RNS Number : 1236D
TBC Bank Group PLC
06 May 2026
TBC Bank Group PLC ("TBC Bank")
1Q 2026 Unaudited Consolidated
Financial Results
Forward-looking statements
This document contains forward-looking statements; such forward-looking statements contain known and unknown risks, uncertainties and other important factors, which may cause the actual results, performance or achievements of TBC Bank Group PLC ("the Bank" or "the Group" or "TBCG") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on numerous assumptions regarding the Bank's present and future business strategies and the environment in which the Bank will operate in the future. Important factors that, in the view of the Bank, could cause actual results to differ materially from those discussed in the forward-looking statements include, among others: the achievement of anticipated levels of profitability; growth, costs and recent acquisitions; the impact of competitive pricing; the ability to obtain the necessary regulatory approvals and licenses; the impact of developments in the Georgian and Uzbek economies; the impact of the Russia-Ukraine war; the political and legal environment; financial risk management; and the impact of general business and global economic conditions.
None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises, nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects are based are accurate or exhaustive or, in the case of the assumptions, entirely covered in the document. These forward-looking statements speak only as of the date they are made, and, subject to compliance with applicable law and regulations, the Bank expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in the document to reflect actual results, changes in assumptions or changes in factors affecting those statements.
Certain financial information contained in this management report, which is prepared on the basis of the Group's accounting policies applied consistently from year to year, has been extracted from the Group's unaudited management accounts and financial statements. The areas in which the management accounts might differ from the International Financial Reporting Standards could be significant; you should consult your own professional advisors and/or conduct your own due diligence for a complete and detailed understanding of such differences and any implications they might have on the relevant financial information contained in this presentation. Some numerical figures included in this report have been subjected to rounding adjustments. Accordingly, the numerical figures shown as totals in certain tables might not be an arithmetic aggregation of the figures that preceded them.
1Q 2026 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated financial results for 1Q 2026 on Wednesday, 6 May 2026 at 7.00 AM BST. The management team will host a conference call at 2.00 PM BST.
To join the live conference call, please register using the following link:
https://www.netroadshow.com/events/login/LE9zwo3jqHi9On3rWtz2oN41gnyBvzlaCXL
You will receive access details via email.
Contacts
Andrew Keeley Director of Investor Relations E-mail:AKeeley@tbcbank.com.ge Tel:+44 (0) 7791 569834 Web:www.tbcbankgroup.com
Anna Romelashvili Head of Investor Relations E-mail:ARomelashvili@tbcbank.com.ge Tel:+(995) 577 205 290 Web:www.tbcbankgroup.com
Investor Relations Department E-mail:IR@tbcbank.com.ge Tel:+(995 32) 227 27 27 Web:www.tbcbankgroup.com
Table of contents
1Q 2026 unaudited consolidated financial results announcement
Interim management report
Financial highlights
Operational highlights
Letter from the Chief Executive Officer
Economic overview
Unaudited consolidated financial results overview for 1Q 2026
Additional information
1. Financial disclosures by business lines
2. Glossary
3. Ratio definitions and exchange rates
1Q 2026 unaudited consolidated financial results[1]
1Q 2026 profit of GEL 365 million, up by 15% YoY, with ROE at 23.4%.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (EU) No. 596/2014 which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018 ("UK MAR").
Financial highlights
Income statement
In thousands of GEL
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Net interest income
625,014
625,921
533,210
17.2%
-0.1%
Net fee and commission income
135,419
161,858
147,997
-8.5%
-16.3%
Other non-interest income
98,881
113,143
93,005
6.3%
-12.6%
Total operating income
859,314
900,922
774,212
11.0%
-4.6%
Total credit loss allowance
(104,847)
(87,089)
(118,497)
-11.5%
20.4%
Operating expenses
(345,525)
(336,064)
(287,944)
20.0%
2.8%
Net profit before tax
408,942
477,769
367,771
11.2%
-14.4%
Income tax expense
(44,201)
(90,558)
(49,265)
-10.3%
-51.2%
Net profit
364,741
387,211
318,506
14.5%
-5.8%
In 1Q 2026, the lower income tax expense was mainly driven by Uzbekistan tax credits and deferred tax assets related to ECL charges.
Balance sheet
In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Total assets
44,582,459
43,940,489
40,228,911
10.8%
1.5%
Gross loans
30,465,267
30,152,269
27,350,103
11.4%
1.0%
Customer deposits*
25,423,613
25,444,397
22,320,114
13.9%
-0.1%
Total equity
6,514,302
6,346,467
5,723,549
13.8%
2.6%
Number of ordinary shares
55,726,793
55,822,154
56,211,873
-0.9%
-0.2%
*Excludes MOF deposits
Key ratios
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
ROE
23.4%
24.9%
23.2%
0.2 pp
-1.5 pp
ROA
3.3%
3.4%
3.2%
0.1 pp
-0.1 pp
NIM
7.0%
7.0%
6.7%
0.3 pp
0.0 pp
Cost to income
40.2%
37.3%
37.2%
3.0 pp
2.9 pp
Cost of risk
1.3%
1.1%
1.4%
-0.1 pp
0.2 pp
NPL to gross loans
3.0%
2.7%
2.5%
0.5 pp
0.3 pp
NPL provision coverage ratio
65.4%
71.0%
73.6%
-8.2 pp
-5.6 pp
Total NPL coverage ratio
123.1%
128.3%
140.4%
-17.3 pp
-5.2 pp
Leverage (x)
6.8x
6.9x
7.0x
-0.2x
-0.1x
EPS (GEL)
6.56
6.91
5.71
14.9%
-5.1%
Diluted EPS (GEL)
6.49
6.83
5.67
14.5%
-5.0%
BVPS (GEL)
115.30
112.42
99.74
15.6%
2.6%
Georgia
CET 1 CAR
16.6%
16.6%
16.4%
0.2 pp
0.0 pp
Tier 1 CAR
19.8%
19.8%
19.9%
-0.1 pp
0.0 pp
Total CAR
22.4%
22.5%
23.1%
-0.7 pp
-0.1 pp
Uzbekistan
CET 1 CAR
18.5%
18.2%
19.4%
-0.9 pp
0.3 pp
Tier 1 CAR
18.5%
18.2%
19.4%
-0.9 pp
0.3 pp
Total CAR
19.6%
18.9%
20.3%
-0.7 pp
0.7 pp
Operational highlights
Customer base
In thousands
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Total digital monthly active users ("digital MAU")
7,150
7,304
7,223
-1%
-2%
Georgia
1,318
1,301
1,106
19%
1%
Uzbekistan
5,832
6,003
6,117
-5%
-3%
Total digital daily active users ("digital DAU")
2,630
2,663
2,547
3%
-1%
Georgia
647
613
521
24%
6%
Uzbekistan
1,983
2,050
2,026
-2%
-3%
Digital DAU/MAU
37%
36%
35%
2 pp
1 pp
Georgia
49%
47%
47%
2 pp
2 pp
Uzbekistan
34%
34%
33%
1 pp
0 pp
Uzbekistan - key highlights
In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Gross loans and advances to customers
2,297,362
2,550,324
2,150,075
6.9%
-9.9%
Customer accounts
1,561,345
1,479,519
1,218,048
28.2%
5.5%
In thousands of GEL
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Total operating income
155,125
170,527
161,051
-3.7%
-9.0%
Net profit
20,707
31,652
21,561
-4.0%
-34.6%
ROE
10.9%
16.4%
13.7%
-2.8 pp
-5.5 pp
1Q 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
Letter from the Chief Executive Officer[2]
I am pleased to report a strong start to the year for TBC Group as we continue to generate sustainably high profitability and robust growth. In 1Q 2026, our net profit reached GEL 365 million, up 15% year-on-year, with ROE of 23.4%.
This performance comes against a backdrop of increased global volatility and uncertainty following the start of the US-Iran war in late February. Like elsewhere, the countries in which we operate, Georgia and Uzbekistan, are not immune to the fallout from this conflict. However, so far, the economic impact has been relatively muted and, for now, we still expect to see strong economic growth in both countries in 2026, with a 7.4% real GDP growth forecast for Georgia and 7.9% for Uzbekistan.
Turning to our businesses, we continue to strive to deliver best-in-class financial services for all our customers. Our core home market of Georgia remains a consistently strong performer, generating over 24% ROE on 14% year-on-year earnings growth in 1Q 2026. The main driver here was excellent growth in net interest income, which rose by 24% year-on-year on the back of 12% loan growth and 20 bps quarterly expansion in NIM to 6.2%. An increasing number of retail banking customers are choosing TBC, with over 200k new digital monthly users added in the past year, and almost half of our monthly users are now interacting with us on a daily basis. Behind this growth lie the major improvements we have been making in our digital banking platforms and customer experience. This is reflected in a number of prestigious awards we have recently received, including The Banker's Technology Award 2026 in CEE and Global Finance's Most Innovative Bank 2026 in CEE. Meanwhile, our dominant position in CIB was highlighted by TBC Capital's 2nd International Capital Markets Conference, hosted in Tbilisi in March. This event brought together over 500 local and international market participants to discuss the evolution of capital markets in Georgia, Uzbekistan and the wider region.
As we guided at our FY25 results in February, the first quarter in Uzbekistan was shaped by the ongoing recalibration of our loan book in line with changed regulatory requirements. The resulting contraction in lending in 1Q 2026 negatively impacted core revenues and profitability in Uzbekistan, with earnings down 4% year-on-year and 10.9% ROE. At the same time, we continue to successfully diversify our lending, with our business loan portfolio having grown to over USD 150 million in just a year of operation, and now accounting for 18% of the loan book. We also see growing demand from customers for our fully digital range of products and services across our verticals of spending, borrowing, saving and protecting. The take-up of our core daily banking product, Salom Card, remains excellent, with over 1.0 million cards now in issue, while payments' value rose by 40% year-on-year in 1Q 2026. Our product development pipeline remains active and on track, with auto loans and collateralised MSME lending to be launched around mid-year, and our in-app AI banking assistant, Lola, now being rolled out across our user base. The combination of healthy customer demand and an active product pipeline provides firm foundations for the future growth of this business.
As we detailed in our Strategy Day in New York in late February, we remain firm believers in the great long-term opportunity for financial services in both Georgia and Uzbekistan, which underpins our confidence in being able to generate sustainably strong profitability, growth and capital returns for our shareholders. On the last point, the Board has declared an interim dividend of GEL 1.75 per share for 1Q 2026.
Finally, I would like to thank my colleagues and our shareholders for their continued support. Having started 2026 well, our strong growth outlook for the full year remains in place as we work to deliver on the strategic goals we have outlined.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains robust
Georgia's real GDP increased by 9.1% year-on-year on average in the first quarter of 2026, according to Geostat's preliminary data, accelerating from 7.5% in 2025. Despite the military escalation in the Middle East, economic activity in Georgia remained robust, with growth supported by resilient foreign currency inflows' balance and moderately slowing, though still strong, real credit activity and wages.
While the conflict in the Middle East negatively affected tourism inflows into Georgia in March, the consequent surge in global commodity prices was positive for Georgia's exports. Exports of goods denominated in USD increased by 23.4% year-on-year in 1Q 2026, primarily driven by higher petroleum, gold, copper ores and ferro-alloy exports, resulting in domestic exports surging by 75.1% year-on-year, while motor car re-exports moderated. On the other hand, imports denominated in USD fell by 7.1% year-on-year in 1Q (but grew by 5.1% when adjusted for a one-off in January 2025), also driven by lower motor car imports. A strong start of the year enabled tourism revenues to remain broadly resilient, posting 0.5% growth in annual terms in 1Q 2026, while remittances increased by 14.2%. Consequently, estimated net currency inflows remained robust in 1Q, following a record low current account deficit in 2025 of just 2.6% of GDP, while on an underlying basis - without reinvested earnings - this even turned to a surplus of around 0.2% of GDP.
Fiscal consolidation continues
The government remains committed to fiscal consolidation, as it recorded a budget deficit equal to only 1.2% of GDP in 2025 and a surplus equal to around 1.1% of GDP in 1Q, while the public debt to GDP ratio declined to 33.6%.
Credit growth remains strong
Bank credit growth slightly strengthened to 14.8% year-on-year in March, at constant exchange rates, compared to 13.9% in December 2025. Given accelerating inflation, real credit growth weakened, though it still remained strong at 10.1% at the end of 1Q. As for segments, while retail credit strengthened from 14.9% in December 2025 to 16.4% in March, the year-on-year growth of lending to legal entities increased only slightly from 12.7% to 13.0%. The dollarization of bank lending remained broadly stable throughout 1Q, with the share of foreign currency loans increasing slightly from 42.4% in December 2025 to 42.6% in March 2026, at constant exchange rates.
GEL remains stable, NBG reserves at historic highs
While the Middle East escalation resulted in a brief GEL weakening in March, the currency recovered quickly, with still robust currency inflows underpinning a surplus on the FX market, allowing the NBG to continue reserve accumulation in 1Q 2026. The Central Bank purchased a record high USD 429 million in February and sold only about USD 16 million net in March, with total purchases throughout the quarter of USD 500 million. Consequently, NBG's gross international reserves increased to a historic high of USD 6.5 billion at the end of 1Q 2026, while the GEL weakened only marginally by 0.2%, standing at 2.70 as of 31-March 2026.
CPI inflation slightly increased to 4.3% in March 2026 from 4.0% in December 2025, above the NBG 3.0% target. While domestic pressures somewhat eased, the surge in global commodity prices brought inflationary pressure in March. Consequently, the NBG has maintained the monetary policy rate ("MPR") at 8.0%, unchanged since May 2024.
Uzbekistan
Continued strong economic performance
Uzbekistan's economic growth strengthened to a robust 8.7% year-on-year in 1Q 2026, following 7.7% in 2025. In terms of external trade, exports of goods in 1Q 2026 decreased by 45.5% year-on-year due to the volatility of gold exports, while non-gold exports increased by a robust 23.0%. At the same time, imports surged by 32.7% year-on-year in 1Q, driven by increased imports of petroleum and machinery. Retail credit growth slightly slowed to 22.3% year-on-year in March 2026, compared to 24.1% in December 2025, with mortgage credit expanding by 17.2% and non-mortgage credit by 25.4%.
Annual inflation in Uzbekistan stood at 7.1% in March, down from 7.3% in December 2025 with monthly inflation also moderating to around the CBU's 5% target. The CBU kept its monetary policy rate at 14.0% throughout the quarter, unchanged since March 2025. At the same time, the UZS was valued at 12,211 per US Dollar at the end of March 2026, having depreciated by 1.5% compared to the end of 2025, with the UZS has again gained ground recently, supported by the CBU's tight monetary stance. At the same time, as of March 2026, CBU's mostly gold-denominated international reserves increased by a substantial USD 21.1 billion (or 44.2%) year-on-year, while growth through 1Q 2026 stood at USD 2.7 billion (or 4.5%).
Economic growth forecasts raised
Following strong performances in both countries through 2025 and 1Q26, TBC Capital expects continued robust economic growth of 7.4% for Georgia and 7.9% for Uzbekistan in 2026. The IMF and World Bank projections stand at 5.3% and 5.0% for Georgia and 6.8% and 6.4% for Uzbekistan, respectively.
More information on the Georgian economy and financial sector can be found at www.tbccapital.ge.
Unaudited consolidated financial results overview for 1Q 2026
This statement provides a summary of the business and financial trends for 1Q 2026 for TBC Bank Group PLC and its subsidiaries. The financial information and trends are unaudited.
Please note that there might be slight differences in previous periods' figures due to rounding.
Consolidated income statement and other comprehensive income
In thousands of GEL
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Interest income
1,220,265
1,251,559
1,071,739
13.9%
-2.5%
Interest expense
(595,251)
(625,638)
(538,529)
10.5%
-4.9%
Net interest income
625,014
625,921
533,210
17.2%
-0.1%
Fee and commission income
277,437
303,576
231,504
19.8%
-8.6%
Fee and commission expense
(142,018)
(141,718)
(83,507)
70.1%
0.2%
Net fee and commission income
135,419
161,858
147,997
-8.5%
-16.3%
Net insurance income
14,981
18,237
8,735
71.5%
-17.9%
Net gains from currency derivatives, foreign currency operations and translation
72,824
88,752
78,157
-6.8%
-17.9%
Other operating income
10,377
6,301
5,974
73.7%
64.7%
Share of profit of associates
699
(147)
139
NMF
NMF
Other operating non-interest income
98,881
113,143
93,005
6.3%
-12.6%
Credit loss allowance for loans to customers
(95,279)
(62,193)
(106,594)
-10.6%
53.2%
Credit loss allowance for other financial items and net impairment for non-financial assets
(9,568)
(24,896)
(11,903)
-19.6%
-61.6%
Operating income after expected credit losses
754,467
813,833
655,715
15.1%
-7.3%
Staff costs
(184,409)
(174,496)
(144,951)
27.2%
5.7%
Depreciation and amortisation
(45,662)
(45,727)
(38,650)
18.1%
-0.1%
Administrative and other operating expenses
(115,454)
(115,841)
(104,343)
10.6%
-0.3%
Operating expenses
(345,525)
(336,064)
(287,944)
20.0%
2.8%
Net profit before tax
408,942
477,769
367,771
11.2%
-14.4%
Income tax expense
(44,201)
(90,558)
(49,265)
-10.3%
-51.2%
Net profit
364,741
387,211
318,506
14.5%
-5.8%
Net profit attributable to:
- Shareholders of TBCG
360,146
380,407
316,552
13.8%
-5.3%
- Non-controlling interest
4,595
6,804
1,954
NMF
-32.5%
Other comprehensive income, net of tax:
Other comprehensive income/(expense) for the period
32,151
(6,024)
(16,060)
NMF
NMF
Total comprehensive income for the period
396,892
381,187
302,446
31.2%
4.1%
Consolidated balance sheet
In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Assets
Cash and cash equivalents
2,892,369
2,363,583
3,281,957
-11.9%
22.4%
Reverse sale and repurchase receivables*
188,666
184,979
-
NMF
2.0%
Due from other banks
179,785
143,150
52,470
NMF
25.6%
Mandatory cash balances with the NBG and the CBU
2,102,904
2,357,950
2,549,087
-17.5%
-10.8%
Loans and advances to customers and finance lease receivables
29,868,688
29,564,783
26,855,888
11.2%
1.0%
Investment securities
5,956,359
6,251,550
4,640,823
28.3%
-4.7%
Repurchase receivables
334,374
101,648
228,045
46.6%
NMF
Investment properties
13,060
11,430
14,698
-11.1%
14.3%
Current income tax prepayment
12,414
42,507
22,492
-44.8%
-70.8%
Deferred income tax asset
12,089
5,264
3,595
NMF
NMF
Other financial assets
392,651
392,913
480,372
-18.3%
-0.1%
Other assets
1,753,760
1,680,946
1,415,760
23.9%
4.3%
Intangible assets
795,992
760,438
623,760
27.6%
4.7%
Goodwill
79,348
79,348
59,964
32.3%
0.0%
Total assets
44,582,459
43,940,489
40,228,911
10.8%
1.5%
LIABILITIES
Due to credit institutions
7,217,426
7,373,628
7,754,371
-6.9%
-2.1%
Customer accounts
26,239,605
25,660,058
22,529,442
16.5%
2.3%
Other financial liabilities
769,630
660,264
820,244
-6.2%
16.6%
Current income tax liability
45,748
13,097
1,444
NMF
NMF
Deferred income tax liability
48,772
59,823
54,489
-10.5%
-18.5%
Debt Securities in issue**
2,011,319
2,028,046
1,512,224
33.0%
-0.8%
Other liabilities
231,354
293,263
216,522
6.9%
-21.1%
Subordinated debt
895,521
910,299
1,138,204
-21.3%
-1.6%
Redemption liability
608,782
595,544
478,422
27.2%
2.2%
Total liabilities
38,068,157
37,594,022
34,505,362
10.3%
1.3%
EQUITY
Share capital
1,702
1,705
1,719
-1.0%
-0.2%
Shares held by trust
(76,332)
(89,086)
(50,424)
51.4%
-14.3%
Share premium
411,088
411,088
411,088
0.0%
0.0%
Retained earnings
6,209,933
6,077,089
5,286,370
17.5%
2.2%
Other reserves
(205,493)
(225,331)
(107,391)
91.4%
-8.8%
Equity attributable to owners of the parent
6,340,898
6,175,465
5,541,362
14.4%
2.7%
Non-controlling interest
173,404
171,002
182,187
-4.8%
1.4%
Total equity
6,514,302
6,346,467
5,723,549
13.8%
2.6%
Total liabilities and equity
44,582,459
43,940,489
40,228,911
10.8%
1.5%
*Before December 2025, reverse sale and repurchase receivables were included in cash and cash equivalents line
**Debt securities in issue include Additional Tier 1 capital subordinated notes
Ratios
Ratios (based on monthly averages, where applicable)
1Q'26
4Q'25
1Q'25
Profitability ratios:
ROE1
23.4%
24.9%
23.2%
ROA2
3.3%
3.4%
3.2%
Cost to income3
40.2%
37.3%
37.2%
NIM4
7.0%
7.0%
6.7%
Loan yields5
14.3%
14.7%
14.0%
Deposit rates6
5.8%
5.8%
5.6%
Cost of funding7
6.7%
6.9%
6.6%
Asset quality & portfolio concentration:
Cost of risk9
1.3%
1.1%
1.4%
PAR 90 to gross loans9
1.9%
2.0%
1.6%
NPLs to gross loans10
3.0%
2.7%
2.5%
NPL provision coverage11
65.4%
71.0%
73.6%
Total NPL coverage12
123.1%
128.3%
140.4%
Credit loss level to gross loans13
2.0%
1.9%
1.8%
Related party loans to gross loans14
0.0%
0.0%
0.0%
Top 10 borrowers to total portfolio15
5.1%
5.0%
5.3%
Top 20 borrowers to total portfolio16
7.9%
7.8%
8.0%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17
101.3%
102.5%
105.4%
Leverage (x)18
6.8x
6.9x
7.0x
Georgia
Net stable funding ratio19
120.5%
123.7%
125.6%
Liquidity coverage ratio20
122.8%
127.7%
119.0%
CET 1 CAR21
16.6%
16.6%
16.4%
Tier 1 CAR22
19.8%
19.8%
19.9%
Total CAR23
22.4%
22.5%
23.1%
Uzbekistan
CET 1 CAR24
18.5%
18.2%
19.4%
Tier 1 CAR25
18.5%
18.2%
19.4%
Total CAR26
19.6%
18.9%
20.3%
Funding and liquidity in Georgia
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Minimum net stable funding ratio, as defined by the NBG
100.0%
100.0%
100.0%
0.0 pp
0.0 pp
Net stable funding ratio as defined by the NBG
120.5%
123.7%
125.6%
-5.1 pp
-3.2 pp
Minimum total liquidity coverage ratio, as defined by the NBG
100.0%
100.0%
100.0%
0.0 pp
0.0 pp
Minimum LCR in GEL, as defined by the NBG
75%
75.0%
75.0%
0.0 pp
0.0 pp
Minimum LCR in FC, as defined by the NBG
100.0%
100.0%
100.0%
0.0 pp
0.0 pp
Total liquidity coverage ratio, as defined by the NBG
122.8%
127.7%
119.0%
3.8 pp
-4.9 pp
LCR in GEL, as defined by the NBG
132.3%
146.6%
118.9%
13.4 pp
-14.3 pp
LCR in FC, as defined by the NBG
115.3%
115.5%
119.1%
-3.8 pp
-0.2 pp
Regulatory capital
Georgia
In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
CET 1 capital
5,310,230
5,222,768
4,814,774
10.3%
1.7%
Tier 1 capital
6,322,655
6,233,431
5,852,511
8.0%
1.4%
Total capital
7,151,159
7,072,885
6,787,655
5.4%
1.1%
Total risk-weighted assets
31,982,981
31,405,697
29,337,803
9.0%
1.8%
Minimum CET 1 ratio
15.1%
14.8%
14.6%
0.5 pp
0.3 pp
CET 1 capital adequacy ratio
16.6%
16.6%
16.4%
0.2 pp
0.0 pp
Minimum Tier 1 ratio
17.3%
17.0%
16.9%
0.4 pp
0.3 pp
Tier 1 capital adequacy ratio
19.8%
19.8%
19.9%
-0.1 pp
0.0 pp
Minimum total capital adequacy ratio
20.3%
20.0%
19.9%
0.4 pp
0.3 pp
Total capital adequacy ratio
22.4%
22.5%
23.1%
-0.7 pp
-0.1 pp
Uzbekistan
In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
CET 1 capital
506,427
561,169
535,639
-5.5%
-9.8%
Tier 1 capital
506,427
561,169
535,639
-5.5%
-9.8%
Total capital
539,259
581,475
559,526
-3.6%
-7.3%
Total risk-weighted assets
2,744,701
3,076,338
2,758,355
-0.5%
-10.8%
Minimum CET 1 ratio
8.0%
8.0%
8.0%
0.0 pp
0.0 pp
CET 1 capital adequacy ratio
18.5%
18.2%
19.4%
-0.9 pp
0.3 pp
Minimum Tier 1 ratio
10.0%
10.0%
10.0%
0.0 pp
0.0 pp
Tier 1 capital adequacy ratio
18.5%
18.2%
19.4%
-0.9 pp
0.3 pp
Minimum total capital adequacy ratio
12.0%
13.0%
13.0%
-1.0 pp
-1.0 pp
Total capital adequacy ratio
19.6%
18.9%
20.3%
-0.7 pp
0.7 pp
Loan portfolio
As of 31 March 2026, the gross loan portfolio reached GEL 30,465.3 million, up by 11.4% YoY and 1.0% QoQ, or up by 11.2% YoY and 1.4% QoQ on a constant currency basis.
By the end of March 2026, our Georgia FS loan portfolio increased by 11.9% YoY and 2.1% on a QoQ basis and reached GEL 28,167.9 million, with 12.0% YoY and 2.4% QoQ growth on a constant currency basis. Over the same period, our Uzbek portfolio increased by 6.9% YoY and decreased by 9.9% on a QoQ basis. This resulted in a 3.5% increase on YoY and an 8.7% decrease QoQ on a constant currency basis.
Gross loans and advances to customers In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Georgian financial services ("Georgia FS")*
28,167,905
27,601,945
25,182,536
11.9%
2.1%
Retail Georgia
10,279,027
9,784,049
8,834,964
16.3%
5.1%
CIB Georgia
11,515,912
11,219,099
10,055,992
14.5%
2.6%
MSME Georgia**
5,786,815
5,990,887
5,827,911
-0.7%
-3.4%
Uzbekistan
2,297,362
2,550,324
2,150,075
6.9%
-9.9%
Total gross loans and advances to customers
30,465,267
30,152,269
27,350,103
11.4%
1.0%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
** Effective 1 January 2026, GEL 72 million was reclassified from MSME to CIB and GEL 219 million to retail
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Loan yields
14.3%
14.7%
14.0%
0.3 pp
-0.4 pp
GEL
14.7%
14.7%
14.2%
0.5 pp
0.0 pp
FC
9.0%
8.9%
8.7%
0.3 pp
0.1 pp
UZS
40.8%
41.7%
44.2%
-3.4 pp
-0.9 pp
Georgia FS
12.1%
12.0%
11.6%
0.5 pp
0.1 pp
GEL
14.7%
14.7%
14.2%
0.5 pp
0.0 pp
FC
9.0%
8.9%
8.7%
0.3 pp
0.1 pp
Uzbekistan
40.4%
41.5%
44.2%
-3.8 pp
-1.1 pp
UZS
40.8%
41.7%
44.2%
-3.4 pp
-0.9 pp
FC
10.4%
3.1%
N/A
N/A
7.3 pp
Total loan yields
14.3%
14.7%
14.0%
0.3 pp
-0.4 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
Loan portfolio quality
PAR 90
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Georgia FS*
1.5%
1.6%
1.5%
0.0 pp
-0.1 pp
Retail Georgia
0.8%
0.8%
0.7%
0.1 pp
0.0 pp
CIB Georgia
1.4%
1.5%
0.9%
0.5 pp
-0.1 pp
MSME Georgia
2.9%
3.0%
3.4%
-0.5 pp
-0.1 pp
Uzbekistan
6.7%
5.8%
2.1%
4.6 pp
0.9 pp
Total PAR 90
1.9%
2.0%
1.6%
0.3 pp
-0.1 pp
PAR 90 includes finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
Non-performing Loans ("NPL") In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Georgia FS*
758,089
679,758
600,215
26.3%
11.5%
Retail Georgia
151,506
143,283
133,020
13.9%
5.7%
CIB Georgia
323,278
247,628
152,263
112.3%
30.5%
MSME Georgia
255,121
268,852
288,613
-11.6%
-5.1%
Uzbekistan
153,645
148,043
68,275
125.0%
3.8%
Total non-performing loans
911,734
827,800
671,071
35.9%
10.1%
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
NPL to gross loans
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Georgia FS*
2.7%
2.5%
2.4%
0.3 pp
0.2 pp
Retail Georgia
1.5%
1.5%
1.5%
0.0 pp
0.0 pp
CIB Georgia
2.8%
2.2%
1.5%
1.3 pp
0.6 pp
MSME Georgia
4.4%
4.5%
5.0%
-0.6 pp
-0.1 pp
Uzbekistan
6.7%
5.8%
3.2%
3.5 pp
0.9 pp
Total NPL to gross loans
3.0%
2.7%
2.5%
0.5 pp
0.3 pp
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
Mar'26
Dec'25
Mar'25
NPL Coverage
Provision Coverage
Total Coverage**
Provision Coverage
Total Coverage**
Provision Coverage
Total Coverage**
Georgia FS*
51.6%
120.9%
56.9%
126.7%
59.5%
134.1%
Retail Georgia
133.3%
176.6%
132.0%
179.7%
127.2%
186.9%
CIB Georgia
23.7%
89.2%
29.9%
95.5%
40.2%
111.8%
MSME Georgia
39.9%
123.2%
41.9%
123.8%
40.4%
123.9%
Uzbekistan
133.8%
133.8%
135.6%
135.6%
192.6%
192.6%
Total NPL coverage
65.4%
123.1%
71.0%
128.3%
73.6%
140.4%
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Cost of risk ("CoR")
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Georgia FS*
0.6%
0.4%
0.8%
-0.2 pp
0.2 pp
Retail Georgia
1.5%
0.8%
1.3%
0.2 pp
0.7 pp
CIB Georgia
-0.1%
0.1%
0.3%
-0.4 pp
-0.2 pp
MSME Georgia
0.2%
0.1%
0.8%
-0.6 pp
0.1 pp
Uzbekistan
10.2%
8.5%
9.3%
0.9 pp
1.7 pp
Total cost of risk
1.3%
1.1%
1.4%
-0.1 pp
0.2 pp
Cost of risk includes finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Deposit portfolio
As of 31 March 2026, the deposit portfolio reached GEL 26,239.6 million, up by 16.5% YoY and 2.3% QoQ, or up by 16.9% YoY and 2.5% QoQ on a constant currency basis.
By the end of March 2026, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 24,043.0 million, up by 13.7% YoY and down by 0.3% QoQ, or up by 14.4% YoY and down by 0.1% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 28.2% YoY and 5.5% QoQ, or up by 24.2% YoY and 6.9% QoQ on a constant currency basis.
Customer accounts In thousands of GEL
Mar'26
Dec'25
Mar'25
Change YoY
Change QoQ
Georgia FS*
24,858,957
24,324,216
21,355,609
16.4%
2.2%
Retail Georgia
9,860,302
9,747,411
8,269,131
19.2%
1.2%
CIB Georgia
12,180,219
12,321,806
11,122,655
9.5%
-1.1%
MSME Georgia
2,144,091
2,211,202
1,913,434
12.1%
-3.0%
MOF
815,992
215,661
209,328
289.8%
278.4%
Uzbekistan
1,561,345
1,479,519
1,218,048
28.2%
5.5%
Total customer accounts**
26,239,605
25,660,058
22,529,442
16.5%
2.3%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Deposit rates
5.8%
5.8%
5.6%
0.2 pp
0.0 pp
GEL
7.9%
7.6%
8.1%
-0.2 pp
0.3 pp
FC
1.8%
1.9%
1.8%
0.0 pp
-0.1 pp
UZS
23.3%
25.0%
24.7%
-1.4 pp
-1.7 pp
Georgian financial services
4.8%
4.6%
4.7%
0.1 pp
0.2 pp
GEL
7.8%
7.6%
8.1%
-0.3 pp
0.2 pp
FC
1.8%
1.9%
1.8%
0.0 pp
-0.1 pp
Uzbek business
23.0%
24.8%
24.5%
-1.5 pp
-1.8 pp
UZS
23.3%
25.0%
24.7%
-1.4 pp
-1.7 pp
FC
7.7%
3.9%
2.8%
4.9 pp
3.8 pp
Total deposit rates*
5.8%
5.8%
5.6%
0.2 pp
0.0 pp
* Total deposit rates include MOF deposits
Additional information
1. Financial disclosures by business lines
Business line definitions
The operating segments are defined as follows:
· Georgian financial services ("Georgia FS") - includes JSC TBC Bank with its Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The Georgia financial services segment consists of three major business sub-segments, while the treasury, leasing and insurance businesses are combined into the corporate and other sub-segments:
o Corporate and investment banking ("CIB") - a legal entity/group of affiliated entities with an annual revenue exceeding GEL 20 million or which has been granted facilities of more than GEL 7.5 million. Some other business customers may also be assigned to the CIB segment or transferred to the micro, small and medium enterprises segment on a discretionary basis. In addition, CIB includes Wealth Management private banking services to high-net-worth individuals with a threshold of USD 250,000 on assets under management (AUM), as well as on discretionary basis;
o Retail - non-business individual customers;
o Micro, small and medium enterprises ("MSME") - business customers who are not included in the CIB sub-segment.
· Uzbekistan - TBC Digital JSC with respective subsidiaries and BILLZ (Shoppe Group LLC).
· Other - includes non-material or non-financial subsidiaries of the Group, and intra-group eliminations.
Georgian financial services
Profit and loss statement
In thousands of GEL
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Interest income
956,922
959,954
845,776
13.1%
-0.3%
Interest expense
(449,926)
(469,895)
(436,673)
3.0%
-4.2%
Net interest income
506,996
490,059
409,103
23.9%
3.5%
Fee and commission income
200,907
227,750
172,187
16.7%
-11.8%
Fee and commission expense
(103,557)
(100,319)
(65,599)
57.9%
3.2%
Net fee and commission income
97,350
127,431
106,588
-8.7%
-23.6%
Net insurance income
12,396
14,279
8,945
38.6%
-13.2%
Net gains from currency derivatives, foreign currency operations and translation
74,481
89,617
84,090
-11.4%
-16.9%
Other operating income
9,312
5,177
5,520
68.7%
79.9%
Share of profit of associates
699
(147)
139
NMF
NMF
Other operating non-interest income
96,888
108,926
98,694
-1.8%
-11.1%
Credit loss allowance for loans to customers
(38,526)
(23,372)
(47,954)
-19.7%
64.8%
Credit loss allowance for other financial items and net impairment for non-financial assets
(5,564)
(8,802)
(5,359)
3.8%
-36.8%
Operating income after expected credit and non-financial asset impairment losses
657,144
694,242
561,072
17.1%
-5.3%
Staff costs
(135,766)
(134,411)
(105,795)
28.3%
1.0%
Depreciation and amortisation
(33,476)
(33,685)
(31,267)
7.1%
-0.6%
Administrative and other operating expenses
(69,440)
(70,771)
(58,169)
19.4%
-1.9%
Operating expenses
(238,682)
(238,867)
(195,231)
22.3%
-0.1%
Net profit before tax
418,462
455,375
365,841
14.4%
-8.1%
Income tax expense
(56,304)
(74,455)
(48,201)
16.8%
-24.4%
Net profit
362,158
380,920
317,640
14.0%
-4.9%
Balance sheet highlights
In thousands of GEL
31-Mar-26
31-Dec-25
31-Mar-25
Change YoY
Change QoQ
Cash & NBG mandatory reserves
4,617,185
4,491,583
5,598,657
-17.5%
2.8%
Reverse sale and repurchase receivables*
188,666
184,979
-
NMF
2.0%
Due from other banks
161,149
102,417
49,449
NMF
57.3%
Loans and advances to customers and finance lease receivables
27,776,941
27,215,274
24,825,243
11.9%
2.1%
Investment securities measured at fair value through OCI
5,660,047
5,861,006
4,702,153
20.4%
-3.4%
Intangible assets and Goodwill
525,360
504,692
443,665
18.4%
4.1%
Other assets
1,967,617
1,931,683
1,758,688
11.9%
1.9%
TOTAL ASSETS
40,896,965
40,291,634
37,377,855
9.4%
1.5%
Due to credit institutions
6,730,023
6,891,552
7,243,202
-7.1%
-2.3%
Customer accounts
24,858,957
24,324,216
21,355,609
16.4%
2.2%
Subordinated debt and debt securities in issue
2,197,377
2,201,063
2,311,275
-4.9%
-0.2%
Other liabilities
942,711
861,850
937,265
0.6%
9.4%
TOTAL LIABILITIES
34,729,068
34,278,681
31,847,351
9.0%
1.3%
Equity attributable to shareholders
6,167,545
6,012,618
5,530,226
11.5%
2.6%
Non-controlling interest
352
335
278
26.6%
5.1%
TOTAL EQUITY
6,167,897
6,012,953
5,530,504
11.5%
2.6%
TOTAL LIABILITIES AND EQUITY
40,896,965
40,291,634
37,377,855
9.4%
1.5%
*Before December 2025, reverse sale and repurchase receivables were included in cash and cash equivalents line
Key ratios
Georgian financial services
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Profitability ratios:
ROE1
24.1%
25.7%
23.3%
0.8 pp
-1.6 pp
ROA2
3.7%
3.8%
3.4%
0.3 pp
-0.1 pp
Cost to income3
34.0%
32.9%
31.8%
2.2 pp
1.1 pp
NIM4
6.2%
6.0%
5.5%
0.7 pp
0.2 pp
Loan yields5
12.1%
12.0%
11.6%
0.5 pp
0.1 pp
Deposit rates6
4.8%
4.6%
4.7%
0.1 pp
0.2 pp
Cost of funding7
5.5%
5.6%
5.6%
-0.1 pp
-0.1 pp
Asset quality & portfolio concentration:
Cost of risk8
0.6%
0.4%
0.8%
-0.2 pp
0.2 pp
PAR 90 to gross loans9
1.5%
1.6%
1.5%
0.0 pp
-0.1 pp
NPLs to gross loans10
2.7%
2.5%
2.4%
0.3 pp
0.2 pp
NPL provision coverage11
51.6%
56.9%
59.5%
-7.9 pp
-5.3 pp
Total NPL coverage12
120.9%
126.7%
134.1%
-13.2 pp
-5.8 pp
For the ratio definitions and exchange rates, please refer to section 3 of the additional information.
Uzbekistan business[3]
Profit and loss statement
In thousands of GEL
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Interest income
263,592
291,621
224,843
17.2%
-9.6%
Interest expense
(147,212)
(156,329)
(101,576)
44.9%
-5.8%
Net interest income
116,380
135,292
123,267
-5.6%
-14.0%
Fee and commission income
73,325
72,721
56,362
30.1%
0.8%
Fee and commission expense
(38,836)
(42,298)
(18,326)
111.9%
-8.2%
Net fee and commission income
34,489
30,423
38,036
-9.3%
13.4%
Net insurance income
2,927
4,185
-
N/A
-30.1%
Net gains from currency derivatives, foreign currency operations and translation
279
(618)
(266)
-204.9%
-145.1%
Other operating income
1,050
1,245
14
NMF
-15.7%
Other operating non-interest income
4,256
4,812
(252)
NMF
-11.6%
Credit loss allowance for loans to customers
(56,753)
(38,822)
(58,514)
-3.0%
46.2%
Credit loss allowance for other financial items and net impairment for non-financial assets
(4,022)
(16,094)
(5,705)
-29.5%
-75.0%
Operating income after expected credit and non-financial asset impairment losses
94,350
115,611
96,832
-2.6%
-18.4%
Staff costs
(32,415)
(27,364)
(23,104)
40.3%
18.5%
Depreciation and amortisation
(9,290)
(9,192)
(4,674)
98.8%
1.1%
Administrative and other operating expenses
(44,039)
(42,800)
(46,182)
-4.6%
2.9%
Operating expenses
(85,744)
(79,356)
(73,960)
15.9%
8.0%
Net profit before tax
8,606
36,255
22,872
-62.4%
-76.3%
Income tax credit/(expense)
12,101
(4,603)
(1,311)
NMF
NMF
Net profit
20,707
31,652
21,561
-4.0%
-34.6%
Balance sheet highlights
In thousands of GEL
31-Mar-26
31-Dec-25
31-Mar-25
Change YoY
Change QoQ
Cash & CBU mandatory reserves
377,015
233,671
245,519
53.6%
61.3%
Due from other banks
18,610
40,708
2,996
NMF
-54.3%
Loans and advances to customers and finance lease receivables
2,091,747
2,349,508
2,018,553
3.6%
-11.0%
Intangible assets and Goodwill
186,186
160,414
93,461
99.2%
16.1%
Other assets
877,474
710,324
365,683
140.0%
23.5%
TOTAL ASSETS
3,551,032
3,494,625
2,726,212
30.3%
1.6%
Due to credit institutions
1,050,883
1,076,723
683,532
53.7%
-2.4%
Customer accounts
1,561,345
1,479,519
1,218,048
28.2%
5.5%
Subordinated debt and debt securities in issue
41,287
39,617
37,878
9.0%
4.2%
Other liabilities
112,261
123,667
153,384
-26.8%
-9.2%
TOTAL LIABILITIES
2,765,776
2,719,526
2,092,842
32.2%
1.7%
Equity attributable to shareholders
785,256
775,099
633,370
24.0%
1.3%
TOTAL EQUITY
785,256
775,099
633,370
24.0%
1.3%
TOTAL LIABILITIES AND EQUITY
3,551,032
3,494,625
2,726,212
30.3%
1.6%
Key ratios
Uzbekistan
1Q'26
4Q'25
1Q'25
Change YoY
Change QoQ
Profitability ratios:
ROE1
10.9%
16.4%
13.7%
-2.8 pp
-5.5 pp
ROA2
2.4%
3.6%
3.5%
-1.1 pp
-1.2 pp
Cost to income3
55.3%
46.5%
45.9%
9.4 pp
8.8 pp
NIM4
17.1%
18.8%
24.7%
-7.6 pp
-1.7 pp
Loan yields5
40.4%
41.5%
44.2%
-3.8 pp
-1.1 pp
Deposit rates6
23.0%
24.8%
24.5%
-1.5 pp
-1.8 pp
Cost of funding7
22.5%
23.7%
23.3%
-0.8 pp
-1.2 pp
Asset quality & portfolio concentration:
Cost of risk8
10.2%
8.5%
9.3%
0.9 pp
1.7 pp
PAR 90 to gross loans9
6.7%
5.8%
2.1%
4.6 pp
0.9 pp
NPLs to gross loans10
6.7%
5.8%
3.2%
3.5 pp
0.9 pp
NPL provision coverage11
133.8%
135.6%
192.6%
-58.8 pp
-1.8 pp
Total NPL coverage12
133.8%
135.6%
192.6%
-58.8 pp
-1.8 pp
For the ratio definitions and exchange rates, please refer to section 3 of the additional information
2. Glossary
Terminology
Definition
BVPS
Book value per share
CBU
Central Bank of Uzbekistan
Consumer loans
Unsecured loans to individuals
Digital daily active users (Digital DAU)
The number of retail digital users who logged into our digital channels at least once per day
Digital monthly active users (Digital MAU)
The number of retail digital users who logged into our digital channels at least once a month
EPS
Earnings per share
FC
Foreign currency
Gross/net loans
Includes gross/net loans and advances to customers and gross/net finance lease receivables
NBG
National Bank of Georgia
NMF
No Meaningful Figure
3. Ratio definitions and exchange rates
Ratio definitions
1. Return on average total equity (ROE) equals profit attributable to owners divided by the monthly average of total shareholders' equity attributable to the PLC's equity holders for the same period; annualised where applicable.
2. Return on average total assets (ROA) equals profit of the period divided by monthly average total assets for the same period; annualised where applicable.
3. Cost to income ratio equals total operating expenses for the period divided by the total revenue for the same period. (Revenue represents the sum of net interest income, net fee and commission income and other non-interest income).
4. Net interest margin (NIM) is net interest income divided by monthly average interest-earning assets; annualised where applicable. Interest-earning assets include investment securities (excluding CIB shares), net investment in finance lease, net loans, and amounts due from credit institutions.
5. Loan yields equal interest income on loans and advances to customers divided by monthly average gross loans and advances to customers; annualised where applicable.
6. Deposit rates equal interest expense on customer accounts divided by monthly average total customer deposits; annualised where applicable.
7. Cost of funding equals sum of the total interest expense and net interest gains on currency swaps (entered for funding management purposes), divided by monthly average interest-bearing liabilities; annualised where applicable.
8. Cost of risk equals credit loss allowance for loans to customers divided by monthly average gross loans and advances to customers; annualised where applicable.
9. PAR 90 to gross loans ratio equals loans for which principal or interest repayment is overdue for more than 90 days divided by the gross loan portfolio for the same period.
10. NPLs to gross loans equals loans with 90 days past due on principal or interest payments, and loans with a well-defined weakness, regardless of the existence of any past-due amount or of the number of days past due divided by the gross loan portfolio for the same period.
11. NPL provision coverage equals total credit loss allowance for loans to customers divided by the NPL loans.
12. Total NPL coverage equals total credit loss allowance plus the minimum of collateral amount of the respective NPL loan (after applying haircuts in the range of 0%-50% for cash, gold, real estate and PPE) and its gross loan exposure divided by the gross exposure of total NPL loans.
13. Credit loss level to gross loans equals credit loss allowance for loans to customers divided by the gross loan portfolio for the same period.
14. Related party loans to total loans equals related party loans divided by the gross loan portfolio.
15. Top 10 borrowers to total portfolio equals the total loan amount of the top 10 borrowers divided by the gross loan portfolio.
16. Top 20 borrowers to total portfolio equals the total loan amount of the top 20 borrowers divided by the gross loan portfolio.
17. Net loans to deposits plus IFI funding ratio equals net loans divided by total deposits plus borrowings received from international financial institutions.
18. Leverage equals total assets to total equity.
19. Net stable funding ratio equals the available amount of stable funding divided by the required amount of stable funding as defined by NBG in line with Basel III guidelines. Calculations are made for TBC Bank standalone.
20. Liquidity coverage ratio equals high-quality liquid assets divided by the total net cash outflow amount as defined by the NBG. Calculations are made for TBC Bank standalone.
21. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.
22. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.
23. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.
24. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.
25. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.
26. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.
Exchange rates
To calculate the QoQ growth of the balance sheet items without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.6951 as of 31 December 2025. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.7673 as of 31 March 2025 . As of 31 March 2026, the USD/GEL exchange rate equalled 2.6998. For P&L items growth calculations without the currency effect, we used the average USD/GEL exchange rate for the following periods: 4Q 2025 of 2.7075 and 1Q 2025 of 2.8137. As of 1Q 2026, the USD/GEL exchange rate equalled 2.6993.
[1] 1Q 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
[2] Note: For better presentation purposes, certain financial numbers are rounded to the nearest whole number.
[3] 1Q 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
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