TBC Bank profit rises as first-quarter net interest income advances

(Alliance News) - TBC Bank Group PLC on Wednesday expressed optimism on the economic growth outlook for Georgia and Uzbekistan, as it posted improved first-quarter profit.

The Tbilisi-based lender in Georgia and Uzbekistan reported net profit before tax of GEL408.9 million, about USD152.1 million, in the first quarter of 2026, up 11% from GEL367.8 million a year prior.

Net interest income jumped 17% to GEL625.0 million from GEL533.2 million, as interest income improved 14% to GEL1.22 billion. Interest expense grew 11% to GEL595.3 million from GEL538.5 million.

Net fee and commission income fell 8.5% to GEL135.4 million from GEL148.0 million, as fee and commission expense shot up 70% to GEL142.0 million from GEL83.5 million. Fee and commission income rose 20% to GEL277.4 million from GEL231.5 million.

Operating expenses rose 20% to GEL345.5 million from GEL287.9 million.

TBC Bank declared a first-quarter dividend of GEL1.75 per share, up 17% from GEL1.50 a year prior.

The lender reported a return on equity of 23.4%, edging up from 23.2% a year before.

TBC Bank said first-quarter results were held back a "recalibration" of its loan book in Uzbekistan in response to regulatory changes. Net profit in Uzbekistan was GEL20.7 million in the first quarter, down 4.0% from a year before and 35% from the fourth quarter of 2025. Return on equity in the country fell to 10.9% from 13.7% a year before and 16.4% in the fourth quarter.

Looking ahead, TBC Bank said it anticipates "continued robust economic growth" of 7.4% in Georgia and 7.9% in Uzbekistan for 2026. The company noted the IMF and World Bank projections currently stand at 5.3% and 5.0% for Georgia, and 6.8% and 6.4% for Uzbekistan, respectively.

Shares in TBC Bank were up 2.8% at 4,831.87 pence late Wednesday morning in London.

"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," said Chief Executive Vakhtang Butskhrikidze.

By Christopher Ward, Alliance News reporter

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