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: https://www.netroadshow.com/events/login/LE9zwo3l1lW3QRuDhp41HZMKEKoIC8sTUso
You will receive access details via email.
Contacts
Andrew Keeley Director of Investor Relations E-mail: AKeeley@tbcbank.com.ge Tel: +44 (0) 7557 631304 Web:www.tbcbankgroup.com
Anna Romelashvili Head of Investor Relations E-mail: ARomelashvili@tbcbank.com.ge Tel: +(995) 577 205 290 Web:www.tbcbankgroup.com
Table of contents
3Q and 9M 2025 unaudited consolidated financial results announcement
Interim management report
Financial highlights
Operational highlights
Letter from the Chief Executive Officer
Economic overview
Unaudited consolidated financial results overview for 3Q 2025
Unaudited consolidated financial results overview for 9M 2025
Additional information
1) Financial disclosures by business lines
2) Glossary
3) Ratio definitions and exchange rates
3Q and 9M 2025 unaudited consolidated financial results[1]
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]
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.
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 translation
91,337
77,775
101,326
-9.9%
17.4%
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 non-financial assets
(16,059)
(13,451)
(8,052)
99.4%
19.4%
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:
ROE1
24.4%
24.3%
26.6%
ROA2
3.3%
3.4%
3.7%
Cost to income3
37.7%
37.6%
37.2%
NIM4
7.1%
7.1%
6.4%
Loan yields5
14.7%
14.5%
13.2%
Deposit rates6
5.8%
5.8%
5.4%
Cost of funding7
6.9%
6.8%
6.1%
Asset quality & portfolio concentration:
Cost of risk9
1.6%
1.6%
0.8%
PAR 90 to gross loans9
1.9%
1.7%
1.5%
NPLs to gross loans10
2.7%
2.5%
2.2%
NPL provision coverage11
75.3%
78.2%
72.3%
Total NPL coverage12
136.3%
142.4%
141.6%
Credit loss level to gross loans13
2.1%
2.0%
1.6%
Related party loans to gross loans14
0.0%
0.0%
0.1%
Top 10 borrowers to total portfolio15
4.6%
4.9%
5.8%
Top 20 borrowers to total portfolio16
7.4%
7.8%
8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17
98.5%
103.5%
99.7%
Leverage (x)18
7.1x
7.1x
7.0x
Georgia
Net stable funding ratio19
126.3%
124.4%
123.1%
Liquidity coverage ratio20
135.1%
116.3%
121.1%
CET 1 CAR21
16.7%
16.4%
16.6%
Tier 1 CAR22
20.1%
19.8%
20.4%
Total 1 CAR23
22.9%
23.0%
23.9%
Uzbekistan
CET 1 CAR24
18.5%
18.5%
16.4%
Tier 1 CAR25
18.5%
18.5%
16.4%
Total 1 CAR26
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 Gross loans and advances to customers
Sep'25
Jun'25
Change QoQ
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 GELNon-performing Loans ("NPL")
Sep'25
Jun'25
Change QoQ
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 Customer accounts
Sep'25
Jun'25
Change QoQ
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 translation
247,269
248,442
-0.5%
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 non-financial assets
(41,413)
(13,183)
NMF
Operating income after expected credit and non-financial asset impairment losses
2,129,026
1,918,094
11.0%
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:
ROE1
23.9%
26.2%
ROA2
3.3%
3.7%
Cost to income3
37.5%
37.4%
NIM4
7.0%
6.4%
Loan yields5
14.4%
13.0%
Deposit rates6
5.7%
5.3%
Cost of funding7
6.8%
6.0%
Asset quality & portfolio concentration:
Cost of risk9
1.6%
0.7%
PAR 90 to gross loans9
1.9%
1.5%
NPLs to gross loans10
2.7%
2.2%
NPL provision coverage11
75.3%
72.3%
Total NPL coverage12
136.3%
141.6%
Credit loss level to gross loans13
2.1%
1.6%
Related party loans to gross loans14
0.0%
0.1%
Top 10 borrowers to total portfolio15
4.6%
5.8%
Top 20 borrowers to total portfolio16
7.4%
8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17
98.5%
99.7%
Leverage (x)18
7.1x
7.0x
Georgia
Net stable funding ratio19
126.3%
123.1%
Liquidity coverage ratio20
135.1%
121.1%
CET 1 CAR21
16.7%
16.6%
Tier 1 CAR22
20.1%
20.4%
Total 1 CAR23
22.9%
23.9%
Uzbekistan
CET 1 CAR24
18.5%
16.4%
Tier 1 CAR25
18.5%
16.4%
Total 1 CAR26
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 Gross loans and advances to customers
Sep'25
Sep'24
Change YoY
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 GELNon-performing Loans ("NPL")
Sep'25
Sep'24
Change YoY
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 Customer accounts
Sep'25
Sep'24
Change YoY
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 translation
92,156
81,034
102,426
-10.0%
13.7%
257,280
255,225
0.8%
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 non-financial assets
(9,078)
(6,476)
(2,039)
NMF
40.2%
(20,913)
(5,421)
NMF
Operating income after expected credit and non-financial asset impairment losses
630,423
603,687
606,052
4.0%
4.4%
1,795,182
1,678,403
7.0%
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:
ROE1
24.1%
23.9%
26.5%
-2.4 pp
0.2 pp
23.8%
25.8%
-2.0 pp
ROA2
3.5%
3.5%
3.8%
-0.3 pp
0.0 pp
3.5%
3.8%
-0.3 pp
Cost to income3
34.0%
33.3%
31.9%
2.1 pp
0.7 pp
33.1%
32.1%
1.0 pp
NIM4
6.0%
5.9%
5.6%
0.4 pp
0.1 pp
5.8%
5.7%
0.1 pp
Loan yields5
12.0%
11.9%
11.5%
0.5 pp
0.1 pp
11.9%
11.5%
0.4 pp
Deposit rates6
4.7%
4.6%
4.7%
0.0 pp
0.1 pp
4.6%
4.7%
-0.1 pp
Cost of funding7
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 risk8
0.8%
0.8%
0.5%
0.3 pp
0.0 pp
0.8%
0.5%
0.3 pp
PAR 90 to gross loans9
1.6%
1.5%
1.4%
0.2 pp
0.1 pp
1.6%
1.4%
0.2 pp
NPLs to gross loans10
2.5%
2.4%
2.2%
0.3 pp
0.1 pp
2.5%
2.2%
0.3 pp
NPL provision coverage11
60.7%
62.6%
63.7%
-3.0 pp
-1.9 pp
60.7%
63.7%
-3.0 pp
Total NPL coverage12
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]
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 translation
(165)
(3,952)
169
-197.6%
-95.8%
(4,383)
(287)
NMF
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 non-financial assets
(6,104)
(7,352)
(2,078)
193.7%
-17.0%
(19,161)
(3,630)
NMF
Operating income after expected credit and non-financial asset impairment losses
126,517
112,346
92,438
36.9%
12.6%
335,695
230,209
45.8%
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:
ROE1
23.3%
20.0%
28.2%
-4.9 pp
3.3 pp
19.1%
26.6%
-7.5 pp
ROA2
4.9%
4.4%
7.8%
-2.9 pp
0.5 pp
4.4%
7.2%
-2.8 pp
Cost to income3
41.5%
43.6%
49.2%
-7.7 pp
-2.1 pp
43.6%
51.9%
-8.3 pp
NIM4
20.9%
22.9%
25.0%
-4.1 pp
-2.0 pp
22.7%
24.5%
-1.8 pp
Loan yields5
42.5%
42.7%
44.4%
-1.9 pp
-0.2 pp
43.2%
44.0%
-0.8 pp
Deposit rates6
23.9%
24.8%
24.6%
-0.7 pp
-0.9 pp
24.4%
24.9%
-0.5 pp
Cost of funding7
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 risk8
9.7%
9.9%
5.8%
3.9 pp
-0.2 pp
10.4%
5.7%
4.7 pp
PAR 90 to gross loans9
4.7%
3.9%
2.7%
2.0 pp
0.8 pp
4.7%
2.7%
2.0 pp
NPLs to gross loans10
4.7%
4.1%
2.7%
2.0 pp
0.6 pp
4.7%
2.7%
2.0 pp
NPL provision coverage11
153.5%
169.7%
181.5%
-28.0 pp
-16.2 pp
153.5%
181.5%
-28.0 pp
Total NPL coverage12
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 (Digital MAU)
The number of retail digital users who logged into our digital channels at 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] 9M 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
[2] Note: For better presentation purposes, certain financial numbers are rounded to the nearest whole number.
[3] 9M 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
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