TBC posts 'robust' first-quarter results

TBC Bank Group reported "robust" first-quarter numbers on Thursday, after it benefited from strong growth across the Georgian economy.

The London-listed lender, which operates in Georgia and Uzbekistan, said net interest income jumped 27% in the three months to 31 March to 366.8m lari (£115m), while net fee and commission income rose 40% to GEL 92.4m.

Pre-tax profits rose 19.4% to GEL 296.3m, while return on equity was 25.2%.

The total number of registered users increased 42% to 14.8m.

TBC said it had benefited from a "supportive" macroeconomic environment, with Georgian GDP increasing 7.2% in the quarter. "This growth was driven by strong inflows across the board," TBC noted, "from net exports to tourism and remittances".

Vakhtang Butskhrikidze, chief executive, said: "After a highly successful 2022, we continued to deliver robust financial results in the first quarter of 2023.

"I would like to reiterate our medium-term targets: return on equity of above 20%, a cost to income ration of below 35%, a dividend payout of 25% to 35% and annual loan growth of around 10% to 15%."