TBC Bank Group PLC, which operates the leading financial services group in Georgia and the largest digital banking ecosystem in Uzbekistan, today announces its unaudited consolidated IFRS financial results for 3Q and 9M 2024.
The strong performance was driven by continued robust performance of its Georgian operations and the increasingly significant contribution of the digital banking ecosystem in Uzbekistan, where the Group is expanding and diversifying its offering. The Group continues to deliver exceptional value to its shareholders while reinforcing its position as a leading player in the region.
- 3Q 2024 operating income of GEL 754 million (USD 278 million), up by 23% YoY.
- 3Q 2024 net profit of GEL 347 million (USD 128 million), up by 16% YoY and ROE of 26.6%.
- Gross loans of GEL 24.8 billion (USD 9.1 billion), up by 22% YoY or 20% on a constant currency basis.
- Total deposits of GEL 22.5 billion (USD 8.3 billion), up by 20% YoY or 19% on a constant currency basis.
TBC Georgia, which includes TBC Bank Georgia, TBC Insurance, TBC Leasing and other subsidiaries, continues to be the leading financial services provider in the country on all key metrics.
- TBC Georgia net profit increased to GEL 338 million (USD 124 million) in 3Q 2024, up by 13% YoY, with ROE at 26.5%.
- TBC Georgia gross loans portfolio increased to GEL 23.5 billion (USD 8.6 billion), up by 19% YoY or 17% on a constant currency basis. Total loans market share was 38.7% as of 30 September 2024.
- TBC Georgia deposit portfolio increased to GEL 21.9 billion (USD 8.0 billion), up by 20% YoY or 18% on a constant currency basis. Total deposits market shares stood at 38.4% as of 30 September 2024.
- Retail consumers significantly increased their digital engagement in Georgia: Share of consumer loans issued fully digitally increased to 73% at the end of 3Q 2024, up by 12 pp YoY.
TBC Uzbekistan, which includes TBC Bank Uzbekistan, a fully licensed mobile-only bank, Payme (a payments app) and Payme Nasiya (an instalment finance business) continues its impressive growth trajectory. The ecosystem now boasts 17 million unique registered users, solidifying its position as the leading digital banking ecosystem in Central Asia and continuing to significantly contribute to the Group’s overall performance.
- TBC Uzbekistan operating income increased to GEL 111 million (USD 41 million) in 3Q 2024, up by 105% YoY, accounting for 15% of the Group’s total.
- TBC Uzbekistan net profit increased to a record GEL 32 million (USD 12 million) in 3Q 2024, up by 131% YoY, with ROE at 28.2%. TBC Uzbekistan now accounts for 9% of the Group’s net profit.
- TBC Uzbekistan gross loan portfolio increased to GEL 1.3 billion (USD 460 million) as of 30 September 2024, up by 99% YoY or 104% on a constant currency basis. The company continues to grow its market share in Uzbekistan: as of 30 September 2024, ICL portfolio and micro loans market share stood at 14.8%. TBC Uzbekistan now accounts for 13% of total retail loans in the Group’s retail portfolio.
- TBC Uzbekistan deposit portfolio increased to GEL 856 million (USD 314 million) as of 30 September 2024, up by 66% YoY or 70% on a constant currency basis. TBC Uzbekistan accounted for 10% of TBC Bank Group’s retail deposit portfolio as of 30 September 2024 and has a 3.5% local retail deposit market share.
- TBC Uzbekistan had 4.9 million digital MAU and 16.9 million unique registered users as of 30 September 2024, up by 34% and 40% YoY respectively, which makes it one of the largest digital banking ecosystems in Central Asia.
Business highlights:
“We continue to leverage our Group’s deep technological expertise and extensive experience in building best-in-class banking and financial services. I would like to highlight the recent launch of Salom Card, our new flagship daily banking product in Uzbekistan. We believe it will set a new benchmark for daily banking services in the country, offering a range of benefits previously unavailable on the market and an easy-to-use, fully digital interface through the TBC mobile app. We are also in the process of rolling out credit cards and transactional MSME banking in Uzbekistan, both of which will be fully launched by the end of this year.” Vakhtang Butskhrikidze, CEO
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 Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38.7% of customer loans and 38.4% of customer deposits as of 30 September 2024, according to data published by the National Bank of Georgia.
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia with 17 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.
