Lion Finance Group PLC (LSE:BGEO) reported a 21.0% year-on-year increase in third-quarter 2026 profit to GEL 661.9 million, supported by growth in lending and customer activity across its Georgian and Armenian banking operations.
For the first nine months of 2026, unaudited consolidated profit rose 18.6% to GEL 1.87 billion. Return on average equity reached 27.2% in both periods.
Revenue Growth and Operating Performance
Net operating income increased 19.6% to GEL 1.29 billion in the third quarter, while operating income before cost of risk rose 25.4% to GEL 880.6 million.
Operating expenses increased 9.0% to GEL 414.9 million, and the group’s net interest margin reached 6.5%, up 20 basis points year-on-year and quarter-on-quarter. The margin included the effect of a change in the treatment of mandatory reserves.
The cost of credit risk ratio increased to 0.7%, compared with 0.5% a year earlier, while the non-performing loan ratio declined to 2.0% from 2.1%.
Lending and Deposit Growth Across Georgia and Armenia
The group’s loan portfolio reached GEL 46.50 billion at 30 September 2026, representing 24.6% annual growth in constant currency.
Bank of Georgia recorded loan growth of 18.6%, while Ameriabank reported a 38.1% increase. Ameriabank’s lending market share reached 23.0%, up 1.8 percentage points year-on-year.
Customer deposits and notes increased 21.1% in constant currency to GEL 44.89 billion, including growth of 14.5% in Georgia and 39.5% in Armenia.
Digital banking activity also expanded. Bank of Georgia reported approximately 1.99 million monthly active retail digital users, up 13.9%, while Ameriabank recorded 417,400, an increase of 36.8%.
Dividend, Buyback and Outlook
Lion Finance announced a third-quarter dividend of GEL 3.25 per share, representing a 22.6% annual increase, alongside a further GEL 62 million share buyback and cancellation programme.
The group maintained its medium-term targets of approximately 15% annual loan book growth, return on average equity above 20%, and a shareholder payout ratio of 30% to 50% through dividends and buybacks.
Management also retained its 2026 economic growth forecasts of 7.5% for Georgia and 5.5% for Armenia.
More About Lion Finance Group
Lion Finance Group operates financial services businesses principally through Bank of Georgia and Armenia’s Ameriabank. Its other operations include banking activities in Belarus and digital businesses in Georgia.
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