REG - TBC Bank Group PLC - 4Q and FY 2025 Results Report
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RNS Number : 7225T TBC Bank Group PLC 20 February 2026
TBC Bank Group PLC ("TBC Bank")
4Q and FY 2025 Preliminary 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.
4Q and FY 2025 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") has published its preliminary unaudited
consolidated financial results for the 4Q and FY 2025 on Friday, 20 February
2026 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 (http://www.tbcbankgroup.com)
Web: www.tbcbankgroup.com (https://www.tbcbankgroup.com/)
Table of contents
4Q and FY 2025 preliminary unaudited consolidated financial results
announcement
Interim management report
Financial highlights (#_Toc220516960) (#_Toc220516960)
Operational highlights (#_Toc220516961) (#_Toc220516961)
Letter from the Chief Executive Officer (#_Toc220516962) (#_Toc220516962)
Economic overview (#_Toc220516963) (#_Toc220516963)
Unaudited consolidated financial results overview for 4Q 2025 (#_Toc220516964)
(#_Toc220516964)
Preliminary unaudited consolidated financial results overview for FY 2025
(#_Toc220516965) (#_Toc220516965)
Additional information (#_Toc220516966) (#_Toc220516966)
1. (#_Toc220516967) (#_Toc220516967) Financial disclosures by business
lines (#_Toc220516967) (#_Toc220516967)
2. (#_Toc220516968) (#_Toc220516968) Glossary (#_Toc220516968)
(#_Toc220516968)
3. (#_Toc220516969) (#_Toc220516969) Ratio definitions and exchange rates
(#_Toc220516969) (#_Toc220516969)
4Q and FY 2025 preliminary unaudited consolidated financial results 1
(#_ftn1)
4Q 2025 profit of GEL 387 million, up by 16% YoY, with ROE at 24.9%.
FY 2025 profit of GE L 1,420 million, up by 9% YoY, with ROE at 24.2%.
European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC
to disclose that this announcement contains Inside Information, as defined in
that Regulation.
The financial information contained in this document does not constitute
statutory accounts for the years ended 31 December 2025 and 31 December 2024
within the meaning of section 435 of the Companies Act 2006 (the Act),
however, it has been derived from the draft financial statements and the
audited financial statements respectively. The statutory accounts for the year
ended 31 December 2025 will be published on the Group's website and will be
delivered to the Registrar of Companies in accordance with section 441 of the
Act. The auditor's report on those accounts is expected to be unqualified. The
statutory accounts for the year ended 31 December 2024 have been filed with
the Registrar of Companies, and the auditor's report on those accounts was
unqualified, did not draw attention to any matters by way of emphasis and did
not include a statement under sections 498(2) or 498(3) of the Act.
Financial highlights
Income statement
In thousands of GEL 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ FY'25 FY'24 Change YoY
Net interest income 625,921 611,521 507,691 23.3% 2.4% 2,352,454 1,901,207 23.7%
Net fee and commission income 161,858 151,201 147,928 9.4% 7.0% 616,690 520,426 18.5%
Other non-interest income 113,143 117,475 128,038 -11.6% -3.7% 420,814 412,089 2.1%
Total operating income 900,922 880,197 783,657 15.0% 2.4% 3,389,958 2,833,722 19.6%
Total credit loss allowance (87,089) (122,934) (74,790) 16.4% -29.2% (447,099) (206,761) NMF
Operating expenses (336,064) (331,889) (306,620) 9.6% 1.3% (1,269,651) (1,073,076) 18.3%
Non-recurring impairment loss due to write-down of the asset held for sale - - (9,800) NMF NMF - (9,800) NMF
Net profit before tax 477,769 425,374 392,447 21.7% 12.3% 1,673,208 1,544,085 8.4%
Income tax expense (90,558) (57,094) (57,848) 56.5% 58.6% (252,936) (236,454) 7.0%
Net profit 387,211 368,280 334,599 15.7% 5.1% 1,420,272 1,307,631 8.6%
Balance sheet
In thousands of GEL Dec'25 Sep'25 Dec'24 Change YoY Change QoQ
Total assets 43,940,489 43,620,942 40,160,466 9.4% 0.7%
Gross loans 30,152,269 28,713,696 26,721,683 12.8% 5.0%
Customer deposits(*) 25,444,397 24,636,904 22,649,407 12.3% 3.3%
Total equity 6,346,467 6,129,740 5,739,009 10.6% 3.5%
Number of ordinary shares 55,822,154 56,025,473 56,287,900 -0.8% -0.4%
*Excludes MOF deposits
Key ratios
4Q'25 3Q'25 4Q'24 Change YoY Change QoQ FY'25 FY'24 Change YoY
ROE 24.9% 24.4% 24.1% 0.8 pp 0.5 pp 24.2% 25.6% -1.4 pp
ROA 3.4% 3.3% 3.3% 0.1 pp 0.1 pp 3.3% 3.6% -0.3 pp
NIM 7.0% 7.1% 6.7% 0.3 pp -0.1 pp 7.0% 6.7% 0.3 pp
Cost to income 37.3% 37.7% 39.1% -1.8 pp -0.4 pp 37.5% 37.9% -0.4 pp
Cost of risk 1.1% 1.6% 1.0% 0.1 pp -0.5 pp 1.5% 0.8% 0.7 pp
NPL to gross loans 2.7% 2.7% 2.2% 0.5 pp 0.0 pp 2.7% 2.2% 0.5 pp
NPL provision coverage ratio 71.0% 75.3% 71.8% -0.8 pp -4.3 pp 71.0% 71.8% -0.8 pp
Total NPL coverage ratio 128.3% 136.3% 143.9% -15.6 pp -8.0 pp 128.3% 143.9% -15.6 pp
Leverage (x) 6.9x 7.1x 7.0x -0.1x -0.2x 6.9x 7.0x -0.1x
EPS (GEL) 6.91 6.48 5.91 16.9% 6.6% 25.23 23.41 7.8%
Diluted EPS (GEL) 6.83 6.41 5.87 16.4% 6.6% 24.96 23.27 7.3%
BVPS (GEL) 112.42 107.76 100.25 12.1% 4.3% 112.42 100.25 12.1%
Georgia
CET 1 CAR 16.6% 16.7% 16.8% -0.2 pp -0.1 pp 16.6% 16.8% -0.2 pp
Tier 1 CAR 19.8% 20.1% 20.4% -0.6 pp -0.3 pp 19.8% 20.4% -0.6 pp
Total CAR 22.5% 22.9% 23.8% -1.3 pp -0.4 pp 22.5% 23.8% -1.3 pp
Uzbekistan
CET 1 CAR 18.2% 18.5% 21.9% -3.7 pp -0.3 pp 18.2% 21.9% -3.7 pp
Tier 1 CAR 18.2% 18.5% 21.9% -3.7 pp -0.3 pp 18.2% 21.9% -3.7 pp
Total CAR 18.9% 19.4% 23.2% -4.3 pp -0.5 pp 18.9% 23.2% -4.3 pp
Operational highlights
Customer base
In thousands Dec'25 Sep'25 Dec'24 Change YoY Change QoQ
Total registered users 26,595 25,394 21,814 22% 5%
Georgia 3,633 3,586 3,463 5% 1%
Uzbekistan 22,962 21,808 18,351 25% 5%
Total monthly active customers 7,870 7,459 7,619 3% 6%
Georgia 1,867 1,802 1,701 10% 4%
Uzbekistan 6,003 5,657 5,918 1% 6%
Total digital monthly active users ("digital MAU") 7,304 6,853 6,968 5% 7%
Georgia 1,301 1,196 1,050 24% 9%
Uzbekistan 6,003 5,657 5,918 1% 6%
Total digital daily active users ("digital DAU") 2,279 2,393 2,444 -7% -5%
Georgia 613 555 494 24% 10%
Uzbekistan 1,666 1,838 1,950 -15% -9%
Digital DAU/MAU 31% 35% 35% -11% -11%
Georgia 47% 46% 47% 0% 2%
Uzbekistan 28% 32% 33% -16% -15%
The methodology for calculating registered users in Uzbekistan was revised
starting from 4Q 2024
Uzbekistan - key highlights
In thousands of GEL Dec'25 Sep'25 Dec'24 Change YoY Change QoQ
Gross loans and advances to customers 2,550,324 2,636,055 1,758,028 45.1% -3.3%
Customer accounts 1,479,519 1,466,682 1,055,758 40.1% 0.9%
In thousands of GEL 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ FY'25 FY'24 Change YoY
Total operating income 170,527 188,602 137,397 24.1% -9.6% 689,945 413,896 66.7%
Net profit 31,652 41,093 36,513 -13.3% -23.0% 126,635 110,324 14.8%
ROE 16.4% 23.3% 27.7% -11.3 pp -6.9 pp 18.4% 26.9% -8.5 pp
FY 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 report a strong final quarter for the year, building on the
momentum gained over the previous quarters and resulting in an impressive
full-year performance. In 4Q 2025, our net profit reached GEL 387 million, up
16% year-on-year, with ROE of 24.9%, while the net profit for the full year
2025 amounted to GEL 1,420 million, up by 9% year-on-year, and a ROE of 24.2%.
Our strong and consistent performance, supported by a robust capital position,
enables us to continue returning capital to shareholders. I am pleased to
report that the Board has recommended a final dividend of GEL 3.87 per share,
subject to AGM approval, bringing the total dividend per share for 2025 to GEL
8.87, an increase of 10% year-on-year. Together with the GEL 75 million share
buyback, total capital returns to shareholders in 2025 amount to GEL 564
million, representing 40% of net profit.
Turning to our core home market of Georgia, the final quarter was a strong one
on several fronts. Our loan book increased by 6% quarter-on-quarter, NIM
remained at 6%, cost of risk low at 0.4%, and cost growth was moderate at just
8% year-on-year. This translated into net profit of GEL 381 million for 4Q
2025, up 15% year-on-year, with a ROE of 25.7%. Taking 2025 as a whole, net
profit in Georgia reached GEL 1,377 million, up 8% year-on-year, with a ROE of
24.3%. In operational terms, 2025 saw the continued expansion of our Georgian
franchise while accelerating digital engagement and AI-driven capabilities. In
retail, this came through in very strong growth in digital MAU, as we added
over 250 thousand new users, bringing the total to over 1.3 million, an
increase of 24% year-on-year. This performance was helped by the rapid scale
up of our core daily banking product, TBC Card, with nearly one million cards
issued, supporting customer acquisition, activation, and migration into our
market-leading affluent business, TBC Concept. Meanwhile, our GenAI mobile app
chatbot, launched in September, is now handling over 100k interactions per
month, with a 50% offloading rate. In CIB, we further strengthened our
position as Georgia's leading financial partner for corporates, delivering 14%
loan growth.
The final quarter in Uzbekistan was one in which we further scaled the
business with good uptake of our core products, while the overall loan book
contracted slightly as we aligned the portfolio with the changed regulatory
framework. This resulted in solid operating income growth of 24% year-on-year,
while net income fell by 13% year-on-year to GEL 32 million (USD 12 million)
with 16.4% ROE, in part due to higher year-on-year provisions. For 2025 as a
whole, the loan book increased by 45% year-on-year to GEL 2.6 billion (USD 946
million), while deposits grew to GEL 1.5 billion (USD 549 million), up by 40%
year-on-year, as we became a top ten bank in both retail loans and deposits.
Our daily banking ecosystem continued to scale with over 900k Salom Cards
issued, while payment volumes, driven by our market-leading Payme platform,
increased by 43% to GEL 18.5 billion (USD 7 billion). We also made good
progress in building out Business banking, including launching Uzbekistan's
first fully digital SME lending products, which by year-end accounted for 16%
of loans. These achievements in 2025 translated into dynamic top line growth,
with total operating income of GEL 690 million (USD 252 million), up by 67%,
and representing one-fifth of the Group total. Over the same period, net
profit reached GEL 127 million (USD 46 million), up 15% year-on-year, with a
ROE of 18.4%, accounting for 9% of the Group total.
In terms of our progress against our 2025 guidance, we have hit most of our
targets, including digital MAU of 7.3 million, exceeding the 7 million target;
ROE of 24.2%, above our 23%+ target; and a 35% dividend payout ratio in both
2024 and 2025, at the upper end of our guided range. However, as we outlined
in the third quarter, group net profit for 2025 was below our target. This was
driven by lower than expected earnings in Uzbekistan as a result of
operational challenges in the first half of the year, which pushed up risk
costs, and regulatory changes in the second half that necessitated a faster
than planned diversification into SME lending. We will continue this loan book
rebalancing through the first half of 2026. Despite these challenges, over the
past three-year guidance cycle, our group earnings have increased by more than
40%.
I would also like to comment on recent changes to our management team. I have
decided to commit my time fully to my role as Group CEO, which will enable me
to focus more closely on overall Group strategy, including our businesses in
Georgia and Uzbekistan, as well as exploring international opportunities. As a
result, George Tkhelidze will take over from me as CEO of the Group's Georgian
subsidiary, JSC TBC Bank, effective 1 March 2026. George has been Deputy CEO
of TBC Bank Georgia for 12 years, the last ten of which he has been running
CIB and wealth management. During this time, he has built these businesses
into the dominant franchises they are today. I have every confidence that
George will be a great leader for our Georgian business.
I firmly believe that the Group is in excellent shape to continue delivering
long-term value for our shareholders. Our market leading Georgian franchise is
gaining good traction in building up its retail customer base, whilst
remaining the dominant player in CIB and affluent retail, and we expect it to
remain a core engine of Group earnings. We also see great potential in
Uzbekistan, where we will continue to launch new product verticals and scale
up in Uzbekistan in 2026, further connecting our millions of consumers with
over 20k business customers.
Finally, I am excited to announce that we will communicate our strategic
objectives for the coming years at our Strategy Day on 24 February 2026.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains robust
Georgia's real GDP increased by 6.8% year-on-year in the fourth quarter of
2025, slightly strengthening though broadly aligned with the expected
moderation trend, with the annual average growth throughout the year standing
at a robust 7.5%, following 9.7% in 2024, according to Geostat's preliminary
data. 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 2025. Economic activity has remained steady since, with
growth supported by an 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 have
been improving this year, supported by relatively weak imports. Consequently,
while Georgia's headline current account deficit stood at historically low
levels, the seasonally-adjusted underlying current account (excluding
reinvestments) recorded consecutive surpluses in the second and third quarters
of 2025 and is expected to finish the year with a positive balance for the
first time on record. Total exports and imports of goods denominated in U.S.
dollars increased by 20.7% and 4.3% year-on-year in 4Q 2025 and by 11.2% and
9.7% (6.7% without the one-off in January) in 2025, respectively. Together
with car re-exports, strong exports were supported by precious metals amid
historically high global prices as domestic exports grew by 26.3% year-on-year
in the fourth quarter and by 12.7% in the full year. At the same time, 6.0%
growth in tourism revenues and 8.5% increase in remittances in 2025 also
contributed significantly to the improvement in net currency inflows into the
country, while FDI also posted a positive 11.0% growth in the first three
quarters on the back of better performance in debt instruments in spite of
moderate equity investments and reinvestments.
Fiscal consolidation continues
The government remains committed to fiscal consolidation, as it recorded a
budget deficit equal to only 1.2% of GDP in 2025, while public debt to GDP
ratio declined to 34.5%, compared to 35.2% in 2024.
Credit growth is moderating, though remains strong
Bank credit growth moderated to 13.9% year-on-year in December, at constant
exchange rates, compared to 16.8% in December 2024. Given accelerating
inflation, real credit growth also weakened, though it remained still strong
at 9.5% at the end of the year. As for segments, while retail credit
strengthened marginally from 14.8% in September 2025 to 14.9% in December, the
year-on-year growth of lending to legal entities rose from 11.5% to 12.7%. The
gradual dedollarization of bank lending continued throughout 2025, with the
share of foreign currency loans dropping slightly from 43.4% in December 2024
to 42.4% in December 2025, at constant exchange rates.
GEL remains stable, NBG reserves at historic highs
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 from 2Q 2025,
leading to appreciation pressures on the national currency, with the
GEL-supportive conditions persisting in 4Q as well. Leveraging on this
environment, the NBG continued reserve replenishment, purchasing more than USD
2.4 billion from the FX market throughout the year, including USD 837 million
in the fourth quarter, bringing its gross international reserves to a historic
high of USD 6.2 billion as of the end of 2025. Meanwhile, the national
currency appreciated by around 4% against the USD compared to the end of 2024
and stood at 2.70 GEL per USD at the end of December 2025.
CPI inflation moderated after peaking at 5.2% in October and stood at 4.0% in
December 2025, while the annual average constituted 3.9%, slightly above the
NBG 3.0% target. Relatively elevated inflation in 2025 was driven by the
combination of low base effect from 2024 and elevated domestic and global
pressures on food prices. 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 stood at a robust 7.8% year-on-year in 4Q 2025
and at 7.7% in full year 2025, strengthening from 6.7% in 2024. In terms of
external trade, exports of goods in 4Q 2025 decreased by 15.2% year-on-year
due to the volatility of gold exports, which primarily drove 21.8% annual
expansion of exports in 2025 amid historically high prices. At the same time,
imports also posted a strong 35.7% growth in Q4 and 19.4% in full 2025, driven
by increased imports of petroleum, vehicles and machinery. Retail credit
strengthened to 24.1% year-on-year in December 2025, compared to 22.9% in
September and 19.5% in December 2024, with mortgage credit expanding by 17.2%
and non-mortgage credit by 28.3%.
Annual inflation in Uzbekistan stood at 7.3% in December, down from 8.0% in
September and 9.8% in December 2024. Importantly, monthly inflation in the
last four months of 2025 stood around the level implied by CBU's 5% target.
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
12,025 per US Dollar by the end of December 2025, having appreciated by around
7.4% compared to the end of 2024. UZS appreciation was supported by a globally
weakened USD, stabilized credit activity, tighter CBU stance and elevated gold
prices. At the same time, as of December 2025, record-high gold prices drove a
substantial USD 25.1 billion (or 61.0%) annual increase in the CBU's
international reserves.
Economic growth forecasts raised
Following strong performances in both countries through 2025, TBC Capital
expects relative moderation of economic growth with projection standing at
around 4.5% for Georgia and 7.0% for Uzbekistan. The IMF and World Bank
projections stand at 5.3% and 5.5% for Georgia and 6.0% for Uzbekistan,
respectively.
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 4Q 2025
This statement provides a summary of the business and financial trends for 4Q
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 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ
Interest income 1,251,559 1,221,108 1,017,423 23.0% 2.5%
Interest expense (625,638) (609,587) (509,732) 22.7% 2.6%
Net interest income 625,921 611,521 507,691 23.3% 2.4%
Fee and commission income 303,576 277,670 243,328 24.8% 9.3%
Fee and commission expense (141,718) (126,469) (95,400) 48.6% 12.1%
Net fee and commission income 161,858 151,201 147,928 9.4% 7.0%
Net insurance income 18,237 18,623 6,979 NMF -2.1%
Net gains from currency derivatives, foreign currency operations and 88,752 91,337 111,069 -20.1% -2.8%
translation
Other operating income 6,301 7,235 9,807 -35.7% -12.9%
Share of profit of associates (147) 280 183 NMF NMF
Other operating non-interest income 113,143 117,475 128,038 -11.6% -4%
Credit loss allowance for loans to customers (62,193) (106,875) (58,078) 7.1% -41.8%
Credit loss allowance for other financial items and net impairment for (24,896) (16,059) (16,712) 49.0% 55.0%
non-financial assets
Operating income after expected credit losses 813,833 757,263 708,867 14.8% 7.5%
Staff costs (174,496) (168,410) (158,988) 9.8% 3.6%
Depreciation and amortisation (45,727) (43,136) (38,079) 20.1% 6.0%
Administrative and other operating expenses (115,841) (120,343) (109,553) 5.7% -3.7%
Operating expenses (336,064) (331,889) (306,620) 9.6% 1.3%
Non-recurring impairment loss due to write-down of the asset held for sale - - (9,800) NMF NMF
Net profit before tax 477,769 425,374 392,447 21.7% 12.3%
Income tax expense (90,558) (57,094) (57,848) 56.5% 58.6%
Net profit 387,211 368,280 334,599 15.7% 5.1%
Net profit attributable to:
- Shareholders of TBCG 380,407 359,516 326,758 16.4% 5.8%
- Non-controlling interest 6,804 8,764 7,841 -13.2% -22.4%
Other comprehensive income, net of tax:
Other comprehensive (expense)/income for the period (6,024) 41,422 3,533 NMF NMF
Total comprehensive income for the period 381,187 409,702 338,132 12.7% -7.0%
Consolidated balance sheet
In thousands of GEL Dec'25 Sep'25 Change QoQ
Assets
Cash and cash equivalents 2,363,583 3,649,109 -35.2%
Reverse sale and repurchase receivables* 184,979 188,569 -1.9%
Due from other banks 143,150 96,828 47.8%
Mandatory cash balances with the NBG and the CBU 2,357,950 2,534,159 -7.0%
Loans and advances to customers and finance lease receivables 29,564,783 28,124,677 5.1%
Investment securities 6,251,550 5,874,066 6.4%
Repurchase receivables 101,648 284,411 -64.3%
Investment properties 11,430 11,495 -0.6%
Current income tax prepayment 42,507 54,482 -22.0%
Deferred income tax asset 5,264 4,507 16.8%
Other financial assets 392,913 350,685 12.0%
Other assets 1,680,946 1,653,276 1.7%
Intangible assets 760,438 715,330 6.3%
Goodwill 79,348 79,348 0.0%
Total assets 43,940,489 43,620,942 0.7%
LIABILITIES
Due to credit institutions 7,373,628 7,485,130 -1.5%
Customer accounts 25,660,058 25,248,136 1.6%
Other financial liabilities 660,264 805,989 -18.1%
Current income tax liability 13,097 3,155 NMF
Deferred income tax liability 59,823 52,432 14.1%
Debt Securities in issue** 2,028,046 1,916,282 5.8%
Other liabilities 293,263 252,414 16.2%
Subordinated debt 910,299 1,142,273 -20.3%
Redemption liability 595,544 585,391 1.7%
Total liabilities 37,594,022 37,491,202 0.3%
EQUITY
Share capital 1,705 1,713 -0.5%
Shares held by trust (89,086) (53,196) 67.5%
Share premium 411,088 411,088 0.0%
Retained earnings 6,077,089 5,823,395 4.4%
Other reserves (225,331) (217,522) 3.6%
Equity attributable to owners of the parent 6,175,465 5,965,478 3.5%
Non-controlling interest 171,002 164,262 4.1%
Total equity 6,346,467 6,129,740 3.5%
Total liabilities and equity 43,940,489 43,620,942 0.7%
*Before December 2025, reverse sale and repurchase receivables were included
in cash and cash equivalents line
** Debt securities in issue include Additional Tier 1 capital subordinated
notes
Ratios
Ratios (based on monthly averages, where applicable) 4Q'25 3Q'25 4Q'24
Profitability ratios:
ROE(1) 24.9% 24.4% 24.1%
ROA(2) 3.4% 3.3% 3.3%
Cost to income(3) 37.3% 37.7% 39.1%
NIM(4) 7.0% 7.1% 6.7%
Loan yields(5) 14.7% 14.7% 13.5%
Deposit rates(6) 5.8% 5.8% 5.4%
Cost of funding(7) 6.9% 6.9% 6.3%
Asset quality & portfolio concentration:
Cost of risk(9) 1.1% 1.6% 1.0%
PAR 90 to gross loans(9) 2.0% 1.9% 1.4%
NPLs to gross loans(10) 2.7% 2.7% 2.2%
NPL provision coverage(11) 71.0% 75.3% 71.8%
Total NPL coverage(12) 128.3% 136.3% 143.9%
Credit loss level to gross loans(13) 1.9% 2.1% 1.6%
Related party loans to gross loans(14) 0.0% 0.0% 0.1%
Top 10 borrowers to total portfolio(15) 5.0% 4.6% 5.8%
Top 20 borrowers to total portfolio(16) 7.8% 7.4% 8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 102.5% 98.5% 102.2%
Leverage (x)(18) 6.9x 7.1x 7.0x
Georgia
Net stable funding ratio(19) 123.7% 126.3% 123.9%
Liquidity coverage ratio(20) 127.7% 135.1% 125.5%
CET 1 CAR(21) 16.6% 16.7% 16.8%
Tier 1 CAR(22) 19.8% 20.1% 20.4%
Total 1 CAR(23) 22.5% 22.9% 23.8%
Uzbekistan
CET 1 CAR(24) 18.2% 18.5% 21.9%
Tier 1 CAR(25) 18.2% 18.5% 21.9%
Total 1 CAR(26) 18.9% 19.4% 23.2%
Funding and liquidity in Georgia
Dec'25 Sep'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 123.7% 126.3% -2.6 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 127.7% 135.1% -7.4 pp
LCR in GEL, as defined by the NBG 146.6% 122.0% 24.6 pp
LCR in FC, as defined by the NBG 115.5% 143.3% -27.8 pp
Regulatory capital
Georgia
In thousands of GEL Dec'25 Sep'25 Change QoQ
CET 1 capital 5,222,768 5,003,864 4.4%
Tier 1 capital 6,233,431 6,019,664 3.6%
Total capital 7,072,885 6,874,689 2.9%
Total risk-weighted assets 31,405,697 29,986,829 4.7%
Minimum CET 1 ratio 14.8% 14.7% 0.1 pp
CET 1 capital adequacy ratio 16.6% 16.7% -0.1 pp
Minimum Tier 1 ratio 17.0% 17.0% 0.0 pp
Tier 1 capital adequacy ratio 19.8% 20.1% -0.3 pp
Minimum total capital adequacy ratio 20.0% 20.0% 0.0 pp
Total capital adequacy ratio 22.5% 22.9% -0.4 pp
Uzbekistan
In thousands of GEL Dec'25 Sep'25 Change QoQ
CET 1 capital 561,419 561,419 0.0%
Tier 1 capital 561,419 561,419 0.0%
Total capital 581,734 588,900 -1.2%
Total risk-weighted assets 3,077,710 3,037,257 1.3%
Minimum CET 1 ratio 8.0% 8.0% 0.0 pp
CET 1 capital adequacy ratio 18.2% 18.5% -0.3 pp
Minimum Tier 1 ratio 10.0% 10.0% 0.0 pp
Tier 1 capital adequacy ratio 18.2% 18.5% -0.3 pp
Minimum total capital adequacy ratio 13.0% 13.0% 0.0 pp
Total capital adequacy ratio 18.9% 19.4% -0.5 pp
Loan portfolio
As of 31 December 2025, the gross loan portfolio reached GEL 30,152.3 million,
up by 5.0% QoQ, or up by 5.2% QoQ on a constant currency basis.
By the end of December 2025, our Georgia FS loan portfolio increased by 5.8%
on a QoQ basis and reached GEL 27,601.9 million, with 6.0% QoQ growth on a
constant currency basis. Over the same period, our Uzbek portfolio decreased
by 3.3% QoQ, or by 3.2% QoQ on a constant currency basis.
Gross loans and advances to customers Dec'25 Sep'25 Change QoQ
In thousands of GEL
Georgian financial services ("Georgia FS")* 27,601,945 26,077,641 5.8%
Retail Georgia 9,784,049 9,397,354 4.1%
CIB Georgia 11,219,099 10,224,375 9.7%
MSME Georgia 5,990,887 5,925,747 1.1%
Uzbekistan 2,550,324 2,636,055 -3.3%
Total gross loans and advances to customers 30,152,269 28,713,696 5.0%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
* Georgia FS includes sub-segment eliminations
4Q'25 3Q'25 4Q'24 Change YoY Change QoQ
Loan yields 14.7% 14.7% 13.5% 1.2 pp 0.0 pp
GEL 14.7% 14.7% 14.1% 0.6 pp 0.0 pp
FC 8.9% 8.9% 8.6% 0.3 pp 0.0 pp
UZS 41.7% 42.5% 44.6% -2.9 pp -0.8 pp
Georgia FS 12.0% 12.0% 11.5% 0.5 pp 0.0 pp
GEL 14.7% 14.7% 14.1% 0.6 pp 0.0 pp
FC 8.9% 8.9% 8.6% 0.3 pp 0.0 pp
Uzbekistan 41.5% 42.5% 44.6% -3.1 pp -1.0 pp
UZS 41.7% 42.5% 44.6% -2.9 pp -0.8 pp
FC 3.1% N/A N/A N/A N/A
Total loan yields 14.7% 14.7% 13.5% 1.2 pp 0.0 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
Loan portfolio quality
PAR 90 Dec'25 Sep'25 Change QoQ
Georgia FS* 1.6% 1.6% 0.0 pp
Retail Georgia 0.8% 0.9% -0.1 pp
CIB Georgia 1.5% 1.5% 0.0 pp
MSME Georgia 3.0% 3.1% -0.1 pp
Uzbekistan 5.8% 4.7% 1.1 pp
Total PAR 90 2.0% 1.9% 0.1 pp
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and
Group levels
* Georgia FS includes sub-segment eliminations
Non-performing Loans ("NPL") Dec'25 Sep'25 Change QoQ
In thousands of GEL
Georgia FS* 679,758 658,408 3.2%
Retail Georgia 143,283 148,440 -3.5%
CIB Georgia 247,628 226,372 9.4%
MSME Georgia 268,852 274,926 -2.2%
Uzbekistan 148,043 123,374 20.0%
Total non-performing loans 827,800 781,782 5.9%
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 Dec'25 Sep'25 Change QoQ
Georgia FS* 2.5% 2.5% 0.0 pp
Retail Georgia 1.5% 1.6% -0.1 pp
CIB Georgia 2.2% 2.2% 0.0 pp
MSME Georgia 4.5% 4.6% -0.1 pp
Uzbekistan 5.8% 4.7% 1.1 pp
Total NPL to gross loans 2.7% 2.7% 0.0 pp
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
Dec'25 Sep'25
NPL Coverage Provision Coverage Total Coverage** Provision Coverage Total Coverage**
Georgia FS* 56.9% 126.7% 60.7% 133.1%
Retail Georgia 132.0% 179.7% 136.4% 186.0%
CIB Georgia 29.9% 95.5% 32.4% 104.5%
MSME Georgia 41.9% 123.8% 41.1% 123.6%
Uzbekistan 135.6% 135.6% 153.5% 153.5%
Total NPL coverage 71.0% 128.3% 75.3% 136.3%
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") 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ
Georgia FS* 0.4% 0.8% 0.6% -0.2 pp -0.4 pp
Retail Georgia 0.8% 1.7% 1.0% -0.2 pp -0.9 pp
CIB Georgia 0.1% 0.2% 0.1% 0.0 pp -0.1 pp
MSME Georgia 0.1% 0.4% 0.6% -0.5 pp -0.3 pp
Uzbekistan 8.5% 9.7% 7.7% 0.8 pp -1.2 pp
Total cost of risk 1.1% 1.6% 1.0% 0.1 pp -0.5 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 31 December 2025, the deposit portfolio reached GEL 25,660.1 million, up
by 1.6% QoQ, and up by 1.8% QoQ on a constant currency basis.
By the end of December 2025, our customer deposit portfolio in Georgia
(excluding MOF) reached GEL 24,108. 6 million, up by 3.0% QoQ, and also up by
3.2% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit
portfolio increased by 0.9% QoQ, on both nominal and constant currency basis.
Customer accounts Dec'25 Sep'25 Change QoQ
In thousands of GEL
Georgia FS* 24,324,216 24,015,951 1.3%
Retail Georgia 9,747,411 9,170,003 6.3%
CIB Georgia 12,321,806 12,337,739 -0.1%
MSME Georgia 2,211,202 2,075,247 6.6%
MOF 215,661 611,232 -64.7%
Uzbekistan 1,479,519 1,466,682 0.9%
Total customer accounts** 25,660,058 25,248,136 1.6%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
4Q'25 3Q'25 4Q'24 Change YoY Change QoQ
Deposit rates 5.8% 5.8% 5.4% 0.4 pp 0.0 pp
GEL 7.6% 7.7% 7.7% -0.1 pp -0.1 pp
FC 1.9% 2.1% 1.6% 0.3 pp -0.2 pp
UZS 25.0% 24.0% 25.1% -0.1 pp 1.0 pp
Georgian financial services 4.6% 4.7% 4.6% 0.0 pp -0.1 pp
GEL 7.6% 7.7% 7.7% -0.1 pp -0.1 pp
FC 1.9% 2.1% 1.6% 0.3 pp -0.2 pp
Uzbek business 24.8% 23.9% 24.9% -0.1 pp 0.9 pp
UZS 25.0% 24.0% 25.1% -0.1 pp 1.0 pp
FC 3.9% 8.3% 3.8% 0.1 pp -4.4 pp
Total deposit rates* 5.8% 5.8% 5.4% 0.4 pp 0.0 pp
* Total deposits rates include MOF deposits
Preliminary unaudited consolidated financial results overview for FY 2025
This statement provides a summary of the business and financial trends for FY
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 FY'25 FY'24 Change YoY
Interest income 4,689,341 3,694,520 26.9%
Interest expense (2,336,887) (1,793,313) 30.3%
Net interest income 2,352,454 1,901,207 23.7%
Fee and commission income 1,071,763 842,286 27.2%
Fee and commission expense (455,073) (321,860) 41.4%
Net fee and commission income 616,690 520,426 18.5%
Net insurance income 59,634 35,271 69.1%
Net gains from currency derivatives, foreign currency operations and 336,021 359,511 -6.5%
translation
Other operating income 24,587 16,733 46.9%
Share of profit of associates 572 574 -0.3%
Other operating non-interest income 420,814 412,089 2.1%
Credit loss allowance for loans to customers (380,790) (176,866) NMF
Credit loss allowance for other financial items and net impairment for (66,309) (29,895) NMF
non-financial assets
Operating income after expected credit and non-financial asset impairment 2,942,859 2,626,961 12.0%
losses
Staff costs (650,797) (570,461) 14.1%
Depreciation and amortisation (168,437) (145,289) 15.9%
Administrative and other operating expenses (450,417) (357,326) 26.1%
Operating expenses (1,269,651) (1,073,076) 18.3%
Non-recurring impairment loss due to write-down of the asset held for sale - (9,800) NMF
Net profit before tax 1,673,208 1,544,085 8.4%
Income tax expense (252,936) (236,454) 7.0%
Net profit 1,420,272 1,307,631 8.6%
Net profit attributable to:
- Shareholders of TBCG 1,397,337 1,284,051 8.8%
- Non-controlling interest 22,935 23,580 -2.7%
Other comprehensive income, net of tax:
Other comprehensive (expense)/income for the period (32,687) 17,779 NMF
Total comprehensive income for the period 1,387,585 1,325,410 4.7%
Consolidated balance sheet
In thousands of GEL Dec'25 Dec'24 Change YoY
Assets
Cash and cash equivalents 2,363,583 3,047,401 -22.4%
Reverse sale and repurchase receivables* 184,979 - N/A
Due from other banks 143,150 45,498 NMF
Mandatory cash balances with the NBG and the CBU 2,357,950 2,576,731 -8.5%
Loans and advances to customers and finance lease receivables 29,564,783 26,296,118 12.4%
Investment securities 6,251,550 5,538,476 12.9%
Repurchase receivables 101,648 140,058 -27.4%
Investment properties 11,430 9,752 17.2%
Current income tax prepayment 42,507 60,422 -29.6%
Deferred income tax asset 5,264 3,150 67.1%
Other financial assets 392,913 436,574 -10.0%
Other assets 1,680,946 1,357,255 23.8%
Intangible assets 760,438 589,067 29.1%
Goodwill 79,348 59,964 32.3%
Total assets 43,940,489 40,160,466 9.4%
Liabilities
Due to credit institutions 7,373,628 7,630,850 -3.4%
Customer accounts 25,660,058 22,863,833 12.2%
Other financial liabilities 660,264 476,143 38.7%
Current income tax liability 13,097 1,227 NMF
Deferred income tax liability 59,823 50,220 19.1%
Debt Securities in issue** 2,028,046 1,510,183 34.3%
Other liabilities 293,263 267,099 9.8%
Subordinated debt 910,299 1,148,374 -20.7%
Redemption liability 595,544 473,528 25.8%
Total liabilities 37,594,022 34,421,457 9.2%
Equity
Share capital 1,705 1,722 -1.0%
Shares held by trust (89,086) (66,982) 33.0%
Share premium 411,088 411,088 0.0%
Retained earnings 6,077,089 5,286,738 14.9%
Other reserves (225,331) (77,066) NMF
Equity attributable to owners of the parent 6,175,465 5,555,500 11.2%
Non-controlling interest 171,002 183,509 -6.8%
Total equity 6,346,467 5,739,009 10.6%
Total liabilities and equity 43,940,489 40,160,466 9.4%
*Before December 2025, reverse sale and repurchase receivables were included
in cash and cash equivalents line
** Debt securities in issue include Additional Tier 1 capital subordinated
notes
Ratios
Ratios (based on monthly averages, where applicable) FY'25 FY'24
Profitability ratios:
ROE(1) 24.2% 25.6%
ROA(2) 3.3% 3.6%
Cost to income(3) 37.5% 37.9%
NIM(4) 7.0% 6.7%
Loan yields(5) 14.5% 13.1%
Deposit rates(6) 5.7% 5.4%
Cost of funding(7) 6.8% 6.1%
Asset quality & portfolio concentration:
Cost of risk(9) 1.5% 0.8%
PAR 90 to gross loans(9) 2.0% 1.4%
NPLs to gross loans(10) 2.7% 2.2%
NPL provision coverage(11) 71.0% 71.8%
Total NPL coverage(12) 128.3% 143.9%
Credit loss level to gross loans(13) 1.9% 1.6%
Related party loans to gross loans(14) 0.0% 0.1%
Top 10 borrowers to total portfolio(15) 5.0% 5.8%
Top 20 borrowers to total portfolio(16) 7.8% 8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 102.5% 102.2%
Leverage (x)(18) 6.9x 7.0x
Georgia
Net stable funding ratio(19) 123.7% 123.9%
Liquidity coverage ratio(20) 127.7% 125.5%
CET 1 CAR(21) 16.6% 16.8%
Tier 1 CAR(22) 19.8% 20.4%
Total 1 CAR(23) 22.5% 23.8%
Uzbekistan
CET 1 CAR(24) 18.2% 21.9%
Tier 1 CAR(25) 18.2% 21.9%
Total 1 CAR(26) 18.9% 23.2%
Funding and liquidity in Georgia
Dec'25 Dec'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 123.7% 123.9% -0.2 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 127.7% 125.5% 2.2 pp
LCR in GEL, as defined by the NBG 146.6% 127.7% 18.9 pp
LCR in FC, as defined by the NBG 115.5% 124.7% -9.2 pp
Regulatory capital
Georgia
In thousands of GEL Dec'25 Dec'24 Change YoY
CET 1 capital 5,222,768 4,843,167 7.8%
Tier 1 capital 6,233,431 5,895,717 5.7%
Total capital 7,072,885 6,861,963 3.1%
Total risk-weighted assets 31,405,697 28,842,828 8.9%
Minimum CET 1 ratio 14.8% 14.4% 0.4 pp
CET 1 capital adequacy ratio 16.6% 16.8% -0.2 pp
Minimum Tier 1 ratio 17.0% 16.7% 0.3 pp
Tier 1 capital adequacy ratio 19.8% 20.4% -0.6 pp
Minimum total capital adequacy ratio 20.0% 19.7% 0.3 pp
Total capital adequacy ratio 22.5% 23.8% -1.3 pp
Uzbekistan
In thousands of GEL Dec'25 Dec'24 Change YoY
CET 1 capital 561,419 520,119 7.9%
Tier 1 capital 561,419 520,119 7.9%
Total capital 581,734 548,765 6.0%
Total risk-weighted assets 3,077,710 2,370,370 29.8%
Minimum CET 1 ratio 8.0% 8.0% 0.0 pp
CET 1 capital adequacy ratio 18.2% 21.9% -3.7 pp
Minimum Tier 1 ratio 10.0% 10.0% 0.0 pp
Tier 1 capital adequacy ratio 18.2% 21.9% -3.7 pp
Minimum total capital adequacy ratio 13.0% 13.0% 0.0 pp
Total capital adequacy ratio 18.9% 23.2% -4.3 pp
Loan portfolio
As of 31 December 2025, the gross loan portfolio reached GEL 30,152.3 million,
up by 12.8% YoY, or up by 12.4% YoY on a constant currency basis.
By the end of December 2025, our Georgia FS loan portfolio increased by 10.7%
YoY and reached GEL 27,601.9 million, with 10.5% YoY growth on a constant
currency basis. Over the same period, our Uzbek portfolio increased by 45.1%,
or 41.0% on a constant currency basis.
Gross loans and advances to customers Dec'25 Dec'24 Change YoY
In thousands of GEL
Georgian financial services ("Georgia FS")* 27,601,945 24,941,464 10.7%
Retail Georgia 9,784,049 8,710,516 12.3%
CIB Georgia 11,219,099 9,863,777 13.7%
MSME Georgia 5,990,887 5,943,479 0.8%
Uzbekistan 2,550,324 1,758,028 45.1%
Total gross loans and advances to customers 30,152,269 26,721,683 12.8%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
* Georgia FS includes sub-segment eliminations
FY'25 FY'24 Change YoY
Loan yields 14.5% 13.1% 1.4 pp
GEL 14.5% 14.0% 0.5 pp
FC 8.9% 8.9% 0.0 pp
UZS 43.0% 44.1% -1.1 pp
Georgia FS 11.9% 11.5% 0.4 pp
GEL 14.5% 14.0% 0.5 pp
FC 8.9% 8.8% 0.1 pp
Uzbekistan 43.0% 44.1% -1.1 pp
UZS 43.0% 44.1% -1.1 pp
FC 2.6% N/A N/A
Total loan yields 14.5% 13.1% 1.4 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
Loan portfolio quality
PAR 90 Dec'25 Dec'24 Change YoY
Georgia FS* 1.6% 1.4% 0.2 pp
Retail Georgia 0.8% 0.7% 0.1 pp
CIB Georgia 1.5% 0.9% 0.6 pp
MSME Georgia 3.0% 2.9% 0.1 pp
Uzbekistan 5.8% 2.0% 3.8 pp
Total PAR 90 2.0% 1.4% 0.6 pp
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and
Group levels
* Georgia FS includes sub-segment eliminations
Non-performing Loans ("NPL") Dec'25 Dec'24 Change YoY
In thousands of GEL
Georgia FS* 679,758 554,935 22.5%
Retail Georgia 143,283 118,834 20.6%
CIB Georgia 247,628 156,632 58.1%
MSME Georgia 268,852 263,460 2.0%
Uzbekistan 148,043 35,690 314.8%
Total non-performing loans 827,800 592,554 39.7%
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 Dec'25 Dec'24 Change YoY
Georgia FS* 2.5% 2.2% 0.3 pp
Retail Georgia 1.5% 1.4% 0.1 pp
CIB Georgia 2.2% 1.6% 0.6 pp
MSME Georgia 4.5% 4.4% 0.1 pp
Uzbekistan 5.8% 2.0% 3.8 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
Dec'25 Dec'24
NPL Coverage Provision Coverage Total Coverage** Provision Coverage Total Coverage**
Georgia FS* 56.9% 126.7% 61.0% 138.0%
Retail Georgia 132.0% 179.7% 138.1% 201.1%
CIB Georgia 29.9% 95.5% 34.4% 106.0%
MSME Georgia 41.9% 123.8% 42.2% 126.3%
Uzbekistan 135.6% 135.6% 229.5% 229.5%
Total NPL coverage 71.0% 128.3% 71.8% 143.9%
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") FY'25 FY'24 Change YoY
Georgia FS* 0.7% 0.5% 0.2 pp
Retail Georgia 1.4% 0.9% 0.5 pp
CIB Georgia 0.2% 0.1% 0.1 pp
MSME Georgia 0.4% 0.5% -0.1 pp
Uzbekistan 10.2% 6.3% 3.9 pp
Total cost of risk 1.5% 0.8% 0.7 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 31 December 2025, deposit portfolio reached GEL 25,660.1 million, up by
12.2% YoY, or up by 13.1% YoY on a constant currency basis.
By the end of December 2025, our customer deposit portfolio in Georgia
(excluding MOF) reached GEL 24,108.6 million, up by 11.2% YoY, or up by 12.3%
on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio
increased by 40.1% YoY, or up by 36.3% YoY on a constant currency basis.
Customer accounts Dec'25 Dec'24 Change YoY
In thousands of GEL
Georgia FS* 24,324,216 21,890,518 11.1%
Retail Georgia 9,747,411 8,478,788 15.0%
CIB Georgia 12,321,806 11,308,306 9.0%
MSME Georgia 2,211,202 2,043,554 8.2%
MOF 215,661 214,426 0.6%
Uzbekistan 1,479,519 1,055,758 40.1%
Total customer accounts** 25,660,058 22,863,833 12.2%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
FY'25 FY'24 Change YoY
Deposit rates 5.7% 5.4% 0.3 pp
GEL 7.8% 7.8% 0.0 pp
FC 1.9% 1.4% 0.5 pp
UZS 24.8% 25.0% -0.2 pp
Georgian financial services 4.6% 4.7% -0.1 pp
GEL 7.8% 7.8% 0.0 pp
FC 1.9% 1.4% 0.5 pp
Uzbek business 24.6% 24.8% -0.2 pp
UZS 24.8% 25.0% -0.2 pp
FC 4.8% 3.8% 1.0 pp
Total deposit rates* 5.7% 5.4% 0.3 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 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ FY'25 FY'24 Change YoY
Interest income 959,954 931,288 835,493 14.9% 3.1% 3,622,567 3,132,568 15.6%
Interest expense (469,895) (461,711) (426,090) 10.3% 1.8% (1,802,738) (1,540,756) 17.0%
Net interest income 490,059 469,577 409,403 19.7% 4.4% 1,819,829 1,591,812 14.3%
Fee and commission income 227,750 205,094 187,390 21.5% 11.0% 800,825 677,020 18.3%
Fee and commission expense (100,319) (99,223) (80,737) 24.3% 1.1% (346,979) (278,765) 24.5%
Net fee and commission income 127,431 105,871 106,653 19.5% 20.4% 453,846 398,255 14.0%
Net insurance income 14,279 15,221 7,153 99.6% -6.2% 52,272 35,986 45.3%
Net gains from currency derivatives, foreign currency operations and 89,617 92,156 112,642 -20.4% -2.8% 346,897 367,867 -5.7%
translation
Other operating income 5,177 7,434 9,723 -46.8% -30.4% 23,080 16,290 41.7%
Share of profit of associates (147) 280 183 NMF NMF 572 574 -0.5%
Other operating non-interest income 108,926 115,091 129,701 -16.0% -5.4% 422,821 420,717 0.5%
Credit loss allowance for loans to customers (23,372) (51,038) (32,984) -29.1% -54.2% (177,357) (114,187) 55.3%
Credit loss allowance for other financial items and net impairment for (8,802) (9,078) (8,564) 2.8% -3.0% (29,715) (13,985) NMF
non-financial assets
Operating income after expected credit and non-financial asset impairment 694,242 630,423 604,209 14.9% 10.1% 2,489,424 2,282,612 9.1%
losses
Staff costs (134,411) (125,864) (123,928) 8.5% 6.8% (490,139) (445,995) 9.9%
Depreciation and amortisation (33,685) (33,262) (31,109) 8.3% 1.3% (130,539) (121,756) 7.2%
Administrative and other operating expenses (70,771) (75,436) (65,848) 7.5% -6.2% (269,593) (219,755) 22.7%
Operating expenses (238,867) (234,562) (220,885) 8.1% 1.8% (890,271) (787,506) 13.0%
Net profit before tax 455,375 395,861 383,324 18.8% 15.0% 1,599,153 1,495,106 7.0%
Income tax expense (74,455) (49,904) (52,574) 41.6% 49.2% (222,533) (218,220) 2.0%
Net profit 380,920 345,957 330,750 15.2% 10.1% 1,376,620 1,276,886 7.8%
Balance sheet highlights
In thousands of GEL Dec'25 Sep'25 Dec'24 Change YoY Change QoQ
Cash & NBG mandatory reserves 4,491,583 6,002,749 5,398,958 -16.8% -25.2%
Reverse sale and repurchase receivables* 184,979 188,570 - N/A -1.9%
Due from other banks 102,417 83,594 45,471 NMF 22.5%
Loans and advances to customers and finance lease receivables 27,215,274 25,677,986 24,602,989 10.6% 6.0%
Investment securities measured at fair value through OCI 5,861,006 5,710,406 5,504,681 6.5% 2.6%
Intangible assets and Goodwill 504,692 481,611 430,362 17.3% 4.8%
Other assets 1,931,683 1,852,602 1,767,188 9.3% 4.3%
TOTAL ASSETS 40,291,634 39,997,518 37,749,649 6.7% 0.7%
Due to credit institutions 6,891,552 6,960,213 7,314,032 -5.8% -1.0%
Customer accounts 24,324,216 24,015,951 21,890,518 11.1% 1.3%
Subordinated debt and debt securities in issue 2,201,063 2,293,841 2,319,634 -5.1% -4.0%
Other liabilities 861,850 960,704 696,607 23.7% -10.3%
TOTAL LIABILITIES 34,278,681 34,230,709 32,220,791 6.4% 0.1%
Equity attributable to shareholders 6,012,618 5,766,493 5,528,606 8.8% 4.3%
Non-controlling interest 335 316 252 32.9% 6.0%
TOTAL EQUITY 6,012,953 5,766,809 5,528,858 8.8% 4.3%
TOTAL LIABILITIES AND EQUITY 40,291,634 39,997,518 37,749,649 6.7% 0.7%
*Before December 2025, reverse sale and repurchase receivables were included
in cash and cash equivalents line
Key ratios
Georgian financial services 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ FY'25 FY'24 Change YoY
Profitability ratios:
ROE(1) 25.7% 24.1% 24.6% 1.1 pp 1.6 pp 24.3% 25.4% -1.1 pp
ROA(2) 3.8% 3.5% 3.6% 0.2 pp 0.3 pp 3.6% 3.7% -0.1 pp
Cost to income(3) 32.9% 34.0% 34.2% -1.3 pp -1.1 pp 33.0% 32.7% 0.3 pp
NIM(4) 6.0% 6.0% 5.7% 0.3 pp 0.0 pp 5.8% 5.8% 0.0 pp
Loan yields(5) 12.0% 12.0% 11.5% 0.5 pp 0.0 pp 11.9% 11.5% 0.4 pp
Deposit rates(6) 4.6% 4.7% 4.6% 0.0 pp -0.1 pp 4.6% 4.7% -0.1 pp
Cost of funding(7) 5.6% 5.6% 5.5% 0.1 pp 0.0 pp 5.6% 5.4% 0.2 pp
Asset quality & portfolio concentration:
Cost of risk(8) 0.4% 0.8% 0.6% -0.2 pp -0.4 pp 0.7% 0.5% 0.2 pp
PAR 90 to gross loans(9) 1.6% 1.6% 1.4% 0.2 pp 0.0 pp 1.6% 1.4% 0.2 pp
NPLs to gross loans(10) 2.5% 2.5% 2.2% 0.3 pp 0.0 pp 2.5% 2.2% 0.3 pp
NPL provision coverage(11) 56.9% 60.7% 61.0% -4.1 pp -3.8 pp 56.9% 61.0% -4.1 pp
Total NPL coverage(12) 126.7% 133.1% 138.0% -11.3 pp -6.4 pp 126.7% 138.0% -11.3 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 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ FY'25 FY'24 Change YoY
Interest income 291,621 289,632 180,545 61.5% 0.7% 1,064,618 554,488 92.0%
Interest expense (156,329) (146,648) (82,548) 89.4% 6.6% (527,821) (251,634) 109.8%
Net interest income 135,292 142,984 97,997 38.1% -5.4% 536,797 302,854 77.2%
Fee and commission income 72,721 69,815 54,843 32.6% 4.2% 258,964 156,517 65.5%
Fee and commission expense (42,298) (27,635) (15,286) 176.7% 53.1% (110,287) (45,045) 144.8%
Net fee and commission income 30,423 42,180 39,557 -23.1% -27.9% 148,677 111,472 33.4%
Net insurance income 4,185 3,631 - NMF 15.3% 8,229 - NMF
Net gains from currency derivatives, foreign currency operations and (618) (165) (214) 188.8% 274.5% (5,001) (501) NMF
translation
Other operating income 1,245 (28) 57 NMF NMF 1,243 71 NMF
Other operating non-interest income 4,812 3,438 (157) NMF 40.0% 4,471 (430) NMF
Credit loss allowance for loans to customers (38,822) (55,981) (24,696) 57.2% -30.7% (203,384) (67,356) 202.0%
Credit loss allowance for other financial items and net impairment for (16,094) (6,104) (6,145) 161.9% 163.7% (35,255) (9,775) 260.7%
non-financial assets
Operating income after expected credit and non-financial asset impairment 115,611 126,517 106,556 8.5% -8.6% 451,306 336,765 34.0%
losses
Staff costs (27,364) (27,980) (20,423) 34.0% -2.2% (104,391) (67,935) 53.7%
Depreciation and amortisation (9,192) (7,179) (4,113) 123.5% 28.0% (26,767) (13,375) 100.1%
Administrative and other operating expenses (42,800) (43,144) (40,286) 6.2% -0.8% (174,553) (127,031) 37.4%
Operating expenses (79,356) (78,303) (64,822) 22.4% 1.3% (305,711) (208,341) 46.7%
Net profit before tax 36,255 48,214 41,734 -13.1% -24.8% 145,595 128,424 13.4%
Income tax expense (4,603) (7,121) (5,221) -11.8% -35.4% (18,960) (18,100) 4.8%
Net profit 31,652 41,093 36,513 -13.3% -23.0% 126,635 110,324 14.8%
Balance sheet highlights
In thousands of GEL Dec'25 Sep'25 Dec'24 Change YoY Change QoQ
Cash & CBU mandatory reserves 233,671 180,512 228,435 2.3% 29.4%
Due from other banks 40,708 13,209 - NMF 208.2%
Loans and advances to customers and finance lease receivables 2,349,508 2,446,691 1,676,113 40.2% -4.0%
Intangible assets and Goodwill 160,414 139,254 75,075 113.7% 15.2%
Other assets 710,324 680,983 289,625 145.3% 4.3%
TOTAL ASSETS 3,494,625 3,460,649 2,269,248 54.0% 1.0%
Due to credit institutions 1,076,723 1,080,917 474,444 126.9% -0.4%
Customer accounts 1,479,519 1,466,682 1,055,758 40.1% 0.9%
Subordinated debt and debt securities in issue 39,617 40,968 36,356 9.0% -3.3%
Other liabilities 123,667 128,178 79,099 56.3% -3.5%
TOTAL LIABILITIES 2,719,526 2,716,745 1,645,657 65.3% 0.1%
Equity attributable to shareholders 775,099 743,904 623,591 24.3% 4.2%
TOTQL EQUITY 775,099 743,904 623,591 24.3% 4.2%
TOTAL LIABILITIES AND EQUITY 3,494,625 3,460,649 2,269,248 54.0% 1.0%
Key ratios
Uzbekistan 4Q'25 3Q'25 4Q'24 Change YoY Change QoQ FY'25 FY'24 Change YoY
Profitability ratios:
ROE(1) 16.4% 23.3% 27.7% -11.3 pp -6.9 pp 18.4% 26.9% -8.5 pp
ROA(2) 3.6% 4.9% 7.4% -3.8 pp -1.3 pp 4.2% 7.2% -3.0 pp
Cost to income(3) 46.5% 41.5% 47.2% -0.7 pp 5.0 pp 44.3% 50.3% -6.0 pp
NIM(4) 18.8% 20.9% 24.2% -5.4 pp -2.1 pp 21.6% 24.4% -2.8 pp
Loan yields(5) 41.5% 42.5% 44.6% -3.1 pp -1.0 pp 43.0% 44.1% -1.1 pp
Deposit rates(6) 24.8% 23.9% 24.9% -0.1 pp 0.9 pp 24.6% 24.8% -0.2 pp
Cost of funding(7) 23.7% 23.2% 23.8% -0.1 pp 0.5 pp 23.5% 23.6% -0.1 pp
Asset quality & portfolio concentration:
Cost of risk(8) 8.5% 9.7% 7.7% 0.8 pp -1.2 pp 10.2% 6.3% 3.9 pp
PAR 90 to gross loans(9) 5.8% 4.7% 2.0% 3.8 pp 1.1 pp 5.8% 2.0% 3.8 pp
NPLs to gross loans(10) 5.8% 4.7% 2.0% 3.8 pp 1.1 pp 5.8% 2.0% 3.8 pp
NPL provision coverage(11) 135.6% 153.5% 229.5% -93.9 pp -17.9 pp 135.6% 229.5% -93.9 pp
Total NPL coverage(12) 135.6% 153.5% 229.5% -93.9 pp -17.9 pp 135.6% 229.5% -93.9 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 2.7088 as of 30
September 2025. To calculate the YoY growth without the currency exchange rate
effect, we used the USD/GEL exchange rate of 2.8068 as of 31 December 2024 .
As of 31 December 2025, the USD/GEL exchange rate equalled 2.6951. For P&L
items growth calculations without the currency effect, we used the average
USD/GEL exchange rate for the following periods: 3Q 2025 of 2.7075 and 4Q 2024
of 2.7582. As of 4Q 2025, the USD/GEL exchange rate equalled 2.7075, FY 2025
of 2.7422, FY 2024 of 2.7208.
1 (#_ftnref1) FY 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) FY 2025 financial results include a non-recurring credit
impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
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