REG - TBC Bank Group PLC - 4Q and FY 2024 Results Report
12/02/2025 07:00
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RNS Number : 7350W TBC Bank Group PLC 12 February 2025
TBC BANK GROUP PLC ("TBC Bank")
4Q AND FY 2024 PRELIMINARY 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, 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
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 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.
4Q and FY 2024 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") has published its preliminary unaudited
consolidated financial results for the 4Q and FY 2024 on Wednesday, 12
February 2025 at 7.00 AM GMT. The management team will host a conference call
at 2.00 PM GMT.
To participate in the conference call live video webinar, please register
using the following link:
https://www.netroadshow.com/events/login?show=9b450464&confId=76359
(https://www.netroadshow.com/events/login?show=9b450464&confId=76359)
You will receive access details via email.
Contacts
Andrew Keeley Anna Romelashvili Investor Relations Department
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
4Q and FY 2024 preliminary unaudited consolidated financial results
announcement
Interim management report
Financial highlights. (#_Toc188961308) (#_Toc188961308) 5 (#_Toc188961308)
Operational highlights. (#_Toc188961309) (#_Toc188961309) 6
(#_Toc188961309)
Letter from the Chief Executive Officer. (#_Toc188961310) (#_Toc188961310)
7 (#_Toc188961310)
Economic overview.. (#_Toc188961311) (#_Toc188961311) 8 (#_Toc188961311)
Progress towards our mid-term strategy targets. (#_Toc188961312)
(#_Toc188961312) 8 (#_Toc188961312)
Unaudited consolidated financial results overview for 4Q 2024.
(#_Toc188961313) (#_Toc188961313) 9 (#_Toc188961313)
Preliminary unaudited consolidated financial results overview for FY 2024.
(#_Toc188961314) (#_Toc188961314) 15 (#_Toc188961314)
Additional information. (#_Toc188961315) (#_Toc188961315) 21
(#_Toc188961315)
1) (#_Toc188961316) (#_Toc188961316) Financial disclosures by
business lines. (#_Toc188961316) (#_Toc188961316) 21 (#_Toc188961316)
2) (#_Toc188961317) (#_Toc188961317) Glossary.
(#_Toc188961317) (#_Toc188961317) 24 (#_Toc188961317)
3) (#_Toc188961318) (#_Toc188961318) Ratio definitions and
exchange rates. (#_Toc188961318) (#_Toc188961318) 24 (#_Toc188961318)
4Q and FY 2024 preliminary unaudited consolidated financial results
4Q 2024 net profit of GEL 335 million, up by 15% YoY, with ROE at 24.1%.
FY 2024 net profit of GEL 1.3 billion, up by 15% YoY, with ROE at 25.6%.
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.
The financial information contained in this document does not constitute
statutory accounts for the years ended 31 December 2024 and 31 December 2023
within the meaning of section 435 of the Companies Act 2006 (the Act), but is
derived from those accounts. The statutory accounts for the year ended 31
December 2024 will be published on the Group's website and will be delivered
to the Registrar of Companies in accordance with section 441 of the Act. The
auditor's report on those accounts is expected to be unqualified. The
statutory accounts for the year ended 31 December 2023 have been filed with
the Registrar of Companies, and the auditors' report on those accounts was
unqualified, did not draw attention to any matters by way of emphasis and did
not include a statement under sections 498(2) or 498(3) of the Act.
Financial highlights
Income statement
In thousands of GEL 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ FY'24 FY'23 Change YoY
Net interest income 507,691 492,561 441,735 14.9% 3.1% 1,901,207 1,635,798 16.2%
Net fee and commission income 147,928 144,797 110,099 34.4% 2.2% 520,426 412,325 26.2%
Other non-interest income 128,038 116,296 87,442 46.4% 10.1% 412,089 325,377 26.6%
Total operating income 783,657 753,654 639,276 22.6% 4.0% 2,833,722 2,373,500 19.4%
Total credit loss allowance (74,790) (55,275) (47,479) 57.5% 35.3% (206,761) (180,740) 14.4%
Operating expenses (306,620) (280,208) (254,500) 20.5% 9.4% (1,073,076) (858,927) 24.9%
Non-recurring impairment loss due to write-down of the asset held for sale (9,800) - - NMF NMF (9,800) - NMF
Net profit before tax 392,447 418,171 337,297 16.4% -6.2% 1,544,085 1,333,833 15.8%
Income tax expense (57,848) (70,908) (45,856) 26.2% -18.4% (236,454) (193,858) 22.0%
Net profit 334,599 347,263 291,441 14.8% -3.6% 1,307,631 1,139,975 14.7%
Adjusted net profit 1 (#_ftn1) 344,399 347,263 291,441 18.2% -0.8% 1,317,431 1,139,975 15.6%
Balance sheet
In thousands of GEL Dec'24 Sep'24 Dec'23 Change YoY Change QoQ
Total assets 40,160,466 37,972,326 32,964,827 21.8% 5.8%
Gross loans 26,721,683 25,315,760 22,484,958 18.8% 5.6%
Customer deposits 22,863,833 22,548,107 20,375,498 12.2% 1.4%
Total equity 5,739,009 5,427,772 4,820,182 19.1% 5.7%
Number of ordinary shares 56,287,900 56,022,807 55,393,664 1.6% 0.5%
Key ratios
4Q'24 3Q'24 4Q'23 Change YoY Change QoQ FY'24 FY'23 Change YoY
ROE 24.1% 26.6% 25.2% -1.1 pp -2.5 pp 25.6% 26.5% -0.9 pp
Adjusted ROE(1) 24.8% 26.6% 25.2% -0.4 pp -1.8 pp 25.8% 26.5% -0.7 pp
ROA 3.3% 3.7% 3.7% -0.4 pp -0.4 pp 3.6% 3.9% -0.3 pp
NIM 6.7% 6.4% 6.7% 0.0 pp 0.3 pp 6.7% 6.7% 0.0 pp
Cost to income 39.1% 37.2% 39.8% -0.7 pp 1.9 pp 37.9% 36.2% 1.7 pp
Cost of risk 1.0% 0.8% 0.7% 0.3 pp 0.2 pp 0.8% 0.8% 0.0 pp
NPL to gross loans 2.2% 2.2% 2.0% 0.2 pp 0.0 pp 2.2% 2.0% 0.2 pp
NPL provision coverage ratio 71.8% 72.3% 79.6% -7.8 pp -0.5 pp 71.8% 79.6% -7.8 pp
Total NPL coverage ratio 143.9% 141.6% 147.7% -3.8 pp 2.3 pp 143.9% 147.7% -3.8 pp
Leverage (x) 7.0x 7.0x 6.8x 0.2x 0x 7.0x 6.8x 0.2x
EPS (GEL) 5.91 6.17 5.31 11.3% -4.2% 23.41 20.74 12.9%
Diluted EPS (GEL) 5.87 6.14 5.26 11.6% -4.4% 23.27 20.58 13.1%
BVPS (GEL) 100.25 94.88 86.32 16.1% 5.7% 100.25 86.32 16.1%
Georgia
CET 1 CAR 16.8% 16.6% 17.4% -0.6 pp 0.2 pp 16.8% 17.4% -0.6 pp
Tier 1 CAR 20.4% 20.4% 19.6% 0.8 pp 0.0 pp 20.4% 19.6% 0.8 pp
Total CAR 23.8% 23.9% 22.1% 1.7 pp -0.1 pp 23.8% 22.1% 1.7 pp
Uzbekistan
CET 1 CAR 21.9% 16.4% 15.4% 6.5 pp 5.5 pp 21.9% 15.4% 6.5 pp
Tier 1 CAR 21.9% 16.4% 15.4% 6.5 pp 5.5 pp 21.9% 15.4% 6.5 pp
Total CAR 23.2% 19.6% 16.3% 6.9 pp 3.6 pp 23.2% 16.3% 6.9 pp
Operational highlights
Customer base
In thousands Dec'24 Sep'24 Dec'23 Change YoY Change QoQ
Total unique registered users 21,814 20,486 16,710 31% 6%
Georgia 3,463 3,418 3,275 6% 1%
Uzbekistan 18,351 17,068 13,435 37% 8%
Total monthly active customers 7,619 6,563 5,890 29% 16%
Georgia 1,701 1,671 1,604 6% 2%
Uzbekistan 5,918 4,892 4,286 38% 21%
Total digital monthly active users (digital MAU) 6,968 5,892 5,207 34% 18%
Georgia 1,050 1,000 921 14% 5%
Uzbekistan 5,918 4,892 4,286 38% 21%
Total digital daily active users (digital DAU) 2,444 1,948 1,718 42% 25%
Georgia 494 456 421 17% 8%
Uzbekistan 1,950 1,492 1,297 50% 31%
Digital DAU/MAU 35% 33% 33% 2 pp 2 pp
Georgia 47% 46% 46% 1 pp 0 pp
Uzbekistan 33% 30% 30% 3 pp 3 pp
Unique registered users of Uzbekistan have been reclassified
Uzbekistan - key highlights
In thousands of GEL Dec'24 Sep'24 Dec'23 Change YoY Change QoQ
Gross loans and advances to customers 1,758,028 1,373,506 828,710 112.1% 28.0%
Customer accounts 1,055,758 855,689 581,483 81.6% 23.4%
In thousands of GEL 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ FY'24 FY'23 Change YoY
Total operating income 137,397 111,373 65,053 111.2% 23.4% 413,896 207,780 99.2%
Net profit 36,513 31,595 20,433 78.7% 15.6% 110,324 59,329 86.0%
ROE 27.7% 28.2% 29.7% -2.0 pp -0.5 pp 26.9% 26.0% 0.9 pp
Letter from the Chief Executive Officer(( 2 (#_ftn2) ))
I am delighted to report that TBC achieved another set of strong results in
the fourth quarter of 2024, rounding off an excellent year. In 4Q 2024, net
profit reached GEL 335 million 3 (#_ftn3) , up 15% year-on-year, with 24.1%
ROE 4 (#_ftn4) . For the full year 2024, our net profit amounted to a record
GEL 1,308 million(3), up by 15% year-on-year, with 25.6% ROE(4). This marks
our third consecutive year of 25%+ ROE and means that we have posted above 20%
ROE for nine of the past 10 years (with the Covid-impacted 2020 the only
exception), which is testament to our consistent and strong delivery for
shareholders over the long-term.
Among the highlights for 2024, I would like to point to the excellent
achievements of our digital banking ecosystem in Uzbekistan. Over the past
year, TBC Uzbekistan has scaled up, with its total users increasing by 37% to
over 18 million and its loan book more than doubling. The foundations for
future growth have been laid through investments in key infrastructure, AI
initiatives, world-class talent and a suite of new core products. These
include Salom Card, our flagship daily banking product, Osmon Card, our first
revolving credit card, and TBC Business, Uzbekistan's first fully digital SME
banking service. Finally, in January 2025, we launched Payme Plus, a monthly
subscription service delivered through Payme, offering a bundle of value-added
financial and lifestyle products. Many of the pieces are now in place for TBC
Uzbekistan to contribute greatly both to the further development of the
Uzbekistan banking sector and to our Group overall.
Final dividend of GEL 5.55 per share declared, FY 2024 DPS up 12% YoY
In light of our strong results, I am delighted to announce that the Board has
recommended a final dividend per share of GEL 5.55 (subject to AGM approval),
which brings the full year dividend per share to GEL 8.10, an increase of 12%
year-on-year. Together with a GEL 50 million buyback, this brings total
capital returns to shareholders for 2024 to GEL 499 million, or 39% of net
profit (2023: 35%). The combination of excellent and consistent profitability,
dynamic digital growth in Uzbekistan and high capital returns to shareholders
that I have outlined, highlights the unique strength of the TBC Group.
Operating income up 23% YoY in 4Q 2024
Turning to the final quarter in more detail, in 4Q 2024, our total operating
income reached a record high level of GEL 784 million, up by 23% year-on-year.
The growth was driven by a 15% year-on-year increase in net interest income,
along with an excellent contribution from net fee and commission income, which
rose by 34% year-on-year, driven by our payments business in Georgia and
excellent growth in Uzbekistan.
Robust growth momentum in Georgia alongside fast-paced expansion in Uzbekistan
In 4Q 2024, our Georgian financial services continued to perform well, with
net profit increasing by 13% year-on-year and ROE standing at 24.6%. For the
full year 2024, our loan book increased by 14.2% year-on-year and deposits
grew by 8.1%, both on a constant currency basis. At the same time, our capital
position in Georgia remains very solid, with CET1, Tier 1, and Total Capital
ratios standing at 16.8%, 20.4%, and 23.8%, respectively, well above the
minimum regulatory requirements.
During 4Q 2024, our digital banking ecosystem in Uzbekistan maintained its
fast-paced and profitable expansion. For the full year 2024, our loan book
more than doubled to GEL 1.8 billion (USD 626 million), capturing 16.4% share
of the unsecured consumer loan market(( 5 (#_ftn5) )) and accounting for half
of the Group's unsecured consumer loans. On the funding side, we successfully
diversified our funding mix, with 82% year-on-year growth in retail deposits
complemented by USD 105 million of new wholesale funding, as well as our debut
local currency bond issuance, and USD 75 million capital injections by
shareholders. In 4Q 2024, TBC Uzbekistan's operating income increased by 111%
year-on-year, reaching GEL 137 million (USD 50 million). Over the same period,
its net profit increased by 79% and amounted to GEL 37 million (USD 13
million), while ROE stood at an excellent 27.7%. As a result, TBC Uzbekistan
contributed 18% to the Group's total operating income and accounted for 11% of
its net profit.
Our customer base continues to grow, with digital monthly active users ("MAU")
hitting 7.0 million at the Group level, up by 1.8 million or 34% year-on-year.
We are also encouraged to see that more than one third of our users are active
across our digital platforms on a daily basis.
2025 strategic targets well on track
As a team, we achieved a great deal in 2024, but as always there remains much
to do, and we look forward to 2025 being another year of further scaling up
our business in Uzbekistan and continuing to deliver strong and profitable
growth in Georgia. I am confident we are fully on track to meet the mid-term
targets we have set for 2025.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains resilient
Georgia's real GDP increased by 8.4% year-on-year in the fourth quarter of
2024, bringing full-year 2024 growth to a robust 9.5%. This follows impressive
growth rates of 7.8% in 2023 and 9.8% in the first nine months of 2024.
Consumption, tourism, and strong real credit growth contributed the most to
this year's performance, whilst foreign direct investments (FDI) declined and
growth in remittances and migration-related inflows moderated slightly.
Estimated net inflows into Georgia declined Q-o-Q in the fourth quarter,
primarily due to increased imports. Total goods exports denominated in U.S.
dollars rose by 19.3% year-on -year in the fourth quarter with domestic
exports surging by 26.4%, while full year exports increased by 7.8%. Imports
grew by 16.2% year-on-year in the fourth quarter and 8.1% in the full 2024.
FDI fell in the third quarter, decreasing by 55.2% year-on-year due to a fall
in equity investments, while reinvested FDI remained a substantial portion of
this inflow during the first nine months of the year. At the same time, as of
3Q 2024, the underlying current account deficit, when measured without
reinvestments, remained close to historical lows at -0.3% in seasonally
adjusted terms, while the total deficit stood at -0.9%, again adjusted for
seasonality.
Fiscal consolidation continues
The government remains committed to fiscal consolidation, aiming to reduce the
budget deficit and public debt relative to GDP. The cumulative budget deficit
in 2024 stood at 2.3% of GDP.
Credit growth moderates but remains strong
Bank credit growth has moderated slightly with year-on-year growth decreasing
from 18.7% in September 2024 to 17.0% in December, at constant exchange rates.
Given the low inflation, real credit growth also remained robust at 14.9%.
Relative moderation in growth rates was evident in both segments, as retail
credit increased by 16.3% year-on-year as of December, while the growth of
lending to legal entities stood at 17.8%, compared to 16.7% and 21.3% in
September, respectively. The gradual dedollarization of bank lending
accelerated in the 4Q due to increased demand for GEL loans, with the share of
foreign currency loans declining from 43.4% at the end of September 2024 to
42.7% at the end of December, at constant exchange rates.
GEL impacted by inflows and sentiment
Strong inflows supported GEL stability throughout the year, however, worsened
sentiments due to heightened political tensions negatively affected the
national currency. Among other drivers, weakening expectations on the market
drove deposit conversions to FC, putting pressure on the GEL exchange rate.
This prompted the NBG to intervene heavily, selling around USD 917 mln
throughout the year from its foreign currency reserves to avoid a significant
GEL depreciation, with most of the selling occuring in September and October.
However, the NBG switched back to the buying side in November-December,
purchasing around USD 153 mln from the market. Meanwhile, the national
currency depreciated to 2.8 GEL per USD in the fourth quarter, compared to
2.72 at the end of September and 2.69 at the end of 2023.
Annual CPI inflation remained well below the NBG's 3% target throughout the
year and stood at 1.9% as of December 2024, with some acceleration deriving
from both the base effect and higher prices in the fourth quarter.
Consequently, the NBG decided to maintain the monetary policy rate (MPR) at 8%
in the fourth quarter, having cut it from 9.5% in the first half of the year.
Uzbekistan
Continued strong economic performance
Uzbekistan's economic growth moderated only marginally from 6.5% in the third
quarter and remained strong at 6.3% year-on-year in the fourth quarter, with
full year growth coming out at a robust 6.5%. In terms of external trade,
lower gold exports weakened the full-year growth to 2.6%, while exports
excluding gold increased by 10.6% YoY. Decreasing vehicle imports also lowered
the import of goods, with full-year imports declined by 0.9% in 2024. Retail
credit growth continued to slow down in the fourth quarter, driven by cooling
growth in both mortgage and non-mortgage loans, though it still remained
robust at 19.5% YoY at the end of December, with mortgage credit expanding by
16.4% and non-mortgage credit by 21.4%.
Annual inflation in Uzbekistan stood at 9.8% in December, a slight moderation
from 10.5% in September, though still an increase compared to 8.8% at the end
of 2023. The CBU has kept its monetary policy rate at 13.5%, with only one 0.5
pp cut over the year. By the end of December 2024, the UZS was valued at
12,920 against USD, thus continuing to depreciate following a brief
stabilization mid year. Overall, the UZS only lost around 4.7% of its value
against the USD in 2024, compared to 9.9% in 2023.
Economic growth forecasts
The World Bank and IMF project Georgia's economic growth in 2025 at 6.0%,
while Fitch expects 5.3%. The respective real GDP growth forecasts for
Uzbekistan by the World Bank, IMF and ADB stand at 5.8%, 5.7% and 6.2%. As for
TBC Capital projections for 2025, in the case of Georgia, our expectation is
now moderately lower than our previous estimate of around 5.5%, while our
forecast for Uzbekistan is in line with the above estimates.
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 4Q 2024
This statement provides a summary of the business and financial trends for 4Q
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 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ
Interest income 1,017,423 958,194 810,428 25.5% 6.2%
Interest expense (509,732) (465,633) (368,693) 38.3% 9.5%
Net interest income 507,691 492,561 441,735 14.9% 3.1%
Fee and commission income 243,328 218,596 192,341 26.5% 11.3%
Fee and commission expense (95,400) (73,799) (82,242) 16.0% 29.3%
Net fee and commission income 147,928 144,797 110,099 34.4% 2.2%
Net insurance income 6,979 11,389 9,090 -23.2% -38.7%
Net gains from currency derivatives, foreign currency operations and 111,069 101,326 68,228 62.8% 9.6%
translation
Other operating income 9,807 3,295 10,380 -5.5% NMF
Share of profit of associates 183 286 (256) NMF -36.0%
Other operating non-interest income 128,038 116,296 87,442 46.4% 10.1%
Credit loss allowance for loans to customers (58,078) (47,223) (40,640) 42.9% 23.0%
Credit loss allowance for other financial items and net impairment for (16,712) (8,052) (6,839) NMF NMF
non-financial assets
Operating income after expected credit losses 708,867 698,379 591,797 19.8% 1.5%
Staff costs (158,988) (149,257) (139,766) 13.8% 6.5%
Depreciation and amortisation (38,079) (37,488) (28,741) 32.5% 1.6%
Administrative and other operating expenses (109,553) (93,463) (85,993) 27.4% 17.2%
Operating expenses (306,620) (280,208) (254,500) 20.5% 9.4%
Non-recurring impairment loss due to write-down of the asset held for sale (9,800) - - NMF NMF
Net profit before tax 392,447 418,171 337,297 16.4% -6.2%
Income tax expense (57,848) (70,908) (45,856) 26.2% -18.4%
Net profit 334,599 347,263 291,441 14.8% -3.6%
Adjusted net profit(*) 344,399 347,263 291,441 18.2% -0.8%
Net profit attributable to:
- Shareholders of TBCG 326,758 339,893 287,699 13.6% -3.9%
- Non-controlling interest 7,841 7,370 3,742 NMF 6.4%
Other comprehensive income, net of tax:
Other comprehensive income/(expense) for the period 3,533 48,410 (607) NMF -92.7%
Total comprehensive income for the period 338,132 395,673 290,834 16.3% -14.5%
* Excludes GEL 9.8 million non-recurring impairment loss due to write-down of
the asset held for sale (TBC Kredit, our wholly owned subsidiary in
Azerbaijan)
Consolidated balance sheet
In thousands of GEL Dec'24 Sep'24 Change QoQ
ASSETS
Cash and cash equivalents 3,047,401 5,108,157 -40.3%
Due from other banks 45,498 23,347 94.9%
Mandatory cash balances with the NBG and the CBU 2,576,731 1,991,538 29.4%
Loans and advances to customers 25,683,798 24,393,183 5.3%
Investment securities 5,538,476 3,597,125 54.0%
Repurchase receivables 140,058 - NMF
Finance lease receivables 612,320 521,782 17.4%
Investment properties 9,752 14,235 -31.5%
Current income tax prepayment 60,422 84,140 -28.2%
Deferred income tax asset 3,150 920 NMF
Other financial assets 436,574 296,002 47.5%
Other assets 1,357,255 1,326,855 2.3%
Intangible assets 589,067 555,078 6.1%
Goodwill 59,964 59,964 0.0%
TOTAL ASSETS 40,160,466 37,972,326 5.8%
LIABILITIES
Due to credit institutions 7,630,850 5,922,371 28.8%
Customer accounts 22,863,833 22,548,107 1.4%
Other financial liabilities 476,143 577,196 -17.5%
Current income tax liability 1,227 27,727 -95.6%
Deferred income tax liability 50,220 57,934 -13.3%
Debt Securities in issue* 1,510,183 1,621,985 -6.9%
Other liabilities 267,099 237,480 12.5%
Subordinated debt 1,148,374 1,133,742 1.3%
Redemption liability 473,528 418,012 13.3%
TOTAL LIABILITIES 34,421,457 32,544,554 5.8%
EQUITY
Share capital 1,722 1,713 0.5%
Shares held by trust (66,982) (66,982) 0.0%
Share premium 411,088 345,913 18.8%
Retained earnings 5,286,738 4,995,298 5.8%
Other reserves (77,066) (42,996) 79.2%
Equity attributable to owners of the parent 5,555,500 5,232,946 6.2%
Non-controlling interest 183,509 194,826 -5.8%
TOTAL EQUITY 5,739,009 5,427,772 5.7%
TOTAL LIABILITIES AND EQUITY 40,160,466 37,972,326 5.8%
* Debt securities in issue includes Additional Tier 1 capital subordinated
notes
Ratios
Ratios (based on monthly averages, where applicable) 4Q'24 3Q'24 4Q'23
Profitability ratios:
ROE(1) 24.1% 26.6% 25.2%
Adjusted ROE* 24.8% 26.6% 25.2%
ROA(2) 3.3% 3.7% 3.7%
Cost to income(3) 39.1% 37.2% 39.8%
NIM(4) 6.7% 6.4% 6.7%
Loan yields(5) 13.5% 13.2% 12.9%
Deposit rates(6) 5.4% 5.4% 5.1%
Cost of funding7 6.3% 6.1% 5.7%
Asset quality & portfolio concentration:
Cost of risk(9) 1.0% 0.8% 0.7%
PAR 90 to gross loans(9) 1.4% 1.5% 1.2%
NPLs to gross loans(10) 2.2% 2.2% 2.0%
NPL provision coverage(11) 71.8% 72.3% 79.6%
Total NPL coverage(12) 143.9% 141.6% 147.7%
Credit loss level to gross loans(13) 1.6% 1.6% 1.6%
Related party loans to gross loans(14) 0.1% 0.1% 0.1%
Top 10 borrowers to total portfolio(15) 5.8% 5.8% 6.0%
Top 20 borrowers to total portfolio(16) 8.5% 8.5% 9.0%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 102.2% 99.7% 97.9%
Leverage (x)(18) 7.0x 7.0x 6.8x
Georgia
Net stable funding ratio(19) 123.9% 123.1% 119.9%
Liquidity coverage ratio(20) 125.5% 121.1% 115.3%
CET 1 CAR(21) 16.8% 16.6% 17.4%
Tier 1 CAR(22) 20.4% 20.4% 19.6%
Total 1 CAR(23) 23.8% 23.9% 22.1%
Uzbekistan
CET 1 CAR(24) 21.9% 16.4% 15.4%
Tier 1 CAR(25) 21.9% 16.4% 15.4%
Total 1 CAR(26) 23.2% 19.6% 16.3%
* Excludes GEL 9.8 million non-recurring impairment loss due to write-down of
the asset held for sale (TBC Kredit, our wholly owned subsidiary in
Azerbaijan)
Funding and liquidity in Georgia
Total liquidity coverage ratio (LCR) increased by 4.4pp on QoQ basis, mainly
driven by the increase in local currency LCR caused by additional funds
received from the financial institutions. The effect was partially offset by
increased loan portfolio growth in foreign currency (FC).
Dec'24 Sep'24 Change QoQ
Minimum net stable funding ratio, as defined by the NBG 100.0% 100.0% 0.0 pp
Net stable funding ratio as defined by the NBG 123.9% 123.1% 0.8 pp
Minimum total liquidity coverage ratio, as defined by the NBG 100.0% 100.0% 0.0 pp
Minimum LCR in GEL, as defined by the NBG 75% 75.0% 0.0 pp
Minimum LCR in FC, as defined by the NBG 100.0% 100.0% 0.0 pp
Total liquidity coverage ratio, as defined by the NBG 125.5% 121.1% 4.4 pp
LCR in GEL, as defined by the NBG 127.7% 85.9% 41.8 pp
LCR in FC, as defined by the NBG 124.7% 141.3% -16.6 pp
Regulatory capital
Georgia
In thousands of GEL Dec'24 Sep'24 Change QoQ
CET 1 capital 4,843,167 4,540,404 6.7%
Tier 1 capital 5,895,717 5,564,042 6.0%
Total capital 6,861,963 6,533,759 5.0%
Total risk-weighted assets 28,842,828 27,314,351 5.6%
Minimum CET 1 ratio 14.4% 14.5% -0.1 pp
CET 1 capital adequacy ratio 16.8% 16.6% 0.2 pp
Minimum Tier 1 ratio 16.7% 16.8% -0.1 pp
Tier 1 capital adequacy ratio 20.4% 20.4% 0.0 pp
Minimum total capital adequacy ratio 19.7% 19.8% -0.1 pp
Total capital adequacy ratio 23.8% 23.9% -0.1 pp
Uzbekistan
The QoQ increase in TBC UZ's capital adequacy ratios was mainly driven by a
capital injection in December 2024 (in the amount of USD 36.8 million) which
makes a total of USD 75.0 million during 2024.
Dec'24 Sep'24 Change QoQ
Minimum CET 1 ratio 8.0% 8.0% 0.0 pp
CET 1 capital adequacy ratio 21.9% 16.4% 5.5 pp
Minimum Tier 1 ratio 10.0% 10.0% 0.0 pp
Tier 1 capital adequacy ratio 21.9% 16.4% 5.5 pp
Minimum total capital adequacy ratio 13.0% 13.0% 0.0 pp
Total capital adequacy ratio 23.2% 19.6% 3.6 pp
Loan portfolio
As of 31 December 2024, the gross loan portfolio reached GEL 26,721.7 million,
up by 5.6% QoQ, or up by 5.3% QoQ on a constant currency basis.
By the end of December 2024, our Georgia FS loan portfolio increased by 4.3%
on a QoQ basis and reached GEL 24,941.5 million, with 4.1% QoQ growth on a
constant currency basis. Over the same period, our Uzbekistan portfolio
increased by 28.0% QoQ or 26.1% on a constant currency basis.
In thousands of GEL Dec'24 Sep'24 Change QoQ
Gross loans and advances to customers
Georgian financial services (Georgia FS)* 24,941,464 23,915,282 4.3%
Retail Georgia 8,710,516 8,391,309 3.8%
CIB Georgia 9,863,777 9,243,424 6.7%
MSME Georgia 5,943,479 5,882,230 1.0%
Uzbekistan 1,758,028 1,373,506 28.0%
Total gross loans and advances to customers** 26,721,683 25,315,760 5.6%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels.
* Georgia FS includes sub-segment eliminations
** Total gross loans and advances to customers include Azerbaijan
4Q'24 3Q'24 4Q'23 Change YoY Change QoQ
Loan yields 13.5% 13.2% 12.9% 0.6 pp 0.3 pp
GEL 14.1% 14.0% 14.6% -0.5 pp 0.1 pp
FC 8.6% 9.0% 9.1% -0.5 pp -0.4 pp
UZS 44.6% 44.4% 41.7% 2.9 pp 0.2 pp
Georgia FS 11.5% 11.5% 11.9% -0.4 pp 0.0 pp
GEL 14.1% 14.0% 14.6% -0.5 pp 0.1 pp
FC 8.6% 8.9% 9.1% -0.5 pp -0.3 pp
Uzbekistan 44.6% 44.4% 41.7% 2.9 pp 0.2 pp
UZS 44.6% 44.4% 41.7% 2.9 pp 0.2 pp
Total loan yields* 13.5% 13.2% 12.9% 0.6 pp 0.3 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels.
* Total loan yields include Azerbaijan
Loan portfolio quality
PAR 90 Dec'24 Sep'24 Change QoQ
Georgia FS* 1.4% 1.4% 0.0 pp
Retail Georgia 0.7% 0.8% -0.1 pp
CIB Georgia 0.9% 1.0% -0.1 pp
MSME Georgia 2.9% 2.7% 0.2 pp
Uzbekistan 2.0% 2.7% -0.7 pp
Total PAR 90** 1.4% 1.5% -0.1 pp
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and
Group levels.
* Georgia FS includes sub-segment eliminations
** Total PAR 90 includes Azerbaijan
In thousands of GEL Dec'24 Sep'24 Change QoQ
Non-performing loans (NPL)
Georgia FS* 554,935 514,964 7.8%
Retail Georgia 118,834 111,411 6.7%
CIB Georgia 156,632 161,856 -3.2%
MSME Georgia 263,460 222,899 18.2%
Uzbekistan 35,690 37,721 -5.4%
Total non-performing loans** 592,554 554,148 6.9%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels.
*Georgia FS includes sub-segment eliminations
** Total non-performing loans include Azerbaijan
NPL to gross loans Dec'24 Sep'24 Change QoQ
Georgia FS* 2.2% 2.2% 0.0 pp
Retail Georgia 1.4% 1.3% 0.1 pp
CIB Georgia 1.6% 1.8% -0.2 pp
MSME Georgia 4.4% 3.8% 0.6 pp
Uzbekistan 2.0% 2.7% -0.7 pp
Total NPL to gross loans** 2.2% 2.2% 0.0 pp
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels.
*Georgia FS includes sub-segment eliminations
** Total NPL to gross loans include Azerbaijan
Dec'24 Sep'24
NPL coverage Provision coverage Total coverage Provision coverage Total coverage
Georgia FS* 61.0% 138.0% 63.7% 138.0%
Retail Georgia 138.1% 201.1% 144.3% 206.0%
CIB Georgia 34.4% 106.0% 32.2% 105.8%
MSME Georgia 42.2% 126.3% 47.9% 127.0%
Uzbekistan 229.5% 229.5% 181.5% 181.5%
Total NPL coverage** 71.8% 143.9% 72.3% 141.6%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels.
*Georgia FS includes sub-segment eliminations
** Total NPL coverage includes Azerbaijan
Cost of risk (CoR) 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ
Georgia FS* 0.6% 0.5% 0.6% 0.0 pp 0.1 pp
Retail Georgia 1.0% 1.1% 0.1% 0.9 pp -0.1 pp
CIB Georgia 0.1% 0.1% 0.3% -0.2 pp 0.0 pp
MSME Georgia 0.6% 0.3% 1.8% -1.2 pp 0.3 pp
Uzbekistan 7.7% 5.8% 5.0% 2.7 pp 1.9 pp
Total cost of risk** 1.0% 0.8% 0.7% 0.3 pp 0.2 pp
Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels.
*Georgia FS includes sub-segment eliminations
** Total cost of risk includes Azerbaijan
Deposit portfolio
As of 31 December 2024, the deposit portfolio reached GEL 22,863.8 million, up
by 1.4% QoQ, or up by 0.5% QoQ on a constant currency basis.
By the end of December 2024, our Georgia FS deposit portfolio remained the
same on QoQ basis and reached GEL 21,890.5 million, with decrease of 0.8% QoQ
on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio
increased by 23.4% QoQ, or up by 21.5% on a constant currency basis.
In thousands of GEL Dec'24 Sep'24 Change QoQ
Customer accounts
Georgia FS* 21,890,518 21,892,684 0.0%
Retail Georgia 8,478,788 8,102,782 4.6%
CIB Georgia 11,308,306 11,211,555 0.9%
MSME Georgia 2,043,554 1,998,253 2.3%
MOF 214,426 711,745 -69.9%
Uzbekistan 1,055,758 855,689 23.4%
Total customer accounts** 22,863,833 22,548,107 1.4%
*Georgia FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
4Q'24 3Q'24 4Q'23 Change YoY Change QoQ
Deposit rates 5.4% 5.4% 5.1% 0.3 pp 0.0 pp
GEL 7.7% 7.7% 8.1% -0.4 pp 0.0 pp
FC 1.6% 1.4% 1.1% 0.5 pp 0.2 pp
UZS 25.1% 24.7% 25.0% 0.1 pp 0.4 pp
Georgia FS 4.6% 4.7% 4.5% 0.1 pp -0.1 pp
GEL 7.7% 7.7% 8.1% -0.4 pp 0.0 pp
FC 1.6% 1.4% 1.1% 0.5 pp 0.2 pp
Uzbekistan 24.9% 24.6% 24.9% 0.0 pp 0.3 pp
UZS 25.1% 24.7% 25.0% 0.1 pp 0.4 pp
FC 3.8% 4.7% 3.8% 0.0 pp -0.9 pp
Total deposit rates* 5.4% 5.4% 5.1% 0.3 pp 0.0 pp
* Total deposits rates include MOF deposits
Preliminary unaudited consolidated financial results overview for FY 2024
This statement provides a summary of the business and financial trends for FY
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 FY'24 FY'23 Change YoY
Interest income 3,694,520 2,948,056 25.3%
Interest expense (1,793,313) (1,312,258) 36.7%
Net interest income 1,901,207 1,635,798 16.2%
Fee and commission income 842,286 676,350 24.5%
Fee and commission expense (321,860) (264,025) 21.9%
Net fee and commission income 520,426 412,325 26.2%
Net insurance income 35,271 31,290 12.7%
Net gains from currency derivatives, foreign currency operations and 359,511 256,924 39.9%
translation
Other operating income 16,733 36,506 -54.2%
Share of profit of associates 574 657 -12.6%
Other operating non-interest income 412,089 325,377 26.6%
Credit loss allowance for loans to customers (176,866) (162,659) 8.7%
Credit loss allowance for other financial items and net impairment for (29,895) (18,081) NMF
non-financial assets
Operating income after expected credit and non-financial asset impairment 2,626,961 2,192,760 19.8%
losses
Staff costs (570,461) (472,972) 20.6%
Depreciation and amortisation (145,289) (115,975) 25.3%
Administrative and other operating expenses (357,326) (269,980) 32.4%
Operating expenses (1,073,076) (858,927) 24.9%
Non-recurring impairment loss due to write-down of the asset held for sale (9,800) - NMF
Net profit before tax 1,544,085 1,333,833 15.8%
Income tax expense (236,454) (193,858) 22.0%
Net profit 1,307,631 1,139,975 14.7%
Adjusted net profit(*) 1,317,431 1,139,975 15.6%
Net profit attributable to:
- Shareholders of TBCG 1,284,051 1,124,180 14.2%
- Non-controlling interest 23,580 15,795 49.3%
Other comprehensive income, net of tax:
Other comprehensive income/(expense) for the period 17,779 (2,121) NMF
Total comprehensive income for the period 1,325,410 1,137,854 16.5%
* Excludes GEL 9.8 million non-recurring impairment loss due to write-down of
the asset held for sale (TBC Kredit, our wholly owned subsidiary in
Azerbaijan)
Consolidated balance sheet
In thousands of GEL Dec'24 Dec'23 Change YoY
ASSETS
Cash and cash equivalents 3,047,401 3,764,087 -19.0%
Due from other banks 45,498 47,941 -5.1%
Mandatory cash balances with NBG and the CBU 2,576,731 1,577,074 63.4%
Loans and advances to customers 25,683,798 21,722,107 18.2%
Investment securities 5,538,476 3,549,424 56.0%
Repurchase receivables 140,058 - NMF
Finance lease receivables 612,320 400,411 52.9%
Investment properties 9,752 15,235 -36.0%
Current income tax prepayment 60,422 435 NMF
Deferred income tax asset 3,150 7,400 -57.4%
Other financial assets 436,574 280,268 55.8%
Other assets 1,357,255 1,069,098 27.0%
Intangible assets 589,067 471,383 25.0%
Goodwill 59,964 59,964 0.0%
TOTAL ASSETS 40,160,466 32,964,827 21.8%
LIABILITIES
Due to credit institutions 7,630,850 4,395,182 73.6%
Customer accounts 22,863,833 20,375,498 12.2%
Other financial liabilities 476,143 358,522 32.8%
Current income tax liability 1,227 67,945 -98.2%
Deferred income tax liability 50,220 50,957 -1.4%
Debt Securities in issue* 1,510,183 1,426,174 5.9%
Other liabilities 267,099 236,157 13.1%
Subordinated debt 1,148,374 868,730 32.2%
Redemption liability 473,528 365,480 29.6%
TOTAL LIABILITIES 34,421,457 28,144,645 5.8%
EQUITY
Share capital 1,722 1,690 1.9%
Shares held by trust (66,982) (75,609) -11.4%
Share premium 411,088 295,605 39.1%
Retained earnings 5,286,738 4,433,496 19.2%
Other reserves (77,066) 28,547 NMF
Equity attributable to owners of the parent 5,555,500 4,683,729 18.6%
Non-controlling interest 183,509 136,453 34.5%
TOTAL EQUITY 5,739,009 4,820,182 19.1%
TOTAL LIABILITIES AND EQUITY 40,160,466 32,964,827 21.8%
* Debt securities in issue includes Additional tier 1 capital subordinated
notes
Ratios
Ratios (based on monthly averages, where applicable) FY'24 FY'23
Profitability ratios:
ROE(1) 25.6% 26.5%
Adjusted ROE* 25.8% 26.5%
ROA(2) 3.6% 3.9%
Cost to income(3) 37.9% 36.2%
NIM(4) 6.7% 6.7%
Loan yields(5) 13.1% 12.9%
Deposit rates(6) 5.4% 5.0%
Cost of funding(7) 6.1% 5.6%
Asset quality & portfolio concentration:
Cost of risk(9) 0.8% 0.8%
PAR 90 to gross loans(9) 1.4% 1.2%
NPLs to gross loans(10) 2.2% 2.0%
NPL provision coverage(11) 71.8% 79.6%
Total NPL coverage(12) 143.9% 147.7%
Credit loss level to gross loans(13) 1.6% 1.6%
Related party loans to gross loans(14) 0.1% 0.1%
Top 10 borrowers to total portfolio(15) 5.8% 6.0%
Top 20 borrowers to total portfolio(16) 8.5% 9.0%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 102.2% 97.9%
Leverage (x)(18) 7.0x 6.8x
Georgia
Net stable funding ratio(19) 123.9% 119.9%
Liquidity coverage ratio(20) 125.5% 115.3%
CET 1 CAR(21) 16.8% 17.4%
Tier 1 CAR(22) 20.4% 19.6%
Total 1 CAR(23) 23.8% 22.1%
Uzbekistan
CET 1 CAR(24) 21.9% 15.4%
Tier 1 CAR(25) 21.9% 15.4%
Total 1 CAR(26) 23.2% 16.3%
* Excludes GEL 9.8 million non-recurring impairment loss due to write-down of
the asset held for sale (TBC Kredit, our wholly owned subsidiary in
Azerbaijan)
Funding and liquidity in Georgia
Dec'24 Dec'23 Change YoY
Minimum net stable funding ratio, as defined by the NBG 100.0% 100.0% 0.0 pp
Net stable funding ratio as defined by the NBG 123.9% 119.9% 4.0 pp
Minimum total liquidity coverage ratio, as defined by the NBG 100.0% 100.0% 0.0 pp
Minimum LCR in GEL, as defined by the NBG 75% 75.0% 0.0 pp
Minimum LCR in FC, as defined by the NBG 100.0% 100.0% 0.0 pp
Total liquidity coverage ratio, as defined by the NBG 125.5% 115.3% 10.2 pp
LCR in GEL, as defined by the NBG 127.7% 109.8% 17.9 pp
LCR in FC, as defined by the NBG 124.7% 120.1% 4.6 pp
Regulatory capital
The YoY increase in Tier 1 and total capital was mainly due to the issuance of
USD 300 million AT1 capital notes, which was partially offset by
the repayment of USD 125 million AT1 notes. The increase in CET 1 capital was
due to profit generation, which was partially offset by dividend distribution
during 2024.
Georgia
In thousands of GEL Dec'24 Dec'23 Change YoY
CET 1 capital 4,843,167 4,235,033 14.4%
Tier 1 capital 5,895,717 4,772,913 23.5%
Total capital 6,861,963 5,374,301 27.7%
Total risk-weighted assets 28,842,828 24,336,690 18.5%
Minimum CET 1 ratio 14.4% 14.3% 0.1 pp
CET 1 capital adequacy ratio 16.8% 17.4% -0.6 pp
Minimum Tier 1 ratio 16.7% 16.6% 0.1 pp
Tier 1 capital adequacy ratio 20.4% 19.6% 0.8 pp
Minimum total capital adequacy ratio 19.7% 19.8% -0.1 pp
Total capital adequacy ratio 23.8% 22.1% 1.7 pp
Uzbekistan
The YoY increase of capital adequacy ratios was driven by capital injections
and the revised payment-to-income (PTI) based methodology for calculating
RWAs, adopted by CBU starting from 1(st) of July 2024.
Dec'24 Dec'23 Change YoY
Minimum CET 1 ratio 8.0% 8.0% 0.0 pp
CET 1 capital adequacy ratio 21.9% 15.4% 6.5 pp
Minimum Tier 1 ratio 10.0% 10.0% 0.0 pp
Tier 1 capital adequacy ratio 21.9% 15.4% 6.5 pp
Minimum total capital adequacy ratio 13.0% 13.0% 0.0 pp
Total capital adequacy ratio 23.2% 16.3% 6.9 pp
Loan portfolio
As of 31 December 2024, the gross loan portfolio reached GEL 26,721.7 million,
up by 18.8% YoY, or up by 17.7% YoY on a constant currency basis.
By the end of 2024, our Georgia FS loan portfolio increased by 15.3% on a YoY
and reached GEL 24,941.5 million, with 14.2% YoY growth on a constant currency
basis. Over the same period, our Uzbekistan loan portfolio increased by
112.1%, or 112.3% on a constant currency basis.
In thousands of GEL Dec'24 Dec'23 Change YoY
Gross loans and advances to customers
Georgian financial services (Georgia FS)* 24,941,464 21,628,695 15.3%
Retail Georgia 8,710,516 7,513,229 15.9%
CIB Georgia 9,863,777 8,283,723 19.1%
MSME Georgia 5,943,479 5,480,822 8.4%
Uzbekistan 1,758,028 828,710 112.1%
Total gross loans and advances to customers** 26,721,683 22,484,958 18.8%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels.
*Georgia FS includes sub-segment eliminations
** Total gross loans and advances to customers include Azerbaijan
FY'24 FY'23 Change YoY
Loan yields 13.1% 12.9% 0.2 pp
GEL 14.0% 15.1% -1.1 pp
FC 8.9% 8.7% 0.2 pp
UZS 44.1% 42.4% 1.7 pp
Georgia FS 11.5% 12.0% -0.5 pp
GEL 14.0% 15.1% -1.1 pp
FC 8.8% 8.7% 0.1 pp
Uzbekistan 44.1% 42.4% 1.7 pp
UZS 44.1% 42.4% 1.7 pp
Total loan yields* 13.1% 12.9% 0.2 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels.
*Total loans yields include Azerbaijan
Loan portfolio quality
PAR 90 Dec'24 Dec'23 Change YoY
Georgia FS* 1.4% 1.1% 0.3 pp
Retail Georgia 0.7% 0.8% -0.1 pp
CIB Georgia 0.9% 0.7% 0.2 pp
MSME Georgia 2.9% 2.2% 0.7 pp
Uzbekistan 2.0% 2.0% 0.0 pp
Total PAR 90** 1.4% 1.2% 0.2 pp
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and
Group levels.
*Georgia FS includes sub-segment eliminations
** Total PAR 90 includes Azerbaijan
In thousands of GEL Dec'24 Dec'23 Change YoY
Non-performing loans (NPL)
Georgia FS* 554,935 437,979 26.7%
Retail Georgia 118,834 127,102 -6.5%
CIB Georgia 156,632 114,130 37.2%
MSME Georgia 263,460 183,829 43.3%
Uzbekistan 35,690 16,693 113.8%
Total non-performing loans** 592,554 455,516 30.1%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels.
*Georgia FS includes sub-segment eliminations
** Total non-performing loans include Azerbaijan
NPL to gross loans Dec'24 Dec'23 Change YoY
Georgia FS* 2.2% 2.0% 0.2 pp
Retail Georgia 1.4% 1.7% -0.3 pp
CIB Georgia 1.6% 1.4% 0.2 pp
MSME Georgia 4.4% 3.4% 1.0 pp
Uzbekistan 2.0% 2.0% 0.0 pp
Total NPL to gross loans** 2.2% 2.0% 0.2 pp
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels.
*Georgia FS includes sub-segment eliminations
** Total NPL to gross loans include Azerbaijan
Dec'24 Dec'23
NPL coverage Provision coverage Total coverage Provision coverage Total coverage
Georgia FS* 61.0% 138.0% 73.0% 143.7%
Retail Georgia 138.1% 201.1% 120.4% 179.5%
CIB Georgia 34.4% 106.0% 46.9% 110.6%
MSME Georgia 42.2% 126.3% 57.5% 136.0%
Uzbekistan 229.5% 229.5% 212.8% 212.8%
Total NPL coverage** 71.8% 143.9% 79.6% 147.7%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels.
* Georgia FS includes sub-segment eliminations
** Total NPL coverage includes Azerbaijan
Cost of risk (CoR) FY'24 FY'23 Change YoY
Georgia FS* 0.5% 0.7% -0.2 pp
Retail Georgia 0.9% 0.8% 0.1 pp
CIB Georgia 0.1% 0.1% 0.0 pp
MSME Georgia 0.5% 1.4% -0.9 pp
Uzbekistan 6.3% 6.1% 0.2 pp
Total cost of risk** 0.8% 0.8% 0.0 pp
Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels.
*Georgia FS includes sub-segment eliminations
** Total cost of risk includes Azerbaijan
Deposit portfolio
As of 31 December 2024, the deposit portfolio reached GEL 22,863.8 million, up
by 12.2% YoY, or up by 10.4% YoY on a constant currency basis.
By the end of 2024, our Georgia FS deposit portfolio increased by 10.0% on a
YoY and reached GEL 21,890.5 million, with 8.1% YoY growth on a constant
currency basis. Over the same period, our Uzbekistan deposit portfolio
increased by 81.6% YoY, or 81.7% on a constant currency basis.
In thousands of GEL Dec'24 Dec'23 Change YoY
Customer accounts
Georgia FS* 21,890,518 19,900,342 10.0%
Retail Georgia 8,478,788 7,469,587 13.5%
CIB Georgia 11,308,306 10,200,321 10.9%
MSME Georgia 2,043,554 1,900,459 7.5%
MOF 214,426 515,079 -58.4%
Uzbekistan 1,055,758 581,483 81.6%
Total customer accounts** 22,863,833 20,375,498 12.2%
* Georgia FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
FY'24 FY'23 Change YoY
Deposit rates 5.4% 5.0% 0.4 pp
GEL 7.8% 8.3% -0.5 pp
FC 1.4% 0.9% 0.5 pp
UZS 25.0% 24.9% 0.1 pp
Georgia FS 4.7% 4.5% 0.2 pp
GEL 7.8% 8.4% -0.6 pp
FC 1.4% 0.9% 0.5 pp
Uzbekistan 24.8% 24.9% -0.1 pp
UZS 25.0% 24.9% 0.1 pp
FC 3.8% 4.2% -0.4 pp
Total deposit rates* 5.4% 5.0% 0.4 pp
* Total deposits 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) - 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 (including wholly owned subsidiary in
Azerbaijan, TBC Kredit) or non-financial subsidiaries of the Group, and
intra-group eliminations.
Georgia FS
Profit and loss statement
In thousands of GEL 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ FY'24 FY'23 Change YoY
Interest income 835,493 807,571 726,956 14.9% 3.5% 3,132,568 2,687,756 16.5%
Interest expense (426,090) (399,020) (331,535) 28.5% 6.8% (1,540,756) (1,189,267) 29.6%
Net interest income 409,403 408,551 395,421 3.5% 0.2% 1,591,812 1,498,489 6.2%
Fee and commission income 187,390 176,655 160,918 16.5% 6.1% 677,020 571,311 18.5%
Fee and commission expense (80,737) (64,217) (72,030) 12.1% 25.7% (278,765) (236,621) 17.8%
Net fee and commission income 106,653 112,438 88,888 20.0% -5.1% 398,255 334,690 19.0%
Net insurance income 7,153 11,567 8,858 -19.2% -38.2% 35,986 31,557 14.0%
Net gains from currency derivatives, foreign currency operations and 112,642 102,426 71,186 58.2% 10.0% 367,867 273,443 34.5%
translation
Other operating income 9,915 3,098 8,406 18.0% NMF 16,482 28,684 -42.5%
Share of profit of associates 183 286 (256) NMF -36.0% 574 657 -12.6%
Other operating non-interest income 129,893 117,377 88,194 47.3% 10.7% 420,909 334,341 25.9%
Credit loss allowance for loans to customers (32,984) (30,275) (32,107) 2.7% 8.9% (114,187) (131,532) -13.2%
Credit loss allowance for other financial items and net impairment for (8,564) (2,039) (6,453) 32.7% NMF (13,985) (15,598) -10.3%
non-financial assets
Operating income after expected credit and non-financial asset impairment 604,401 606,052 533,943 13.2% -0.3% 2,282,804 2,020,390 13.0%
losses
Staff costs (123,928) (114,972) (115,887) 6.9% 7.8% (445,995) (395,003) 12.9%
Depreciation and amortisation (31,109) (31,369) (27,109) 14.8% -0.8% (121,756) (102,479) 18.8%
Administrative and other operating expenses (66,041) (57,145) (59,497) 11.0% 15.6% (219,948) (194,999) 12.8%
Operating expenses (221,078) (203,486) (202,493) 9.2% 8.6% (787,699) (692,481) 13.8%
Net profit before tax 383,323 402,566 331,450 15.7% -4.8% 1,495,105 1,327,909 12.6%
Income tax expense (57,049) (64,776) (42,835) 33.2% -11.9% (222,695) (187,968) 18.5%
Net profit 326,274 337,790 288,615 13.0% -3.4% 1,272,410 1,139,941 11.6%
Balance sheet highlights
In thousands of GEL 31-Dec-24 30-Sep-24 31-Dec-23 Change YoY Change QoQ
Cash & NBG mandatory reserves 5,398,958 7,021,266 5,260,124 2.6% -23.1%
Due from other banks 45,471 23,315 47,867 -5.0% 95.0%
Loans and advances to customers 24,173,554 23,182,234 20,945,584 15.4% 4.3%
Investment securities measured at fair value through OCI 5,504,681 3,443,089 3,475,461 58.4% 59.9%
Intangible assets and Goodwill 430,362 415,793 387,673 11.0% 3.5%
Other assets 2,196,623 2,012,795 1,711,679 28.3% 9.1%
TOTAL ASSETS 37,749,649 36,098,492 31,828,388 18.6% 4.6%
Due to credit institutions 7,314,032 5,733,053 4,337,726 68.6% 27.6%
Customer accounts 21,890,518 21,892,684 19,900,342 10.0% 0.0%
Subordinated debt and debt securities in issue 2,319,634 2,458,892 2,126,077 9.1% -5.7%
Other liabilities 696,607 818,976 653,874 6.5% -14.9%
TOTAL LIABILITIES 32,220,791 30,903,605 27,018,019 19.3% 4.3%
Equity attributable to shareholders 5,528,606 5,194,653 4,810,172 14.9% 6.4%
Non-controlling interest 252 234 197 27.9% 7.7%
TOTAL EQUITY 5,528,858 5,194,887 4,810,369 14.9% 6.4%
TOTAL LIABILITIES AND EQUITY 37,749,649 36,098,492 31,828,388 18.6% 4.6%
Key ratios
Georgian financial services 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ FY'24 FY'23 Change YoY
Profitability ratios:
ROE(1) 24.6% 26.5% 24.7% -0.1 pp -1.9 pp 25.4% 25.5% -0.1 pp
ROA(2) 3.6% 3.8% 3.8% -0.2 pp -0.2 pp 3.7% 4.0% -0.3 pp
Cost to income(3) 34.2% 31.9% 35.4% -1.2 pp 2.3 pp 32.7% 31.9% 0.8 pp
NIM(4) 5.7% 5.6% 6.2% -0.5 pp 0.1 pp 5.8% 6.3% -0.5 pp
Loan yields(5) 11.5% 11.5% 11.9% -0.4 pp 0.0 pp 11.5% 12.0% -0.5 pp
Deposit rates(6) 4.6% 4.7% 4.5% 0.1 pp -0.1 pp 4.7% 4.5% 0.2 pp
Cost of funding(7) 5.5% 5.4% 5.3% 0.2 pp 0.1 pp 5.4% 5.2% 0.2 pp
Asset quality & portfolio concentration:
Cost of risk(8) 0.6% 0.5% 0.6% 0.0 pp 0.1 pp 0.5% 0.7% -0.2 pp
PAR 90 to gross loans(9) 1.4% 1.4% 1.1% 0.3 pp 0.0 pp 1.4% 1.1% 0.3 pp
NPLs to gross loans(10) 2.2% 2.2% 2.0% 0.2 pp 0.0 pp 2.2% 2.0% 0.2 pp
NPL provision coverage(11) 61.0% 63.7% 73.0% -12.0 pp -2.7 pp 61.0% 73.0% -12.0 pp
Total NPL coverage(12) 138.0% 138.0% 143.7% -5.7 pp 0.0 pp 138.0% 143.7% -5.7 pp
For the ratio definitions and exchange rates, please refer to appendix 3.
Uzbekistan
Profit and loss statement
In thousands of GEL 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ FY'24 FY'23 Change YoY
Interest income 180,545 148,879 81,460 NMF 21.3% 554,488 253,264 NMF
Interest expense (82,548) (65,329) (37,905) NMF 26.4% (251,634) (120,650) NMF
Net interest income 97,997 83,550 43,555 NMF 17.3% 302,854 132,614 NMF
Fee and commission income 54,843 38,740 30,768 78.2% 41.6% 156,517 101,241 54.6%
Fee and commission expense (15,286) (11,089) (10,100) 51.3% 37.8% (45,045) (27,112) 66.1%
Net fee and commission income 39,557 27,651 20,668 91.4% 43.1% 111,472 74,129 50.4%
Net gains from currency derivatives, foreign currency operations and (214) 169 (330) -35.2% NMF (501) (191) NMF
translation
Other operating income 57 3 1,160 -95.1% NMF 71 1,228 -94.2%
Other operating non-interest income/(expense) (157) 172 830 NMF NMF (430) 1,037 NMF
Credit loss allowance for loans to customers (24,696) (16,857) (8,703) NMF 46.5% (67,356) (32,279) NMF
Credit loss allowance for other financial items and net impairment for (6,145) (2,078) (810) NMF NMF (9,775) (2,663) NMF
non-financial assets
Operating income after expected credit and non-financial asset impairment 106,556 92,438 55,540 91.9% 15.3% 336,765 172,838 94.8%
losses
Staff costs (20,423) (19,510) (11,215) 82.1% 4.7% (67,935) (39,562) 71.7%
Depreciation and amortisation (4,113) (3,350) (2,489) 65.2% 22.8% (13,375) (8,974) 49.0%
Administrative and other operating expenses (40,286) (31,929) (18,476) NMF 26.2% (127,031) (59,230) NMF
Operating expenses (64,822) (54,789) (32,180) NMF 18.3% (208,341) (107,766) 93.3%
Net profit before tax 41,734 37,649 23,360 78.7% 10.9% 128,424 65,072 97.4%
Income tax expense (5,221) (6,054) (2,927) 78.4% -13.8% (18,100) (5,743) NMF
Net profit 36,513 31,595 20,433 78.7% 15.6% 110,324 59,329 86.0%
Balance sheet highlights
In thousands of GEL 31-Dec-24 30-Sep-24 31-Dec-23 Change YoY Change QoQ
Cash & CBU mandatory reserves 228,435 86,464 85,739 NMF NMF
Due from other banks - - 1,344 NMF NMF
Loans and advances to customers 1,496,454 1,192,707 763,575 96.0% 25.5%
Intangible assets and Goodwill 75,075 58,999 33,247 NMF 27.2%
Other assets 469,284 380,050 148,014 NMF 23.5%
TOTAL ASSETS 2,269,248 1,718,220 1,031,919 NMF 32.1%
Due to credit institutions 474,444 303,967 105,293 NMF 56.1%
Customer accounts 1,055,758 855,689 581,483 81.6% 23.4%
Other liabilities 115,455 82,781 36,834 NMF 39.5%
TOTAL LIABILITIES 1,645,657 1,242,437 723,610 NMF 32.5%
Equity attributable to shareholders 623,591 475,783 308,309 NMF 31.1%
TOTAL EQUITY 623,591 475,783 308,309 NMF 31.1%
TOTAL LIABILITIES AND EQUITY 2,269,248 1,718,220 1,031,919 NMF 32.1%
Key ratios
Uzbekistan 4Q'24 3Q'24 4Q'23 Change YoY Change QoQ FY'24 FY'23 Change YoY
Profitability ratios:
ROE(1) 27.7% 28.2% 29.7% -2.0 pp -0.5 pp 26.9% 26.0% 0.9 pp
ROA(2) 7.4% 7.8% 8.7% -1.3 pp -0.4 pp 7.2% 7.9% -0.7 pp
Cost to income(3) 47.2% 49.2% 49.5% -2.3 pp -2.0 pp 50.3% 51.9% -1.6 pp
NIM(4) 24.2% 25.0% 22.6% 1.6 pp -0.8 pp 24.4% 22.4% 2.0 pp
Loan yields(5) 44.6% 44.4% 41.7% 2.9 pp 0.2 pp 44.1% 42.4% 1.7 pp
Deposit rates(6) 24.9% 24.6% 24.9% 0.0 pp 0.3 pp 24.8% 24.9% -0.1 pp
Cost of funding(7) 23.8% 23.5% 24.0% -0.2 pp 0.3 pp 23.6% 24.2% -0.6 pp
Asset quality & portfolio concentration:
Cost of risk(8) 7.7% 5.8% 5.0% 2.7 pp 1.9 pp 6.3% 6.1% 0.2 pp
PAR 90 to gross loans(9) 2.0% 2.7% 2.0% 0.0 pp -0.7 pp 2.0% 2.0% 0.0 pp
NPLs to gross loans(10) 2.0% 2.7% 2.0% 0.0 pp -0.7 pp 2.0% 2.0% 0.0 pp
NPL provision coverage(11) 229.5% 181.5% 212.8% 16.7 pp 48.0 pp 229.5% 212.8% 16.7 pp
Total NPL coverage(12) 229.5% 181.5% 212.8% 16.7 pp 48.0 pp 229.5% 212.8% 16.7 pp
For the ratio definitions and exchange rates, please refer to appendix 3.
2) Glossary
Terminology Definition
ADB Asian Development Bank
AGM Annual general meeting
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
FC Foreign currency
Gross/net loans Includes gross/net loans and advances to customers and gross/net finance lease
receivables
IMF International Monetary Fund
Monthly active customers (MAC) 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 Uzbekistan business, an individual user who logged into the digital
application at least once during the month
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 gross loans divided by monthly average
gross loans; 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; 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 loans 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 loans 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 loans (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 loans for the same period.
14. Related party loans to total loans equals related party loans divided by
the gross loans.
15. Top 10 borrowers to total portfolio equals the total loan amount of the
top 10 borrowers divided by the gross loans.
16. Top 20 borrowers to total portfolio equals the total loan amount of the
top 20 borrowers divided by the gross loans.
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 2.7297 as of 30
September 2024. To calculate the YoY growth without the currency exchange rate
effect, we used the USD/GEL exchange rate of 2.6894 as of 31 December 2023. As
of 31 December 2024, the USD/GEL exchange rate equalled 2.8068. For P&L
items growth calculations without the currency effect, we used the average
USD/GEL exchange rate for the following periods: 3Q 2024 of 2.7137 and 4Q 2023
of 2.6943. As of 4Q 2024, the USD/GEL exchange rate equalled 2.7582, FY 2024
of 2.7208, FY 2023 of 2.6280.
1 (#_ftnref1) Excludes GEL 9.8 million non-recurring impairment loss due to
write-down of the asset held for sale (TBC Kredit, our wholly owned subsidiary
in Azerbaijan)
2 (#_ftnref2) Note: For presentation purposes, certain financial numbers are
rounded to the nearest whole number.
(( 3 (#_ftnref3) )) The adjusted net profit for 4Q 2024 and FY 2024 was GEL
344 and 1,317 million, respectively
(( 4 (#_ftnref4) )) The adjusted ROE for 4Q 2024 and FY 2024 was 24.8% and
25.8%, respectively
5 (#_ftnref5) Based on data published by the CBU, as of 1 January 2025
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