of the additional 15.58% shareholding held by the non-controlling interest. As a result, the Group has recognised
respective liability for the non-controlling interest forward at the date of business combination.
The Group has elected to measure the remaining non-controlling interests in the acquiree at proportionate share of the net
assets acquired.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of JSC Delivery as at the date of acquisition were:
Fair value
recognised on
acquisition
Assets
Cash and cash equivalents
468
Inventories
302
Property and equipment
263
Intangible assets
182
Other assets
64
1,279
Liabilities
Trade paybales
(353)
Other liabilities
(1)
(354)
Total identifiable net assets at fair value
925
Non-controlling interest measured at proportionate share of net assets
(41)
Fair value of investment in associate derecognised
(2,309)
Non-controlling interest forward liability
(1,270)
Goodwill arising on acquisition
5,765
Purchase consideration
3,070
On 29 September 2023, the Group additionally acquired 80% of El. Biletebi LLC, an e-tickets selling platform with the purpose
to enter the e-tickets market. The Group has elected to measure the remaining non-controlling interests in the acquiree at the
proportionate share of the net assets acquired.
* Revenue includes interest income and fee and commission income
The fair values of the identifiable assets and liabilities of El. Biletebi LLC as at the date of acquisition were:
Fair value
recognised on
acquisition
Assets
Cash and cash equivalents
595
Property and equipment
19
Intangible assets
745
Other assets
582
1,941
Liabilities
Advances received
(706)
Trade payables
(31)
(737)
Total identifiable net assets at fair value
1,204
Non-controlling interest measured at proportionate share of net assets
(241)
Goodwill arising on acquisition
2,137
Purchase consideration
3,100
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-811": { "value": "
37. Events after the reporting period
On 25 February 2025, the Group\u2019s Board of Directors approved a GEL 107.7 million extension to its buyback and cancellation
programme. The programme commenced on 26 February 2025 and will end no later than the Lion Finance Group PLC\u2019s Annual
General Meeting 2025 (expected to be in June 2025) and the shares will be purchased in the open market. The purpose of the
buyback is to reduce the Group\u2019s share capital, and the cancellation of the treasury shares repurchased will be executed on a
monthly basis.
On 15 January 2025, Lion Finance Group PLC announced that its banking subsidiary in Armenia, Ameriabank CJSC, had signed a
US$ 200 million loan agreement with International Finance Corporation (IFC), a member of the World Bank Group.
On 3 February 2025, Lion Finance Group PLC announced that its banking subsidiary in Armenia, Ameriabank CJSC, had signed a
EUR 105 million loan agreement with the European Investment Bank (EIB Global).
The Board intends to recommend a final dividend in respect of the year ended 31 December 2024 of GEL 5.62 per ordinary share.
On 25 March 2025, the Group repurchased 0.44% non-controlling interest in JSC Bank of Georgia increasing its ownership to
100%. The consideration of GEL 28,448 was fully paid by JSC BGEO on 26 March 2025. No adjustments have been made to the
consolidated financial statements as of reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Lion Finance Group PLC 29 Farm Street London W1J 5RL United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800XKDG12NQG8VC53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }