Headline consolidated Q2 net profit of GEL430m included an acquisition-related Expected Credit Loss (ECL) charge of GEL49m, excluding which the Group would have reported earnings of GEL480m, 15% ahead of our GEL415m estimate. On an underlying basis, pre-tax was GEL86m or 17% ahead, of which GEL38m was due to still low provisioning, reflecting benign credit quality, with the ratio of NPLs/gross loans at 2.0%, up slightly on the quarter but down 40bps on the prior year. Pre-provision profit was 8% ....
