Frontier Banks - 3Q18 Preview: Good ROE All Round, Especially Halyk Bank
Georgia's TBC Bank kicks off 3Q18 reporting season for our frontier banks (Thursday, November 15), followed by Bank of Georgia and Halyk Bank (both dates TBC). One unifying theme of 3Q18 was currency weakness, as the lari and tenge lost 6-7% against the dollar, which will impact balance sheet growth, risk costs and capital in particular. The backdrop in Georgia is also framed by a closely contested presidential election and banking regulatory issues, with announced new regulation on dedollarization and PTI recently put on hold, which will be a topic on the conference calls. If anything, we think the numbers will look most supportive for Halyk Bank and TBC Bank.
BGEO Group is a holding company. Together with its subsidiary, JSC Bank of Georgia (the Bank) and other subsidiaries, Co. makes up a group of companies that provide banking, insurance, real estate, utility, leasing, beverage production and distribution, brokerage and investment management services to corporate and individual customers. Co. has two operating segments: banking business, which comprises: retail banking and payment services, corporate investment banking and wealth management operations and banking operations in Belarus; and investment business, which comprises Co.'s stakes in Georgia Healthcare Group PLC, Georgia Global Utilities, m2 Real Estate, Aldagi and Teliani Valley.
TBC Bank Group is a holding company. Through JSC TBC Bank and its subsidiaries, Co. is engaged in universal banking operations that include corporate, small and medium enterprises, retail and micro operations within Georgia.
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