TBC Bank Group
Holding Company of JSC TBC Bank

Press Releases

November 11, 2014

TBC Bank Announces 3Q 2014 IFRS Consolidated Results, Achieving Market Leading Position for Total Deposits

TBC Bank Announces 3Q 2014 IFRS Consolidated Results, Achieving Market Leading Position for Total Deposits

 

TBC Bank today announced its 3Q and 9M 2014 unaudited consolidated financial results, prepared in accordance with the International Financial Reporting Standards (IFRS). 


Financial Highlights

·         Total operating income in 3Q 2014 up by 19.8% YoY to GEL 114.3 million (9M 2014: GEL 326.0 million, up 17.6%)

·     Cost to income ratio from recurring operations improved to 44.8% in 3Q 2014 (3Q 2013: 48.0%). Cost to income including one off charges was 49.3%

·       Profit for 3Q 2014 up 33.8% YoY to GEL 45.6 million (9M 2014: GEL 118.4 million, up 33.3%), delivering ROAE of 19.2% (3Q 2013: 20.0%)

·         NIM (net interest margin) at 8.3% in 3Q 2014, compared to 8.6% in 3Q 2013

·         Total assets reached GEL 5,043.6 million as of 30 September 2014, up 25.6% YoY and 5.1% QoQ

·         Gross loans and advances to customers increased to GEL 3,230.2 million as of 30 September 2014, up 23.4% YoY and 5.0% QoQ:

o    retail gross loans reached GEL 1,446.2 million, up 33.2% YoY and 7.7% QoQ

o    SME gross loans reached GEL 460.7 million, up 35.1% YoY and 5.1% QoQ

o    micro gross loans reached GEL 239.0 million, up 28.6% YoY and 1.4%  QoQ

o    corporate gross loans reached GEL 1,084.2 million, up 7.9% YoY and 2.2% QoQ

·         Total customer deposits increased to GEL 3,002.8 million as of 30 September 2014, up 14.9% YoY and 2.5% QoQ 

·      Total equity was GEL 974.7 million as of 30 September 2014, up 41.5% YoY and 5.2% QoQ TBC Bank today announced its 3Q and 9M 2014 unaudited consolidated financial results, prepared in accordance with the International Financial Reporting Standards (IFRS). 

 

Operational Highlights

·       TBC Group became the largest bank in total customer deposits even though its market share decreased by 0.9 percentage points YoY and 0.6pp QoQ to 27.8%.

o       market share in individual deposits stayed stable at 33.3% QoQ basis, maintaining the largest market share among Georgian banks

o        market share in deposits of legal entities decreased by 4.3% to 22.4% QoQ basis

·         Market Share in total loans increased by 1.1% to 27.0% QoQ basis

o      market share in individual loans increased by 2.1% to 28.6% QoQ basis, now the largest portfolio among Georgian banks per IFRS

o        market share in loans of legal entities stayed stable at 25.4% QoQ basis

·       Mr. Badri Japaridze was appointed as Chairman of the Supervisory Board of Bank Constanta, where all members of the Supervisory Board of Bank Constanta are also members of TBC Bank Management or Supervisory Boards.

·         Bank Constanta integration is on track with the legal merger planned to be completed in the first quarter of 2015. 

·       Management was strengthened by appointment of new Chief Risk Officer, effective from December 2014. George Tkhelidze joined us from Barclays Investment Bank, where he held the position of Vice President in the Financial Institutions Group (FIG), EMEA 


 

The results materials can also be found on our website:

·         3Q and 9M 2014 Quarterly Report

·         3Q 2014 Results Call Presentation

 

 

You can read the full RNS Announcement here.