TBC Bank impresses with record fourth quarter
By Benjamin Chiou
Date: Wednesday 12 Feb 2025
(Sharecast News) - TBC Bank impressed on Wednesday by reporting record revenues and a big jump in profits in the fourth quarter, with the UK-listed Georgian bank confident of hitting its strategic targets for 2025.
Total operating income was up 22.6% year-on-year at an all-time high of 784m Georgian lari (£226m) in the final three months of 2024, with net interest income rising 14.9% to GEL508m, net fee and commission income up 34.4% at GEL148m, and other non-interest income was 46.4% higher at GEL128m.
Results were driven by the payments business in Georgia and strong growth in Uzbekistan, where TBC scaled up during the year with total users rising 37% to 18m and its loan book more than doubling.
Adjusted net profits for the fourth quarter were up 18.2% at GEL344m.
For 2024 as a whole, total operating income was 19.4% higher at GEL2.83bn, while adjusted net profit rose 15.6% to a record GEL1.32bn.
TBC declared a final dividend of GEL5.55, taking the full-year payout to GEL8.10, up 12% on 2023.
"As a team, we achieved a great deal in 2024, but as always there remains much to do, and we look forward to 2025 being another year of further scaling up our business in Uzbekistan and continuing to deliver strong and profitable growth in Georgia. I am confident we are fully on track to meet the mid-term targets we have set for 2025," said chief executive Vakhtang Butskhrikidze.
Shares were up 6.2% at 3,925.02p by 0854 GMT.
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