Source - Alliance News

TBC Bank Group PLC on Thursday reported a slight decrease in third quarter profit, but praised the performances of the economies of Georgia and Uzbekistan.

The Tbilisi-based lender said pretax profit in the third quarter of 2023 fell 3.9% to ₾351.0 million, around £106.8 million, from ₾365.1 million a year prior. Compared to the second quarter, it was up 0.5% from ₾349.3 million.

Net interest income jumped 26% year-on-year to ₾427.9 million from ₾340.4 million, and was 7.2% higher than ₾399.3 million in the second quarter.

Operating costs increased 24% annually to ₾218.1 million from ₾176.2 million, and were 7.1% higher than ₾203.6 million in the third quarter of 2022.

The bank hailed low inflation levels in Georgia and Uzbekistan.

Its CET1 ratio as at September 30 stood at 17.5%, up from 15.3% a year prior. The CET1 ratio compares a bank’s capital against its risk assets, with a higher ratio being more financially sound.

Looking ahead, TBC Bank said that Georgia’s economy remained robust, while Uzbekistan’s economy was ‘solid’. It added: ‘While inflation in Georgia is already below target, we are also seeing deceleration in Uzbekistan, suggesting that both countries are in easing cycles, which should be supportive for the economic outlook.’

TBC Bank shares were up 0.4% at 2,750.00 pence each on Thursday around midday in London.

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