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TBCG - TBC Bank News Story

798p -21.0  -2.6%

Last Trade - 07/08/20

Sector
Financials
Size
Mid Cap
Market Cap £440.1m
Enterprise Value £245.3m
Revenue £326.6m
Position in Universe 538th / 1819

UPDATE 1-TBC Bank posts robust annual profit on loan growth

Thu 20th February, 2020 7:33am
(Adds net interest margin, outlook)
    Feb 20 (Reuters) - Georgia's largest retail lender TBC Bank
Group  TBCG.L  posted a 20% surge in annual underlying profit on
Thursday as a strong economy supported lending.
    The upbeat results cap a tough year for TBC, whose chairman
Mamuka Khazaradze and deputy Badri Japaridze stepped down from
the board after prosecutors charged them with money laundering.
 urn:newsml:reuters.com:*:nL4N24Q20E
    The FTSE 250-listed bank said underlying profit climbed to
545.1 million lari ($193.99 million) for the year ended Dec. 31,
from 454.9 million lari ($161.89 million) a year earlier.
    The economy of Georgia, a former Soviet republic, expanded
5.2% in 2019 with food processing and transport among sectors
showing the fastest growth, preliminary data showed in January.
    The country's economic strength has historically aided TBC
and its main rival Bank of Georgia  BGEO.L  in booking solid
earnings through loan book growth.
    Tbilisi-based TBC, which was started nearly a quarter
century ago with just $500 in capital, said its loan book
expanded by 22.1% to reach 12.66 billion lari.
    The company also stood by its medium-term targets that
include a loan book growth of around 10-15%.
    However, TBC's net interest margin - the main indicator of a
bank's financial strength - slipped to 5.6% from 6.9%.
     
($1 = 2.8100 laris)

 (Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur and
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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