REG - TBC Bank Group PLC - 3Q and 9M 2025 Results Report
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RNS Number : 3758G TBC Bank Group PLC 06 November 2025
TBC BANK GROUP PLC ("TBC Bank")
3Q AND 9M 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 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.
3Q and 9M 2025 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated
financial results for the 3Q and 9M 2025 on Thursday, 6 November 2025 at 7.00
AM GMT. The management team will host a conference call at 2.00 PM GMT.
To join the live conference call, please register using the following link:
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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) 7557 631304
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
3Q and 9M 2025 unaudited consolidated financial results announcement
Interim management report
Financial highlights (#_Toc212137579) (#_Toc212137579)
Operational highlights (#_Toc212137580) (#_Toc212137580)
Letter from the Chief Executive Officer (#_Toc212137581) (#_Toc212137581)
Economic overview (#_Toc212137582) (#_Toc212137582)
Unaudited consolidated financial results overview for 3Q 2025 (#_Toc212137583)
(#_Toc212137583)
Unaudited consolidated financial results overview for 9M 2025 (#_Toc212137584)
(#_Toc212137584)
Additional information (#_Toc212137585) (#_Toc212137585)
1) (#_Toc212137586) (#_Toc212137586) (#_Toc212137586)
Financial disclosures by business lines (#_Toc212137586) (#_Toc212137586)
2) (#_Toc212137587) (#_Toc212137587) (#_Toc212137587)
Glossary (#_Toc212137587) (#_Toc212137587)
3) (#_Toc212137588) (#_Toc212137588) (#_Toc212137588) Ratio
definitions and exchange rates (#_Toc212137588) (#_Toc212137588)
3Q and 9M 2025 unaudited consolidated financial results 1 (#_ftn1)
3Q 2025 profit of GEL 368 million, up by 6% YoY, with ROE at 24.4%.
9M 2025 profit of GE L 1,033 million, up by 6% YoY, with ROE at 23.9%.
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 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ 9M'25 9M'24 Change YoY
Net interest income 611,521 581,802 492,561 24.2% 5.1% 1,726,533 1,393,516 23.9%
Net fee and commission income 151,201 155,634 144,797 4.4% -2.8% 454,832 372,498 22.1%
Other non-interest income 117,475 97,191 116,296 1.0% 20.9% 307,671 284,051 8.3%
Total operating income 880,197 834,627 753,654 16.8% 5.5% 2,489,036 2,050,065 21.4%
Total credit loss allowance (122,934) (118,579) (55,275) NMF 3.7% (360,010) (131,971) NMF
Operating expenses (331,889) (313,754) (280,208) 18.4% 5.8% (933,587) (766,456) 21.8%
Net profit before tax 425,374 402,294 418,171 1.7% 5.7% 1,195,439 1,151,638 3.8%
Income tax expense (57,094) (56,019) (70,908) -19.5% 1.9% (162,378) (178,606) -9.1%
Net profit 368,280 346,275 347,263 6.1% 6.4% 1,033,061 973,032 6.2%
Balance sheet
In thousands of GEL Sep'25 Jun'25 Sep'24 Change YoY Change QoQ
Total assets 43,620,942 41,963,000 37,972,326 14.9% 4.0%
Gross loans 28,713,696 28,469,934 25,315,760 13.4% 0.9%
Customer deposits(*) 24,636,904 23,305,837 21,836,362 12.8% 5.7%
Total equity 6,129,740 5,876,138 5,427,772 12.9% 4.3%
Number of ordinary shares 56,025,473 56,211,873 56,022,807 0.0% -0.3%
*Excludes MOF deposits
Key ratios
3Q'25 2Q'25 3Q'24 Change YoY Change QoQ 9M'25 9M'24 Change YoY
ROE 24.4% 24.3% 26.6% -2.2 pp 0.1 pp 23.9% 26.2% -2.3 pp
ROA 3.3% 3.4% 3.7% -0.4 pp -0.1 pp 3.3% 3.7% -0.4 pp
NIM 7.1% 7.1% 6.4% 0.7 pp 0.0 pp 7.0% 6.4% 0.6 pp
Cost to income 37.7% 37.6% 37.2% 0.5 pp 0.1 pp 37.5% 37.4% 0.1 pp
Cost of risk 1.6% 1.6% 0.8% 0.8 pp 0.0 pp 1.6% 0.7% 0.9 pp
NPL to gross loans 2.7% 2.5% 2.2% 0.5 pp 0.2 pp 2.7% 2.2% 0.5 pp
NPL provision coverage ratio 75.3% 78.2% 72.3% 3.0 pp -2.9 pp 75.3% 72.3% 3.0 pp
Total NPL coverage ratio 136.3% 142.4% 141.6% -5.3 pp -6.1 pp 136.3% 141.6% -5.3 pp
Leverage (x) 7.1x 7.1x 7.0x 0.1x 0x 7.1x 7.0x 0.1x
EPS (GEL) 6.48 6.13 6.17 5.0% 5.7% 18.33 17.50 4.7%
Diluted EPS (GEL) 6.41 6.07 6.14 4.4% 5.6% 18.14 17.42 4.1%
BVPS (GEL) 107.76 103.14 94.88 13.6% 4.5% 107.76 94.88 13.6%
Georgia
CET 1 CAR 16.7% 16.4% 16.6% 0.1 pp 0.3 pp 16.7% 16.6% 0.1 pp
Tier 1 CAR 20.1% 19.8% 20.4% -0.3 pp 0.3 pp 20.1% 20.4% -0.3 pp
Total CAR 22.9% 23.0% 23.9% -1.0 pp -0.1 pp 22.9% 23.9% -1.0 pp
Uzbekistan
CET 1 CAR 18.5% 18.5% 16.4% 2.1 pp 0.0 pp 18.5% 16.4% 2.1 pp
Tier 1 CAR 18.5% 18.5% 16.4% 2.1 pp 0.0 pp 18.5% 16.4% 2.1 pp
Total CAR 19.4% 20.0% 19.6% -0.2 pp -0.6 pp 19.4% 19.6% -0.2 pp
Operational highlights
Customer base
In thousands Sep'25 Jun'25 Sep'24 Change YoY Change QoQ
Total unique registered users 25,394 24,299 20,486 24% 5%
Georgia 3,586 3,537 3,418 5% 1%
Uzbekistan 21,808 20,762 17,068 28% 5%
Total monthly active customers 7,462 7,407 6,563 14% 1%
Georgia 1,802 1,752 1,671 8% 3%
Uzbekistan 5,660 5,655 4,892 16% 0%
Total digital monthly active users ("digital MAU") 6,856 6,809 5,892 16% 1%
Georgia 1,196 1,154 1,000 20% 4%
Uzbekistan 5,660 5,655 4,892 16% 0%
Total digital daily active users ("digital DAU") 2,393 2,401 1,948 23% 0%
Georgia 555 545 456 22% 2%
Uzbekistan 1,838 1,856 1,492 23% -1%
Digital DAU/MAU 35% 35% 33% 2 pp 0 pp
Georgia 46% 47% 46% 0 pp -1 pp
Uzbekistan 32% 33% 30% 2 pp -1 pp
Unique registered users of Uzbekistan have been reclassified since 4Q 2024
Uzbekistan - key highlights
In thousands of GEL Sep'25 Jun'25 Sep'24 Change YoY Change QoQ
Gross loans and advances to customers 2,636,055 2,463,960 1,373,506 91.9% 7.0%
Customer accounts 1,466,682 1,340,365 855,689 71.4% 9.4%
In thousands of GEL 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ 9M'25 9M'24 Change YoY
Total operating income 188,602 169,765 111,373 69.3% 11.1% 519,418 276,499 87.9%
Net profit 41,093 32,329 31,595 30.1% 27.1% 94,983 73,811 28.7%
ROE 23.3% 20.0% 28.2% -4.9 pp 3.3 pp 19.1% 26.6% -7.5 pp
9M 2025 financial results include a non-recurring credit impairment charge of
GEL 24.6 mln (pre-tax) in Uzbekistan
Letter from the Chief Executive Officer 2 (#_ftn2)
I am pleased to share that 3Q marked another quarter of very consistent and
strong operating performance for the group, with record quarterly earnings. In
3Q 2025, operating income rose by 17% year-on-year to GEL 880 million, while
net profit reached GEL 368 million, up 6% year-on-year, with an ROE of 24.4%.
Consequently, for 9M 2025, net profit totaled GEL 1,033 million, up 6%
year-on-year, with an ROE of 23.9%.
This strong and steady progress, alongside a very sound capital base, enables
us to continue to combine robust growth with returning excess capital to
shareholders, and the Board has declared a quarterly dividend of GEL 1.75 per
share for 3Q 2025, bringing total dividends for the first nine months to GEL
5.0.
Consistent returns in Georgia, further ecosystem scale up in Uzbekistan
Turning to how the quarter has been in Georgia and Uzbekistan, our Georgian
business continues to generate impressive profitability, posting another
quarter of mid-20s ROE. This was underpinned by a 9% increase in the loan book
on a constant currency basis and net interest margin ticking up to 6.0%. While
we lead the market in many segments, a key focus is gaining market share in
fast consumer lending - we increased this loan book 42% year-on-year in 3Q
2025 and have gained 3.0 pp market share in the past year. We continue to
innovate in this space. In 3Q we re-engineered our credit card offering in our
mobile app, which is already resulting in strong customer uptake.
Meanwhile, during 3Q 2025, TBC Uzbekistan continued to make great strides in
scaling up its digital banking ecosystem. We announced our planned acquisition
of a majority stake in OLX, the country's largest online classifieds platform,
which will unlock powerful synergies with our financial services platform and
help increase our share of customer attention. We also saw good progress in
the uptake of Salom Card, with 0.7 million issued by the end of September, of
which over 0.5 million have been funded as customers increasingly choose TBC
for their daily banking needs. In addition, we have been deepening customer
engagement in Payme, with Payme Plus subscription reaching 0.3 million monthly
active users. We keep scaling and embedding the use of AI across our
operations, reaching 90% automation in early-stage delinquency calls and
conducting over 100,000 sales interactions per month.
2025 targets update
The performance of the overall Group remains strong and resilient. Our ROE has
consistently been running ahead of the 23% target we have set ourselves, and
since the start of 2023, we have almost doubled our digital MAU to close to 7
million as more customers choose TBC. Georgia remains a model of highly
profitable consistency, and over the past few years in Uzbekistan we have
built one of the fastest growing digital banking ecosystems globally - we have
added over 10 million registered users over the past three years, we have
built a USD 1 billion loan book, and we now have a diverse product suite of
digital financial services for both consumers and businesses. Our digital bank
broke even in just 2 years and is already generating c20% ROE, despite still
being an early-stage business.
This year in Uzbekistan, we have scaled up and launched new products. Loans
have almost doubled year-on-year, Salom Card is gaining traction as a 'go to'
product for daily banking needs, and we announced highly value accretive
M&A. We have become a top 10 player in retail banking and are now the 'top
of mind' bank in Tashkent. But the year has also clearly had its challenges,
with the previously flagged headwinds in 1H, while in 2H, we have pivoted our
business from microloans to SME lending more quickly than previously
anticipated in line with the changing regulatory agenda. As a result, we will
be below the net profit guidance that we set ourselves back in 2023.
Consequently, we anticipate Group net profit to be slightly below our GEL 1.5
billion target.
As a group, we are well-positioned for the future. We have an excellent and
reliable Georgian franchise, while in Uzbekistan we have a flexible and
resilient business model that enables us to adapt quickly to the evolving
environment. We remain highly positive on the long-term growth opportunities
in both markets.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains robust
Georgia's real GDP increased by 6.5% year-on-year in the third quarter of
2025, with recent growth dynamics more aligned with the expected relative
moderation trend, although average growth in the first nine months of the year
stood at a robust 7.7%, following 9.4% growth in 2024, according to Geostat.
While heightened political tensions resulted in lower tourism revenues and
domestic demand at the end of 2024 and 1Q 2025, especially reflected through
contracted spending on durable goods, a recovery in consumption was evident
from March. Economic activity has remained steady since, with growth supported
by improving external trade balance and robust currency inflows and slowing,
though still strong, credit activity and real wages.
Following the drop in December 2024, estimated net inflows into Georgia has
been improving this year, supported by lower durable imports, especially of
cars. Georgia's seasonally adjusted underlying current account (excluding
reinvestments) recorded a surplus in 2Q 2025, while estimated net inflows
remained robust in 3Q as well. Total exports and imports of goods denominated
in U.S. dollars decreased by 1.2% and 0.8% YoY, respectively. However, the
decrease was driven by lower trade with cars as domestic exports grew by 9.3%.
At the same time, 6.6% growth in tourism revenues and 12.0% increase in
remittances in 3Q also contributed significantly to the improvement in net
currency inflows into the country, while FDIs remained subdued.
Fiscal consolidation continues
The government remains committed to fiscal consolidation, as it recorded a
budget deficit equal to only 0.4% of GDP in the first 9 months of 2025, while
public debt to GDP ratio declined to 35.2%.
Credit growth is moderating, though remains strong
Bank credit growth has moderated slightly from 15.6% year-on-year in June 2025
to 13.4% in September, at constant exchange rates. Given accelerating
inflation, real credit growth also weakened, though it remained still strong
at 8.2%. As for segments, while retail credit strengthened marginally from
14.8% in June to 14.9% in September, the year-on-year growth of lending to
legal entities declined from 16.6% to 11.8%. The gradual dedollarization of
bank lending continued in 3Q 2025, with the share of foreign currency loans
dropping slightly from 42.9% in June to 42.2% in September, at constant
exchange rates.
GEL remains stable, while NBG continues reserve replenishment
Improved net currency inflows resulting from subdued imports and strong
external inflows from exports of goods, tourism and remittances, has combined
with a globally weakened USD and increased deposit larization in 2Q 2025,
leading to appreciation pressures on the national currency that only slightly
moderated in 3Q, keeping the GEL broadly stable. Leveraging on this
environment, the NBG continued reserve replenishment, purchasing around USD
1.6 billion from the FX market in the first nine months of the year, including
USD 717 million in the third quarter, bringing its gross international
reserves to USD 5.4 billion as of the end of September. Meanwhile, the
national currency appreciated by around 3.6% against the USD compared to the
end of 2024 and stood at 2.71 GEL per USD at the end of September.
CPI inflation continued accelerating, standing at 4.8% in September, above the
NBG 3.0% target. Higher inflation is driven by the combination of low base
effect, elevated domestic pressures and a partial pass-through of higher risks
realized in food price dynamics globally. Consequently, the NBG has maintained
an unchanged monetary policy rate ("MPR") at 8.0% since May 2024.
Uzbekistan
Continued strong economic performance
Uzbekistan's economic growth strengthened to 8.2% year-on-year in 3Q 2025,
averaging 7.6% in the first nine months of the year, compared to 6.5% in 2024.
In terms of external trade, exports of goods in 3Q 2025 increased by an
impressive 43.5% year-on-year due to higher gold exports. At the same time,
imports also posted a strong 30.9% growth, driven by increased imports of
vehicles and machinery. Retail credit slightly strengthened to 22.9% YoY in
September from 22.0% in June, with mortgage credit expanding by 17.1% and
non-mortgage credit by 26.5%.
Annual inflation in Uzbekistan stood at 8.0% in September, down from 8.7% in
June and 9.8% in December 2024. The CBU kept its monetary policy rate
unchanged at 14.0% throughout the quarter, having increased it by 0.5
percentage points in March, citing sustained inflationary pressures. At the
same time, the UZS was valued at 12,068 per US Dollar by the end of September,
having appreciated by around 7.1% compared to the end of 2024. UZS
appreciation is supported by a globally weakened USD, moderated credit
activity and the tighter CBU stance. At the same time, as of September,
record-high gold prices resulted in a substantial USD 13.8 billion (or 34%)
YTD increase in the CBU international reserves.
Economic growth forecasts raised
As economic outlooks for both countries remain robust, TBC Capital has raised
its full year 2025 growth projections to 7.3% in Georgia (up from 7.1%), and
8.0% in Uzbekistan (up from 7.4%).
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 3Q 2025
This statement provides a summary of the business and financial trends for 3Q
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 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ
Interest income 1,221,108 1,144,935 958,194 27.4% 6.7%
Interest expense (609,587) (563,133) (465,633) 30.9% 8.2%
Net interest income 611,521 581,802 492,561 24.2% 5.1%
Fee and commission income 277,670 259,013 218,596 27.0% 7.2%
Fee and commission expense (126,469) (103,379) (73,799) 71.4% 22.3%
Net fee and commission income 151,201 155,634 144,797 4.4% -2.8%
Net insurance income 18,623 14,039 11,389 63.5% 32.7%
Net gains from currency derivatives, foreign currency operations and 91,337 77,775 101,326 -9.9% 17.4%
translation
Other operating income 7,235 5,077 3,295 NMF 42.5%
Share of profit of associates 280 300 286 -2.1% -6.7%
Other operating non-interest income 117,475 97,191 116,296 1.0% 21%
Credit loss allowance for loans to customers (106,875) (105,128) (47,223) NMF 1.7%
Credit loss allowance for other financial items and net impairment for (16,059) (13,451) (8,052) 99.4% 19.4%
non-financial assets
Operating income after expected credit losses 757,263 716,048 698,379 8.4% 5.8%
Staff costs (168,410) (162,940) (149,257) 12.8% 3.4%
Depreciation and amortisation (43,136) (40,924) (37,488) 15.1% 5.4%
Administrative and other operating expenses (120,343) (109,890) (93,463) 28.8% 9.5%
Operating expenses (331,889) (313,754) (280,208) 18.4% 5.8%
Net profit before tax 425,374 402,294 418,171 1.7% 5.7%
Income tax expense (57,094) (56,019) (70,908) -19.5% 1.9%
Net profit 368,280 346,275 347,263 6.1% 6.4%
Net profit attributable to:
- Shareholders of TBCG 359,516 340,862 339,893 5.8% 5.5%
- Non-controlling interest 8,764 5,413 7,370 18.9% 61.9%
Other comprehensive income:
Other comprehensive expense for the period 41,422 (52,025) 48,410 -14.4% NMF
Total comprehensive income for the period 409,702 294,250 395,673 3.5% 39.2%
Consolidated balance sheet
In thousands of GEL Sep'25 Jun'25 Change QoQ
ASSETS
Cash and cash equivalents 3,837,678 3,548,840 8.1%
Due from other banks 96,828 111,130 -12.9%
Mandatory cash balances with the NBG and the CBU 2,534,159 2,408,487 5.2%
Loans and advances to customers and finance lease receivables 28,124,677 27,908,768 0.8%
Investment securities 5,874,066 5,260,446 11.7%
Repurchase receivables 284,411 - NMF
Investment properties 11,495 11,569 -0.6%
Current income tax prepayment 54,482 11,546 NMF
Deferred income tax asset 4,507 4,254 5.9%
Other financial assets 350,685 436,784 -19.7%
Other assets 1,653,276 1,538,293 7.5%
Intangible assets 715,330 662,919 7.9%
Goodwill 79,348 59,964 32.3%
TOTAL ASSETS 43,620,942 41,963,000 4.0%
LIABILITIES
Due to credit institutions 7,485,130 7,181,100 4.2%
Customer accounts 25,248,136 23,921,726 5.5%
Other financial liabilities 805,989 1,138,603 -29.2%
Current income tax liability 3,155 23,416 -86.5%
Deferred income tax liability 52,432 51,774 1.3%
Debt Securities in issue* 1,916,282 1,861,021 3.0%
Other liabilities 252,414 212,332 18.9%
Subordinated debt 1,142,273 1,151,490 -0.8%
Redemption liability 585,391 545,400 7.3%
TOTAL LIABILITIES 37,491,202 36,086,862 3.9%
EQUITY
Share capital 1,713 1,719 -0.3%
Shares held by trust (53,196) (49,862) 6.7%
Share premium 411,088 411,088 0.0%
Retained earnings 5,823,395 5,590,920 4.2%
Other reserves (217,522) (222,807) -2.4%
Equity attributable to owners of the parent 5,965,478 5,731,058 4.1%
Non-controlling interest 164,262 145,080 13.2%
TOTAL EQUITY 6,129,740 5,876,138 4.3%
TOTAL LIABILITIES AND EQUITY 43,620,942 41,963,000 4.0%
* Debt securities in issue include Additional Tier 1 capital subordinated
notes
Ratios
Ratios (based on monthly averages, where applicable) 3Q'25 2Q'25 3Q'24
Profitability ratios:
ROE(1) 24.4% 24.3% 26.6%
ROA(2) 3.3% 3.4% 3.7%
Cost to income(3) 37.7% 37.6% 37.2%
NIM(4) 7.1% 7.1% 6.4%
Loan yields(5) 14.7% 14.5% 13.2%
Deposit rates(6) 5.8% 5.8% 5.4%
Cost of funding(7) 6.9% 6.8% 6.1%
Asset quality & portfolio concentration:
Cost of risk(9) 1.6% 1.6% 0.8%
PAR 90 to gross loans(9) 1.9% 1.7% 1.5%
NPLs to gross loans(10) 2.7% 2.5% 2.2%
NPL provision coverage(11) 75.3% 78.2% 72.3%
Total NPL coverage(12) 136.3% 142.4% 141.6%
Credit loss level to gross loans(13) 2.1% 2.0% 1.6%
Related party loans to gross loans(14) 0.0% 0.0% 0.1%
Top 10 borrowers to total portfolio(15) 4.6% 4.9% 5.8%
Top 20 borrowers to total portfolio(16) 7.4% 7.8% 8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 98.5% 103.5% 99.7%
Leverage (x)(18) 7.1x 7.1x 7.0x
Georgia
Net stable funding ratio(19) 126.3% 124.4% 123.1%
Liquidity coverage ratio(20) 135.1% 116.3% 121.1%
CET 1 CAR(21) 16.7% 16.4% 16.6%
Tier 1 CAR(22) 20.1% 19.8% 20.4%
Total 1 CAR(23) 22.9% 23.0% 23.9%
Uzbekistan
CET 1 CAR(24) 18.5% 18.5% 16.4%
Tier 1 CAR(25) 18.5% 18.5% 16.4%
Total 1 CAR(26) 19.4% 20.0% 19.6%
Funding and liquidity in Georgia
Sep'25 Jun'25 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 126.3% 124.4% 1.9 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 135.1% 116.3% 18.8 pp
LCR in GEL, as defined by the NBG 122.0% 115.7% 6.3 pp
LCR in FC, as defined by the NBG 143.3% 116.6% 26.7 pp
Regulatory capital
Georgia
In thousands of GEL Sep'25 Jun'25 Change QoQ
CET 1 capital 5,003,864 4,917,529 1.8%
Tier 1 capital 6,019,664 5,938,879 1.4%
Total capital 6,874,689 6,874,774 0.0%
Total risk-weighted assets 29,986,829 29,939,526 0.2%
Minimum CET 1 ratio 14.7% 14.7% 0.0 pp
CET 1 capital adequacy ratio 16.7% 16.4% 0.3 pp
Minimum Tier 1 ratio 17.0% 16.9% 0.1 pp
Tier 1 capital adequacy ratio 20.1% 19.8% 0.3 pp
Minimum total capital adequacy ratio 20.0% 19.9% 0.1 pp
Total capital adequacy ratio 22.9% 23.0% -0.1 pp
Uzbekistan
In thousands of GEL Sep'25 Jun'25 Change QoQ
CET 1 capital 561,419 538,892 4.2%
Tier 1 capital 561,419 538,892 4.2%
Total capital 588,900 581,838 1.2%
Total risk-weighted assets 3,037,257 2,912,132 4.3%
Minimum CET 1 ratio 8.0% 8.0% 0.0 pp
CET 1 capital adequacy ratio 18.5% 18.5% 0.0 pp
Minimum Tier 1 ratio 10.0% 10.0% 0.0 pp
Tier 1 capital adequacy ratio 18.5% 18.5% 0.0 pp
Minimum total capital adequacy ratio 13.0% 13.0% 0.0 pp
Total capital adequacy ratio 19.4% 20.0% -0.6 pp
Loan portfolio
As of 30 September 2025, the gross loan portfolio reached GEL 28,713.7
million, up by 0.9% QoQ, or up by 0.7% QoQ on a constant currency basis.
By the end of September 2025, our Georgia FS loan portfolio increased by 0.3%
on a QoQ basis and reached GEL 26,077.6 million, with 0.6% QoQ growth on a
constant currency basis. Over the same period, our Uzbek portfolio increased
by 7.0% QoQ, or up by 2.7% QoQ on a constant currency basis.
In thousands of GEL Sep'25 Jun'25 Change QoQ
Gross loans and advances to customers
Georgian financial services ("Georgia FS")* 26,077,641 25,992,620 0.3%
Retail Georgia 9,397,354 9,124,930 3.0%
CIB Georgia 10,224,375 10,491,098 -2.5%
MSME Georgia 5,925,747 5,902,254 0.4%
Uzbekistan 2,636,055 2,463,960 7.0%
Total gross loans and advances to customers 28,713,696 28,469,934 0.9%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
* Georgia FS includes sub-segment eliminations
3Q'25 2Q'25 3Q'24 Change YoY Change QoQ
Loan yields 14.7% 14.5% 13.2% 1.5 pp 0.2 pp
GEL 14.7% 14.5% 14.0% 0.7 pp 0.2 pp
FC 8.9% 8.9% 9.0% -0.1 pp 0.0 pp
UZS 42.5% 42.7% 44.4% -1.9 pp -0.2 pp
Georgia FS 12.0% 11.9% 11.5% 0.5 pp 0.1 pp
GEL 14.7% 14.5% 14.0% 0.7 pp 0.2 pp
FC 8.9% 8.9% 8.9% 0.0 pp 0.0 pp
Uzbekistan 42.5% 42.7% 44.4% -1.9 pp -0.2 pp
UZS 42.5% 42.7% 44.4% -1.9 pp -0.2 pp
Total loan yields 14.7% 14.5% 13.2% 1.5 pp 0.2 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
Loan portfolio quality
PAR 90 Sep'25 Jun'25 Change QoQ
Georgia FS* 1.6% 1.5% 0.1 pp
Retail Georgia 0.9% 0.8% 0.1 pp
CIB Georgia 1.5% 1.2% 0.3 pp
MSME Georgia 3.1% 2.8% 0.3 pp
Uzbekistan 4.7% 3.9% 0.8 pp
Total PAR 90 1.9% 1.7% 0.2 pp
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and
Group levels
* Georgia FS includes sub-segment eliminations
In thousands of GEL Sep'25 Jun'25 Change QoQ
Non-performing Loans ("NPL")
Georgia FS* 658,408 613,751 7.3%
Retail Georgia 148,440 147,242 0.8%
CIB Georgia 226,372 157,590 43.6%
MSME Georgia 274,926 281,300 -2.3%
Uzbekistan 123,374 101,170 21.9%
Total non-performing loans 781,782 717,615 8.9%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
NPL to gross loans Sep'25 Jun'25 Change QoQ
Georgia FS* 2.5% 2.4% 0.1 pp
Retail Georgia 1.6% 1.6% 0.0 pp
CIB Georgia 2.2% 1.5% 0.7 pp
MSME Georgia 4.6% 4.8% -0.2 pp
Uzbekistan 4.7% 4.1% 0.6 pp
Total NPL to gross loans 2.7% 2.5% 0.2 pp
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Sep'25 Jun'25
NPL Coverage Provision Coverage Total Coverage** Provision Coverage Total Coverage**
Georgia FS* 60.7% 133.1% 62.6% 137.3%
Retail Georgia 136.4% 186.0% 129.5% 181.7%
CIB Georgia 32.4% 104.5% 43.3% 113.8%
MSME Georgia 41.1% 123.6% 40.7% 124.9%
Uzbekistan 153.5% 153.5% 169.7% 169.7%
Total NPL coverage 75.3% 136.3% 78.2% 142.4%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Cost of risk ("CoR") 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ
Georgia FS* 0.8% 0.8% 0.5% 0.3 pp 0.0 pp
Retail Georgia 1.7% 1.8% 1.1% 0.6 pp -0.1 pp
CIB Georgia 0.2% 0.2% 0.1% 0.1 pp 0.0 pp
MSME Georgia 0.4% 0.5% 0.3% 0.1 pp -0.1 pp
Uzbekistan 9.7% 9.9% 5.8% 3.9 pp -0.2 pp
Total cost of risk 1.6% 1.6% 0.8% 0.8 pp 0.0 pp
Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
*Georgia FS includes sub-segment eliminations
Deposit portfolio
As of 30 September 2025, the deposit portfolio reached GEL 25,248.1 million,
up by 5.5% QoQ, and also up by 5.6% QoQ on a constant currency basis.
By the end of September 2025, our customer deposit portfolio in Georgia
(excluding MOF) reached GEL 23,404. 7 million, up by 6.2% QoQ, and also up by
6.6% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit
portfolio increased by 9.4% QoQ, or up by 5.1% QoQ on a constant currency
basis.
In thousands of GEL Sep'25 Jun'25 Change QoQ
Customer accounts
Georgia FS* 24,015,951 22,646,812 6.0%
Retail Georgia 9,170,003 8,719,633 5.2%
CIB Georgia 12,337,739 11,521,115 7.1%
MSME Georgia 2,075,247 1,951,125 6.4%
MOF 611,232 615,889 -0.8%
Uzbekistan 1,466,682 1,340,365 9.4%
Total customer accounts** 25,248,136 23,921,726 5.5%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
3Q'25 2Q'25 3Q'24 Change YoY Change QoQ
Deposit rates 5.8% 5.8% 5.4% 0.4 pp 0.0 pp
GEL 7.7% 7.9% 7.7% 0.0 pp -0.2 pp
FC 2.1% 1.9% 1.4% 0.7 pp 0.2 pp
UZS 24.0% 24.9% 24.7% -0.7 pp -0.9 pp
Georgian financial services 4.7% 4.6% 4.7% 0.0 pp 0.1 pp
GEL 7.7% 7.9% 7.7% 0.0 pp -0.2 pp
FC 2.1% 1.9% 1.4% 0.7 pp 0.2 pp
Uzbek business 23.9% 24.8% 24.6% -0.7 pp -0.9 pp
UZS 24.0% 24.9% 24.7% -0.7 pp -0.9 pp
FC 8.3% 5.5% 4.7% 3.6 pp 2.8 pp
Total deposit rates* 5.8% 5.8% 5.4% 0.4 pp 0.0 pp
* Total deposits rates include MOF deposits
Unaudited consolidated financial results overview for 9M 2025
This statement provides a summary of the business and financial trends for 9M
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 9M'25 9M'24 Change YoY
Interest income 3,437,782 2,677,097 28.4%
Interest expense (1,711,249) (1,283,581) 33.3%
Net interest income 1,726,533 1,393,516 23.9%
Fee and commission income 768,187 598,958 28.3%
Fee and commission expense (313,355) (226,460) 38.4%
Net fee and commission income 454,832 372,498 22.1%
Net insurance income 41,397 28,292 46.3%
Net gains from currency derivatives, foreign currency operations and 247,269 248,442 -0.5%
translation
Other operating income 18,286 6,926 NMF
Share of profit of associates 719 391 83.9%
Other operating non-interest income 307,671 284,051 8.3%
Credit loss allowance for loans to customers (318,597) (118,788) NMF
Credit loss allowance for other financial items and net impairment for (41,413) (13,183) NMF
non-financial assets
Operating income after expected credit and non-financial asset impairment 2,129,026 1,918,094 11.0%
losses
Staff costs (476,301) (411,473) 15.8%
Depreciation and amortisation (122,710) (107,210) 14.5%
Administrative and other operating expenses (334,576) (247,773) 35.0%
Operating expenses (933,587) (766,456) 21.8%
Net profit before tax 1,195,439 1,151,638 3.8%
Income tax expense (162,378) (178,606) -9.1%
Net profit 1,033,061 973,032 6.2%
Net profit attributable to:
- Shareholders of TBCG 1,016,930 957,293 6.2%
- Non-controlling interest 16,131 15,739 2.5%
Other comprehensive income:
Other comprehensive expense for the period (26,663) 14,246 NMF
Total comprehensive income for the period 1,006,398 987,278 1.9%
Consolidated balance sheet
In thousands of GEL Sep'25 Sep'24 Change YoY
ASSETS
Cash and cash equivalents 3,837,678 5,108,157 -24.9%
Due from other banks 96,828 23,347 NMF
Mandatory cash balances with the NBG and the CBU 2,534,159 1,991,538 27.2%
Loans and advances to customers and finance lease receivables 28,124,677 24,914,965 12.9%
Investment securities 5,874,066 3,597,125 63.3%
Repurchase receivables 284,411 - NMF
Investment properties 11,495 14,235 -19.2%
Current income tax prepayment 54,482 84,140 -35.2%
Deferred income tax asset 4,507 920 NMF
Other financial assets 350,685 296,002 18.5%
Other assets 1,653,276 1,326,855 24.6%
Intangible assets 715,330 555,078 28.9%
Goodwill 79,348 59,964 32.3%
TOTAL ASSETS 43,620,942 37,972,326 14.9%
LIABILITIES
Due to credit institutions 7,485,130 5,922,371 26.4%
Customer accounts 25,248,136 22,548,107 12.0%
Other financial liabilities 805,989 577,196 39.6%
Current income tax liability 3,155 27,727 -88.6%
Deferred income tax liability 52,432 57,934 -9.5%
Debt Securities in issue* 1,916,282 1,621,985 18.1%
Other liabilities 252,414 237,480 6.3%
Subordinated debt 1,142,273 1,133,742 0.8%
Redemption liability 585,391 418,012 40.0%
TOTAL LIABILITIES 37,491,202 32,544,554 15.2%
EQUITY
Share capital 1,713 1,713 0.0%
Shares held by trust (53,196) (66,982) -20.6%
Share premium 411,088 345,913 18.8%
Retained earnings 5,823,395 4,995,298 16.6%
Other reserves (217,522) (42,996) NMF
Equity attributable to owners of the parent 5,965,478 5,232,946 14.0%
Non-controlling interest 164,262 194,826 -15.7%
TOTAL EQUITY 6,129,740 5,427,772 12.9%
TOTAL LIABILITIES AND EQUITY 43,620,942 37,972,326 14.9%
* Debt securities in issue include Additional Tier 1 capital subordinated
notes
Ratios
Ratios (based on monthly averages, where applicable) 9M'25 9M'24
Profitability ratios:
ROE(1) 23.9% 26.2%
ROA(2) 3.3% 3.7%
Cost to income(3) 37.5% 37.4%
NIM(4) 7.0% 6.4%
Loan yields(5) 14.4% 13.0%
Deposit rates(6) 5.7% 5.3%
Cost of funding(7) 6.8% 6.0%
Asset quality & portfolio concentration:
Cost of risk(9) 1.6% 0.7%
PAR 90 to gross loans(9) 1.9% 1.5%
NPLs to gross loans(10) 2.7% 2.2%
NPL provision coverage(11) 75.3% 72.3%
Total NPL coverage(12) 136.3% 141.6%
Credit loss level to gross loans(13) 2.1% 1.6%
Related party loans to gross loans(14) 0.0% 0.1%
Top 10 borrowers to total portfolio(15) 4.6% 5.8%
Top 20 borrowers to total portfolio(16) 7.4% 8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 98.5% 99.7%
Leverage (x)(18) 7.1x 7.0x
Georgia
Net stable funding ratio(19) 126.3% 123.1%
Liquidity coverage ratio(20) 135.1% 121.1%
CET 1 CAR(21) 16.7% 16.6%
Tier 1 CAR(22) 20.1% 20.4%
Total 1 CAR(23) 22.9% 23.9%
Uzbekistan
CET 1 CAR(24) 18.5% 16.4%
Tier 1 CAR(25) 18.5% 16.4%
Total 1 CAR(26) 19.4% 19.6%
Funding and liquidity in Georgia
Sep'25 Sep'24 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 126.3% 123.1% 3.2 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 135.1% 121.1% 14.0 pp
LCR in GEL, as defined by the NBG 122.0% 85.9% 36.1 pp
LCR in FC, as defined by the NBG 143.3% 141.3% 2.0 pp
Regulatory capital
Georgia
In thousands of GEL Sep'25 Sep'24 Change YoY
CET 1 capital 5,003,864 4,540,404 10.2%
Tier 1 capital 6,019,664 5,564,042 8.2%
Total capital 6,874,689 6,533,759 5.2%
Total risk-weighted assets 29,986,829 27,314,351 9.8%
Minimum CET 1 ratio 14.7% 14.5% 0.2 pp
CET 1 capital adequacy ratio 16.7% 16.6% 0.1 pp
Minimum Tier 1 ratio 17.0% 16.8% 0.2 pp
Tier 1 capital adequacy ratio 20.1% 20.4% -0.3 pp
Minimum total capital adequacy ratio 20.0% 19.8% 0.2 pp
Total capital adequacy ratio 22.9% 23.9% -1.0 pp
Uzbekistan
In thousands of GEL Sep'25 Sep'24 Change YoY
CET 1 capital 561,419 357,056 57.2%
Tier 1 capital 561,419 357,056 57.2%
Total capital 588,900 426,575 38.1%
Total risk-weighted assets 3,037,257 2,175,022 39.6%
Minimum CET 1 ratio 8.0% 8.0% 0.0 pp
CET 1 capital adequacy ratio 18.5% 16.4% 2.1 pp
Minimum Tier 1 ratio 10.0% 10.0% 0.0 pp
Tier 1 capital adequacy ratio 18.5% 16.4% 2.1 pp
Minimum total capital adequacy ratio 13.0% 13.0% 0.0 pp
Total capital adequacy ratio 19.4% 19.6% -0.2 pp
Loan portfolio
As of 30 September 2025, the gross loan portfolio reached GEL 28,713.7
million, up by 13.4% YoY, or up by 12.5% YoY on a constant currency basis.
By the end of September 2025, our Georgia FS loan portfolio increased by 9.0%
YoY and reached GEL 26,077.6 million, with 8.5% YoY growth on a constant
currency basis. Over the same period, our Uzbek portfolio increased by 91.9%,
or 83.5% on a constant currency basis.
In thousands of GEL Sep'25 Sep'24 Change YoY
Gross loans and advances to customers
Georgian financial services ("Georgia FS")* 26,077,641 23,915,282 9.0%
Retail Georgia 9,397,354 8,391,309 12.0%
CIB Georgia 10,224,375 9,243,424 10.6%
MSME Georgia 5,925,747 5,882,230 0.7%
Uzbekistan 2,636,055 1,373,506 91.9%
Total gross loans and advances to customers 28,713,696 25,315,760 13.4%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
* Georgia FS includes sub-segment eliminations
9M'25 9M'24 Change YoY
Loan yields 14.4% 13.0% 1.4 pp
GEL 14.5% 14.0% 0.5 pp
FC 8.9% 8.9% 0.0 pp
UZS 43.2% 44.0% -0.8 pp
Georgia FS 11.9% 11.5% 0.4 pp
GEL 14.5% 14.0% 0.5 pp
FC 8.9% 8.9% 0.0 pp
Uzbekistan 43.2% 44.0% -0.8 pp
UZS 43.2% 44.0% -0.8 pp
Total loan yields 14.4% 13.0% 1.4 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
Loan portfolio quality
PAR 90 Sep'25 Sep'24 Change YoY
Georgia FS* 1.6% 1.4% 0.2 pp
Retail Georgia 0.9% 0.8% 0.1 pp
CIB Georgia 1.5% 1.0% 0.5 pp
MSME Georgia 3.1% 2.7% 0.4 pp
Uzbekistan 4.7% 2.7% 2.0 pp
Total PAR 90 1.9% 1.5% 0.4 pp
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and
Group levels
* Georgia FS includes sub-segment eliminations
In thousands of GEL Sep'25 Sep'24 Change YoY
Non-performing Loans ("NPL")
Georgia FS* 658,408 514,964 27.9%
Retail Georgia 148,440 111,411 33.2%
CIB Georgia 226,372 161,856 39.9%
MSME Georgia 274,926 222,899 23.3%
Uzbekistan 123,374 37,721 227.1%
Total non-performing loans 781,782 554,148 41.1%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
NPL to gross loans Sep'25 Sep'24 Change YoY
Georgia FS* 2.5% 2.2% 0.3 pp
Retail Georgia 1.6% 1.3% 0.3 pp
CIB Georgia 2.2% 1.8% 0.4 pp
MSME Georgia 4.6% 3.8% 0.8 pp
Uzbekistan 4.7% 2.7% 2.0 pp
Total NPL to gross loans 2.7% 2.2% 0.5 pp
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Sep'25 Sep'24
NPL Coverage Provision Coverage Total Coverage** Provision Coverage Total Coverage**
Georgia FS* 60.7% 133.1% 63.7% 138.0%
Retail Georgia 136.4% 186.0% 144.3% 206.0%
CIB Georgia 32.4% 104.5% 32.2% 105.8%
MSME Georgia 41.1% 123.6% 47.9% 127.0%
Uzbekistan 153.5% 153.5% 181.5% 181.5%
Total NPL coverage 75.3% 136.3% 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
Cost of risk ("CoR") 9M'25 9M'24 Change YoY
Georgia FS* 0.8% 0.5% 0.3 pp
Retail Georgia 1.6% 0.9% 0.7 pp
CIB Georgia 0.2% 0.1% 0.1 pp
MSME Georgia 0.5% 0.5% 0.0 pp
Uzbekistan 10.4% 5.7% 4.7 pp
Total cost of risk 1.6% 0.7% 0.9 pp
Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
*Georgia FS includes sub-segment eliminations
Deposit portfolio
As of 30 September 2025, deposit portfolio reached GEL 25,248.1 million, up by
12.0% YoY, or up by 11.7% YoY on a constant currency basis.
By the end of September 2025, our customer deposit portfolio in Georgia
(excluding MOF) reached GEL 23,404.7 million, up by 10.5% YoY, both on nominal
and constant currency basis. Meanwhile, our Uzbekistan deposit portfolio
increased by 71.4% YoY, or up by 63.9% YoY on a constant currency basis.
In thousands of GEL Sep'25 Sep'24 Change YoY
Customer accounts
Georgia FS* 24,015,951 21,892,684 9.7%
Retail Georgia 9,170,003 8,102,782 13.2%
CIB Georgia 12,337,739 11,211,555 10.0%
MSME Georgia 2,075,247 1,998,253 3.9%
MOF 611,232 711,745 -14.1%
Uzbekistan 1,466,682 855,689 71.4%
Total customer accounts** 25,248,136 22,548,107 12.0%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
9M'25 9M'24 Change YoY
Deposit rates 5.7% 5.3% 0.4 pp
GEL 7.9% 7.8% 0.1 pp
FC 1.9% 1.3% 0.6 pp
UZS 24.6% 25.0% -0.4 pp
Georgian financial services 4.6% 4.7% -0.1 pp
GEL 7.8% 7.8% 0.0 pp
FC 1.9% 1.3% 0.6 pp
Uzbek business 24.4% 24.9% -0.5 pp
UZS 24.6% 25.0% -0.4 pp
FC 5.6% 3.7% 1.9 pp
Total deposit rates* 5.7% 5.3% 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 or non-financial subsidiaries of the Group,
and intra-group eliminations.
Georgian financial services
Profit and loss statement
In thousands of GEL 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ 9M'25 9M'24 Change YoY
Interest income 931,288 885,549 807,571 15.3% 5.2% 2,662,613 2,297,075 15.9%
Interest expense (461,711) (434,459) (399,020) 15.7% 6.3% (1,332,843) (1,114,666) 19.6%
Net interest income 469,577 451,090 408,551 14.9% 4.1% 1,329,770 1,182,409 12.5%
Fee and commission income 205,094 195,794 176,655 16.1% 4.7% 573,075 489,630 17.0%
Fee and commission expense (99,223) (81,838) (64,217) 54.5% 21.2% (246,660) (198,028) 24.6%
Net fee and commission income 105,871 113,956 112,438 -5.8% -7.1% 326,415 291,602 11.9%
Net insurance income 15,221 13,827 11,567 31.6% 10.1% 37,993 28,833 31.8%
Net gains from currency derivatives, foreign currency operations and 92,156 81,034 102,426 -10.0% 13.7% 257,280 255,225 0.8%
translation
Other operating income 7,434 4,949 3,098 NMF 50.2% 17,903 6,567 NMF
Share of profit of associates 280 300 286 -2.1% -6.7% 719 391 83.8%
Other operating non-interest income 115,091 100,110 117,377 -1.9% 15.0% 313,895 291,016 7.9%
Credit loss allowance for loans to customers (51,038) (54,993) (30,275) 68.6% -7.2% (153,985) (81,203) 89.6%
Credit loss allowance for other financial items and net impairment for (9,078) (6,476) (2,039) NMF 40.2% (20,913) (5,421) NMF
non-financial assets
Operating income after expected credit and non-financial asset impairment 630,423 603,687 606,052 4.0% 4.4% 1,795,182 1,678,403 7.0%
losses
Staff costs (125,864) (124,069) (114,972) 9.5% 1.4% (355,728) (322,067) 10.5%
Depreciation and amortisation (33,262) (32,325) (31,369) 6.0% 2.9% (96,854) (90,647) 6.8%
Administrative and other operating expenses (75,436) (65,217) (57,145) 32.0% 15.7% (198,822) (153,907) 29.2%
Operating expenses (234,562) (221,611) (203,486) 15.3% 5.8% (651,404) (566,621) 15.0%
Net profit before tax 395,861 382,076 402,566 -1.7% 3.6% 1,143,778 1,111,782 2.9%
Income tax expense (49,904) (49,973) (64,776) -23.0% -0.1% (148,078) (165,646) -10.6%
Net profit 345,957 332,103 337,790 2.4% 4.2% 995,700 946,136 5.2%
Balance sheet highlights
In thousands of GEL Sep'25 Jun'25 Sep'24 Change YoY Change QoQ
Cash & NBG mandatory reserves 6,191,319 5,601,764 7,021,266 -11.8% 10.5%
Due from other banks 83,594 104,170 23,315 NMF -19.8%
Loans and advances to customers and finance lease receivables 25,677,986 25,608,360 23,587,401 8.9% 0.3%
Investment securities measured at fair value through OCI 5,710,406 5,000,111 3,443,089 65.9% 14.2%
Intangible assets and Goodwill 481,611 458,834 415,793 15.8% 5.0%
Other assets 1,852,602 1,825,283 1,607,628 15.2% 1.5%
TOTAL ASSETS 39,997,518 38,598,522 36,098,492 10.8% 3.6%
Due to credit institutions 6,960,213 6,646,158 5,733,053 21.4% 4.7%
Customer accounts 24,015,951 22,646,812 21,892,684 9.7% 6.0%
Subordinated debt and debt securities in issue 2,293,841 2,291,411 2,458,892 -6.7% 0.1%
Other liabilities 960,704 1,389,607 818,976 17.3% -30.9%
TOTAL LIABILITIES 34,230,709 32,973,988 30,903,605 10.8% 3.8%
Equity attributable to shareholders 5,766,493 5,624,237 5,194,653 11.0% 2.5%
Non-controlling interest 316 297 234 35.0% 6.4%
TOTAL EQUITY 5,766,809 5,624,534 5,194,887 11.0% 2.5%
TOTAL LIABILITIES AND EQUITY 39,997,518 38,598,522 36,098,492 10.8% 3.6%
Key ratios
Georgian financial services 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ 9M'25 9M'24 Change YoY
Profitability ratios:
ROE(1) 24.1% 23.9% 26.5% -2.4 pp 0.2 pp 23.8% 25.8% -2.0 pp
ROA(2) 3.5% 3.5% 3.8% -0.3 pp 0.0 pp 3.5% 3.8% -0.3 pp
Cost to income(3) 34.0% 33.3% 31.9% 2.1 pp 0.7 pp 33.1% 32.1% 1.0 pp
NIM(4) 6.0% 5.9% 5.6% 0.4 pp 0.1 pp 5.8% 5.7% 0.1 pp
Loan yields(5) 12.0% 11.9% 11.5% 0.5 pp 0.1 pp 11.9% 11.5% 0.4 pp
Deposit rates(6) 4.7% 4.6% 4.7% 0.0 pp 0.1 pp 4.6% 4.7% -0.1 pp
Cost of funding(7) 5.6% 5.6% 5.4% 0.2 pp 0.0 pp 5.6% 5.4% 0.2 pp
Asset quality & portfolio concentration:
Cost of risk(8) 0.8% 0.8% 0.5% 0.3 pp 0.0 pp 0.8% 0.5% 0.3 pp
PAR 90 to gross loans(9) 1.6% 1.5% 1.4% 0.2 pp 0.1 pp 1.6% 1.4% 0.2 pp
NPLs to gross loans(10) 2.5% 2.4% 2.2% 0.3 pp 0.1 pp 2.5% 2.2% 0.3 pp
NPL provision coverage(11) 60.7% 62.6% 63.7% -3.0 pp -1.9 pp 60.7% 63.7% -3.0 pp
Total NPL coverage(12) 133.1% 137.3% 138.0% -4.9 pp -4.2 pp 133.1% 138.0% -4.9 pp
For the ratio definitions and exchange rates, please refer to appendix 3.
Uzbekistan business 3 (#_ftn3)
Profit and loss statement
In thousands of GEL 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ 9M'25 9M'24 Change YoY
Interest income 289,632 258,522 148,879 94.5% 12.0% 772,997 373,943 106.7%
Interest expense (146,648) (123,268) (65,329) 124.5% 19.0% (371,492) (169,086) 119.7%
Net interest income 142,984 135,254 83,550 71.1% 5.7% 401,505 204,857 96.0%
Fee and commission income 69,815 60,066 38,740 80.2% 16.2% 186,243 101,674 83.2%
Fee and commission expense (27,635) (22,028) (11,089) 149.2% 25.5% (67,989) (29,759) 128.5%
Net fee and commission income 42,180 38,038 27,651 52.5% 10.9% 118,254 71,915 64.4%
Net insurance income 3,631 413 - NMF NMF 4,044 - NMF
Net gains from currency derivatives, foreign currency operations and (165) (3,952) 169 -197.6% -95.8% (4,383) (287) NMF
translation
Other operating income (28) 12 3 NMF NMF (2) 14 -114.3%
Other operating non-interest income 3,438 (3,527) 172 NMF -197.5% (341) (273) 24.9%
Credit loss allowance for loans to customers (55,981) (50,067) (16,857) 232.1% 11.8% (164,562) (42,660) 285.8%
Credit loss allowance for other financial items and net impairment for (6,104) (7,352) (2,078) 193.7% -17.0% (19,161) (3,630) NMF
non-financial assets
Operating income after expected credit and non-financial asset impairment 126,517 112,346 92,438 36.9% 12.6% 335,695 230,209 45.8%
losses
Staff costs (27,980) (25,943) (19,510) 43.4% 7.9% (77,027) (47,512) 62.1%
Depreciation and amortisation (7,179) (5,722) (3,350) 114.3% 25.5% (17,575) (9,262) 89.8%
Administrative and other operating expenses (43,144) (42,427) (31,929) 35.1% 1.7% (131,753) (86,745) 51.9%
Operating expenses (78,303) (74,092) (54,789) 42.9% 5.7% (226,355) (143,519) 57.7%
Net profit before tax 48,214 38,254 37,649 28.1% 26.0% 109,340 86,690 26.1%
Income tax expense (7,121) (5,925) (6,054) 17.6% 20.2% (14,357) (12,879) 11.5%
Net profit 41,093 32,329 31,595 30.1% 27.1% 94,983 73,811 28.7%
Balance sheet highlights
In thousands of GEL Sep'25 Jun'25 Sep'24 Change YoY Change QoQ
Cash & CBU mandatory reserves 180,512 355,575 86,464 108.8% -49.2%
Due from other banks 13,209 6,936 - NMF 90.4%
Loans and advances to customers and finance lease receivables 2,446,691 2,292,297 1,305,028 87.5% 6.7%
Intangible assets and Goodwill 139,254 113,634 58,999 136.0% 22.5%
Other assets 680,983 462,985 267,729 154.4% 47.1%
TOTAL ASSETS 3,460,649 3,231,427 1,718,220 101.4% 7.1%
Due to credit institutions 1,080,917 1,055,440 303,967 255.6% 2.4%
Customer accounts 1,466,682 1,340,365 855,689 71.4% 9.4%
Subordinated debt and debt securities in issue 40,968 37,084 - NMF 10.5%
Other liabilities 128,178 128,806 82,781 54.8% -0.5%
TOTAL LIABILITIES 2,716,745 2,561,695 1,242,437 118.7% 6.1%
Equity attributable to shareholders 743,904 669,732 475,783 56.4% 11.1%
TOTQL EQUITY 743,904 669,732 475,783 56.4% 11.1%
TOTAL LIABILITIES AND EQUITY 3,460,649 3,231,427 1,718,220 101.4% 7.1%
Key ratios
Uzbekistan 3Q'25 2Q'25 3Q'24 Change YoY Change QoQ 9M'25 9M'24 Change YoY
Profitability ratios:
ROE(1) 23.3% 20.0% 28.2% -4.9 pp 3.3 pp 19.1% 26.6% -7.5 pp
ROA(2) 4.9% 4.4% 7.8% -2.9 pp 0.5 pp 4.4% 7.2% -2.8 pp
Cost to income(3) 41.5% 43.6% 49.2% -7.7 pp -2.1 pp 43.6% 51.9% -8.3 pp
NIM(4) 20.9% 22.9% 25.0% -4.1 pp -2.0 pp 22.7% 24.5% -1.8 pp
Loan yields(5) 42.5% 42.7% 44.4% -1.9 pp -0.2 pp 43.2% 44.0% -0.8 pp
Deposit rates(6) 23.9% 24.8% 24.6% -0.7 pp -0.9 pp 24.4% 24.9% -0.5 pp
Cost of funding(7) 23.2% 22.9% 23.5% -0.3 pp 0.3 pp 23.3% 23.8% -0.5 pp
Asset quality & portfolio concentration:
Cost of risk(8) 9.7% 9.9% 5.8% 3.9 pp -0.2 pp 10.4% 5.7% 4.7 pp
PAR 90 to gross loans(9) 4.7% 3.9% 2.7% 2.0 pp 0.8 pp 4.7% 2.7% 2.0 pp
NPLs to gross loans(10) 4.7% 4.1% 2.7% 2.0 pp 0.6 pp 4.7% 2.7% 2.0 pp
NPL provision coverage(11) 153.5% 169.7% 181.5% -28.0 pp -16.2 pp 153.5% 181.5% -28.0 pp
Total NPL coverage(12) 153.5% 169.7% 181.5% -28.0 pp -16.2 pp 153.5% 181.5% -28.0 pp
For the ratio definitions and exchange rates, please refer to appendix 3.
2) Glossary
Terminology Definition
BVPS Book value per share
CBU Central Bank of Uzbekistan
Consumer loans Unsecured loans to individuals
Digital daily active users (Digital DAU) The number of retail digital users who logged into our digital channels at
least once per day
Digital monthly active users The number of retail digital users who logged into our digital channels at
(Digital MAU) least once a month
EPS Earnings per share
FC Foreign currency
Gross/net loans Includes gross/net loans and advances to customers and gross/net finance lease
receivables
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 loans and advances to customers
divided by monthly average gross loans and advances to customers; annualised
where applicable.
6. Deposit rates equal interest expense on customer accounts divided by
monthly average total customer deposits; annualised where applicable.
7. Cost of funding equals sum of the total interest expense and net interest
gains on currency swaps (entered for funding management purposes), divided by
monthly average interest-bearing liabilities; annualised where applicable.
8. Cost of risk equals credit loss allowance for loans to customers divided by
monthly average gross loans and advances to customers; annualised where
applicable.
9. PAR 90 to gross loans ratio equals loans for which principal or interest
repayment is overdue for more than 90 days divided by the gross loan portfolio
for the same period.
10. NPLs to gross loans equals loans with 90 days past due on principal or
interest payments, and loans with a well-defined weakness, regardless of the
existence of any past-due amount or of the number of days past due divided by
the gross loan portfolio for the same period.
11. NPL provision coverage equals total credit loss allowance for loans to
customers divided by the NPL loans.
12. Total NPL coverage equals total credit loss allowance plus the minimum of
collateral amount of the respective NPL loan (after applying haircuts in the
range of 0%-50% for cash, gold, real estate and PPE) and its gross loan
exposure divided by the gross exposure of total NPL loans.
13. Credit loss level to gross loans equals credit loss allowance for loans to
customers divided by the gross loan portfolio for the same period.
14. Related party loans to total loans equals related party loans divided by
the gross loan portfolio.
15. Top 10 borrowers to total portfolio equals the total loan amount of the
top 10 borrowers divided by the gross loan portfolio.
16. Top 20 borrowers to total portfolio equals the total loan amount of the
top 20 borrowers divided by the gross loan portfolio.
17. Net loans to deposits plus IFI funding ratio equals net loans divided by
total deposits plus borrowings received from international financial
institutions.
18. Leverage equals total assets to total equity.
19. Net stable funding ratio equals the available amount of stable funding
divided by the required amount of stable funding as defined by NBG in line
with Basel III guidelines. Calculations are made for TBC Bank standalone.
20. Liquidity coverage ratio equals high-quality liquid assets divided by the
total net cash outflow amount as defined by the NBG. Calculations are made for
TBC Bank standalone.
21. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both
calculated in accordance with requirements of the NBG Basel III standards.
Calculations are made for TBC Bank standalone.
22. Tier 1 CAR equals tier I capital divided by total risk weighted assets,
both calculated in accordance with the requirements of the NBG Basel III
standards. Calculations are made for TBC Bank standalone.
23. Total CAR equals total capital divided by total risk weighted assets, both
calculated in accordance with the requirements of the NBG Basel III standards.
Calculations are made for TBC Bank standalone.
24. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both
calculated in accordance with requirements of the CBU in national accounting
standards. Calculations are made for TBC UZ Bank standalone.
25. Tier 1 CAR equals tier I capital divided by total risk weighted assets,
both calculated in accordance with the requirements of the CBU in national
accounting standards. Calculations are made for TBC UZ Bank standalone.
26. Total CAR equals total capital divided by total risk weighted assets, both
calculated in accordance with the requirements of the CBU in national
accounting standards. Calculations are made for TBC UZ Bank standalone.
Exchange rates
To calculate the QoQ growth of the balance sheet items without the currency
exchange rate effect, we used the USD/GEL exchange rate of 2.7236 as of 30
June 2025. To calculate the YoY growth without the currency exchange rate
effect, we used the USD/GEL exchange rate of 2.7297 as of 30 September 2024 .
As of 30 September 2025, the USD/GEL exchange rate equalled 2.7088. For
P&L items growth calculations without the currency effect, we used the
average USD/GEL exchange rate for the following periods: 2Q 2025 of 2.7418 and
3Q 2024 of 2.7137. As of 2Q 2025, the USD/GEL exchange rate equalled 2.7075,
9M 2025 of 2.7539, 9M 2024 of 2.7082.
1 (#_ftnref1) 9M 2025 financial results include a non-recurring credit
impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
2 (#_ftnref2) Note: For better presentation purposes, certain financial
numbers are rounded to the nearest whole number.
3 (#_ftnref3) 9M 2025 financial results include a non-recurring credit
impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
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