REG - TBC Bank Group PLC - 1Q 2026 Results Report
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RNS Number : 1236D TBC Bank Group PLC 06 May 2026
TBC Bank Group PLC ("TBC Bank")
1Q 2026 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, costs 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 the
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.
1Q 2026 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated
financial results for 1Q 2026 on Wednesday, 6 May 2026 at 7.00 AM BST. The
management team will host a conference call at 2.00 PM BST.
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) 7791 569834
Tel: +(995 32) 227 27 27
Tel: +(995) 577 205 290
Web: www.tbcbankgroup.com (https://www.tbcbankgroup.com/)
Web: www.tbcbankgroup.com (http://www.tbcbankgroup.com)
Web: www.tbcbankgroup.com (https://www.tbcbankgroup.com/)
Table of contents
1Q 2026 unaudited consolidated financial results announcement
Interim management report
Financial highlights (#_Toc228297781)
Operational highlights (#_Toc228297782)
Letter from the Chief Executive Officer (#_Toc228297783)
Economic overview (#_Toc228297784)
Unaudited consolidated financial results overview for 1Q 2026
(#_Toc228297785)
Additional information (#_Toc228297786)
1. (#_Toc228297787) Financial disclosures by business lines
(#_Toc228297787)
2. (#_Toc228297788) Glossary (#_Toc228297788)
3. (#_Toc228297789) Ratio definitions and exchange rates (#_Toc228297789)
1Q 2026 unaudited consolidated financial results 1 (#_ftn1)
1Q 2026 profit of GEL 365 million, up by 15% YoY, with ROE at 23.4%.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act 2018
("UK MAR").
Financial highlights
Income statement
In thousands of GEL 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Net interest income 625,014 625,921 533,210 17.2% -0.1%
Net fee and commission income 135,419 161,858 147,997 -8.5% -16.3%
Other non-interest income 98,881 113,143 93,005 6.3% -12.6%
Total operating income 859,314 900,922 774,212 11.0% -4.6%
Total credit loss allowance (104,847) (87,089) (118,497) -11.5% 20.4%
Operating expenses (345,525) (336,064) (287,944) 20.0% 2.8%
Net profit before tax 408,942 477,769 367,771 11.2% -14.4%
Income tax expense (44,201) (90,558) (49,265) -10.3% -51.2%
Net profit 364,741 387,211 318,506 14.5% -5.8%
In 1Q 2026, the lower income tax expense was mainly driven by Uzbekistan tax
credits and deferred tax assets related to ECL charges.
Balance sheet
In thousands of GEL Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
Total assets 44,582,459 43,940,489 40,228,911 10.8% 1.5%
Gross loans 30,465,267 30,152,269 27,350,103 11.4% 1.0%
Customer deposits(*) 25,423,613 25,444,397 22,320,114 13.9% -0.1%
Total equity 6,514,302 6,346,467 5,723,549 13.8% 2.6%
Number of ordinary shares 55,726,793 55,822,154 56,211,873 -0.9% -0.2%
*Excludes MOF deposits
Key ratios
1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
ROE 23.4% 24.9% 23.2% 0.2 pp -1.5 pp
ROA 3.3% 3.4% 3.2% 0.1 pp -0.1 pp
NIM 7.0% 7.0% 6.7% 0.3 pp 0.0 pp
Cost to income 40.2% 37.3% 37.2% 3.0 pp 2.9 pp
Cost of risk 1.3% 1.1% 1.4% -0.1 pp 0.2 pp
NPL to gross loans 3.0% 2.7% 2.5% 0.5 pp 0.3 pp
NPL provision coverage ratio 65.4% 71.0% 73.6% -8.2 pp -5.6 pp
Total NPL coverage ratio 123.1% 128.3% 140.4% -17.3 pp -5.2 pp
Leverage (x) 6.8x 6.9x 7.0x -0.2x -0.1x
EPS (GEL) 6.56 6.91 5.71 14.9% -5.1%
Diluted EPS (GEL) 6.49 6.83 5.67 14.5% -5.0%
BVPS (GEL) 115.30 112.42 99.74 15.6% 2.6%
Georgia
CET 1 CAR 16.6% 16.6% 16.4% 0.2 pp 0.0 pp
Tier 1 CAR 19.8% 19.8% 19.9% -0.1 pp 0.0 pp
Total CAR 22.4% 22.5% 23.1% -0.7 pp -0.1 pp
Uzbekistan
CET 1 CAR 18.5% 18.2% 19.4% -0.9 pp 0.3 pp
Tier 1 CAR 18.5% 18.2% 19.4% -0.9 pp 0.3 pp
Total CAR 19.6% 18.9% 20.3% -0.7 pp 0.7 pp
Operational highlights
Customer base
In thousands Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
Total digital monthly active users ("digital MAU") 7,150 7,304 7,223 -1% -2%
Georgia 1,318 1,301 1,106 19% 1%
Uzbekistan 5,832 6,003 6,117 -5% -3%
Total digital daily active users ("digital DAU") 2,630 2,663 2,547 3% -1%
Georgia 647 613 521 24% 6%
Uzbekistan 1,983 2,050 2,026 -2% -3%
Digital DAU/MAU 37% 36% 35% 2 pp 1 pp
Georgia 49% 47% 47% 2 pp 2 pp
Uzbekistan 34% 34% 33% 1 pp 0 pp
Uzbekistan - key highlights
In thousands of GEL Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
Gross loans and advances to customers 2,297,362 2,550,324 2,150,075 6.9% -9.9%
Customer accounts 1,561,345 1,479,519 1,218,048 28.2% 5.5%
In thousands of GEL 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Total operating income 155,125 170,527 161,051 -3.7% -9.0%
Net profit 20,707 31,652 21,561 -4.0% -34.6%
ROE 10.9% 16.4% 13.7% -2.8 pp -5.5 pp
1Q 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 start to the year for TBC Group as we continue
to generate sustainably high profitability and robust growth. In 1Q 2026, our
net profit reached GEL 365 million, up 15% year-on-year, with ROE of 23.4%.
This performance comes against a backdrop of increased global volatility and
uncertainty following the start of the US-Iran war in late February. Like
elsewhere, the countries in which we operate, Georgia and Uzbekistan, are not
immune to the fallout from this conflict. However, so far, the economic impact
has been relatively muted and, for now, we still expect to see strong economic
growth in both countries in 2026, with a 7.4% real GDP growth forecast for
Georgia and 7.9% for Uzbekistan.
Turning to our businesses, we continue to strive to deliver best-in-class
financial services for all our customers. Our core home market of Georgia
remains a consistently strong performer, generating over 24% ROE on 14%
year-on-year earnings growth in 1Q 2026. The main driver here was excellent
growth in net interest income, which rose by 24% year-on-year on the back of
12% loan growth and 20 bps quarterly expansion in NIM to 6.2%. An increasing
number of retail banking customers are choosing TBC, with over 200k new
digital monthly users added in the past year, and almost half of our monthly
users are now interacting with us on a daily basis. Behind this growth lie the
major improvements we have been making in our digital banking platforms and
customer experience. This is reflected in a number of prestigious awards we
have recently received, including The Banker's Technology Award 2026 in CEE
and Global Finance's Most Innovative Bank 2026 in CEE. Meanwhile, our dominant
position in CIB was highlighted by TBC Capital's 2(nd) International Capital
Markets Conference, hosted in Tbilisi in March. This event brought together
over 500 local and international market participants to discuss the evolution
of capital markets in Georgia, Uzbekistan and the wider region.
As we guided at our FY25 results in February, the first quarter in Uzbekistan
was shaped by the ongoing recalibration of our loan book in line with changed
regulatory requirements. The resulting contraction in lending in 1Q 2026
negatively impacted core revenues and profitability in Uzbekistan, with
earnings down 4% year-on-year and 10.9% ROE. At the same time, we continue to
successfully diversify our lending, with our business loan portfolio having
grown to over USD 150 million in just a year of operation, and now accounting
for 18% of the loan book. We also see growing demand from customers for our
fully digital range of products and services across our verticals of spending,
borrowing, saving and protecting. The take-up of our core daily banking
product, Salom Card, remains excellent, with over 1.0 million cards now in
issue, while payments' value rose by 40% year-on-year in 1Q 2026. Our product
development pipeline remains active and on track, with auto loans and
collateralised MSME lending to be launched around mid-year, and our in-app AI
banking assistant, Lola, now being rolled out across our user base. The
combination of healthy customer demand and an active product pipeline provides
firm foundations for the future growth of this business.
As we detailed in our Strategy Day in New York in late February, we remain
firm believers in the great long-term opportunity for financial services in
both Georgia and Uzbekistan, which underpins our confidence in being able to
generate sustainably strong profitability, growth and capital returns for our
shareholders. On the last point, the Board has declared an interim dividend of
GEL 1.75 per share for 1Q 2026.
Finally, I would like to thank my colleagues and our shareholders for their
continued support. Having started 2026 well, our strong growth outlook for the
full year remains in place as we work to deliver on the strategic goals we
have outlined.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains robust
Georgia's real GDP increased by 9.1% year-on-year on average in the first
quarter of 2026, according to Geostat's preliminary data, accelerating from
7.5% in 2025. Despite the military escalation in the Middle East, economic
activity in Georgia remained robust, with growth supported by resilient
foreign currency inflows' balance and moderately slowing, though still strong,
real credit activity and wages.
While the conflict in the Middle East negatively affected tourism inflows into
Georgia in March, the consequent surge in global commodity prices was positive
for Georgia's exports. Exports of goods denominated in USD increased by 23.4%
year-on-year in 1Q 2026, primarily driven by higher petroleum, gold, copper
ores and ferro-alloy exports, resulting in domestic exports surging by 75.1%
year-on-year, while motor car re-exports moderated. On the other hand, imports
denominated in USD fell by 7.1% year-on-year in 1Q (but grew by 5.1% when
adjusted for a one-off in January 2025), also driven by lower motor car
imports. A strong start of the year enabled tourism revenues to remain broadly
resilient, posting 0.5% growth in annual terms in 1Q 2026, while remittances
increased by 14.2%. Consequently, estimated net currency inflows remained
robust in 1Q, following a record low current account deficit in 2025 of just
2.6% of GDP, while on an underlying basis - without reinvested earnings - this
even turned to a surplus of around 0.2% of GDP.
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 and a surplus equal to around
1.1% of GDP in 1Q, while the public debt to GDP ratio declined to 33.6%.
Credit growth remains strong
Bank credit growth slightly strengthened to 14.8% year-on-year in March, at
constant exchange rates, compared to 13.9% in December 2025. Given
accelerating inflation, real credit growth weakened, though it still remained
strong at 10.1% at the end of 1Q. As for segments, while retail credit
strengthened from 14.9% in December 2025 to 16.4% in March, the year-on-year
growth of lending to legal entities increased only slightly from 12.7% to
13.0%. The dollarization of bank lending remained broadly stable throughout
1Q, with the share of foreign currency loans increasing slightly from 42.4% in
December 2025 to 42.6% in March 2026, at constant exchange rates.
GEL remains stable, NBG reserves at historic highs
While the Middle East escalation resulted in a brief GEL weakening in March,
the currency recovered quickly, with still robust currency inflows
underpinning a surplus on the FX market, allowing the NBG to continue reserve
accumulation in 1Q 2026. The Central Bank purchased a record high USD 429
million in February and sold only about USD 16 million net in March, with
total purchases throughout the quarter of USD 500 million. Consequently, NBG's
gross international reserves increased to a historic high of USD 6.5 billion
at the end of 1Q 2026, while the GEL weakened only marginally by 0.2%,
standing at 2.70 as of 31-March 2026.
CPI inflation slightly increased to 4.3% in March 2026 from 4.0% in December
2025, above the NBG 3.0% target. While domestic pressures somewhat eased, the
surge in global commodity prices brought inflationary pressure in March.
Consequently, the NBG has maintained the monetary policy rate ("MPR") at 8.0%,
unchanged since May 2024.
Uzbekistan
Continued strong economic performance
Uzbekistan's economic growth strengthened to a robust 8.7% year-on-year in 1Q
2026, following 7.7% in 2025. In terms of external trade, exports of goods in
1Q 2026 decreased by 45.5% year-on-year due to the volatility of gold exports,
while non-gold exports increased by a robust 23.0%. At the same time, imports
surged by 32.7% year-on-year in 1Q, driven by increased imports of petroleum
and machinery. Retail credit growth slightly slowed to 22.3% year-on-year in
March 2026, compared to 24.1% in December 2025, with mortgage credit expanding
by 17.2% and non-mortgage credit by 25.4%.
Annual inflation in Uzbekistan stood at 7.1% in March, down from 7.3% in
December 2025 with monthly inflation also moderating to around the CBU's 5%
target. The CBU kept its monetary policy rate at 14.0% throughout the quarter,
unchanged since March 2025. At the same time, the UZS was valued at 12,211 per
US Dollar at the end of March 2026, having depreciated by 1.5% compared to the
end of 2025, with the UZS has again gained ground recently, supported by the
CBU's tight monetary stance. At the same time, as of March 2026, CBU's mostly
gold-denominated international reserves increased by a substantial USD 21.1
billion (or 44.2%) year-on-year, while growth through 1Q 2026 stood at USD 2.7
billion (or 4.5%).
Economic growth forecasts raised
Following strong performances in both countries through 2025 and 1Q26, TBC
Capital expects continued robust economic growth of 7.4% for Georgia and 7.9%
for Uzbekistan in 2026. The IMF and World Bank projections stand at 5.3% and
5.0% for Georgia and 6.8% and 6.4% 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 1Q 2026
This statement provides a summary of the business and financial trends for 1Q
2026 for TBC Bank Group PLC and its subsidiaries. The financial information
and trends are unaudited.
Please note that there might be slight differences in previous periods'
figures due to rounding.
Consolidated income statement and other comprehensive income
In thousands of GEL 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Interest income 1,220,265 1,251,559 1,071,739 13.9% -2.5%
Interest expense (595,251) (625,638) (538,529) 10.5% -4.9%
Net interest income 625,014 625,921 533,210 17.2% -0.1%
Fee and commission income 277,437 303,576 231,504 19.8% -8.6%
Fee and commission expense (142,018) (141,718) (83,507) 70.1% 0.2%
Net fee and commission income 135,419 161,858 147,997 -8.5% -16.3%
Net insurance income 14,981 18,237 8,735 71.5% -17.9%
Net gains from currency derivatives, foreign currency operations and 72,824 88,752 78,157 -6.8% -17.9%
translation
Other operating income 10,377 6,301 5,974 73.7% 64.7%
Share of profit of associates 699 (147) 139 NMF NMF
Other operating non-interest income 98,881 113,143 93,005 6.3% -12.6%
Credit loss allowance for loans to customers (95,279) (62,193) (106,594) -10.6% 53.2%
Credit loss allowance for other financial items and net impairment for (9,568) (24,896) (11,903) -19.6% -61.6%
non-financial assets
Operating income after expected credit losses 754,467 813,833 655,715 15.1% -7.3%
Staff costs (184,409) (174,496) (144,951) 27.2% 5.7%
Depreciation and amortisation (45,662) (45,727) (38,650) 18.1% -0.1%
Administrative and other operating expenses (115,454) (115,841) (104,343) 10.6% -0.3%
Operating expenses (345,525) (336,064) (287,944) 20.0% 2.8%
Net profit before tax 408,942 477,769 367,771 11.2% -14.4%
Income tax expense (44,201) (90,558) (49,265) -10.3% -51.2%
Net profit 364,741 387,211 318,506 14.5% -5.8%
Net profit attributable to:
- Shareholders of TBCG 360,146 380,407 316,552 13.8% -5.3%
- Non-controlling interest 4,595 6,804 1,954 NMF -32.5%
Other comprehensive income, net of tax:
Other comprehensive income/(expense) for the period 32,151 (6,024) (16,060) NMF NMF
Total comprehensive income for the period 396,892 381,187 302,446 31.2% 4.1%
Consolidated balance sheet
In thousands of GEL Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
Assets
Cash and cash equivalents 2,892,369 2,363,583 3,281,957 -11.9% 22.4%
Reverse sale and repurchase receivables* 188,666 184,979 - NMF 2.0%
Due from other banks 179,785 143,150 52,470 NMF 25.6%
Mandatory cash balances with the NBG and the CBU 2,102,904 2,357,950 2,549,087 -17.5% -10.8%
Loans and advances to customers and finance lease receivables 29,868,688 29,564,783 26,855,888 11.2% 1.0%
Investment securities 5,956,359 6,251,550 4,640,823 28.3% -4.7%
Repurchase receivables 334,374 101,648 228,045 46.6% NMF
Investment properties 13,060 11,430 14,698 -11.1% 14.3%
Current income tax prepayment 12,414 42,507 22,492 -44.8% -70.8%
Deferred income tax asset 12,089 5,264 3,595 NMF NMF
Other financial assets 392,651 392,913 480,372 -18.3% -0.1%
Other assets 1,753,760 1,680,946 1,415,760 23.9% 4.3%
Intangible assets 795,992 760,438 623,760 27.6% 4.7%
Goodwill 79,348 79,348 59,964 32.3% 0.0%
Total assets 44,582,459 43,940,489 40,228,911 10.8% 1.5%
LIABILITIES
Due to credit institutions 7,217,426 7,373,628 7,754,371 -6.9% -2.1%
Customer accounts 26,239,605 25,660,058 22,529,442 16.5% 2.3%
Other financial liabilities 769,630 660,264 820,244 -6.2% 16.6%
Current income tax liability 45,748 13,097 1,444 NMF NMF
Deferred income tax liability 48,772 59,823 54,489 -10.5% -18.5%
Debt Securities in issue** 2,011,319 2,028,046 1,512,224 33.0% -0.8%
Other liabilities 231,354 293,263 216,522 6.9% -21.1%
Subordinated debt 895,521 910,299 1,138,204 -21.3% -1.6%
Redemption liability 608,782 595,544 478,422 27.2% 2.2%
Total liabilities 38,068,157 37,594,022 34,505,362 10.3% 1.3%
EQUITY
Share capital 1,702 1,705 1,719 -1.0% -0.2%
Shares held by trust (76,332) (89,086) (50,424) 51.4% -14.3%
Share premium 411,088 411,088 411,088 0.0% 0.0%
Retained earnings 6,209,933 6,077,089 5,286,370 17.5% 2.2%
Other reserves (205,493) (225,331) (107,391) 91.4% -8.8%
Equity attributable to owners of the parent 6,340,898 6,175,465 5,541,362 14.4% 2.7%
Non-controlling interest 173,404 171,002 182,187 -4.8% 1.4%
Total equity 6,514,302 6,346,467 5,723,549 13.8% 2.6%
Total liabilities and equity 44,582,459 43,940,489 40,228,911 10.8% 1.5%
*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) 1Q'26 4Q'25 1Q'25
Profitability ratios:
ROE(1) 23.4% 24.9% 23.2%
ROA(2) 3.3% 3.4% 3.2%
Cost to income(3) 40.2% 37.3% 37.2%
NIM(4) 7.0% 7.0% 6.7%
Loan yields(5) 14.3% 14.7% 14.0%
Deposit rates(6) 5.8% 5.8% 5.6%
Cost of funding(7) 6.7% 6.9% 6.6%
Asset quality & portfolio concentration:
Cost of risk(9) 1.3% 1.1% 1.4%
PAR 90 to gross loans(9) 1.9% 2.0% 1.6%
NPLs to gross loans(10) 3.0% 2.7% 2.5%
NPL provision coverage(11) 65.4% 71.0% 73.6%
Total NPL coverage(12) 123.1% 128.3% 140.4%
Credit loss level to gross loans(13) 2.0% 1.9% 1.8%
Related party loans to gross loans(14) 0.0% 0.0% 0.0%
Top 10 borrowers to total portfolio(15) 5.1% 5.0% 5.3%
Top 20 borrowers to total portfolio(16) 7.9% 7.8% 8.0%
Capital & liquidity positions:
Net loans to deposits plus IFI funding(17) 101.3% 102.5% 105.4%
Leverage (x)(18) 6.8x 6.9x 7.0x
Georgia
Net stable funding ratio(19) 120.5% 123.7% 125.6%
Liquidity coverage ratio(20) 122.8% 127.7% 119.0%
CET 1 CAR(21) 16.6% 16.6% 16.4%
Tier 1 CAR(22) 19.8% 19.8% 19.9%
Total CAR(23) 22.4% 22.5% 23.1%
Uzbekistan
CET 1 CAR(24) 18.5% 18.2% 19.4%
Tier 1 CAR(25) 18.5% 18.2% 19.4%
Total CAR(26) 19.6% 18.9% 20.3%
Funding and liquidity in Georgia
Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
Minimum net stable funding ratio, as defined by the NBG 100.0% 100.0% 100.0% 0.0 pp 0.0 pp
Net stable funding ratio as defined by the NBG 120.5% 123.7% 125.6% -5.1 pp -3.2 pp
Minimum total liquidity coverage ratio, as defined by the NBG 100.0% 100.0% 100.0% 0.0 pp 0.0 pp
Minimum LCR in GEL, as defined by the NBG 75% 75.0% 75.0% 0.0 pp 0.0 pp
Minimum LCR in FC, as defined by the NBG 100.0% 100.0% 100.0% 0.0 pp 0.0 pp
Total liquidity coverage ratio, as defined by the NBG 122.8% 127.7% 119.0% 3.8 pp -4.9 pp
LCR in GEL, as defined by the NBG 132.3% 146.6% 118.9% 13.4 pp -14.3 pp
LCR in FC, as defined by the NBG 115.3% 115.5% 119.1% -3.8 pp -0.2 pp
Regulatory capital
Georgia
In thousands of GEL Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
CET 1 capital 5,310,230 5,222,768 4,814,774 10.3% 1.7%
Tier 1 capital 6,322,655 6,233,431 5,852,511 8.0% 1.4%
Total capital 7,151,159 7,072,885 6,787,655 5.4% 1.1%
Total risk-weighted assets 31,982,981 31,405,697 29,337,803 9.0% 1.8%
Minimum CET 1 ratio 15.1% 14.8% 14.6% 0.5 pp 0.3 pp
CET 1 capital adequacy ratio 16.6% 16.6% 16.4% 0.2 pp 0.0 pp
Minimum Tier 1 ratio 17.3% 17.0% 16.9% 0.4 pp 0.3 pp
Tier 1 capital adequacy ratio 19.8% 19.8% 19.9% -0.1 pp 0.0 pp
Minimum total capital adequacy ratio 20.3% 20.0% 19.9% 0.4 pp 0.3 pp
Total capital adequacy ratio 22.4% 22.5% 23.1% -0.7 pp -0.1 pp
Uzbekistan
In thousands of GEL Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
CET 1 capital 506,427 561,169 535,639 -5.5% -9.8%
Tier 1 capital 506,427 561,169 535,639 -5.5% -9.8%
Total capital 539,259 581,475 559,526 -3.6% -7.3%
Total risk-weighted assets 2,744,701 3,076,338 2,758,355 -0.5% -10.8%
Minimum CET 1 ratio 8.0% 8.0% 8.0% 0.0 pp 0.0 pp
CET 1 capital adequacy ratio 18.5% 18.2% 19.4% -0.9 pp 0.3 pp
Minimum Tier 1 ratio 10.0% 10.0% 10.0% 0.0 pp 0.0 pp
Tier 1 capital adequacy ratio 18.5% 18.2% 19.4% -0.9 pp 0.3 pp
Minimum total capital adequacy ratio 12.0% 13.0% 13.0% -1.0 pp -1.0 pp
Total capital adequacy ratio 19.6% 18.9% 20.3% -0.7 pp 0.7 pp
Loan portfolio
As of 31 March 2026, the gross loan portfolio reached GEL 30,465.3 million, up
by 11.4% YoY and 1.0% QoQ, or up by 11.2% YoY and 1.4% QoQ on a constant
currency basis.
By the end of March 2026, our Georgia FS loan portfolio increased by 11.9% YoY
and 2.1% on a QoQ basis and reached GEL 28,167.9 million, with 12.0% YoY and
2.4% QoQ growth on a constant currency basis. Over the same period, our Uzbek
portfolio increased by 6.9% YoY and decreased by 9.9% on a QoQ basis. This
resulted in a 3.5% increase on YoY and an 8.7% decrease QoQ on a constant
currency basis.
Gross loans and advances to customers Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
In thousands of GEL
Georgian financial services ("Georgia FS")* 28,167,905 27,601,945 25,182,536 11.9% 2.1%
Retail Georgia 10,279,027 9,784,049 8,834,964 16.3% 5.1%
CIB Georgia 11,515,912 11,219,099 10,055,992 14.5% 2.6%
MSME Georgia** 5,786,815 5,990,887 5,827,911 -0.7% -3.4%
Uzbekistan 2,297,362 2,550,324 2,150,075 6.9% -9.9%
Total gross loans and advances to customers 30,465,267 30,152,269 27,350,103 11.4% 1.0%
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
* Georgia FS includes sub-segment eliminations
** Effective 1 January 2026, GEL 72 million was reclassified from MSME to CIB
and GEL 219 million to retail
1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Loan yields 14.3% 14.7% 14.0% 0.3 pp -0.4 pp
GEL 14.7% 14.7% 14.2% 0.5 pp 0.0 pp
FC 9.0% 8.9% 8.7% 0.3 pp 0.1 pp
UZS 40.8% 41.7% 44.2% -3.4 pp -0.9 pp
Georgia FS 12.1% 12.0% 11.6% 0.5 pp 0.1 pp
GEL 14.7% 14.7% 14.2% 0.5 pp 0.0 pp
FC 9.0% 8.9% 8.7% 0.3 pp 0.1 pp
Uzbekistan 40.4% 41.5% 44.2% -3.8 pp -1.1 pp
UZS 40.8% 41.7% 44.2% -3.4 pp -0.9 pp
FC 10.4% 3.1% N/A N/A 7.3 pp
Total loan yields 14.3% 14.7% 14.0% 0.3 pp -0.4 pp
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
Loan portfolio quality
PAR 90 Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
Georgia FS* 1.5% 1.6% 1.5% 0.0 pp -0.1 pp
Retail Georgia 0.8% 0.8% 0.7% 0.1 pp 0.0 pp
CIB Georgia 1.4% 1.5% 0.9% 0.5 pp -0.1 pp
MSME Georgia 2.9% 3.0% 3.4% -0.5 pp -0.1 pp
Uzbekistan 6.7% 5.8% 2.1% 4.6 pp 0.9 pp
Total PAR 90 1.9% 2.0% 1.6% 0.3 pp -0.1 pp
PAR 90 includes finance lease receivables only on Georgia FS, Uzbekistan and
Group levels
* Georgia FS includes sub-segment eliminations
Non-performing Loans ("NPL") Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
In thousands of GEL
Georgia FS* 758,089 679,758 600,215 26.3% 11.5%
Retail Georgia 151,506 143,283 133,020 13.9% 5.7%
CIB Georgia 323,278 247,628 152,263 112.3% 30.5%
MSME Georgia 255,121 268,852 288,613 -11.6% -5.1%
Uzbekistan 153,645 148,043 68,275 125.0% 3.8%
Total non-performing loans 911,734 827,800 671,071 35.9% 10.1%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
NPL to gross loans Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
Georgia FS* 2.7% 2.5% 2.4% 0.3 pp 0.2 pp
Retail Georgia 1.5% 1.5% 1.5% 0.0 pp 0.0 pp
CIB Georgia 2.8% 2.2% 1.5% 1.3 pp 0.6 pp
MSME Georgia 4.4% 4.5% 5.0% -0.6 pp -0.1 pp
Uzbekistan 6.7% 5.8% 3.2% 3.5 pp 0.9 pp
Total NPL to gross loans 3.0% 2.7% 2.5% 0.5 pp 0.3 pp
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
Mar'26 Dec'25 Mar'25
NPL Coverage Provision Coverage Total Coverage** Provision Coverage Total Coverage** Provision Coverage Total Coverage**
Georgia FS* 51.6% 120.9% 56.9% 126.7% 59.5% 134.1%
Retail Georgia 133.3% 176.6% 132.0% 179.7% 127.2% 186.9%
CIB Georgia 23.7% 89.2% 29.9% 95.5% 40.2% 111.8%
MSME Georgia 39.9% 123.2% 41.9% 123.8% 40.4% 123.9%
Uzbekistan 133.8% 133.8% 135.6% 135.6% 192.6% 192.6%
Total NPL coverage 65.4% 123.1% 71.0% 128.3% 73.6% 140.4%
Non-performing loans include finance lease receivables only on Georgia FS,
Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Cost of risk ("CoR") 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Georgia FS* 0.6% 0.4% 0.8% -0.2 pp 0.2 pp
Retail Georgia 1.5% 0.8% 1.3% 0.2 pp 0.7 pp
CIB Georgia -0.1% 0.1% 0.3% -0.4 pp -0.2 pp
MSME Georgia 0.2% 0.1% 0.8% -0.6 pp 0.1 pp
Uzbekistan 10.2% 8.5% 9.3% 0.9 pp 1.7 pp
Total cost of risk 1.3% 1.1% 1.4% -0.1 pp 0.2 pp
Cost of risk includes finance lease receivables only on Georgia FS, Uzbekistan
and Group levels
*Georgia FS includes sub-segment eliminations
Deposit portfolio
As of 31 March 2026, the deposit portfolio reached GEL 26,239.6 million, up by
16.5% YoY and 2.3% QoQ, or up by 16.9% YoY and 2.5% QoQ on a constant currency
basis.
By the end of March 2026, our customer deposit portfolio in Georgia (excluding
MOF) reached GEL 24,043.0 million, up by 13.7% YoY and down by 0.3% QoQ, or up
by 14.4% YoY and down by 0.1% QoQ on a constant currency basis. Meanwhile, our
Uzbekistan deposit portfolio increased by 28.2% YoY and 5.5% QoQ, or up by
24.2% YoY and 6.9% QoQ on a constant currency basis.
Customer accounts Mar'26 Dec'25 Mar'25 Change YoY Change QoQ
In thousands of GEL
Georgia FS* 24,858,957 24,324,216 21,355,609 16.4% 2.2%
Retail Georgia 9,860,302 9,747,411 8,269,131 19.2% 1.2%
CIB Georgia 12,180,219 12,321,806 11,122,655 9.5% -1.1%
MSME Georgia 2,144,091 2,211,202 1,913,434 12.1% -3.0%
MOF 815,992 215,661 209,328 289.8% 278.4%
Uzbekistan 1,561,345 1,479,519 1,218,048 28.2% 5.5%
Total customer accounts** 26,239,605 25,660,058 22,529,442 16.5% 2.3%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Deposit rates 5.8% 5.8% 5.6% 0.2 pp 0.0 pp
GEL 7.9% 7.6% 8.1% -0.2 pp 0.3 pp
FC 1.8% 1.9% 1.8% 0.0 pp -0.1 pp
UZS 23.3% 25.0% 24.7% -1.4 pp -1.7 pp
Georgian financial services 4.8% 4.6% 4.7% 0.1 pp 0.2 pp
GEL 7.8% 7.6% 8.1% -0.3 pp 0.2 pp
FC 1.8% 1.9% 1.8% 0.0 pp -0.1 pp
Uzbek business 23.0% 24.8% 24.5% -1.5 pp -1.8 pp
UZS 23.3% 25.0% 24.7% -1.4 pp -1.7 pp
FC 7.7% 3.9% 2.8% 4.9 pp 3.8 pp
Total deposit rates* 5.8% 5.8% 5.6% 0.2 pp 0.0 pp
* Total deposit 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") - includes JSC TBC Bank with
its Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The
Georgia financial services 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 Digital JSC with respective subsidiaries and BILLZ
(Shoppe Group 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 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Interest income 956,922 959,954 845,776 13.1% -0.3%
Interest expense (449,926) (469,895) (436,673) 3.0% -4.2%
Net interest income 506,996 490,059 409,103 23.9% 3.5%
Fee and commission income 200,907 227,750 172,187 16.7% -11.8%
Fee and commission expense (103,557) (100,319) (65,599) 57.9% 3.2%
Net fee and commission income 97,350 127,431 106,588 -8.7% -23.6%
Net insurance income 12,396 14,279 8,945 38.6% -13.2%
Net gains from currency derivatives, foreign currency operations and 74,481 89,617 84,090 -11.4% -16.9%
translation
Other operating income 9,312 5,177 5,520 68.7% 79.9%
Share of profit of associates 699 (147) 139 NMF NMF
Other operating non-interest income 96,888 108,926 98,694 -1.8% -11.1%
Credit loss allowance for loans to customers (38,526) (23,372) (47,954) -19.7% 64.8%
Credit loss allowance for other financial items and net impairment for (5,564) (8,802) (5,359) 3.8% -36.8%
non-financial assets
Operating income after expected credit and non-financial asset impairment 657,144 694,242 561,072 17.1% -5.3%
losses
Staff costs (135,766) (134,411) (105,795) 28.3% 1.0%
Depreciation and amortisation (33,476) (33,685) (31,267) 7.1% -0.6%
Administrative and other operating expenses (69,440) (70,771) (58,169) 19.4% -1.9%
Operating expenses (238,682) (238,867) (195,231) 22.3% -0.1%
Net profit before tax 418,462 455,375 365,841 14.4% -8.1%
Income tax expense (56,304) (74,455) (48,201) 16.8% -24.4%
Net profit 362,158 380,920 317,640 14.0% -4.9%
Balance sheet highlights
In thousands of GEL 31-Mar-26 31-Dec-25 31-Mar-25 Change YoY Change QoQ
Cash & NBG mandatory reserves 4,617,185 4,491,583 5,598,657 -17.5% 2.8%
Reverse sale and repurchase receivables* 188,666 184,979 - NMF 2.0%
Due from other banks 161,149 102,417 49,449 NMF 57.3%
Loans and advances to customers and finance lease receivables 27,776,941 27,215,274 24,825,243 11.9% 2.1%
Investment securities measured at fair value through OCI 5,660,047 5,861,006 4,702,153 20.4% -3.4%
Intangible assets and Goodwill 525,360 504,692 443,665 18.4% 4.1%
Other assets 1,967,617 1,931,683 1,758,688 11.9% 1.9%
TOTAL ASSETS 40,896,965 40,291,634 37,377,855 9.4% 1.5%
Due to credit institutions 6,730,023 6,891,552 7,243,202 -7.1% -2.3%
Customer accounts 24,858,957 24,324,216 21,355,609 16.4% 2.2%
Subordinated debt and debt securities in issue 2,197,377 2,201,063 2,311,275 -4.9% -0.2%
Other liabilities 942,711 861,850 937,265 0.6% 9.4%
TOTAL LIABILITIES 34,729,068 34,278,681 31,847,351 9.0% 1.3%
Equity attributable to shareholders 6,167,545 6,012,618 5,530,226 11.5% 2.6%
Non-controlling interest 352 335 278 26.6% 5.1%
TOTAL EQUITY 6,167,897 6,012,953 5,530,504 11.5% 2.6%
TOTAL LIABILITIES AND EQUITY 40,896,965 40,291,634 37,377,855 9.4% 1.5%
*Before December 2025, reverse sale and repurchase receivables were included
in cash and cash equivalents line
Key ratios
Georgian financial services 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Profitability ratios:
ROE(1) 24.1% 25.7% 23.3% 0.8 pp -1.6 pp
ROA(2) 3.7% 3.8% 3.4% 0.3 pp -0.1 pp
Cost to income(3) 34.0% 32.9% 31.8% 2.2 pp 1.1 pp
NIM(4) 6.2% 6.0% 5.5% 0.7 pp 0.2 pp
Loan yields(5) 12.1% 12.0% 11.6% 0.5 pp 0.1 pp
Deposit rates(6) 4.8% 4.6% 4.7% 0.1 pp 0.2 pp
Cost of funding(7) 5.5% 5.6% 5.6% -0.1 pp -0.1 pp
Asset quality & portfolio concentration:
Cost of risk(8) 0.6% 0.4% 0.8% -0.2 pp 0.2 pp
PAR 90 to gross loans(9) 1.5% 1.6% 1.5% 0.0 pp -0.1 pp
NPLs to gross loans(10) 2.7% 2.5% 2.4% 0.3 pp 0.2 pp
NPL provision coverage(11) 51.6% 56.9% 59.5% -7.9 pp -5.3 pp
Total NPL coverage(12) 120.9% 126.7% 134.1% -13.2 pp -5.8 pp
For the ratio definitions and exchange rates, please refer to section 3 of the
additional information.
Uzbekistan business 3 (#_ftn3)
Profit and loss statement
In thousands of GEL 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Interest income 263,592 291,621 224,843 17.2% -9.6%
Interest expense (147,212) (156,329) (101,576) 44.9% -5.8%
Net interest income 116,380 135,292 123,267 -5.6% -14.0%
Fee and commission income 73,325 72,721 56,362 30.1% 0.8%
Fee and commission expense (38,836) (42,298) (18,326) 111.9% -8.2%
Net fee and commission income 34,489 30,423 38,036 -9.3% 13.4%
Net insurance income 2,927 4,185 - N/A -30.1%
Net gains from currency derivatives, foreign currency operations and 279 (618) (266) -204.9% -145.1%
translation
Other operating income 1,050 1,245 14 NMF -15.7%
Other operating non-interest income 4,256 4,812 (252) NMF -11.6%
Credit loss allowance for loans to customers (56,753) (38,822) (58,514) -3.0% 46.2%
Credit loss allowance for other financial items and net impairment for (4,022) (16,094) (5,705) -29.5% -75.0%
non-financial assets
Operating income after expected credit and non-financial asset impairment 94,350 115,611 96,832 -2.6% -18.4%
losses
Staff costs (32,415) (27,364) (23,104) 40.3% 18.5%
Depreciation and amortisation (9,290) (9,192) (4,674) 98.8% 1.1%
Administrative and other operating expenses (44,039) (42,800) (46,182) -4.6% 2.9%
Operating expenses (85,744) (79,356) (73,960) 15.9% 8.0%
Net profit before tax 8,606 36,255 22,872 -62.4% -76.3%
Income tax credit/(expense) 12,101 (4,603) (1,311) NMF NMF
Net profit 20,707 31,652 21,561 -4.0% -34.6%
Balance sheet highlights
In thousands of GEL 31-Mar-26 31-Dec-25 31-Mar-25 Change YoY Change QoQ
Cash & CBU mandatory reserves 377,015 233,671 245,519 53.6% 61.3%
Due from other banks 18,610 40,708 2,996 NMF -54.3%
Loans and advances to customers and finance lease receivables 2,091,747 2,349,508 2,018,553 3.6% -11.0%
Intangible assets and Goodwill 186,186 160,414 93,461 99.2% 16.1%
Other assets 877,474 710,324 365,683 140.0% 23.5%
TOTAL ASSETS 3,551,032 3,494,625 2,726,212 30.3% 1.6%
Due to credit institutions 1,050,883 1,076,723 683,532 53.7% -2.4%
Customer accounts 1,561,345 1,479,519 1,218,048 28.2% 5.5%
Subordinated debt and debt securities in issue 41,287 39,617 37,878 9.0% 4.2%
Other liabilities 112,261 123,667 153,384 -26.8% -9.2%
TOTAL LIABILITIES 2,765,776 2,719,526 2,092,842 32.2% 1.7%
Equity attributable to shareholders 785,256 775,099 633,370 24.0% 1.3%
TOTAL EQUITY 785,256 775,099 633,370 24.0% 1.3%
TOTAL LIABILITIES AND EQUITY 3,551,032 3,494,625 2,726,212 30.3% 1.6%
Key ratios
Uzbekistan 1Q'26 4Q'25 1Q'25 Change YoY Change QoQ
Profitability ratios:
ROE(1) 10.9% 16.4% 13.7% -2.8 pp -5.5 pp
ROA(2) 2.4% 3.6% 3.5% -1.1 pp -1.2 pp
Cost to income(3) 55.3% 46.5% 45.9% 9.4 pp 8.8 pp
NIM(4) 17.1% 18.8% 24.7% -7.6 pp -1.7 pp
Loan yields(5) 40.4% 41.5% 44.2% -3.8 pp -1.1 pp
Deposit rates(6) 23.0% 24.8% 24.5% -1.5 pp -1.8 pp
Cost of funding(7) 22.5% 23.7% 23.3% -0.8 pp -1.2 pp
Asset quality & portfolio concentration:
Cost of risk(8) 10.2% 8.5% 9.3% 0.9 pp 1.7 pp
PAR 90 to gross loans(9) 6.7% 5.8% 2.1% 4.6 pp 0.9 pp
NPLs to gross loans(10) 6.7% 5.8% 3.2% 3.5 pp 0.9 pp
NPL provision coverage(11) 133.8% 135.6% 192.6% -58.8 pp -1.8 pp
Total NPL coverage(12) 133.8% 135.6% 192.6% -58.8 pp -1.8 pp
For the ratio definitions and exchange rates, please refer to section 3 of the
additional information
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
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 2.6951 as of 31
December 2025. To calculate the YoY growth without the currency exchange rate
effect, we used the USD/GEL exchange rate of 2.7673 as of 31 March 2025 . As
of 31 March 2026, the USD/GEL exchange rate equalled 2.6998. For P&L items
growth calculations without the currency effect, we used the average USD/GEL
exchange rate for the following periods: 4Q 2025 of 2.7075 and 1Q 2025 of
2.8137. As of 1Q 2026, the USD/GEL exchange rate equalled 2.6993.
1 (#_ftnref1) 1Q 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) 1Q 2025 financial results include a non-recurring credit
impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
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. END QRFAAMFTMTJMBPF
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