TBC Bank posts robust third quarter
By Josh White
Date: Wednesday 06 Nov 2024
(Sharecast News) - TBC Bank Group posted a robust set of third-quarter results on Wednesday, with net profit rising 15.6% year-on-year to GEL 347.26m (£98.21m), supported by solid income growth across segments.
Net interest income climbed 15.1% to GEL 492.56m, while net fee and commission income surged 39% to GEL 144.8m.
Total operating income for the quarter increased 22.5% year-on-year, reaching GEL 753.65m.
The bank's Georgian segment saw strong performance, with loans and deposits each growing by 17% and 18% year-on-year on a constant currency basis, respectively.
TBC's Georgian operations contributed GEL 338m to the net profit, with a 26.5% return on equity.
Meanwhile, Uzbekistan's digital banking segment, which continued to expand rapidly, contributed 9% of the group's net profit and 15% of operating income.
The Uzbek business saw its loan book double year-on-year to GEL 1.3bn, while retail deposits increased by 66%, reflecting robust demand for TBC's digital banking services.
TBC also launched its new 'Salom Card' in Uzbekistan, aiming to enhance its daily banking offerings.
Strategic partnerships with Visa and Mastercard were meanwhile expected to bolster the Group's capabilities in online payments and transfers.
TBC reaffirmed its mid-term targets, including a goal of GEL 1.5 billion profit by 2025, buoyed by a consistent return on equity above 23%.
In Georgia, TBC noted that economic growth remained strong, with GDP expanding 11.1% year-on-year in the quarter, driven by increased tourism revenues and foreign direct investment.
Uzbekistan's GDP growth reached 6.9%, supported by rising exports.
Both markets experienced stable inflation rates, with monetary authorities maintaining cautious policy stances amidst external uncertainties.
At 1023 GMT, shares in TBC Bank Group were up 4.04% at 2,960p.
Reporting by Josh White for Sharecast.com.
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