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TBC Bank posts slight profit fall but likes Georgia and Uzbekistan

Thu, 09th Nov 2023 11:44

(Alliance News) - TBC Bank Group PLC on Thursday reported a slight decrease in third quarter profit, but praised the performances of the economies of Georgia and Uzbekistan.

The Tbilisi-based lender said pretax profit in the third quarter of 2023 fell 3.9% to GEL351.0 million, around GBP106.8 million, from GEL365.1 million a year prior. Compared to the second quarter, it was up 0.5% from GEL349.3 million.

Net interest income jumped 26% year-on-year to GEL427.9 million from GEL340.4 million, and was 7.2% higher than GEL399.3 million in the second quarter.

Operating costs increased 24% annually to GEL218.1 million from GEL176.2 million, and were 7.1% higher than GEL203.6 million in the third quarter of 2022.

The bank hailed low inflation levels in Georgia and Uzbekistan.

Its CET1 ratio as at September 30 stood at 17.5%, up from 15.3% a year prior. The CET1 ratio compares a bank's capital against its risk assets, with a higher ratio being more financially sound.

Looking ahead, TBC Bank said that Georgia's economy remained robust, while Uzbekistan's economy was "solid". It added: "While inflation in Georgia is already below target, we are also seeing deceleration in Uzbekistan, suggesting that both countries are in easing cycles, which should be supportive for the economic outlook."

TBC Bank shares were up 0.4% at 2,750.00 pence each on Thursday around midday in London.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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