TBC Bank reports robust H1 profits driven by Georgia and Uzbekistan growth

By bne IntelliNews August 11, 2023

TBC announced robust profits for H1, attributing the success to strong growth in Georgia and Uzbekistan. 

In Georgia, the growth spanned various sectors, including a notable boost from IT service exports, as reflected in a 0.3% year-on-year inflation rate in July. The bank's net interest income surged by 29.4% to 766.1 million Georgian Lari, with pre-tax profit rising by 19.5% to 548.1 million lari for H1. Diluted earnings per share also climbed by 20% to 9.76 lari. Q2 witnessed a 31.5% increase in net interest income, reaching 399.3 million lari, and a 33% stronger profit at 296.3 million lari. 

Notably, TBC's return on equity rose to 26.7%, while the cost-to-income ratio decreased to 34.5%. Additionally, non-performing loans slightly reduced to 2.1% of gross loans. 

Anticipating future growth from its Uzbekistan fintechs, the bank projected a compound annual growth rate of over 15%, exceeding 1.5 billion lari in net profits, and a return on equity surpassing 23%.

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