TBC Bank Group PLC - Tbilisi, Georgia-headquartered lender - Swings to first-quarter consolidated net profit of GEL153.0 million - equivalent to around GBP31.7 million - from GEL57.0 million loss year-on-year. Net interest income GEL225.1 million, up 8.3% year-on-year, while net fee & commission income rises 4.0% to GEL45.3 million. Credit loss allowance shrinks to GEL17.2 million from GEL247.1 million.
Says started "path to recovery" in 2021 as macroeconomic backdrop improved after weathering pandemic challenges in 2020.
"The improving business environment, coupled with our strong data analytical capabilities and focus on digital, fills me with confidence that in 2021 we will be able to return to our pre-Covid profitability levels and we will assess the potential for future dividends subject to macroeconomic developments and containment of Covid-19 pandemic," TBC says.
Current stock price 1,122.00 pence, up 3.9% on Tuesday
Year-to-date change: down 11%
By Lucy Heming;Â lucyheming@alliancenews.com
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TBC Bank Group (TBCG)