Lion Finance Group announces robust FY25 performance: 20.9% profit growth, 28.4% ROAE, and a higher dividend with buybacks.
This article covers information on Lion Finance Group PLC.
LON:BGEOLion Finance Group’s preliminary, unaudited FY25 numbers show a high-quality growth year. Profit before one-off items rose 20.9% to GEL 2,192.8 million, with an adjusted return on average equity (ROAE) of 28.4%. In 4Q25 alone, profit before one-offs was GEL 619.3 million, up 22.7% year-on-year. Book value per share increased 21.6% to GEL 197.85.
Loans grew briskly across both Georgia and Armenia, while asset quality stayed disciplined. Group loans reached GEL 40,065.7 million (+19.7% y-o-y in constant currency), and deposits hit GEL 38,630.0 million (+17.3% y-o-y in constant currency). The cost of credit risk ratio was 0.3% in 4Q25, and the non-performing loan (NPL) ratio was a low 2.1% at year end.
Crucially, FY25 comparatives can be noisy because Ameriabank’s income statement was consolidated from 1 April 2024. Management therefore highlights 4Q25 year-on-year growth to show underlying momentum – and it looks strong.
| Key FY25 metrics | FY25 | Trend |
|---|---|---|
| Profit before one-offs | GEL 2,192.8m | +20.9% y-o-y |
| Adjusted ROAE | 28.4% | High and resilient |
| Loans | GEL 40,065.7m | +19.7% y-o-y (cc) |
| Client deposits and notes | GEL 38,630.0m | +17.3% y-o-y (cc) |
| Cost of credit risk ratio (4Q25) | 0.3% | Down vs 4Q24/3Q25 |
| NPL ratio (Dec-25) | 2.1% | Stable |
| Book value per share | GEL 197.85 | +21.6% y-o-y |
| Dividend per share (FY25 total) | GEL 10.50 | +16.7% y-o-y |
| Share buybacks (FY25 total) | GEL 203m | Ongoing reduction in share count |
Note: ROAE is return on average equity. Constant currency (cc) growth strips out FX effects.
The Board declared a 4Q25 interim dividend of GEL 2.75 per share, taking the total FY25 cash dividend to GEL 10.50 per share. On top, a further GEL 53.5 million buyback was approved, bringing total FY25 buybacks to GEL 203 million. Combined, that’s a 30% payout ratio – squarely within the Group’s 30-50% policy range.
Key dates: Ex-dividend 26 March 2026, record date 27 March 2026, payment date 14 April 2026. The Lari/Pound rate for conversion will be the NBG average for 23-27 March 2026. Following recent cancellations, voting rights in issue were 43,365,907 as of 24 February 2026.
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GFS delivered FY25 profit before one-offs of GEL 1,708.7 million and a 32.0% adjusted ROAE. Operating income rose 12.6% for the year, with 4Q25 up 14.4% y-o-y.
Liquidity and capital headroom remain comfortable at Bank of Georgia: IFRS-based NBG LCR 147.7% and NSFR 134.1%. CET1/Tier 1/Total capital stood at 17.6%/20.5%/22.0%, all above minima.
Ameriabank posted GEL 452.4 million FY25 profit with a 22.6% ROAE. Loans grew 28.0% y-o-y (cc) and deposits 21.9% y-o-y (cc), reinforcing market leadership: lending share rose to 21.7% and deposits to 19.5% at year-end.
Capital and liquidity are solid: CBA LCR 249.9% and NSFR 127.3%. CET1/Tier 1/Total capital at 14.4%/14.4%/17.0% exceeded minima, with early-2026 capital actions (EUR 30m Tier 2 and USD 50m AT1 at 8.5%) providing extra headroom.
Group operating income rose 16.4% y-o-y in 4Q25 to GEL 1,201.3 million, with non-interest income up 10.1% to GEL 405.4 million, led by fees. The adjusted cost:income ratio was 35.5% for FY25 (34.3% in FY24), reflecting strategic investment and some inflation in costs.
Asset quality remains a bright spot: NPLs are 2.1% of gross loans, with a cost of credit risk ratio of 0.4% for FY25. NPL coverage was 57.8% (63.0% in FY24) – something to watch, though collateral-adjusted coverage is a sturdy 116.3%.
Profitability metrics are still elite for a universal bank in emerging markets: adjusted ROAE of 30.1% in 4Q25 and 28.4% for the year; Group NIM at 6.1% for FY25, modestly lower than FY24’s 6.3% given funding cost drift.
Digital engagement continues to power growth and retention. Bank of Georgia’s retail Digital MAU rose 15.0% y-o-y to over 1.8 million, with Digital DAU near 1.0 million. Ameriabank’s retail Digital MAU jumped 45.3% y-o-y to 336 thousand, with plenty of headroom given Armenia’s lower digital penetration.
Payments volumes at Bank of Georgia grew strongly: acquiring volumes up 22.6% y-o-y in 4Q25, with POS and e‑commerce both contributing. This supports fee income and deepens the day-to-day banking relationship.
Georgia grew 7.5% in 2025, with a 6.0% forecast for 2026. Inflation eased to 4.0% in December, and a cumulative 50 bps of rate cuts are expected in 2026 from the current 8.0% policy rate, conditions that generally favour loan demand and funding stability.
Armenia grew 7.2% in 2025, with 5.5-6.0% projected in 2026. Inflation was 3.3% in December, close to target, and the policy rate stands at 6.5%. A durable peace accord and border opening could unlock further medium-term upside.
This is a high-quality print. Underlying profit grew strongly, returns remain top-tier, the loan franchise is expanding in two healthy economies, and asset quality is well controlled. The 30% payout – with a higher dividend and continued buybacks – underlines confidence and supports per-share value compounding.
There are some mild blemishes: marginal NIM pressure, softer FX income, and a step-up in costs as the Group invests for growth. But on balance, the positives clearly outweigh the negatives.
For more detail, see the company’s Results Centre and investor pages:
Results Centre,
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