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TBCG - TBC Bank News Story

990p 5.0  0.5%

Last Trade - 25/09/20

Sector
Financials
Size
Mid Cap
Market Cap £546.0m
Enterprise Value £1.37bn
Revenue £307.1m
Position in Universe 493rd / 1808

UPDATE 1-Georgia's TBC Bank posts 23.7 pct rise in quarterly earnings

Thu 15th November, 2018 7:34am
(Adds details, background)
    Nov 15 (Reuters) - TBC Bank Group Plc  TBCG.L , Georgia's
largest retail bank, reported a 23.7 percent jump in quarterly
profit on Thursday, as it grew its loan book on the back of
strong economic growth in the country.
    TBC, which offers retail, corporate and small and
medium-sized enterprise (SME) banking, said net profit rose to
107.4 million laris ($40.5 million), in the three months ended
Sept. 30, from 86.8 million laris a year earlier.
    Net interest margin, the key indicator of a bank's financial
strength, rose to 6.9 percent from 6.2 percent last year, the
Tbilisi-based company said.  urn:newsml:reuters.com:*:nRSO4488Ha
    Georgia's economic growth accelerated in the first nine
months of 2018, helping TBC and main competitor Bank of Georgia
 BGEO.L . The two lenders account for more than two-thirds of
loans and deposits in Georgia, according to Peel Hunt analysts,
and their results mirror macroeconomic trends in the country.
 urn:newsml:reuters.com:*:nL8N1XA2ZM
    "The growth of the Georgian economy remains solid despite
increased uncertainties in the region, contractionary fiscal
policy and one-offs related to some large infrastructure
projects," TBC Chief Executive Officer Vakhtang Butskhrikidze
said in a statement on Thursday.
    TBC Bank, started as Tbilisi Business Centre in 1992, said
its market share in total loans rose 0.2 percentage points
year-on-year to 38.4 percent. Its gross loans and advances to
customers stood at 9.62 billion laris as of Sept. 30, 23.9
percent higher than last year.
    The former Soviet republic hosts pipelines carrying Caspian
oil and gas to Europe. Georgia is recovering from a decline in
exports and a plunge in the currencies of its main trading
partners, which have depressed economic growth in recent years.
    Bank of Georgia is scheduled to issue a quarterly update
next week.        
    ($1 = 2.6550 laris)

 (Reporting by Muvija M and Noor Zainab Hussain in Bengaluru
Editing by Saumyadeb Chakrabarty)
 ((Muvija.M@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6749 3638; Reuters Messaging:
muvija.m.thomsonreuters.com@reuters.net))
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