REG - TBC Bank Group PLC - 1Q 2025 Results Report
Thu 07:01
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250508:nRSH7510Ha&default-theme=true
RNS Number : 7510H TBC Bank Group PLC 08 May 2025
TBC BANK GROUP PLC ("TBC Bank")
1Q 2025 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.
1Q 2025 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated
financial results for 1Q 2025 on Thursday,
8 May 2025 at 7.00 AM BST. 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=2f0bc09b&confId=81087
(https://www.netroadshow.com/events/login?show=2f0bc09b&confId=81087)
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
1Q 2025 unaudited consolidated financial results announcement
Interim management report
Financial highlights (#_Toc196505655) (#_Toc196505655)
Operational highlights (#_Toc196505656) (#_Toc196505656)
Letter from the Chief Executive Officer (#_Toc196505657) (#_Toc196505657)
Unaudited consolidated financial results overview for 1Q 2025 (#_Toc196505658)
(#_Toc196505658)
Additional information (#_Toc196505659) (#_Toc196505659)
1) (#_Toc196505660) (#_Toc196505660) (#_Toc196505660)
Financial disclosures by business lines (#_Toc196505660) (#_Toc196505660)
2) (#_Toc196505661) (#_Toc196505661) (#_Toc196505661)
Glossary (#_Toc196505661) (#_Toc196505661)
3) (#_Toc196505662) (#_Toc196505662) (#_Toc196505662) Ratio
definitions and exchange rates (#_Toc196505662) (#_Toc196505662)
1Q 2025 unaudited consolidated financial results
1Q 2025 net profit of GEL 319 million, up by 7% YoY, with ROE at 23.2%.
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'25 4Q'24 1Q'24 Change YoY Change QoQ
Net interest income 533,210 507,691 442,844 20.4% 5.0%
Net fee and commission income 147,997 147,928 104,303 41.9% 0.0%
Other non-interest income 93,005 128,038 70,833 31.3% -27.4%
Total operating income 774,212 783,657 617,980 25.3% -1.2%
Total credit loss allowance (118,497) (74,790) (45,131) NMF 58.4%
Operating expenses (287,944) (306,620) (229,671) 25.4% -6.1%
Non-recurring impairment loss due to write-down of the asset held for sale - (9,800) - NMF NMF
Net profit before tax 367,771 392,447 343,178 7.2% -6.3%
Income tax expense (49,265) (57,848) (46,707) 5.5% -14.8%
Net profit 318,506 334,599 296,471 7.4% -4.8%
Adjusted net profit(*) 339,173 334,599 296,471 14.4% 1.4%
(*)In 1Q 2025, adjusted net profit excludes the following: TBC Uzbekistan
recorded a non-recurring impairment charge of GEL 24.6 mln (pre-tax) related
to a market-wide data integrity issue affecting our borrower income
verification processes. A subset of loan applicants had overstated their
employment earnings which matched similarly overstated data from the
third-party data sources that TBC Uzbekistan, along with other financial
institutions, relied upon for income validation. We have since implemented
enhanced verification controls and other security protocols to address the
situation
Balance sheet
In thousands of GEL Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Total assets 40,228,911 40,160,466 33,261,535 20.9% 0.2%
Gross loans 27,350,103 26,721,683 22,968,998 19.1% 2.4%
Customer deposits(*) 22,320,114 22,649,407 19,728,744 13.1% -1.5%
Total equity 5,723,549 5,739,009 4,853,916 17.9% -0.3%
Number of ordinary shares 56,211,873 56,287,900 55,393,664 1.5% -0.1%
*Excludes MOF deposits
Key ratios
1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
ROE 23.2% 24.1% 25.1% -1.9 pp -0.9 pp
Adjusted ROE(*) 24.2% 24.1% 25.1% -0.9 pp 0.1 pp
ROA 3.2% 3.3% 3.6% -0.4 pp -0.1 pp
NIM 6.7% 6.7% 6.5% 0.2 pp 0.0 pp
Cost to income 37.2% 39.1% 37.2% 0.0 pp -1.9 pp
Cost of risk 1.4% 1.0% 0.8% 0.6 pp 0.4 pp
NPL to gross loans 2.5% 2.2% 2.2% 0.3 pp 0.3 pp
NPL provision coverage ratio 73.6% 71.8% 73.6% 0.0 pp 1.8 pp
Total NPL coverage ratio 140.4% 143.9% 138.4% 2.0 pp -3.5 pp
Leverage (x) 7.0x 7.0x 6.9x 0.1x 0x
EPS (GEL) 5.71 5.91 5.39 5.9% -3.4%
Diluted EPS (GEL) 5.67 5.87 5.36 5.8% -3.4%
BVPS (GEL) 99.74 100.25 86.11 15.8% -0.5%
Georgia
CET 1 CAR 16.4% 16.8% 16.6% -0.2 pp -0.4 pp
Tier 1 CAR 19.9% 20.4% 18.8% 1.1 pp -0.5 pp
Total CAR 23.1% 23.8% 21.5% 1.6 pp -0.7 pp
Uzbekistan
CET 1 CAR 19.4% 21.9% 12.7% 6.7 pp -2.5 pp
Tier 1 CAR 19.4% 21.9% 12.7% 6.7 pp -2.5 pp
Total CAR 20.3% 23.2% 16.2% 4.1 pp -2.9 pp
* Adjusted ROE in 1Q 2025 excludes GEL 24.6 mln non-recurring credit
impairment charge in Uzbekistan
Operational highlights
Customer base
In thousands Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Total unique registered users 23,156 21,814 18,083 28% 6%
Georgia 3,499 3,463 3,317 5% 1%
Uzbekistan 19,657 18,351 14,766 33% 7%
Total monthly active customers 7,853 7,619 6,331 24% 3%
Georgia 1,736 1,701 1,615 7% 2%
Uzbekistan 6,117 5,918 4,716 30% 3%
Total digital monthly active users (digital MAU) 7,223 6,968 5,646 28% 4%
Georgia 1,106 1,050 930 19% 5%
Uzbekistan 6,117 5,918 4,716 30% 3%
Total digital daily active users (digital DAU) 2,547 2,444 1,760 45% 4%
Georgia 521 494 413 26% 5%
Uzbekistan 2,026 1,950 1,347 50% 4%
Digital DAU/MAU 35% 35% 31% 4 pp 0 pp
Georgia 47% 47% 44% 3 pp 0 pp
Uzbekistan 33% 33% 29% 4 pp 0 pp
Unique registered users of Uzbekistan have been reclassified since 4Q 2024
Uzbekistan - key highlights
In thousands of GEL Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Gross loans and advances to customers 2,150,075 1,758,028 970,106 121.6% 22.3%
Customer accounts 1,218,048 1,055,758 657,190 85.3% 15.4%
In thousands of GEL 1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Total operating income 161,051 137,397 74,045 117.5% 17.2%
Net profit 21,561 36,513 18,437 16.9% -40.9%
Adjusted net profit (*) 42,228 36,513 18,437 129.0% 15.7%
ROE, % 13.7% 27.7% 23.7% -10.0 pp -14.0 pp
Adjusted ROE, %(*) 26.6% 27.7% 23.7% 2.9 pp -1.1 pp
* Adjusted numbers in 1Q 2025 exclude GEL 24.6 mln non-recurring credit
impairment charge in Uzbekistan
Letter from the Chief Executive Officer(( 1 ))
I am pleased to report a strong start to 2025, which is particularly welcome
given the uncertain global backdrop. In 1Q 2025, our operating income
increased by 25% year-on-year and amounted to GEL 774 million, while our net
profit reached GEL 319 million(2), up 7% year-on-year, delivering above 23%
ROE(( 2 )).
It was a very active quarter in building out our recent pipeline of new
product launches. This included excellent growth in the issuance of our new
Georgian daily banking product, TBC Card, with new card issuance almost
tripling in the first quarter of 2025 compared to the same period last year.
Meanwhile, in Uzbekistan, our Salom Card daily banking product and Osmon
credit card have both hit the ground running, with over 275,000 cards issued
by the end of the first quarter. We have also recently extended our SME
digital banking offering to include unsecured loans as we look to develop the
huge untapped opportunity within the SME sector in Uzbekistan. As we offer new
products and improved customer experience, we in turn continue to see strong
customer growth, with digital monthly active users ("MAU") reaching 7.2
million at the Group level, up by 1.6 million, or 28%, year-on-year. Notably,
over one-third of our users engage with our digital platforms on a daily
basis, which is an excellent indicator of user loyalty and engagement.
Another important milestone achieved in 1Q 2025 was the creation of the new
HoldCo in Uzbekistan, TBC Digital, in which TBC Group owns 80% and our IFI
partners 20%. Through this process, we folded our two businesses, TBC UZ and
Payme, into a single shareholding structure, enabling us to more effectively
unlock synergies and increase shareholder value in Uzbekistan.
I am also delighted to announce that the Board has approved quarterly dividend
distributions to enhance shareholder value through more regular returns,
enabled by our consistently strong operational performance, good visibility on
the business, and diligent capital discipline. As a result, the Board has
declared an interim dividend of GEL 1.5 per share for the first quarter.
Strong revenue generation across the board
Our high profitability was driven by strong revenue generation across the
board. Net interest income grew by 20% year-on-year, underpinned by dynamic
loan book growth and resilient margins, while our net fee and commission
income rose an excellent 42% year-on-year, driven by payments in both Georgia
and Uzbekistan, and other operating income (led by FX revenues) increased by
31% over the same period.
Operating expenses increased by 25% year-on-year in the first quarter as we
continue to invest in growth, with our Uzbek business accounting for almost
60% of the growth. Over the same period, Georgian financial services grew by
11% year-on-year, or 9% excluding the impact of contributions to the new
banking sector resolution fund 3 . Consequently, our cost-to-income ratio was
flat year-on-year at 37.2% in 1Q 2025.
Continued solid growth in Georgia alongside fast-paced expansion in Uzbekistan
In 1Q 2025, our Georgian financial services demonstrated strong results, with
net profit increasing by 12% year-on-year and 23.3% ROE. Over the same period,
our loan book increased by 13% year-on-year and customer deposits grew by 9%,
both on a constant currency basis.
During 1Q 2025, our digital banking ecosystem in Uzbekistan continued to grow
rapidly. Our loan book more than doubled to GEL 2.2 billion, capturing 17%
share of the unsecured consumer loan market(( 4 )) and close to 5% of the
total retail loan market, while our retail deposits grew by 85% year-on-year,
taking us to 4% market share.
This growth drove TBC Uzbekistan's operating income up by 118% year-on-year,
reaching GEL 161 million, while adjusted net profit for a GEL 24.6 pre-tax
non-recurring impairment charge amounted to GEL 42 million, up by 129%
year-on-year, with 26.6% adjusted ROE. As a result, TBC Uzbekistan contributed
21% to the Group's total operating income and accounted for 12% of its net
profit, on an adjusted basis.
On track to hit 2025 strategic targets
I am confident that the Group is well positioned to build on this solid start
to the year, to deliver strong results for our shareholders in 2025, and that
we remain firmly on track to achieve all our strategic targets for the year.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains robust
Georgia's real GDP increased by 9.3% year-on-year in the first quarter of
2025, following a robust 9.4% in 2024, according to Geostat. Despite some
moderation in monthly growth dynamics, the economic print remains stronger
than the widely expected growth normalization trend would imply. While
heightened political tensions resulted in lower tourism revenues and domestic
demand in December-February, especially reflected through contracted spending
on durable goods, a recovery in consumption was evident in March, with
economic growth supported by improving tourist and migrant spending and still
strong credit activity.
Following the drop in December 2024, estimated net inflows into Georgia
improved in the first quarter, driven by lower durable imports, which also
started to recover from March. Total exports of goods denominated in U.S.
dollars rose by 5.7% year-on -year in the first quarter with domestic exports
remaining unchanged, while imports of goods after adjusting for one-offs
increased by 3.1%. FDI improved in the fourth quarter of 2024 due to lower
debt repayments, though still decreased by 29.9% in the full year as the sum
of equity investments and reinvested earnings moderated from a historical high
in 2023.
Fiscal consolidation continues
The government remains committed to fiscal consolidation, aiming to reduce the
budget deficit and public debt relative to GDP. The budget deficit in 1Q 2025
stood at 1.0% of GDP, while public debt to GDP stood at 35.2%.
Credit growth remains strong
Bank credit growth has moderated only slightly from 17.0% year-on-year in
December 2024 to 16.6% in March 2025, at constant exchange rates. Given the
accelerating inflation, real credit growth also weakened, though it remained
robust at 12.6%. As for segments, while retail credit diminished from 16.2% in
December to 15.4% in March, the year-on-year growth of lending to legal
entities remained stable, standing at 17.8% and 17.9%, respectively. The
gradual dedollarization of bank lending continued in 1Q 2025, with the share
of foreign currency loans declining only slightly from 43.3% at the end of
December 2024 to 43.2% at the end of March, at constant exchange rates.
GEL strenghtens amid domestic and global challenges
While heightened political tensions negatively affected toursim revenues at
the beginning of 2025, worsened expectations also resulted in lower imports,
significantly improving the net currency inflows into the country and, hence,
easing the pressure on the GEL exchange rate. The environment more or less
returned to normal from March, however, the GEL has now benefitted from the
globally weakened USD. These developments allowed the NBG to renew USD
purchases on the FX market after staying neutral in January-February, buying
around USD 102 mln in March and seemingly continuing the reserve accumulation
in April as well. Meanwhile, the national currency appreciated to 2.77 GEL per
USD at the end of the first quarter of 2025, compared to 2.81 at the end of
December 2024.
The CPI inflation continued accelerating, driven by both low base effect and a
partial pass-through of elevated risks realized in food price dynamics
globally. The annual change in consumer prices surpassed the NBG's 3% target
in March, standing at 3.5%. Consequently, the NBG decided to maintain the
monetary policy rate (MPR) at 8%, unchanged since May 2024.
Uzbekistan
Continued strong economic performance
Uzbekistan's economic growth has strengthened to 6.8% year-on-year in 1Q 2025,
compared to 6.5% in 2024. In terms of external trade, exports of goods in 1Q
2025 increased by a robust 21.6% year-on-year due to higher gold exports. On
the other hand, decreasing vehicle imports lowered the import of goods, with
full-year imports declining by 5.9% in the first quarter. Retail credit growth
appears to be strengthening in 1Q 2025, standing at 21.1% at the end of March,
with mortgage credit expanding by 16.5% and non-mortgage credit by 24.1%.
Annual inflation in Uzbekistan stood at 10.3% in March, a slight elevation
from 9.8% in December 2024. The CBU increased its monetary policy rate by 0.5
percentage points to 14.0% at the March committee meeting, citing sustained
inflationary pressures, growing demand, and rising inflation expectations. By
the end of March 2025, the UZS was valued at 12,913 against the US Dollar,
maintaining close to the same level since the end of 2024. The recent UZS
stabilization and brief appreciation episodes were supported by globally
weakened USD, higher gold prices, moderated credit activity and the tighter
CBU stance.
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%, 5.9% and 6.6%,
broadly in line with TBC Capital's projections for both countries.
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 2025
This statement provides a summary of the business and financial trends for 1Q
2025 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'25 4Q'24 1Q'24 Change YoY Change QoQ
Interest income 1,071,739 1,017,423 840,354 27.5% 5.3%
Interest expense (538,529) (509,732) (397,510) 35.5% 5.6%
Net interest income 533,210 507,691 442,844 20.4% 5.0%
Fee and commission income 231,504 243,328 179,488 29.0% -4.9%
Fee and commission expense (83,507) (95,400) (75,185) 11.1% -12.5%
Net fee and commission income 147,997 147,928 104,303 41.9% 0.0%
Net insurance income 8,735 6,979 7,803 11.9% 25.2%
Net gains from currency derivatives, foreign currency operations and 78,157 111,069 61,469 27.1% -29.6%
translation
Other operating income 5,974 9,807 1,602 NMF -39.1%
Share of profit of associates 139 183 (41) NMF -24.0%
Other operating non-interest income 93,005 128,038 70,833 31.3% -27.4%
Credit loss allowance for loans to customers (106,594) (58,078) (43,900) NMF 83.5%
Credit loss allowance for other financial items and net impairment for (11,903) (16,712) (1,231) NMF -28.8%
non-financial assets
Operating income after expected credit losses 655,715 708,867 572,849 14.5% -7.5%
Staff costs (144,951) (158,988) (126,563) 14.5% -8.8%
Depreciation and amortisation (38,650) (38,079) (34,108) 13.3% 1.5%
Administrative and other operating expenses (104,343) (109,553) (69,000) 51.2% -4.8%
Operating expenses (287,944) (306,620) (229,671) 25.4% -6.1%
Non-recurring impairment loss due to write-down of the asset held for sale - (9,800) - NMF NMF
Net profit before tax 367,771 392,447 343,178 7.2% -6.3%
Income tax expense (49,265) (57,848) (46,707) 5.5% -14.8%
Net profit 318,506 334,599 296,471 7.4% -4.8%
Adjusted net profit(*) 339,173 334,599 296,471 14.4% 1.4%
Net profit attributable to:
- Shareholders of TBCG 316,552 326,758 292,805 8.1% -3.1%
- Non-controlling interest 1,954 7,841 3,666 -46.7% -75.1%
Other comprehensive income, net of tax:
Other comprehensive income/(expense) for the period (16,060) 3,533 7,676 NMF NMF
Total comprehensive income for the period 302,446 338,132 304,147 -0.6% -10.6%
* Adjusted net profit in 1Q 2025 excludes GEL 24.6 mln non-recurring credit
impairment charge in Uzbekistan
Consolidated balance sheet
In thousands of GEL Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
ASSETS
Cash and cash equivalents 3,281,957 3,047,401 3,147,389 4.3% 7.7%
Due from other banks 52,470 45,498 24,296 NMF 15.3%
Mandatory cash balances with the NBG and the CBU 2,549,087 2,576,731 1,557,221 63.7% -1.1%
Loans and advances to customers and finance lease receivables 26,855,888 26,296,118 22,594,915 18.9% 2.1%
Investment securities 4,640,823 5,538,476 3,948,897 17.5% -16.2%
Repurchase receivables 228,045 140,058 - NMF 62.8%
Investment properties 14,698 9,752 15,921 -7.7% 50.7%
Current income tax prepayment 22,492 60,422 5,446 NMF -62.8%
Deferred income tax asset 3,595 3,150 4,371 -17.8% 14.1%
Other financial assets 480,372 436,574 311,427 54.2% 10.0%
Other assets 1,415,760 1,357,255 1,102,243 28.4% 4.3%
Intangible assets 623,760 589,067 489,445 27.4% 5.9%
Goodwill 59,964 59,964 59,964 0.0% 0.0%
TOTAL ASSETS 40,228,911 40,160,466 33,261,535 20.9% 0.2%
LIABILITIES
Due to credit institutions 7,754,371 7,630,850 3,702,517 NMF 1.6%
Customer accounts 22,529,442 22,863,833 20,838,768 8.1% -1.5%
Other financial liabilities 820,244 476,143 636,939 28.8% 72.3%
Current income tax liability 1,444 1,227 11,946 -87.9% 17.7%
Deferred income tax liability 54,489 50,220 53,315 2.2% 8.5%
Debt Securities in issue* 1,512,224 1,510,183 1,501,651 0.7% 0.1%
Other liabilities 216,522 267,099 236,942 -8.6% -18.9%
Subordinated debt 1,138,204 1,148,374 1,050,191 8.4% -0.9%
Redemption liability 478,422 473,528 375,350 27.5% 1.0%
TOTAL LIABILITIES 34,505,362 34,421,457 28,407,619 21.5% 0.2%
EQUITY
Share capital 1,719 1,722 1,690 1.7% -0.2%
Shares held by trust (50,424) (66,982) (45,675) 10.4% -24.7%
Share premium 411,088 411,088 295,605 39.1% 0.0%
Retained earnings 5,286,370 5,286,738 4,470,376 18.3% 0.0%
Other reserves (107,391) (77,066) (8,188) NMF 39.3%
Equity attributable to owners of the parent 5,541,362 5,555,500 4,713,808 17.6% -0.3%
Non-controlling interest 182,187 183,509 140,108 30.0% -0.7%
TOTAL EQUITY 5,723,549 5,739,009 4,853,916 17.9% -0.3%
TOTAL LIABILITIES AND EQUITY 40,228,911 40,160,466 33,261,535 20.9% 0.2%
* Debt securities in issue include Additional Tier 1 capital subordinated
notes
Ratios
Ratios (based on monthly averages, where applicable) 1Q'25 4Q'24 1Q'24
Profitability ratios:
ROE(1 ) 23.2% 24.1% 25.1%
Adjusted ROE* 24.2% 24.1% 25.1%
ROA(2) 3.2% 3.3% 3.6%
Cost to income(3) 37.2% 39.1% 37.2%
NIM(4) 6.7% 6.7% 6.5%
Loan yields(5) 14.0% 13.5% 12.9%
Deposit rates(6) 5.6% 5.4% 5.4%
Cost of funding(7) 6.6% 6.3% 6.0%
Asset quality & portfolio concentration:
Cost of risk(9) 1.4% 1.0% 0.8%
PAR 90 to gross loans(9) 1.6% 1.4% 1.3%
NPLs to gross loans(10) 2.5% 2.2% 2.2%
NPL provision coverage(11) 73.6% 71.8% 73.6%
Total NPL coverage(12) 140.4% 143.9% 138.4%
Credit loss level to gross loans(13) 1.8% 1.6% 1.6%
Related party loans to gross loans(14) 0.0% 0.1% 0.1%
Top 10 borrowers to total portfolio(15) 5.3% 5.8% 5.8%
Top 20 borrowers to total portfolio(16) 8.0% 8.5% 8.6%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 105.4% 102.2% 98.5%
Leverage (x)(18) 7.0x 7.0x 6.9x
Georgia
Net stable funding ratio(19) 125.6% 123.9% 114.8%
Liquidity coverage ratio(20) 119.0% 125.5% 114.6%
CET 1 CAR(21) 16.4% 16.8% 16.6%
Tier 1 CAR(22) 19.9% 20.4% 18.8%
Total 1 CAR(23) 23.1% 23.8% 21.5%
Uzbekistan
CET 1 CAR(24) 19.4% 21.9% 12.7%
Tier 1 CAR(25) 19.4% 21.9% 12.7%
Total 1 CAR(26) 20.3% 23.2% 16.2%
* Adjusted ROE in 1Q 2025 excludes GEL 24.6 mln non-recurring credit
impairment charge in Uzbekistan
Funding and liquidity in Georgia
Mar'25 Dec'24 Mar'24 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 125.6% 123.9% 114.8% 10.8 pp 1.7 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 119.0% 125.5% 114.6% 4.4 pp -6.5 pp
LCR in GEL, as defined by the NBG 118.9% 127.7% 114.8% 4.1 pp -8.8 pp
LCR in FC, as defined by the NBG 119.1% 124.7% 114.4% 4.7 pp -5.6 pp
Regulatory capital
Georgia
Capital ratios decreased QoQ due to the announcement of the final dividend for
2024, while YoY increase in Tier 1 and Total capital ratios was related to
issuance of the AT1 Bond in April 2024.
In thousands of GEL Mar'25 Dec'24 Mar'24 Change YoY Change
QoQ
CET 1 capital 4,814,774 4,843,167 4,096,919 17.5% -0.6%
Tier 1 capital 5,852,511 5,895,717 4,635,979 26.2% -0.7%
Total capital 6,787,655 6,861,963 5,290,327 28.3% -1.1%
Total risk-weighted assets 29,337,803 28,842,828 24,607,358 19.2% 1.7%
Minimum CET 1 ratio 14.6% 14.4% 14.5% 0.1 pp 0.2 pp
CET 1 capital adequacy ratio 16.4% 16.8% 16.6% -0.2 pp -0.4 pp
Minimum Tier 1 ratio 16.9% 16.7% 16.8% 0.1 pp 0.2 pp
Tier 1 capital adequacy ratio 19.9% 20.4% 18.8% 1.1 pp -0.5 pp
Minimum total capital adequacy ratio 19.9% 19.7% 19.9% 0.0 pp 0.2 pp
Total capital adequacy ratio 23.1% 23.8% 21.5% 1.6 pp -0.7 pp
Uzbekistan
Capital ratios increased YoY, mainly driven by capital injections in the
amount of USD 75 million in 2024 and regulatory changes implemented by CBU
since 1st July 2024.
In thousands of GEL Mar'25 Dec'24 Mar'24 Change YoY Change
QoQ
CET 1 capital 535,639 520,119 249,822 114.4% 3.0%
Tier 1 capital 535,639 520,119 249,822 114.4% 3.0%
Total capital 559,526 548,765 316,861 76.6% 2.0%
Total risk-weighted assets 2,758,355 2,370,370 1,961,577 40.6% 16.4%
Minimum CET 1 ratio 8.0% 8.0% 8.0% 0.0 pp 0.0 pp
CET 1 capital adequacy ratio 19.4% 21.9% 12.7% 6.7 pp -2.5 pp
Minimum Tier 1 ratio 10.0% 10.0% 10.0% 0.0 pp 0.0 pp
Tier 1 capital adequacy ratio 19.4% 21.9% 12.7% 6.7 pp -2.5 pp
Minimum total capital adequacy ratio 13.0% 13.0% 13.0% 0.0 pp 0.0 pp
Total capital adequacy ratio 20.3% 23.2% 16.2% 4.1 pp -2.9 pp
Loan portfolio
As of 31 March 2025, the gross loan portfolio reached GEL 27,350.1 million, up
by 19.1% YoY and 2.4% QoQ, or up by 17.7% YoY and 2.6% QoQ on a constant
currency basis.
By the end of March 2025, our Georgia FS loan portfolio increased by 14.6% YoY
and 1.0% on a QoQ basis and reached GEL 25,182.5 million, with 13.3% YoY and
1.1% QoQ growth on a constant currency basis. Over the same period, our Uzbek
portfolio more than doubled YoY and increased by 22.3% QoQ. This resulted in
121.3% YoY and 24.4% QoQ growth on a constant currency basis.
In thousands of GEL Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Gross loans and advances to customers
Georgian financial services (Georgia FS)* 25,182,536 24,941,464 21,967,683 14.6% 1.0%
Retail Georgia 8,834,964 8,710,516 7,682,858 15.0% 1.4%
CIB Georgia 10,055,992 9,863,777 8,419,450 19.4% 1.9%
MSME Georgia 5,827,911 5,943,479 5,506,736 5.8% -1.9%
Uzbekistan 2,150,075 1,758,028 970,106 121.6% 22.3%
Total gross loans and advances to customers** 27,350,103 26,721,683 22,968,998 19.1% 2.4%
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
1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Loan yields 14.0% 13.5% 12.9% 1.1 pp 0.5 pp
GEL 14.2% 14.1% 14.2% 0.0 pp 0.1 pp
FC 8.7% 8.6% 8.9% -0.2 pp 0.1 pp
UZS 44.2% 44.6% 43.2% 1.0 pp -0.4 pp
Georgia FS 11.6% 11.5% 11.6% 0.0 pp 0.1 pp
GEL 14.2% 14.1% 14.2% 0.0 pp 0.1 pp
FC 8.7% 8.6% 8.9% -0.2 pp 0.1 pp
Uzbekistan 44.2% 44.6% 43.2% 1.0 pp -0.4 pp
UZS 44.2% 44.6% 43.2% 1.0 pp -0.4 pp
Total loan yields* 14.0% 13.5% 12.9% 1.1 pp 0.5 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 Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Georgia FS* 1.5% 1.4% 1.3% 0.2 pp 0.1 pp
Retail Georgia 0.7% 0.7% 0.8% -0.1 pp 0.0 pp
CIB Georgia 0.9% 0.9% 0.7% 0.2 pp 0.0 pp
MSME Georgia 3.4% 2.9% 2.5% 0.9 pp 0.5 pp
Uzbekistan 2.1% 2.0% 2.2% -0.1 pp 0.1 pp
Total PAR 90** 1.6% 1.4% 1.3% 0.3 pp 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 Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Non-performing loans (NPL)
Georgia FS* 600,215 554,935 486,212 23.4% 8.2%
Retail Georgia 133,020 118,834 125,625 5.9% 11.9%
CIB Georgia 152,263 156,632 137,849 10.5% -2.8%
MSME Georgia 288,613 263,460 202,636 42.4% 9.5%
Uzbekistan 68,275 35,690 20,954 225.8% 91.3%
Total non-performing loans** 671,071 592,554 508,083 32.1% 13.3%
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
The NPL ratio in March 2025 for the Group and Uzbekistan stood at 2.4% and
2.1%, respectively, adjusted for the non-recurring impairment charge relating
to Uzbekistan.
NPL to gross loans Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Georgia FS* 2.4% 2.2% 2.2% 0.2 pp 0.2 pp
Retail Georgia 1.5% 1.4% 1.6% -0.1 pp 0.1 pp
CIB Georgia 1.5% 1.6% 1.6% -0.1 pp -0.1 pp
MSME Georgia 5.0% 4.4% 3.7% 1.3 pp 0.6 pp
Uzbekistan 3.2% 2.0% 2.2% 1.0 pp 1.2 pp
Total NPL to gross loans** 2.5% 2.2% 2.2% 0.3 pp 0.3 pp
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
** Total NPL to gross loans include Azerbaijan
The NPL provision coverage ratio in March 2025 for the Group and Uzbekistan
stood at 76.3% and 293.3%, respectively, adjusted for the non-recurring
impairment charge relating to Uzbekistan. At the same time, total NPL coverage
for the Group and Uzbekistan stood at 145.5% and 293.3%, respectively, also on
an adjusted basis.
Mar'25 Dec'24 Mar'24
NPL coverage Provision coverage Total coverage Provision coverage Total coverage Provision coverage Total coverage
Georgia FS* 59.5% 134.1% 61.0% 138.0% 67.1% 134.6%
Retail Georgia 127.2% 186.9% 138.1% 201.1% 121.3% 183.6%
CIB Georgia 40.2% 111.8% 34.4% 106.0% 44.0% 105.2%
MSME Georgia 40.4% 123.9% 42.2% 126.3% 51.5% 128.8%
Uzbekistan 192.6% 192.6% 229.5% 229.5% 214.0% 214.0%
Total NPL coverage** 73.6% 140.4% 71.8% 143.9% 73.6% 138.4%
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
The CoR ratio in 1Q 2025 for the Group and Uzbekistan stood at 1.3% and 8.0%,
respectively, adjusted for the non-recurring impairment charge relating to
Uzbekistan.
Cost of risk (CoR) 1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Georgia FS* 0.8% 0.6% 0.7% 0.1 pp 0.2 pp
Retail Georgia 1.3% 1.0% 1.1% 0.2 pp 0.3 pp
CIB Georgia 0.3% 0.1% 0.4% -0.1 pp 0.2 pp
MSME Georgia 0.8% 0.6% 0.7% 0.1 pp 0.2 pp
Uzbekistan 9.3% 7.7% 5.5% 3.8 pp 1.6 pp
Total cost of risk** 1.4% 1.0% 0.8% 0.6 pp 0.4 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 March 2025, the deposit portfolio reached GEL 22,529.4 million, up by
8.1% YoY and down by 1.5% QoQ, or up by 6.6% YoY and down by 0.9% QoQ on a
constant currency basis.
By the end of March 2025, our customer deposit portfolio in Georgia (excluding
MOF) reached GEL 21,146. 3 million, up by 10.7% YoY and down by 2.4% QoQ, or
up by 9.0% YoY and down by 2.0% QoQ on a constant currency basis. Meanwhile,
our Uzbekistan deposit portfolio increased by 85.3% YoY and 15.4% QoQ, or up
by 85.0% YoY and 17.4% QoQ on a constant currency basis.
In thousands of GEL Mar'25 Dec'24 Mar'24 Change YoY Change QoQ
Customer accounts
Georgia FS* 21,355,609 21,890,518 20,219,932 5.6% -2.4%
Retail Georgia 8,269,131 8,478,788 7,498,419 10.3% -2.5%
CIB Georgia 11,122,655 11,308,306 9,833,975 13.1% -1.6%
MSME Georgia 1,913,434 2,043,554 1,869,140 2.4% -6.4%
MOF 209,328 214,426 1,110,024 -81.1% -2.4%
Uzbekistan 1,218,048 1,055,758 657,190 85.3% 15.4%
Total customer accounts** 22,529,442 22,863,833 20,838,768 8.1% -1.5%
*Georgia FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Deposit rates 5.6% 5.4% 5.4% 0.2 pp 0.2 pp
GEL 8.1% 7.7% 8.0% 0.1 pp 0.4 pp
FC 1.8% 1.6% 1.3% 0.5 pp 0.2 pp
UZS 24.7% 25.1% 25.5% -0.8 pp -0.4 pp
Georgia FS 4.7% 4.6% 4.8% -0.1 pp 0.1 pp
GEL 8.1% 7.7% 8.0% 0.1 pp 0.4 pp
FC 1.8% 1.6% 1.3% 0.5 pp 0.2 pp
Uzbekistan 24.5% 24.9% 25.4% -0.9 pp -0.4 pp
UZS 24.7% 25.1% 25.5% -0.8 pp -0.4 pp
FC 2.8% 3.8% 3.7% -0.9 pp -1.0 pp
Total deposit rates* 5.6% 5.4% 5.4% 0.2 pp 0.2 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 1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Interest income 845,776 835,493 736,833 14.8% 1.2%
Interest expense (436,673) (426,090) (351,165) 24.3% 2.5%
Net interest income 409,103 409,403 385,668 6.1% -0.1%
Fee and commission income 172,187 187,390 148,492 16.0% -8.1%
Fee and commission expense (65,599) (80,737) (67,249) -2.5% -18.7%
Net fee and commission income 106,588 106,653 81,243 31.2% -0.1%
Net insurance income 8,945 7,153 7,976 12.1% 25.1%
Net gains from currency derivatives, foreign currency operations and 84,090 112,642 64,629 30.1% -25.3%
translation
Other operating income 5,520 9,723 1,552 NMF -43.2%
Share of profit of associates 139 183 (41) NMF -24.0%
Other operating non-interest income 98,694 129,701 74,116 33.2% -23.9%
Credit loss allowance for loans to customers (47,954) (32,984) (36,825) 30.2% 45.4%
Credit loss allowance for other financial items and net impairment for (5,359) (8,564) (590) NMF -37.4%
non-financial assets
Operating income after expected credit and non-financial asset impairment 561,072 604,209 503,612 11.4% -7.1%
losses
Staff costs (105,795) (123,928) (101,240) 4.5% -14.6%
Depreciation and amortisation (31,267) (31,109) (29,265) 6.8% 0.5%
Administrative and other operating expenses (58,169) (65,848) (44,764) 29.9% -11.7%
Operating expenses (195,231) (220,885) (175,269) 11.4% -11.6%
Net profit before tax 365,841 383,324 328,343 11.4% -4.6%
Income tax expense (48,201) (52,574) (43,704) 10.3% -8.3%
Net profit 317,640 330,750 284,639 11.6% -4.0%
Balance sheet highlights
In thousands of GEL 31-Mar-25 31-Dec-24 31-Mar-24 Change YoY Change QoQ
Cash & NBG mandatory reserves 5,598,657 5,398,958 4,521,806 23.8% 3.7%
Due from other banks 49,449 45,471 24,268 NMF 8.7%
Loans and advances to customers 24,825,243 24,602,989 21,641,521 14.7% 0.9%
Investment securities measured at fair value through OCI 4,702,153 5,504,681 3,875,799 21.3% -14.6%
Intangible assets and Goodwill 443,665 430,362 396,070 12.0% 3.1%
Other assets 1,758,688 1,767,188 1,388,504 26.7% -0.5%
TOTAL ASSETS 37,377,855 37,749,649 31,847,968 17.4% -1.0%
Due to credit institutions 7,243,202 7,314,032 3,601,828 NMF -1.0%
Customer accounts 21,355,609 21,890,518 20,219,932 5.6% -2.4%
Subordinated debt and debt securities in issue 2,311,275 2,319,634 2,337,185 -1.1% -0.4%
Other liabilities 937,265 696,607 972,875 -3.7% 34.5%
TOTAL LIABILITIES 31,847,351 32,220,791 27,131,820 17.4% -1.2%
Equity attributable to shareholders 5,530,226 5,528,606 4,715,946 17.3% 0.0%
Non-controlling interest 278 252 202 37.6% 10.3%
TOTAL EQUITY 5,530,504 5,528,858 4,716,148 17.3% 0.0%
TOTAL LIABILITIES AND EQUITY 37,377,855 37,749,649 31,847,968 17.4% -1.0%
Key ratios
Georgian financial services 1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Profitability ratios:
ROE(1) 23.3% 24.6% 24.0% -0.7 pp -1.3 pp
ROA(2) 3.4% 3.6% 3.6% -0.2 pp -0.2 pp
Cost to income(3) 31.8% 34.2% 32.4% -0.6 pp -2.4 pp
NIM(4) 5.5% 5.7% 5.9% -0.4 pp -0.2 pp
Loan yields(5) 11.6% 11.5% 11.6% 0.0 pp 0.1 pp
Deposit rates(6) 4.7% 4.6% 4.8% -0.1 pp 0.1 pp
Cost of funding(7) 5.6% 5.5% 5.4% 0.2 pp 0.1 pp
Asset quality & portfolio concentration:
Cost of risk(8) 0.8% 0.6% 0.7% 0.1 pp 0.2 pp
PAR 90 to gross loans(9) 1.5% 1.4% 1.3% 0.2 pp 0.1 pp
NPLs to gross loans(10) 2.4% 2.2% 2.2% 0.2 pp 0.2 pp
NPL provision coverage(11) 59.5% 61.0% 67.1% -7.6 pp -1.5 pp
Total NPL coverage(12) 134.1% 138.0% 134.6% -0.5 pp -3.9 pp
For the ratio definitions and exchange rates, please refer to appendix 3
Uzbekistan
Profit and loss statement
In thousands of GEL 1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Interest income 224,843 180,545 101,324 121.9% 24.5%
Interest expense (101,576) (82,548) (47,028) 116.0% 23.1%
Net interest income 123,267 97,997 54,296 127.0% 25.8%
Fee and commission income 56,362 54,843 28,073 100.8% 2.8%
Fee and commission expense (18,326) (15,286) (7,899) 132.0% 19.9%
Net fee and commission income 38,036 39,557 20,174 88.5% -3.8%
Net gains from currency derivatives, foreign currency operations and (266) (214) (426) -37.6% 24.3%
translation
Other operating income 14 57 1 NMF -75.4%
Other operating non-interest income/(expense) (252) (157) (425) -40.7% 60.5%
Credit loss allowance for loans to customers (58,514) (24,696) (11,753) NMF 136.9%
Credit loss allowance for other financial items and net impairment for (5,705) (6,145) (523) NMF -7.2%
non-financial assets
Operating income after expected credit and non-financial asset impairment 96,832 106,556 61,769 56.8% -9.1%
losses
Staff costs (23,104) (20,423) (12,974) 78.1% 13.1%
Depreciation and amortisation (4,674) (4,113) (2,759) 69.4% 13.6%
Administrative and other operating expenses (46,182) (40,286) (24,635) 87.5% 14.6%
Operating expenses (73,960) (64,822) (40,368) 83.2% 14.1%
Net profit before tax 22,872 41,734 21,401 6.9% -45.2%
Income tax expense (1,311) (5,221) (2,964) -55.8% -74.9%
Net profit 21,561 36,513 18,437 16.9% -40.9%
Adjusted net profit* 42,228 36,513 18,437 129.0% 15.7%
* Adjusted net profit in 1Q 2025 excludes GEL 24.6 mln non-recurring credit
impairment charge in Uzbekistan
Balance sheet highlights
In thousands of GEL 31-Mar-25 31-Dec-24 31-Mar-24 Change YoY Change QoQ
Cash & CBU mandatory reserves 245,519 228,435 190,926 28.6% 7.5%
Due from other banks 2,996 - - NMF NMF
Loans and advances to customers 2,018,553 1,676,113 925,261 118.2% 20.4%
Intangible assets and Goodwill 93,461 75,075 33,990 175.0% 24.5%
Other assets 365,683 289,625 146,477 149.7% 26.3%
TOTAL ASSETS 2,726,212 2,269,248 1,296,654 110.2% 20.1%
Due to credit institutions 683,532 474,444 183,940 271.6% 44.1%
Customer accounts 1,218,048 1,055,758 657,190 85.3% 15.4%
Subordinated debt and debt securities in issue - - 43,151 NMF NMF
Other liabilities 191,262 115,455 91,471 109.1% 65.7%
TOTAL LIABILITIES 2,092,842 1,645,657 975,752 114.5% 27.2%
Equity attributable to shareholders 633,370 623,591 320,902 97.4% 1.6%
TOTAL EQUITY 633,370 623,591 320,902 97.4% 1.6%
TOTAL LIABILITIES AND EQUITY 2,726,212 2,269,248 1,296,654 110.2% 20.1%
Key ratios
Uzbekistan 1Q'25 4Q'24 1Q'24 Change YoY Change QoQ
Profitability ratios:
ROE(1) 13.7% 27.7% 23.7% -10.0 pp -14.0 pp
Adjusted ROE(*) 26.6% 27.7% 23.7% 2.9 pp -1.1 pp
ROA(2) 3.5% 7.4% 6.5% -3.0 pp -3.9 pp
Adjusted ROA(*) 6.8% 7.4% 6.5% 0.3 pp -0.6 pp
Cost to income(3) 45.9% 47.2% 54.5% -8.6 pp -1.3 pp
NIM(4) 24.7% 24.2% 23.6% 1.1 pp 0.5 pp
Loan yields(5) 44.2% 44.6% 43.2% 1.0 pp -0.4 pp
Deposit rates(6) 24.5% 24.9% 25.4% -0.9 pp -0.4 pp
Cost of funding(7) 23.3% 23.8% 24.1% -0.8 pp -0.5 pp
Asset quality & portfolio concentration:
Cost of risk(8) 9.3% 7.7% 5.5% 3.8 pp 1.6 pp
Adjusted cost of risk(8*) 8.0% 7.7% 5.5% 2.5 pp 0.3 pp
PAR 90 to gross loans(9) 2.1% 2.0% 2.2% -0.1 pp 0.1 pp
NPLs to gross loans(10) 3.2% 2.0% 2.2% 1.0 pp 1.2 pp
Adjusted NPLs to gross loans(10*) 2.1% 2.0% 2.2% -0.1 pp 0.1 pp
NPL provision coverage(11) 192.6% 229.5% 214.0% -21.4 pp -36.9 pp
Adjusted NPL provision coverage(11*) 293.3% 229.5% 214.0% 79.3 pp 63.8 pp
Total NPL coverage(12) 192.6% 229.5% 214.0% -21.4 pp -36.9 pp
Adjusted total NPL coverage(12*) 293.3% 229.5% 214.0% 79.3 pp 63.8 pp
* Adjusted numbers in 1Q 2025 exclude GEL 24.6 mln non-recurring credit
impairment charge in Uzbekistan
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 2.8068 as of 31
December 2024. To calculate the YoY growth without the currency exchange rate
effect, we used the USD/GEL exchange rate of 2.6953 as of 31 March 2024. As of
31 March 2025, the USD/GEL exchange rate equalled 2.7673. For P&L items
growth calculations without the currency effect, we used the average USD/GEL
exchange rate for the following periods: 4Q 2024 of 2.7582 and 1Q 2024 of
2.6713. As of 1Q 2025, the USD/GEL exchange rate equalled 2.8137.
1 Note: For presentation purposes, certain financial numbers are rounded to
the nearest whole number
(2) The adjusted net profit for 1Q 2025 was GEL 339 mln, while adjusted ROE
stood at 24.2%
3 Starting from 2025, commercial banks in Georgia are required to make
ex-ante contributions to the resolution fund, which has been approved by the
Parliament of Georgia and is managed by the National Bank of Georgia (NBG). In
1Q 2025, operating expenses rose by GEL 4.4 million due to these regulatory
changes
4 Based on data published by the CBU, as of 1 January 2025
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRFARMITMTIMBFARecent news on TBC Bank
See all newsREG - TBC Bank Group PLC - 1Q 2025 Results Report
AnnouncementREG - TBC Bank Group PLC - Declaration of 1Q 2025 Quarterly Dividend
AnnouncementREG - TBC Bank Group PLC - Director/PDMR Shareholding
AnnouncementREG - TBC Bank Group PLC - Notice of AGM
AnnouncementREG - TBC Bank Group PLC - TBC to Announce 1Q 2025 Financial Results
Announcement