Upgrade Now

Georgia's TBC Bank reports rise in FY profits boosted by income

By Frank Prenesti

Date: Thursday 21 Feb 2019

(Sharecast News) - Georgia-based TBC Bank Group on Thursday said full year profits rose 21.5% to GEL 437.4 m (£126m) driven by strong income generation and improved cost efficiency.
The country's biggest bank said sector loan growth continued to be solid in 2018, with the total loan portfolio expanding by 17.2% at a constant exchange rates.

Net interest margin expanded to 6.9% from 6.5% while its loan market rose 1.8 percentage points to 38.8%, while gross loans and advances to customers jumped 19.7% to GEL 10.37bn.

"Lending was strong across both the business and retail segments, although a sharp slowdown in non-mortgage retail lending was notable following the introduction of a new regulation on retail lending in May 2018," TBC said.

In a separate statement, its lending division, TBC Bank JSC, reported it would pay about GEL 1m to Georgia's central bank for an earlier disclosed investigation into "certain transactions...that took place in 2007 and 2008".

The National Bank of Georgia asked TBC's chairman and vice-chairman to step down from the board of the unit in relation to the investigation.

TBC Bank JSC also said on Thursday that it would restructure its supervisory board and that the founding shareholders would not be represented at the supervisory board but would keep their positions as chairman and deputy chairman.

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page