REG - TBC Bank Group PLC - 1Q 2024 Results Report
10/05/2024 07:00
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RNS Number : 7999N TBC Bank Group PLC 10 May 2024
TBC BANK GROUP PLC ("TBC Bank")
1Q 2024 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") 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,
cost 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 COVID-19; 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 presentation, 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 and/or
generally accepted U.S. accounting principles 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 2024 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") will publish its preliminary unaudited
consolidated financial results for the first quarter 2024 on Friday, 10 May
2024 at 7.00 AM BST. On the same day, the management team will host a
conference call at 2.00 PM BST.
To participate in the conference call live video webinar, please register
using the following link:
https://www.netroadshow.com/events/login?show=4bb3e869&confId=64445
(https://www.netroadshow.com/events/login?show=4bb3e869&confId=64445)
You will receive access details via email.
Contacts
Andrew Keeley Anna Investor Relations Department
Romelashvili
Director of Investor Relations
Head of Investor Relations
E-mail: AKeeley@tbcbank.com.ge
E-mail: IR@tbcbank.com.ge
E-mail: ARomelashvili@tbcbank.com.ge
Tel: +44 (0) 7791 569834
Tel: +(995 32) 227 27 27
Tel: +(995) 577 205 290
Web: www.tbcbankgroup.com (https://www.tbcbankgroup.com/)
Web: www.tbcbankgroup.com (https://www.tbcbankgroup.com/)
Web: www.tbcbankgroup.com (https://www.tbcbankgroup.com/)
Table of contents
1Q 2024 unaudited consolidated financial results announcement
Interim management report
Financial highlights (#_Toc164450780) (#_Toc164450780)
Operational highlights (#_Toc164450781) (#_Toc164450781)
Letter from the Chief Executive Officer (#_Toc164450782) (#_Toc164450782)
Economic overview (#_Toc164450783) (#_Toc164450783)
Unaudited consolidated financial results overview for 1Q 2024 (#_Toc164450784)
(#_Toc164450784)
Additional information (#_Toc164450785) (#_Toc164450785)
1) (#_Toc164450786) (#_Toc164450786) (#_Toc164450786)
Financial disclosures by business lines (#_Toc164450786) (#_Toc164450786)
2) (#_Toc164450787) (#_Toc164450787) (#_Toc164450787)
Glossary (#_Toc164450787) (#_Toc164450787)
3) (#_Toc164450788) (#_Toc164450788) (#_Toc164450788) Ratio
definitions and exchange rates (#_Toc164450788) (#_Toc164450788)
1Q 2024 unaudited consolidated financial results
1Q 2024 profit of GEL 296 million, up by 16% YoY, with ROE at 25.1%.
European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC
to disclose that this announcement contains Inside Information, as defined in
that Regulation.
Financial highlights
Income statement
In thousands of GEL 1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Net interest income 442,844 441,735 366,791 20.7% 0.3%
Net fee and commission income 104,303 110,099 92,438 12.8% -5.3%
Other non-interest income 70,834 87,443 73,010 -3.0% -19.0%
Total operating income 617,981 639,277 532,239 16.1% -3.3%
Total credit loss allowance (45,133) (47,480) (53,168) -15.1% -4.9%
Operating expenses (229,670) (254,499) (182,779) 25.7% -9.8%
Profit before tax 343,178 337,298 296,292 15.8% 1.7%
Income tax expense (46,707) (45,856) (41,331) 13.0% 1.9%
Profit for the period 296,471 291,442 254,961 16.3% 1.7%
Balance sheet
In thousands of GEL Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Total assets 33,261,535 32,964,827 27,138,983 22.6% 0.9%
Gross loans 22,545,189 22,073,679 18,321,341 23.1% 2.1%
Customer deposits 20,838,768 20,375,498 17,297,630 20.5% 2.3%
Total equity 4,853,916 4,820,182 4,238,958 14.5% 0.7%
Number of shares 55,393,664 55,393,664 54,991,419 0.7% 0.0%
Key ratios
1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
ROE 25.1% 25.2% 25.2% -0.1 pp -0.1 pp
ROA 3.6% 3.7% 3.6% 0.0 pp -0.1 pp
NIM 6.5% 6.7% 6.4% 0.1 pp -0.2 pp
Cost to income 37.2% 39.8% 34.3% 2.9 pp -2.6 pp
Cost of risk 0.8% 0.8% 1.1% -0.3 pp 0.0 pp
NPL to gross loans 2.2% 2.0% 2.2% 0.0 pp 0.2 pp
NPL provision coverage ratio 74.4% 79.8% 92.9% -18.5 pp -5.4 pp
Total NPL coverage ratio 140.3% 146.3% 154.8% -14.5 pp -6.0 pp
Leverage (x) 6.9x 6.8x 6.4x 0.5x 0.1x
EPS (GEL) 5.39 5.31 4.57 17.9% 1.5%
Diluted EPS (GEL) 5.36 5.26 4.50 19.1% 1.9%
BVPS (GEL) 86.11 86.32 75.91 13.4% -0.2%
Georgia
CET 1 CAR 16.6% 17.4% 17.7% -1.1 pp -0.8 pp
Tier 1 CAR 18.8% 19.6% 20.1% -1.3 pp -0.8 pp
Total CAR 21.5% 22.1% 22.2% -0.7 pp -0.6 pp
Uzbekistan
CET 1 CAR 12.7% 15.4% 23.1% -10.4 pp -2.7 pp
Tier 1 CAR 12.7% 15.4% 23.1% -10.4 pp -2.7 pp
Total CAR 16.2% 16.3% 23.6% -7.4 pp -0.1 pp
Operational highlights
Customer base
In thousands Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Total number of unique registered users 17,884 16,490 13,272 35% 8%
Georgia 3,317 3,275 3,100 7% 1%
Uzbekistan 14,567 13,215 10,172 43% 10%
Total monthly active customers 6,331 5,890 5,123 24% 7%
Georgia 1,615 1,604 1,519 6% 1%
Uzbekistan 4,716 4,286 3,604 31% 10%
Total digital monthly active users (digital MAU) 5,646 5,207 4,433 27% 8%
Georgia 930 921 829 12% 1%
Uzbekistan 4,716 4,286 3,604 31% 10%
Total digital daily active users (digital DAU) 1,760 1,718 1,358 30% 2%
Georgia 413 421 368 12% -2%
Uzbekistan 1,347 1,297 990 36% 4%
Digital DAU/MAU 31% 33% 31% 0 pp -2 pp
Georgia 44% 46% 44% 0 pp -2 pp
Uzbekistan 29% 30% 27% 2 pp -1 pp
Uzbekistan - key highlights
Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Loans and advances to customers (GEL, thousands) 928,553 796,930 407,993 127.6% 16.5%
Customer accounts (GEL, thousands) 657,190 581,483 374,429 75.5% 13.0%
Payme's payments volume (GEL, billion) 2.5 2.6 2.2 13.6% -3.8%
1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Profit for the period (GEL, thousands) 18,436 20,433 12,708 45.1% -9.8%
ROE 23.7% 29.7% 28.1% -4.4 pp -6.0 pp
TNET - digital lifestyle platform in Georgia
In millions 1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Gross merchandise value (GMV, GEL) 36.2 36.4 30.4 19.1% -0.5%
Number of transactions 4.1 4.1 3.4 20.6% 0.0%
Letter from the Chief Executive Officer 1 (#_ftn1)
I am pleased to report that we started 2024 strongly, with net income
increasing 16% year-on-year to GEL 296 million, and our ROE remaining above
25%. Operating income was also up by 16% to GEL 618 million.
Before discussing our 1Q 2024 results in more detail, I would like to
highlight that in April we successfully issued USD 300 million AT1 bonds, with
strong investor demand from the EU, UK, and US and which prices c. 50 bps
below our outstanding AT1 bonds that are callable in October this year. This
AT1 offering will reinforce our capital structure and help to provide an
excellent foundation for pursuing growth opportunities over the next few
years.
Turning back to our financials, our high profitability was driven by strong
net interest income, which grew by 21% year-on-year, underpinned by dynamic
loan book growth and resilient margins, while our net fee and commission
income rose 13%. Our solid revenue streams continue to be supported by sound
asset quality, which translated into 0.8% cost of risk. At the same time, our
operating expenses increased by 26% due to the expansion of our business, with
our Uzbek operations accounting for almost 40% of the growth. Consequently,
our cost to income ratio stood at 37.2% in 1Q 2024.
Credit growth remained robust in 1Q 2024 with the Group's gross loan book
increasing by 21% year-on-year on a constant currency basis. In parallel, the
Group's total deposits grew by 18% year-on-year on a constant currency basis,
highlighting strong funding support.
Our active customer base also continues to increase, in particular in
Uzbekistan. Our digital MAU reached 5.6 million at the Group level by end of
March 2024, up 27% year-on-year, while almost one third of our users are
active across our digital platforms on a daily basis.
I would like to highlight the performance of our digital financial services
businesses in Uzbekistan, which continue to go from strength to strength as
they become a significant contributor to the overall Group's balance sheet and
profitability. In 1Q 2024 alone, Uzbekistan generated GEL 74 million in total
operating income and GEL 18 million in net profit, constituting 12% and 6% of
the Group totals, respectively. Over the same period, the ROE of our Uzbek
operations amounted to a very healthy 23.7%.
In addition, TBC UZ is delivering remarkable growth in its balance sheet. As
of the end of 1Q 2024, TBC UZ's retail loans amounted to GEL 929 million, up
by 128% year-on-year and accounting for 42% of the Group's consumer loans with
a micro loan market share 2 (#_ftn2) of 15.3%. At the same time, TBC UZ
retail deposits reached GEL 657 million, up by 76% year-on-year, representing
8% of the Group's retail deposits and capturing 3.4% retail deposit market
share(2). Our focus in Uzbekistan this year is on new product development, in
particular rolling out credit cards, daily and MSME banking as well as scaling
up our business as we continue to build greater synergies and integration
within our digital banking and payments businesses.
I believe that the Group is well positioned to build further on this strong
start to the year and deliver excellent results for our shareholders in 2024,
as well as ensuring we are on track to meet our strategic targets for next
year. We continue to feel the benefits of strong economic growth within our
two major operating countries, with our outlook for Georgian economic growth
this year raised to 6.4%, while we expect very solid and consistent 5.6%
growth in Uzbekistan.
Finally, I am pleased to report that the Board has approved a buyback
programme of up to GEL75 million, of which GEL 50 million will be for share
cancellation and GEL 25 million for the Employee Benefit Trust.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains robust
Economic activity eased slightly but still remained very strong in 1Q 2024,
with real GDP increasing by 7.8%, following 7.5% growth in 2023. External
sector activity in 1Q 2024 continued to be negatively affected by lower
international commodity prices, with domestic exports particularly hard hit
despite a mild recovery in ferro-alloy exports. Exports and imports
denominated in US dollars decreased by 9.3% and 5.3% YoY in 1Q 2024,
respectively.
On a more positive note, tourism revenues excluding Russia, Ukraine and
Belarus increased by 30.8% YoY in 1Q 2024, while overall tourism including
migration impact grew by 1.5%, given that migrants are gradually being counted
as residents by the NBG and hence excluded from the tourism sector. Meanwhile,
remittances fell 20.7% 3 (#_ftn3) YoY in 1Q 2024, driven by a high base
effect in money transfers from Russia. Total FDI in 2023 decreased by 24.0%
YoY, due to very large liability repayments, however, reinvested earnings and
equity investments reached an all time high of USD 2.5 billion. Combined with
a high contribution from investment in GDP growth, this points to continued
positive momentum in both actual and potential economic output.
Fiscal consolidation continues in 1Q
The government remains focused on fiscal consolidation by reducing the budget
deficit relative to GDP. A sizable surplus was recorded in 1Q 2024, with the
budget balance 4 (#_ftn4) standing at 1.3% of GDP, while the government
targets 2.5% deficit for the full year, compared to 2.8% in 2023 and 3.0% in
2022.
Credit growth remains strong
Following 17.0% growth in 2023, bank credit growth accelerated slightly to
17.2% YoY as of March 2024 at constant exchange rates 5 (#_ftn5) . At the
same time, as low and stable inflation persisted, YoY growth in real credit
also remained high at 16.6%. Credit growth remains stronger for legal
entities, increasing by 20.6% YoY, while lending to individuals was up by
14.4% in 1Q 2024. The dedollarization of bank lending continues, wth the share
of FX loans slightly decreasing to 45.0% at the end of 1Q 2024 (down from
45.2% YTD).
Low inflation enables monetary policy easing
Despite substantial easing and volatile market sentiment, the GEL, with
support from still high net currency inflows, remained almost unchanged
against the USD during 1Q 2024, standing at 2.69 at the end of March. Notably,
leveraging strong inflows, the NBG switched back to reserve accumulation,
purchasing USD 88 million in the first three months of 2024.
CPI inflation stabilised well below the NBG's target of 3%, standing at 0.5%
YoY in March. However, domestic and service inflation measures showed gradual
acceleration. Nevertheless, low overall inflation led the NBG to deliver two
rate cuts in the first quarter, reducing the monetary policy rate (MPR) to
8.25%.
Uzbekistan
Continued strong economic performance
Uzbekistan also continues to show strong economic activity with 6.2% 6
(#_ftn6) real GDP growth in 1Q 2024. However, the annual growth rates of
external trade decreased compared to the 4Q 2023 and amounted to 10.5% 7
(#_ftn7) for exports of goods and 1.8% for imports, with the latter being
affected by high base effect related to a one-off. Retail credit growth
remains robust at 40%(6) YoY at end March, with mortgage credit expanding by
24% and non-mortgage credit by 53%.
Annual inflation decreased slightly from 8.8% in December to 8.0%(6) in March,
with a more pronounced deceleration evident when compared to 11.7% in March
2023. The CBU kept its monetary policy rate unchanged at 14.0% in the first
quarter. The UZS stood at 12,620(6) relative to the USD at the end of March
2024, depreciating by 2.3% in 1Q 2024, while the REER (real effective exchange
rate) remained broadly stable.
Upgrading Georgian economic growth forecast
Given the strong start to 2024, we recently upgraded our forecast for real GDP
growth in Georgia to 6.4% (from 5.6%), while our projection for Uzbekistan
stands at 5.6%.
More information on the Georgian economy and financial sector can be found at
www.tbccapital.ge (http://www.tbccapital.ge/) .
Unaudited consolidated financial results overview for 1Q 2024
This statement provides a summary of the business and financial trends for 1Q
2024 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'24 4Q'23 1Q'23
Interest income 840,354 810,428 672,150
Interest expense (397,510) (368,693) (305,359)
Net interest income 442,844 441,735 366,791
Fee and commission income 179,488 192,341 151,801
Fee and commission expense (75,185) (82,242) (59,363)
Net fee and commission income 104,303 110,099 92,438
Insurance contract revenue 36,448 33,665 29,524
Reinsurance service result 1,172 1,161 (2,870)
Insurance service claims and expenses incurred (29,817) (25,736) (20,436)
Net insurance income 7,803 9,090 6,218
Net gains from currency derivatives, foreign currency operations and 61,469 68,228 60,601
translation
Net gains from disposal of investment securities measured at fair value 233 8 2,012
through other comprehensive income
Other operating income 1,369 10,372 3,905
Share of (loss)/profit of associates (41) (256) 274
Other operating non-interest income 63,030 78,352 66,792
Credit loss allowance for loans to customers (43,900) (40,640) (50,040)
Credit loss (allowance)/recovery for finance lease receivable (2,046) 1,129 (1,073)
Credit loss (allowance)/recovery for performance guarantees and credit related (394) (612) 337
commitments
Credit loss recovery/(allowance) for other financial assets 1,590 (4,890) (1,954)
Credit loss allowance for financial assets measured at fair value through (335) (407) (296)
other comprehensive income
Net impairment of non-financial assets (46) (2,059) (142)
Operating income after expected credit and non-financial asset impairment 572,849 591,797 479,071
losses
Staff costs (126,563) (139,766) (103,426)
Depreciation and amortisation (34,108) (28,741) (28,361)
Allowance of provision for liabilities and charges 78 - (71)
Administrative and other operating expenses (69,078) (85,993) (50,922)
Operating expenses (229,671) (254,500) (182,780)
Profit before tax 343,178 337,297 296,291
Income tax expense (46,707) (45,856) (41,331)
Profit for the period 296,471 291,441 254,960
Other comprehensive income, net of tax:
Items that may be reclassified subsequently to profit or loss:
Movement in fair value reserve, net of tax 21,351 1,491 8,036
Exchange differences on translation to presentation currency (13,733) (2,065) (5,166)
Net other movements 58 (33) -
Other comprehensive expense for the period, net of tax 7,676 (607) 2,870
Total comprehensive income for the period 304,147 290,834 257,830
Profit attributable to:
- Shareholders of TBCG 292,805 287,699 248,668
- Non-controlling interest 3,666 3,742 6,292
Profit for the period 296,471 291,441 254,960
Total comprehensive income is attributable to:
- Shareholders of TBCG 300,481 287,092 251,538
- Non-controlling interest 3,666 3,742 6,292
Total comprehensive income for the period 304,147 290,834 257,830
Consolidated balance sheet
In thousands of GEL Mar'24 Dec'23 Mar'23
ASSETS
Cash and cash equivalents 3,147,389 3,764,087 2,188,553
Due from other banks 24,296 47,941 38,738
Mandatory cash balances with National Bank of Georgia and the Central Bank of 1,557,221 1,577,074 1,817,145
Uzbekistan
Loans and advances to customers 22,183,529 21,722,107 17,953,053
Investment securities measured at fair value through other comprehensive 3,875,799 3,475,461 3,047,598
income
Bonds carried at amortised cost 73,098 73,963 30,967
Finance lease receivables 411,386 400,411 316,247
Investment properties 15,921 15,235 21,080
Investments in associates 3,493 4,204 4,095
Current income tax prepayment 5,446 435 856
Deferred income tax asset 4,371 7,400 13,867
Other financial assets 311,427 280,268 258,135
Other assets 454,171 431,477 426,341
Premises and equipment 517,699 513,340 448,041
Right of use assets 126,880 120,077 112,977
Intangible assets 489,445 471,383 401,326
Goodwill 59,964 59,964 59,964
TOTAL ASSETS 33,261,535 32,964,827 27,138,983
LIABILITIES
Due to credit institutions 3,702,517 4,395,182 2,596,880
Customer accounts 20,838,768 20,375,498 17,297,630
Other financial liabilities 636,939 358,522 345,017
Current income tax liability 11,946 67,945 6,659
Deferred income tax liability 53,315 50,957 114,300
Debt Securities in issue 1,501,651 1,426,174 1,324,815
Provision for liabilities and charges 21,118 21,060 19,228
Other liabilities 116,323 123,218 67,024
Lease liabilities 99,501 91,879 79,989
Subordinated debt 1,050,191 868,730 583,678
Redemption liability 375,350 365,480 464,805
TOTAL LIABILITIES 28,407,619 28,144,645 22,900,025
EQUITY
Share capital 1,690 1,690 1,676
Shares held by trust (45,675) (75,609) (37,239)
Share premium 295,605 295,605 261,719
Retained earnings 4,470,376 4,433,496 3,993,387
Merger reserve 402,862 402,862 402,862
Share based payment reserve (14,689) 23,677 (2,815)
Fair value reserve for investment securities measured at fair value through 33,696 12,345 13,503
other comprehensive income
Cumulative currency translation reserve (54,737) (44,824) (41,024)
Other reserve (375,320) (365,513) (464,805)
Equity attributable to owners of the parent 4,713,808 4,683,729 4,127,264
Non-controlling interest 140,108 136,453 111,694
TOTAL EQUITY 4,853,916 4,820,182 4,238,958
TOTAL LIABILITIES AND EQUITY 33,261,535 32,964,827 27,138,983
Ratios
Ratios (based on monthly averages, where applicable) 1Q'24 4Q'23 1Q'23
Profitability ratios:
ROE(1) 25.1% 25.2% 25.2%
ROA(2) 3.6% 3.7% 3.6%
Cost to income(3) 37.2% 39.8% 34.3%
NIM(4) 6.5% 6.7% 6.4%
Loan yields(5) 12.7% 12.7% 12.4%
Deposit rates(6) 5.4% 5.1% 4.9%
Cost of funding(7) 6.0% 5.7% 5.4%
Asset quality & portfolio concentration:
Cost of risk(9) 0.8% 0.8% 1.1%
PAR 90 to gross loans(9) 1.2% 1.1% 1.3%
NPLs to gross loans(10) 2.2% 2.0% 2.2%
NPL provision coverage(11) 74.4% 79.8% 92.9%
Total NPL coverage(12) 140.3% 146.3% 154.8%
Credit loss level to gross loans(13) 1.6% 1.6% 2.0%
Related party loans to gross loans(14) 0.1% 0.1% 0.1%
Top 10 borrowers to total portfolio(15) 5.9% 6.2% 6.0%
Top 20 borrowers to total portfolio(16) 8.8% 9.1% 9.0%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 96.7% 96.1% 92.9%
Leverage (x)(18) 6.9x 6.8x 6.4x
Georgia
Net stable funding ratio(19) 114.8% 119.9% 131.3%
Liquidity coverage ratio(20) 114.6% 115.3% 135.7%
CET 1 CAR(21) 16.6% 17.4% 17.7%
Tier 1 CAR(22) 18.8% 19.6% 20.1%
Total 1 CAR(23) 21.5% 22.1% 22.2%
Uzbekistan
CET 1 CAR(24) 12.7% 15.4% 23.1%
Tier 1 CAR(25) 12.7% 15.4% 23.1%
Total 1 CAR(26) 16.2% 16.3% 23.6%
Funding and liquidity in Georgia
Mar'24 Dec'23 Mar'23 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 114.8% 119.9% 131.3% -16.5 pp -5.1 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 114.6% 115.3% 135.7% -21.1 pp -0.7 pp
LCR in GEL, as defined by the NBG 114.8% 109.8% 164.2% -49.4 pp 5.0 pp
LCR in FC, as defined by the NBG 114.4% 120.1% 116.5% -2.1 pp -5.7 pp
Regulatory capital
Georgia
The capital ratios as of 31 March 2024 already account for the pending
dividend payment effect.
In thousands of GEL Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
CET 1 capital 4,096,919 4,235,033 3,667,479 11.7% -3.3%
Tier 1 capital 4,635,979 4,772,913 4,179,559 10.9% -2.9%
Total capital 5,290,327 5,374,301 4,601,884 15.0% -1.6%
Total risk-weighted assets 24,607,358 24,336,690 20,767,052 18.5% 1.1%
Minimum CET 1 ratio 14.5% 14.3% 14.3% 0.2 pp 0.2 pp
CET 1 capital adequacy ratio 16.6% 17.4% 17.7% -1.1 pp -0.8 pp
Minimum Tier 1 ratio 16.8% 16.6% 16.7% 0.1 pp 0.2 pp
Tier 1 capital adequacy ratio 18.8% 19.6% 20.1% -1.3 pp -0.8 pp
Minimum total capital adequacy ratio 19.9% 19.8% 19.7% 0.2 pp 0.1 pp
Total capital adequacy ratio 21.5% 22.1% 22.2% -0.7 pp -0.6 pp
Uzbekistan
As of 31 March 2024, our capital ratios for Uzbek bank decreased due to rapid
growth in the loan book.
Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Minimum CET 1 ratio 8.0% 8.0% 8.0% 0.0 pp 0.0 pp
CET 1 capital adequacy ratio 12.7% 15.4% 23.1% -10.4 pp -2.7 pp
Minimum Tier 1 ratio 10.0% 10.0% 10.0% 0.0 pp 0.0 pp
Tier 1 capital adequacy ratio 12.7% 15.4% 23.1% -10.4 pp -2.7 pp
Minimum total capital adequacy ratio 13.0% 13.0% 13.0% 0.0 pp 0.0 pp
Total capital adequacy ratio 16.2% 16.3% 23.6% -7.4 pp -0.1 pp
Loan portfolio
As of 31 March 2024, the gross loan portfolio reached GEL 22,545.2 million, up
by 23.1% YoY and 2.1% QoQ, or up by 20.6% YoY and 2.6% QoQ on a constant
currency basis.
In 1Q 2024, our Georgian financial services loan portfolio increased by 20.7%
on a YoY and 1.6% on a QoQ basis and reached GEL 21,594.0 million, with 17.9%
YoY and 2.0% QoQ growth on a constant currency basis. Over the same period,
our Uzbek portfolio increased more than doubled YoY and by 16.5% QoQ.
Quarterly growth translated into growth of 18.8% on a constant currency basis.
In thousands of GEL Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Gross loans and advances to customers
Georgian financial services (Georgia FS)* 21,594,026 21,257,692 17,896,929 20.7% 1.6%
Retail Georgia 7,682,858 7,513,229 6,739,925 14.0% 2.3%
CIB Georgia 8,419,450 8,283,723 6,512,092 29.3% 1.6%
MSME Georgia 5,506,736 5,480,822 4,663,394 18.1% 0.5%
Uzbekistan 928,553 796,930 407,993 127.6% 16.5%
Total gross loans and advances to customers** 22,545,189 22,073,679 18,321,341 23.1% 2.1%
* Georgian FS includes sub-segment eliminations
** Total gross loans and advances to customers include Azerbaijan loan
portfolio
1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Loan yields 12.7% 12.7% 12.4% 0.3 pp 0.0 pp
GEL 14.1% 14.6% 14.9% -0.8 pp -0.5 pp
FC 8.6% 8.7% 8.2% 0.4 pp -0.1 pp
UZS 43.2% 41.7% 43.6% -0.4 pp 1.5 pp
Georgia FS 11.4% 11.7% 11.7% -0.3 pp -0.3 pp
GEL 14.1% 14.6% 14.9% -0.8 pp -0.5 pp
FC 8.6% 8.7% 8.2% 0.4 pp -0.1 pp
Uzbekistan 43.2% 41.7% 43.6% -0.4 pp 1.5 pp
UZS 43.2% 41.7% 43.6% -0.4 pp 1.5 pp
Total loan yields* 12.7% 12.7% 12.4% 0.3 pp 0.0 pp
* Total loans yields include Azerbaijan
Loan portfolio quality
PAR 90 Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Georgia FS* 1.2% 1.1% 1.2% 0.0 pp 0.1 pp
Retail Georgia 0.8% 0.8% 1.1% -0.3 pp 0.0 pp
CIB Georgia 0.7% 0.7% 0.8% -0.1 pp 0.0 pp
MSME Georgia 2.5% 2.2% 2.2% 0.3 pp 0.3 pp
Uzbekistan 2.1% 1.9% 2.0% 0.1 pp 0.2 pp
Total PAR 90** 1.2% 1.1% 1.3% -0.1 pp 0.1 pp
* Georgian FS includes sub-segment eliminations
** Total PAR 90 includes Azerbaijan
In thousands of GEL Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Non-performing Loans (NPL)
Georgia FS* 466,110 425,061 386,474 20.6% 9.7%
Retail Georgia 125,625 127,102 138,234 -9.1% -1.2%
CIB Georgia 137,849 114,130 88,830 55.2% 20.8%
MSME Georgia 202,636 183,829 159,410 27.1% 10.2%
Uzbekistan 19,222 15,006 8,176 135.1% 28.1%
Total non-performing loans** 486,058 440,750 396,433 22.6% 10.3%
* Georgian FS includes sub-segment eliminations
** Total non-performing loans include Azerbaijan NPLs
NPL to gross loans Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Georgia FS* 2.2% 2.0% 2.2% 0.0 pp 0.2 pp
Retail Georgia 1.6% 1.7% 2.1% -0.5 pp -0.1 pp
CIB Georgia 1.6% 1.4% 1.4% 0.2 pp 0.2 pp
MSME Georgia 3.7% 3.4% 3.4% 0.3 pp 0.3 pp
Uzbekistan 2.1% 1.9% 2.0% 0.1 pp 0.2 pp
Total NPL to gross loans** 2.2% 2.0% 2.2% 0.0 pp 0.2 pp
* Georgian FS includes sub-segment eliminations
** Total NPL to gross loans include Azerbaijan NPLs
Mar'24 Dec'23 Mar'23
NPL Coverage Provision Coverage Total Coverage*** Provision Coverage Total Coverage*** Provision Coverage Total Coverage***
Georgia FS* 68.1% 136.6% 73.4% 142.2% 89.7% 152.1%
Retail Georgia 121.3% 183.6% 120.4% 179.5% 143.3% 188.1%
CIB Georgia 44.0% 105.2% 46.9% 110.6% 51.5% 114.6%
MSME Georgia 51.5% 128.8% 57.5% 136.0% 64.6% 140.9%
Uzbekistan 220.8% 220.8% 222.3% 222.3% 189.7% 189.7%
Total NPL coverage** 74.4% 140.3% 79.8% 146.3% 92.9% 154.8%
* Georgian FS includes sub-segment eliminations
** Total NPL coverage include Azerbaijan loans coverage
** Total NPL coverage ratio includes provision and collateral coverage
Cost of risk (CoR) 1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Georgia FS* 0.7% 0.6% 1.0% -0.3 pp 0.1 pp
Retail Georgia 1.1% 0.1% 1.4% -0.3 pp 1.0 pp
CIB Georgia 0.4% 0.3% -0.1% 0.5 pp 0.1 pp
MSME Georgia 0.7% 1.8% 2.1% -1.4 pp -1.1 pp
Uzbekistan 5.5% 4.9% 5.6% -0.1 pp 0.6 pp
Total cost of risk** 0.8% 0.8% 1.1% -0.3 pp 0.0 pp
* Georgian FS includes sub-segment eliminations
** Total cost of risk includes Azerbaijan CoR
Deposit portfolio
As of 31 March 2024, deposit portfolio reached GEL 20,838.8 million, up by
20.5% YoY and 2.3% QoQ, or up by 17.9% YoY and 2.5% QoQ on a constant currency
basis.
In 1Q 2024, our Georgian financial services deposit portfolio increased by
19.2% on a YoY and 1.6% on a QoQ basis and reached GEL 20,219.9 million, with
16.4% YoY and 1.7% QoQ growth on a constant currency basis. Over the same
period, our Uzbek portfolio almost doubled YoY and by 13.0% QoQ. The quarterly
increase was translated into growth of 15.2% on a constant currency basis.
In thousands of GEL Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Customer accounts
Georgia FS* 20,219,932 19,900,342 16,958,444 19.2% 1.6%
Retail Georgia 7,498,419 7,469,587 6,455,890 16.1% 0.4%
CIB Georgia 9,833,975 10,200,321 8,431,537 16.6% -3.6%
MSME Georgia 1,869,140 1,900,459 1,593,375 17.3% -1.6%
MOF 1,110,024 515,079 609,283 82.2% 115.5%
Uzbekistan 657,190 581,483 374,429 75.5% 13.0%
Total customer accounts** 20,838,768 20,375,498 17,297,630 20.5% 2.3%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Deposit rates 5.4% 5.1% 4.9% 0.5 pp 0.3 pp
GEL 8.0% 8.1% 8.8% -0.8 pp -0.1 pp
FC 1.3% 1.1% 0.7% 0.6 pp 0.2 pp
UZS 25.5% 25.0% 25.4% 0.1 pp 0.5 pp
Georgian financial services 4.8% 4.5% 4.5% 0.3 pp 0.3 pp
GEL 8.0% 8.1% 8.8% -0.8 pp -0.1 pp
FC 1.3% 1.1% 0.7% 0.6 pp 0.2 pp
Uzbek business 25.4% 24.9% 25.3% 0.1 pp 0.5 pp
FC 3.7% 3.8% 4.9% -1.2 pp -0.1 pp
UZS 25.5% 25.0% 25.4% 0.1 pp 0.5 pp
Total deposit rates* 5.4% 5.1% 4.9% 0.5 pp 0.3 pp
* Total deposits rates include MOF deposits
Additional information
1) Financial disclosures by business lines
Business line definitions
According to the updated segment definition starting from 1 January 2023, the
operating segments are defined as follows:
· Georgian financial services (GFS) - include JSC TBC Bank with its
Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The Georgia
financial service 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 Bank Uzbekistan with respective subsidiaries and
Payme (Inspired LLC).
· Other - includes non-material or non-financial subsidiaries of
the group and intra-group eliminations.
Income statement and other comprehensive income by business lines as of 1Q
2024
In thousands of GEL Georgia FS Uzbekistan Other** Group
Interest income 736,833 101,324 2,197 840,354
Interest expense* (351,165) (47,028) 683 (397,510)
Net interest income 385,668 54,296 2,880 442,844
Fee and commission income 148,492 28,073 2,923 179,488
Fee and commission expense (67,249) (7,899) (37) (75,185)
Net fee and commission income 81,243 20,174 2,886 104,303
Net insurance income 7,976 - (173) 7,803
Net gains/(losses) from currency derivatives, foreign currency operations and 64,629 (426) (2,734) 61,469
translation
Net gains from disposal of investment securities measured at fair value 233 - - 233
through other comprehensive income
Other operating income 1,319 1 49 1,369
Share of loss of associates (41) - - (41)
Other operating non-interest income 74,116 (425) (2,858) 70,833
Credit loss (allowance)/recovery for loans to customers (36,825) (11,753) 4,678 (43,900)
Credit loss allowance for finance lease receivable (1,548) (403) (95) (2,046)
Credit loss allowance for performance guarantees and credit related (394) - - (394)
commitments
Credit loss recovery/(allowance) for other financial assets 1,710 (120) - 1,590
Credit loss allowance for financial assets measured at fair value through (335) - - (335)
other comprehensive income
Net impairment of non-financial assets (23) - (23) (46)
Operating income after expected credit and non-financial asset impairment 503,612 61,769 7,468 572,849
losses
Staff costs (101,240) (12,974) (12,349) (126,563)
Depreciation and amortisation (29,265) (2,759) (2,084) (34,108)
Allowance of provision for liabilities and charges 78 - - 78
Administrative and other operating expenses (44,842) (24,635) 399 (69,078)
Operating expenses (175,269) (40,368) (14,034) (229,671)
Profit before tax 328,343 21,401 (6,566) 343,178
Income tax expense (43,704) (2,964) (39) (46,707)
Profit for the period 284,639 18,437 (6,605) 296,471
Profit attributable to:
- Shareholders of TBCG 284,634 18,437 (10,266) 292,805
- Non-controlling interest 5 - 3,661 3,666
Profit for the period 284,639 18,437 (6,605) 296,471
* Interest expense includes net interest gains from currency swaps
** Includes Azerbaijan, TNET, other subsidiaries and intra-group eliminations
Balance sheet by business lines as of 31 March 2024
In thousands of GEL Georgia FS Uzbekistan Other* Group
ASSETS
Cash and cash equivalents 2,969,683 185,828 (8,122) 3,147,389
Due from other banks 24,268 - 28 24,296
Mandatory cash balances with National Bank of Georgia and the Central Bank of 1,552,123 5,098 - 1,557,221
Uzbekistan
Loans and advances to customers 21,276,764 886,119 20,646 22,183,529
Investment securities measured at fair value through other comprehensive 3,875,799 - - 3,875,799
income
Bonds carried at amortised cost 13,969 59,129 - 73,098
Finance lease receivables 364,757 39,142 7,487 411,386
Investment properties 15,921 - - 15,921
Investments in associates 18,106 - (14,613) 3,493
Current income tax prepayment 5,201 - 245 5,446
Deferred income tax asset - 3,966 405 4,371
Other financial assets 292,776 42,004 (23,353) 311,427
Other assets 428,817 20,645 4,709 454,171
Premises and equipment 495,328 16,070 6,301 517,699
Right of use assets 118,386 4,663 3,831 126,880
Intangible assets 367,873 32,078 89,494 489,445
Goodwill 28,197 1,912 29,855 59,964
TOTAL ASSETS 31,847,968 1,296,654 116,913 33,261,535
LIABILITIES
Due to credit institutions 3,601,828 183,940 (83,251) 3,702,517
Customer accounts 20,219,932 657,190 (38,354) 20,838,768
Other financial liabilities 725,674 42,185 (130,920) 636,939
Current income tax liability 11,774 - 172 11,946
Deferred income tax liability 53,315 - - 53,315
Debt Securities in issue 1,286,535 - 215,116 1,501,651
Provision for liabilities and charges 21,118 - - 21,118
Other liabilities 70,858 43,336 2,129 116,323
Lease liabilities 90,136 5,950 3,415 99,501
Subordinated debt 1,050,650 43,151 (43,610) 1,050,191
Redemption liability - - 375,350 375,350
TOTAL LIABILITIES 27,131,820 975,752 300,047 28,407,619
EQUITY
Share capital 29,148 331,684 (359,142) 1,690
Shares held by trust - - (45,675) (45,675)
Share premium 521,190 35,723 (261,308) 295,605
Retained earnings 4,217,188 (4,828) 258,016 4,470,376
Merger reserve - 67 402,795 402,862
Share based payment reserve (85,276) - 70,587 (14,689)
Fair value reserve for investment securities measured at fair value through 33,696 - - 33,696
other comprehensive income
Cumulative currency translation reserve - (41,746) (12,991) (54,737)
Other reserves - 2 (375,322) (375,320)
Equity attributable to owners of the parent 4,715,946 320,902 (323,040) 4,713,808
Non-controlling interest 202 - 139,906 140,108
TOTAL EQUITY 4,716,148 320,902 (183,134) 4,853,916
TOTAL LIABILITIES AND EQUITY 31,847,968 1,296,654 116,913 33,261,535
* Includes Azerbaijan, TNET, other subsidiaries and intra-group eliminations
Key ratios by business lines
1Q'24 Georgia FS Uzbekistan Group
Profitability ratios:
ROE(1) 24.0% 23.7% 25.1%
ROA(2) 3.6% 6.5% 3.6%
Cost to income(3) 32.4% 54.5% 37.2%
NIM(4) 5.9% 23.6% 6.5%
Loan yields(5) 11.4% 43.2% 12.7%
Deposit rates(6) 4.8% 25.4% 5.4%
Cost of funding(7) 5.4% 24.1% 6.0%
Asset quality & portfolio concentration:
Cost of risk(8) 0.7% 5.5% 0.8%
PAR 90 to gross loans(9) 1.2% 2.1% 1.2%
NPLs to gross loans(10) 2.2% 2.1% 2.2%
NPL provision coverage(11) 68.1% 220.8% 74.4%
Total NPL coverage(12) 136.6% 220.8% 140.3%
For the ratio definitions and exchange rates, please refer to appendix 3.
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 The number of retail digital users, who logged into our digital channels at
(Digital MAU) least once a month
EPS Earnings per share
Gross merchandise value (GMV) GMV equals the total value of sales over the given period, including auctions
through housing and auto platforms, as well as listing fees
Monthly active customers For Georgian business, an individual user who has at least one active product
as of the reporting date or performed at least one transaction during the past
month. For Uzbek business, an individual user who logged into the digital
application at least once during the month
NBG National Bank of Georgia
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 2.6894 as of 31
December 2023. To calculate the YoY growth without the currency exchange rate
effect, we used the USD/GEL exchange rate of 2.5604 as of 31 March 2023. As of
31 March 2024, the USD/GEL exchange rate equalled 2.6953. For P&L items
growth calculations without the currency effect, we used the average USD/GEL
exchange rate for the following periods: 4Q 2023 of 26943 and 1Q 2023 of
2.6372. As of 1Q 2024, the USD/GEL exchange rate equalled 2.6713.
1 (#_ftnref1) Note: For better presentation purposes, certain financial
numbers are rounded to the nearest whole number.
2 (#_ftnref2) Based on data published by the CBU, as of 1 April 2024.
3 (#_ftnref3) Remittances from Russia are adjusted for double counting with
tourism inflows and other similar effects, based on TBC Capital estimates.
4 (#_ftnref4) Per IMF program definition.
5 (#_ftnref5) Based on data published by NBG and FX-adjusted by TBC, based
on Dec-2023 end of period exchange rate.
(( 6 (#_ftnref6) )) Based on data published by CBU.
7 (#_ftnref7) Based on data published by the Uzstat
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