TBC Bank Group Announces 4Q and FY 2024 Preliminary Unaudited Consolidated Financial Results
4Q 2024 net profit of GEL 335 million, up by 15% YoY, with ROE at 24.1%
FY 2024 net profit of GEL 1.3 billion, up by 15% YoY, with ROE at 25.6%
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.
The financial information contained in this document does not constitute statutory accounts for the years ended 31 December 2024 and 31 December 2023 within the meaning of section 435 of the Companies Act 2006 (the Act), but is derived from those accounts. The statutory accounts for the year ended 31 December 2024 will be published on the Group’s website and will be delivered to the Registrar of Companies in accordance with section 441 of the Act. The auditor’s report on those accounts is expected to be unqualified. The statutory accounts for the year ended 31 December 2023 have been filed with the Registrar of Companies, and the auditors’ report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not include a statement under sections 498(2) or 498(3) of the Act.
TBC Bank Group PLC today publishes its preliminary unaudited consolidated financial results for 4Q and FY 2024. The management team will host a conference call at 2.00 PM GMT today. To participate in the conference call live video webinar, please register using the following link: https://www.netroadshow.com/events/login?show=9b450464&confId=76359
You will receive access details via email.
Vakhtang Butskhrikidze, CEO of TBC Bank Group commented on the results:
“I am delighted to report that TBC achieved another set of strong results in the fourth quarter of 2024, rounding off an excellent year. In 4Q 2024, net profit reached GEL 335 million, up 15% year-on-year, with 24.1% ROE. For the full year 2024, our net profit amounted to a record GEL 1,308 million, up by 15% year-on-year, with 25.6% ROE. This marks our third consecutive year of 25%+ ROE and means that we have posted above 20% ROE for nine of the past 10 years (with the Covid-impacted 2020 the only exception), which is testament to our consistent and strong delivery for shareholders over the long-term.
Among the highlights for 2024, I would like to point to the excellent achievements of our digital banking ecosystem in Uzbekistan. Over the past year, TBC Uzbekistan has scaled up, with its total users increasing by 37% to over 18 million and its loan book more than doubling. The foundations for future growth have been laid through investments in key infrastructure, AI initiatives, world-class talent and a suite of new core products. These include Salom Card, our flagship daily banking product, Osmon Card, our first revolving credit card, and TBC Business, Uzbekistan’s first fully digital SME banking service. Finally, in January 2025, we launched Payme Plus, a monthly subscription service delivered through Payme, offering a bundle of value-added financial and lifestyle products. Many of the pieces are now in place for TBC Uzbekistan to contribute greatly both to the further development of the Uzbekistan banking sector and to our Group overall.”
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:
- 4Q and FY 2024 Results Report
- 4Q and FY 2024 Results Call Presentation
- 4Q and FY 2024 Results Investor Presentation
- TBC Uzbekistan FY 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’s mission is to make people’s lives easier by providing digitally-led financial services to retail and corporate customers. TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan.
TBC Bank Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38.5% of customer loans and 38.1% of customer deposits as of 31 December 2024, according to data published by the National Bank of Georgia.
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia with 18 mln unique registered users that includes TBC Bank Uzbekistan, the country’s largest mobile-only bank, Payme, a leading digital payments app for individuals and small businesses, and Payme Nasiya, an instalment credit business.
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.