Shares declined 1.5% following the Q1 report as investors appeared cautious despite solid underlying growth, likely reflecting concerns over margin pressure from FX income weakness and the cautious outlook on costs amidst revenue growth.

• Return on equity eased slightly to 27.4%, impacted by increased capital, versus a strong 30% average in prior years.
• Loan book growth was robust at 23% year-over-year, led by strong performance in both Georgia and Armenia.
• Net interest income and fee income showed double-digit growth; however, FX income experienced headwinds due to market pressures.
• Cost of risk remained low at 0.3%, below midterm guidance, supporting asset quality with a stable 2.1% NPL ratio.
• Operating expenses tracked revenue growth but remain an area of focus given the environment of rising costs.