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: : https://www.netroadshow.com/events/login/LE9zwo4AFRIVHQ2FoU5gzFU8gyeCGzf1pUz
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
Investor Relations Department E-mail:IR@tbcbank.com.ge Tel:+(995 32) 227 27 27 Web:www.tbcbankgroup.com
Table of contents
4Q and FY 2025 preliminary 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 4Q 2025
Preliminary unaudited consolidated financial results overview for FY 2025
Additional information
1. Financial disclosures by business lines
2. Glossary
3. Ratio definitions and exchange rates
4Q and FY 2025 preliminary unaudited consolidated financial results[1]
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]
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.
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 translation
88,752
91,337
111,069
-20.1%
-2.8%
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 non-financial assets
(24,896)
(16,059)
(16,712)
49.0%
55.0%
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:
ROE1
24.9%
24.4%
24.1%
ROA2
3.4%
3.3%
3.3%
Cost to income3
37.3%
37.7%
39.1%
NIM4
7.0%
7.1%
6.7%
Loan yields5
14.7%
14.7%
13.5%
Deposit rates6
5.8%
5.8%
5.4%
Cost of funding7
6.9%
6.9%
6.3%
Asset quality & portfolio concentration:
Cost of risk9
1.1%
1.6%
1.0%
PAR 90 to gross loans9
2.0%
1.9%
1.4%
NPLs to gross loans10
2.7%
2.7%
2.2%
NPL provision coverage11
71.0%
75.3%
71.8%
Total NPL coverage12
128.3%
136.3%
143.9%
Credit loss level to gross loans13
1.9%
2.1%
1.6%
Related party loans to gross loans14
0.0%
0.0%
0.1%
Top 10 borrowers to total portfolio15
5.0%
4.6%
5.8%
Top 20 borrowers to total portfolio16
7.8%
7.4%
8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17
102.5%
98.5%
102.2%
Leverage (x)18
6.9x
7.1x
7.0x
Georgia
Net stable funding ratio19
123.7%
126.3%
123.9%
Liquidity coverage ratio20
127.7%
135.1%
125.5%
CET 1 CAR21
16.6%
16.7%
16.8%
Tier 1 CAR22
19.8%
20.1%
20.4%
Total 1 CAR23
22.5%
22.9%
23.8%
Uzbekistan
CET 1 CAR24
18.2%
18.5%
21.9%
Tier 1 CAR25
18.2%
18.5%
21.9%
Total 1 CAR26
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 In thousands of GEL
Dec'25
Sep'25
Change QoQ
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") In thousands of GEL
Dec'25
Sep'25
Change QoQ
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 In thousands of GEL
Dec'25
Sep'25
Change QoQ
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 translation
336,021
359,511
-6.5%
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 non-financial assets
(66,309)
(29,895)
NMF
Operating income after expected credit and non-financial asset impairment losses
2,942,859
2,626,961
12.0%
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:
ROE1
24.2%
25.6%
ROA2
3.3%
3.6%
Cost to income3
37.5%
37.9%
NIM4
7.0%
6.7%
Loan yields5
14.5%
13.1%
Deposit rates6
5.7%
5.4%
Cost of funding7
6.8%
6.1%
Asset quality & portfolio concentration:
Cost of risk9
1.5%
0.8%
PAR 90 to gross loans9
2.0%
1.4%
NPLs to gross loans10
2.7%
2.2%
NPL provision coverage11
71.0%
71.8%
Total NPL coverage12
128.3%
143.9%
Credit loss level to gross loans13
1.9%
1.6%
Related party loans to gross loans14
0.0%
0.1%
Top 10 borrowers to total portfolio15
5.0%
5.8%
Top 20 borrowers to total portfolio16
7.8%
8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17
102.5%
102.2%
Leverage (x)18
6.9x
7.0x
Georgia
Net stable funding ratio19
123.7%
123.9%
Liquidity coverage ratio20
127.7%
125.5%
CET 1 CAR21
16.6%
16.8%
Tier 1 CAR22
19.8%
20.4%
Total 1 CAR23
22.5%
23.8%
Uzbekistan
CET 1 CAR24
18.2%
21.9%
Tier 1 CAR25
18.2%
21.9%
Total 1 CAR26
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 In thousands of GEL
Dec'25
Dec'24
Change YoY
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") In thousands of GEL
Dec'25
Dec'24
Change YoY
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 In thousands of GEL
Dec'25
Dec'24
Change YoY
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 translation
89,617
92,156
112,642
-20.4%
-2.8%
346,897
367,867
-5.7%
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 non-financial assets
(8,802)
(9,078)
(8,564)
2.8%
-3.0%
(29,715)
(13,985)
NMF
Operating income after expected credit and non-financial asset impairment losses
694,242
630,423
604,209
14.9%
10.1%
2,489,424
2,282,612
9.1%
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:
ROE1
25.7%
24.1%
24.6%
1.1 pp
1.6 pp
24.3%
25.4%
-1.1 pp
ROA2
3.8%
3.5%
3.6%
0.2 pp
0.3 pp
3.6%
3.7%
-0.1 pp
Cost to income3
32.9%
34.0%
34.2%
-1.3 pp
-1.1 pp
33.0%
32.7%
0.3 pp
NIM4
6.0%
6.0%
5.7%
0.3 pp
0.0 pp
5.8%
5.8%
0.0 pp
Loan yields5
12.0%
12.0%
11.5%
0.5 pp
0.0 pp
11.9%
11.5%
0.4 pp
Deposit rates6
4.6%
4.7%
4.6%
0.0 pp
-0.1 pp
4.6%
4.7%
-0.1 pp
Cost of funding7
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 risk8
0.4%
0.8%
0.6%
-0.2 pp
-0.4 pp
0.7%
0.5%
0.2 pp
PAR 90 to gross loans9
1.6%
1.6%
1.4%
0.2 pp
0.0 pp
1.6%
1.4%
0.2 pp
NPLs to gross loans10
2.5%
2.5%
2.2%
0.3 pp
0.0 pp
2.5%
2.2%
0.3 pp
NPL provision coverage11
56.9%
60.7%
61.0%
-4.1 pp
-3.8 pp
56.9%
61.0%
-4.1 pp
Total NPL coverage12
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]
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 translation
(618)
(165)
(214)
188.8%
274.5%
(5,001)
(501)
NMF
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 non-financial assets
(16,094)
(6,104)
(6,145)
161.9%
163.7%
(35,255)
(9,775)
260.7%
Operating income after expected credit and non-financial asset impairment losses
115,611
126,517
106,556
8.5%
-8.6%
451,306
336,765
34.0%
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:
ROE1
16.4%
23.3%
27.7%
-11.3 pp
-6.9 pp
18.4%
26.9%
-8.5 pp
ROA2
3.6%
4.9%
7.4%
-3.8 pp
-1.3 pp
4.2%
7.2%
-3.0 pp
Cost to income3
46.5%
41.5%
47.2%
-0.7 pp
5.0 pp
44.3%
50.3%
-6.0 pp
NIM4
18.8%
20.9%
24.2%
-5.4 pp
-2.1 pp
21.6%
24.4%
-2.8 pp
Loan yields5
41.5%
42.5%
44.6%
-3.1 pp
-1.0 pp
43.0%
44.1%
-1.1 pp
Deposit rates6
24.8%
23.9%
24.9%
-0.1 pp
0.9 pp
24.6%
24.8%
-0.2 pp
Cost of funding7
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 risk8
8.5%
9.7%
7.7%
0.8 pp
-1.2 pp
10.2%
6.3%
3.9 pp
PAR 90 to gross loans9
5.8%
4.7%
2.0%
3.8 pp
1.1 pp
5.8%
2.0%
3.8 pp
NPLs to gross loans10
5.8%
4.7%
2.0%
3.8 pp
1.1 pp
5.8%
2.0%
3.8 pp
NPL provision coverage11
135.6%
153.5%
229.5%
-93.9 pp
-17.9 pp
135.6%
229.5%
-93.9 pp
Total NPL coverage12
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 (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 2.7088 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] FY 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] FY 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
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