TBC Bank Group Announces 2Q and 1H 2024 Unaudited Consolidated Financial Results
2Q 2024 profit of GEL 329 million, up by 12% YoY, with ROE at 27.1%
1H 2024 profit of GEL 626 million, up by 14% YoY, with ROE at 26.0%
European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC to disclose that this announcement contains Inside Information, as defined in that Regulation
TBC Bank Group PLC today publishes its unaudited consolidated financial results for 2Q and 1H 2024. The management team will host a conference call at 2.00 PM BST today. To participate in the conference call live video webinar, please register using the following link: https://www.netroadshow.com/events/login?show=49b65e57&confId=69026
You will receive access details via email.
Vakhtang Butskhrikidze, CEO of TBC Bank Group commented on the results:
“I am delighted to report a record quarterly net profit for TBC in 2Q 2024 as our earnings rose 12% year-on-year to GEL 329 million, with a return on equity of 27.1%. This excellent performance was underpinned by 16% year-on-year total operating income growth as our businesses in both Georgia and Uzbekistan continued to post strong growth within positive macroeconomic backdrops. I am particularly pleased to report that our active digital user base continues to expand strongly, and over the past 12 months we have added 1.4 million digital monthly users, taking digital MAU to 5.7 million.
Our core Georgian business remains extremely profitable even in a declining rate environment, with almost 27% ROE and close to 20% loan growth. Meanwhile, our digital banking ecosystem in Uzbekistan goes from strength to strength, with both total operating income and net profit surging by around 90% year-on-year, and Uzbekistan now contributing 7% of group profit. Our Uzbekistan loan portfolio doubled year-on-year to GEL 1.1 billion/USD 400 million and now accounts for 44% of Group consumer loans.
Finally, I am pleased to announce an interim dividend of GEL 2.55 per share has been declared. On top of the GEL 50 million buyback announced in May, this is testament to our continued ability to both grow our business strongly and return capital to our shareholders.”
Financial highlights
Income statement
Balance sheet
Key ratios
Operational highlights
Customer base
Uzbekistan – key highlights
Additional Information Disclosure
The following materials are disclosed on our Investor Relations website at www.tbcbankgroup.com under Results Center section:
- 2Q and 1H 2024 Results Report
- 2Q and 1H 2024 Results Call Presentation
- TBC Uzbekistan 1H 2024 Update
- Supplementary Data
For further enquiries, please contact:
Director of Investor Relations
Andrew Keeley
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector. TBC PLC also offers non-financial services via TNET, the largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations into Uzbekistan by operating fast growing retail digital financial services in the country. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.0% of customer loans and 38.7% of customer deposits as of 30 June 2024, according to data published by the National Bank of Georgia on the analytical tool Tableau.