TBC Bank Group PLC on Wednesday posted a higher profit as it said income generation proved strong.

In the quarter ended March 31, pretax profit grew to ₾248.1 million, about £68.7 million. This compares to ₾170.1 million a year ago. The Common Equity Tier 1 ratio stood at 14.6% with a liquidity ratio of 116%.

The firm to propose a final dividend of ₾2.16 for 2021 at its upcoming annual general meeting, which brings the total dividend to ₾3.66 per share. ‘The total dividend pay-out ratio for 2021 will be 25% in line with our mid-term guidance of 25% to 35%,’ TBC Bank explained.

The Tbilisi, Georgia-headquartered lender said it retains its medium-term guidance ‘despite regional challenges.’ In Uzbekistan, the number of users of its banking app reached 1.6 million people, the bank added, with 300,000 monthly active users.

TBC Bank shares were 2.7% higher at 1,378.00 pence each in London on Wednesday morning.

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