3Q and 9M 2026 Results Report
Summary by AI BETAClose X
TBC Group
3Q and 9M 2026 Unaudited Consolidated Financial Results
Forward-looking statements
This document contains forward-looking statements; such forward-looking statements contain known and unknown risks, uncertainties and other important factors, which may cause the actual results, performance or achievements of TBC Bank Group PLC ("TBC PLC" or "TBC Group" or "the Group" or "TBCG") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. Important factors that, in the view of the Group, could cause actual results to differ materially from those discussed in the forward-looking statements include, among others: the achievement of anticipated levels of profitability; growth, costs and recent acquisitions; the impact of competitive pricing; the ability to obtain the necessary regulatory approvals and licenses; the impact of developments in the Georgian and Uzbek economies; the impact of the Russia-Ukraine war; military actions in the Middle East and Gulf; the political and legal environment; financial risk management; and the impact of general business and global economic conditions.
None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises, nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects are based are accurate or exhaustive or, in the case of the assumptions, entirely covered in the document. These forward-looking statements speak only as of the date they are made, and, subject to compliance with applicable law and regulations, the Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in the document to reflect actual results, changes in assumptions or changes in factors affecting those statements.
Certain financial information contained in this management report, which is prepared on the basis of the Group's accounting policies applied consistently from year-to-year, has been extracted from the Group's unaudited management accounts and financial statements. The areas in which the management accounts might differ from the IFRS Accounting Standards could be significant; you should consult your own professional advisors and/or conduct your own due diligence for a complete and detailed understanding of such differences and any implications they might have on the relevant financial information contained in this presentation. Some numerical figures included in this report have been subjected to rounding adjustments. Accordingly, the numerical figures shown as totals in certain tables might not be an arithmetic aggregation of the figures that preceded them.
3Q and 9M 2026 consolidated financial results conference call details
TBC Group has published its unaudited consolidated financial results for 3Q and 9M 2026 on Friday, 6 November 2026 at 7.00 AM GMT. The management team will host a conference call at 2.00 PM GMT.
To join the live conference call, please register using the following link:
https://www.netroadshow.com/events/login/1PeTHmohQrTh1yL4uafdEEMchzQ0F8lgD7Bf5
You will receive access details via email.
Contacts
|
Andrew Keeley Director of Investor Relations
E-mail: AKeeley@tbcbank.com.ge Tel: +44 (0) 7791 569834 Web: www.tbcbankgroup.com
|
Anna Romelashvili Head of Investor Relations
E-mail: ARomelashvili@tbcbank.com.ge Tel: +(995 32) 227 27 27 Web: www.tbcbankgroup.com
|
Investor Relations Department
E-mail: IR@tbcbank.com.ge Tel: +(995 32) 227 27 27 Web: www.tbcbankgroup.com
|
Table of contents
3Q and 9M 2026 unaudited consolidated financial results announcement
Interim management report
Letter from the Chief Executive Officer
Unaudited consolidated financial results overview for 3Q 2026
Unaudited consolidated financial results overview for 9M 2026
1. Financial disclosures by business lines
2. Effect of reclassification on previously reported figures
3. Ratio definitions and exchange rates
3Q and 9M 2026 unaudited consolidated financial results
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (EU) No. 596/2014 which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018 ("UK MAR").
Highlights[1]
3Q 2026 at a glance
Group: Record quarterly earnings and continued growth
- Record net profit reached GEL 404 million, up 10% year-on-year ("YoY"), with ROE of 23.2%
- Total operating income rose by 10% YoY to GEL 961 million, driven by 13% growth in net interest income, supported by strong loan growth and a further 0.1 percentage point quarter-on-quarter ("QoQ") increase in net interest margin (NIM) to 7.4%
- Asset quality remained stable at Group level, with non-performing loans (NPLs) flat QoQ at 3.3% of gross loans and cost of risk down by 0.3 percentage points QoQ to 1.3%
- Gross loans increased by 16% YoY on a constant currency basis to GEL 32.5 billion, led by strong growth in Georgia
- Customer deposits[2] grew by 14% YoY on a constant currency basis to GEL 27.6 billion, with growth led by Georgian retail and corporate and investment banking (CIB) segments
- Strong customer acquisition, with over 350 thousand digital MAU added, taking total digital MAU above 7.5 million
Georgia: Solid fundamentals driving sustainable profitability
- Georgia net profit increased by 17% YoY to GEL 406 million, with ROE of 24.8%
- Total operating income in Georgia increased by 13% YoY to GEL 778 million, driven by strong net interest income growth of 20% YoY
- Asset quality remained resilient with a 0.1 pp improvement QoQ in cost of risk to 0.6%
- Cost to income ratio improved by 0.8 pp YoY and stood at 32.7%
- Loans and customer deposits2 grew by 18% and 15% YoY, respectively, on a constant currency basis
- The digital user base in Georgia continued to grow, with over 70 thousand new digital users added in 3Q; 87% of new unsecured retail loans were issued fully digitally, with an average time to acceptance of ~30 seconds
- The launch of our American Express partnership is expected to further support the payments business
Uzbekistan: Gradual lending recovery and continued offering expansion
- Uzbekistan gross loan book increased by 3% QoQ to GEL 2,370 million (USD 910 million). Excluding instant cash loans, loan growth was 13% QoQ
- Product momentum remained strong, with Salom Cards exceeding 1.5 million and total payments value up by 54% YoY in USD terms
- NIM returned to above 20% for the quarter given a strong focus on deposit costs and growth in the loan portfolio
- Cost of risk fell by 1.0 pp QoQ to 10.8%, whilst NPLs increased by 1.2 pp QoQ to 11.8% as the portfolio continues to season
- Novvot, a unified loyalty programme enabling customers to earn and redeem rewards across TBC UZ, Payme and other ecosystem products was launched, supporting customer engagement and cross-platform usage
Strong capital and attractive shareholder returns
- Capital positions remained strong, with Georgia Common Equity Tier 1 ratio (CET 1) at 17.0% and Uzbekistan CET 1 at 21.4%, both well above minimum regulatory requirements
- The Board has declared a quarterly dividend of GEL 1.75 per share for 3Q 2026 (GEL 5.25 per share in 9M, up by 5% YoY)
- A GEL 50 million share buyback and cancellation programme has been announced, complementing the Group's dividend distributions
9M 2026 in a nutshell
- Net profit reached GEL 1,155 million, up 12% YoY, with ROE of 23.4%, underpinned by strong revenue growth and business expansion
- Well positioned to deliver the Group's 2026-28 financial targets: 15%+ annual loan book growth, 23%+ annual ROE, 25-45% annual payout ratio, including dividends and share buybacks
Financial highlights
Income statement
|
In thousands of GEL |
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
9M'26 |
9M'25 |
Change YoY |
|
Net interest income |
700,172 |
668,291 |
621,563 |
12.6% |
4.8% |
2,003,794 |
1,755,312 |
14.2% |
|
Net fee and commission income |
154,023 |
154,378 |
151,201 |
1.9% |
-0.2% |
443,820 |
454,832 |
-2.4% |
|
Other non-interest income |
106,416 |
89,941 |
103,003 |
3.3% |
18.3% |
280,270 |
265,603 |
5.5% |
|
Total operating income |
960,611 |
912,610 |
875,767 |
9.7% |
5.3% |
2,727,884 |
2,475,747 |
10.2% |
|
Total credit loss allowance |
(117,039) |
(128,041) |
(122,934) |
-4.8% |
-8.6% |
(349,927) |
(360,010) |
-2.8% |
|
Operating expenses |
(371,421) |
(346,512) |
(327,459) |
13.4% |
7.2% |
(1,058,807) |
(920,298) |
15.1% |
|
Net profit before tax |
472,151 |
438,057 |
425,374 |
11.0% |
7.8% |
1,319,150 |
1,195,439 |
10.3% |
|
Income tax expense |
(67,931) |
(51,922) |
(57,094) |
19.0% |
30.8% |
(164,054) |
(162,378) |
1.0% |
|
Net profit |
404,220 |
386,135 |
368,280 |
9.8% |
4.7% |
1,155,096 |
1,033,061 |
11.8% |
Balance sheet
|
In thousands of GEL |
Sep'26 |
Jun'26 |
Sep'25 |
Change YoY |
Change QoQ |
|
Total assets |
47,330,352 |
44,341,164 |
43,620,942 |
8.5% |
6.7% |
|
Gross loans |
32,507,888 |
31,288,122 |
28,713,696 |
13.2% |
3.9% |
|
Customer deposits* |
27,591,429 |
26,460,022 |
24,636,904 |
12.0% |
4.3% |
|
Total equity |
7,179,450 |
6,857,918 |
6,129,740 |
17.1% |
4.7% |
|
Number of ordinary shares |
55,726,793 |
55,726,793 |
56,025,473 |
-0.5% |
0.0% |
*Excludes Ministry of Finance (MOF) deposits
Key ratios
|
|
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
9M'26 |
9M'25 |
Change YoY |
|
ROE |
23.2% |
23.6% |
24.4% |
-1.2 pp |
-0.4 pp |
23.4% |
23.9% |
-0.5 pp |
|
ROA |
3.5% |
3.4% |
3.3% |
0.2 pp |
0.1 pp |
3.4% |
3.3% |
0.1 pp |
|
NIM |
7.4% |
7.3% |
7.3% |
0.1 pp |
0.1 pp |
7.3% |
7.1% |
0.2 pp |
|
Cost to income |
38.7% |
38.0% |
37.4% |
1.3 pp |
0.7 pp |
38.8% |
37.2% |
1.6 pp |
|
Cost of risk |
1.3% |
1.6% |
1.6% |
-0.3 pp |
-0.3 pp |
1.4% |
1.6% |
-0.2 pp |
|
NPL to gross loans |
3.3% |
3.3% |
2.7% |
0.6 pp |
0.0 pp |
3.3% |
2.7% |
0.6 pp |
|
NPL provision coverage ratio |
67.2% |
66.2% |
75.3% |
-8.1 pp |
1.0 pp |
67.2% |
75.3% |
-8.1 pp |
|
Total NPL coverage ratio |
119.1% |
119.8% |
136.3% |
-17.2 pp |
-0.7 pp |
119.1% |
136.3% |
-17.2 pp |
|
Leverage (x) |
6.6x |
6.5x |
7.1x |
-0.5x |
0.1x |
6.6x |
7.1x |
-0.5x |
|
EPS (GEL) |
7.28 |
6.94 |
6.48 |
12.3% |
4.9% |
20.78 |
18.33 |
13.4% |
|
Diluted EPS (GEL) |
7.19 |
6.85 |
6.41 |
12.2% |
5.0% |
20.51 |
18.14 |
13.1% |
|
BVPS (GEL) |
127.22 |
121.46 |
107.76 |
18.1% |
4.7% |
127.22 |
107.76 |
18.1% |
|
Georgia |
|
|
|
|
|
|
|
|
|
CET 1 ratio |
17.0% |
16.7% |
16.7% |
0.3 pp |
0.3 pp |
17.0% |
16.7% |
0.3 pp |
|
Tier 1 ratio |
19.9% |
19.8% |
20.1% |
-0.2 pp |
0.1 pp |
19.9% |
20.1% |
-0.2 pp |
|
Total capital ratio |
22.1% |
22.2% |
22.9% |
-0.8 pp |
-0.1 pp |
22.1% |
22.9% |
-0.8 pp |
|
Uzbekistan |
|
|
|
|
|
|
|
|
|
CET 1 ratio |
21.4% |
19.1% |
18.5% |
2.9 pp |
2.3 pp |
21.4% |
18.5% |
2.9 pp |
|
Tier 1 ratio |
21.4% |
19.1% |
18.5% |
2.9 pp |
2.3 pp |
21.4% |
18.5% |
2.9 pp |
|
Total capital ratio |
21.7% |
22.1% |
19.4% |
2.3 pp |
-0.4 pp |
21.7% |
19.4% |
2.3 pp |
Operational highlights
Customer base
|
In thousands |
Sep'26 |
Jun'26 |
Sep'25 |
Change YoY |
Change QoQ |
|
Total digital monthly active users ("digital MAU") |
7,586 |
7,215 |
6,853 |
10.7% |
5.1% |
|
Georgia |
1,445 |
1,372 |
1,196 |
20.8% |
5.3% |
|
Uzbekistan |
6,141 |
5,843 |
5,657 |
8.6% |
5.1% |
|
Total digital daily active users ("digital DAU") |
2,649 |
2,552 |
2,393 |
10.7% |
3.8% |
|
Georgia |
663 |
642 |
555 |
19.5% |
3.3% |
|
Uzbekistan |
1,986 |
1,910 |
1,838 |
8.1% |
4.0% |
|
Digital DAU/MAU |
35% |
35% |
35% |
0 pp |
0 pp |
|
Georgia |
46% |
47% |
46% |
0 pp |
-1 pp |
|
Uzbekistan |
32% |
33% |
32% |
0 pp |
-1 pp |
Letter from the Chief Executive Officer[3]
I am pleased to report that the Group delivered a strong third quarter, with record earnings of GEL 404 million, up 10% year-on-year, and a ROE of 23.2%. This brought net profit for the nine months ended 30 September 2026 to GEL 1,155 million, up 12%, with a ROE of 23.4%. Third-quarter operating revenues rose 10% year-on-year, driven by 13% growth in net interest income, supported by year-on-year loan growth of 16% on a constant currency basis and a further increase in NIM.
Our businesses remain underpinned by dynamic economic growth in both Georgia and Uzbekistan, with third quarter real GDP growth of 6.8% and 8.0%, respectively. The strong macro fundamentals in both Georgia and Uzbekistan have been reflected in positive credit ratings changes. Georgia's sovereign credit rating outlook has been revised up from Stable to Positive by both S&P (August) and Fitch (October). Uzbekistan's sovereign credit rating outlook was revised up from Stable to Positive by Fitch (June) and Moody's upgraded Uzbekistan's sovereign credit rating to Ba2 from Ba3, with a stable outlook (June).
Our core Georgian operation continues to perform well, supported by robust customer demand, growing digital engagement and further progress across payments and corporate banking. We added over 70 thousand new digital users in the third quarter, while 87% of new unsecured retail loans were issued fully digitally, with an average time to acceptance of approximately 30 seconds. Our in-app AI assistant now handles more than 6.5 thousand queries daily and fully resolves 60% of them. We also recently launched our partnership with American Express, further enhancing our payments offering and supporting future growth in payments and customer activity. In CIB, we continue to extend our leadership, with Euromoney naming us Georgia's "Best Bank for Large Corporates" in 2026.
This business momentum translated into strong third-quarter results, with net profit up 17% year-on-year and ROE of 24.8%. Top-line revenues grew 13% year-on-year, led by 20% growth in net interest income, while asset quality remained resilient, with the cost of risk improving by 10 basis points quarter-on-quarter. On a constant currency basis, loans and deposits increased by 18% and 15%[4], respectively, year-on-year at the end of the third quarter, including 23% loan growth in CIB.
In Uzbekistan, loan growth is gradually recovering as we continue to adjust our loan book in line with regulatory requirements. Overall, loans increased 3% quarter-on-quarter, with non-instant cash loans growing by 13%. As we have seen growth in our loan book and have been proactive in managing the cost of deposits, our NIM recovered in the third quarter to above 20%. Payments' volumes driven by our market-leading Payme franchise also remain very strong, rising 54% year-on-year in USD terms for the quarter. We will continue to actively manage asset quality and prepare for the implementation of new regulations on auto-collections, which are now expected to come into effect in early 2027. We are launching new products and further connecting our millions of consumers with an increasing number of businesses. This includes the launch of Novvot, our cross-ecosystem loyalty programme, while issuance of our daily banking Salom card now tops 1.5 million.
The Group's consistent profit generation and the strong capital position of our banks in both Georgia and Uzbekistan (CET 1 ratios of 17.0% and 21.4% as of 30 September 2026, respectively, both well above the regulatory minimums) enable us to continue returning capital to our shareholders. As such, the Board has declared a quarterly dividend of GEL 1.75 per share for the third quarter (GEL 5.25 for the nine months ended 30 September 2026, up 5% year-on-year). I am also pleased to announce the launch of a GEL 50 million share buyback programme.
Finally, I would like to thank my colleagues, our customers and our shareholders for their continued support. As we head towards the end of 2026, the Group is in a good position to deliver on our 2026-28 financial targets.
Vakhtang Butskhrikidze
CEO, TBC Group
Economic overview
Georgia
Economic growth remains robust
Georgia's real GDP increased by 6.8% year-on-year on average in 3Q 2026, according to Geostat's preliminary data, standing at 7.4% in the first nine months of 2026, compared to 7.5% in 2025. Despite the military escalation in the Middle East, economic activity in Georgia remained robust, with growth supported by the expanded ICT sector and services as a whole, resilient foreign currency inflows and moderately slowing, though still strong, real credit activity and wages.
Net foreign currency inflows improved throughout the third quarter as tourism inflows rebounded while exports remained strong. Tourism revenues grew by 11.9% YoY, following a 3.8% drop in 2Q when regional flights were disrupted due to the Middle East escalation. At the same time, exports of goods grew by 18.8% YoY in USD terms, driven by globally elevated commodity prices, while import growth was relatively weaker at 10.6% YoY - both flows being negatively affected by lower trade in automobiles. Consequently, net currency inflows are estimated to have improved further in 3Q 2026 with Georgia maintaining a record low current account deficit, and when excluding reinvested earnings, a surplus for the fifth consecutive quarter, making Georgia a net creditor to the rest of the world in this context.
Fiscal consolidation continues
The government remains committed to fiscal consolidation, as it recorded a budget deficit of just 1.2% of GDP in 2025 and a surplus equal to around 1.9% of GDP in 9M 2026 (partially due to seasonal factors), while the public debt to GDP ratio declined to 31.6%.
Credit growth remains strong
Bank credit growth strengthened to 16.9% YoY at the end of September 2026, at constant exchange rates, compared to 14.5% at the end of June. Given elevated inflation, real credit growth remained relatively lower though still strong at 10.7% at the end of September. Growth remained primarily driven by retail lending, which increased by 18.3% YoY by the end of September, compared to 16.8% at the end of June, though legal segment growth remained broadly stable, standing at 15.2% at the end of September, compared to 11.9% at the end of June. The dollarization of bank lending remained broadly stable throughout 3Q 2026, with the share of foreign currency loans standing at 42.6% at the end of September, compared to 42.3% at the end of June, at constant exchange rates.
GEL continues gradual strengthening, NBG reserves at historic highs
While the Middle East escalation resulted in a brief GEL weakening in March, the currency recovered quickly, with robust foreign currency inflows underpinning a surplus on the FX market, allowing the NBG to accumulate significant reserves throughout the last two quarters. The National Bank purchased almost USD 1.3 billion in 3Q 2026, with gross international reserves increasing to a historic high of USD 8.2 billion or 128.7% of IMF reserve adequacy metric, with 100% deemed sufficient. Meanwhile the GEL strengthened to 2.61 per USD as of 30 September 2026, the USD being down by 3.8% year-over-year.
CPI inflation remained stable at 5.6% in September, compared to 5.8% in June, above the NBG's 3.0% target, with relative acceleration this year primarily driven by higher electricity fees and increases in global petroleum prices. Consequently, the NBG increased the monetary policy rate ("MPR") from 8.0% to 8.25% in May and maintained it unchanged through 3Q as well.
Uzbekistan
Continued strong economic performance
Uzbekistan's economic growth remained robust at 8.0% YoY in 3Q 2026, averaging 8.3% in 9M 2026 following 7.7% in 2025. In terms of external trade, exports of goods in 3Q 2026 dropped by 9.0% YoY, affected by lower gold exports, while imports grew by 6.7% YoY, supported by higher petroleum imports. Retail credit growth slightly slowed to 19.0% YoY at the end of September 2026, compared to 19.8% at the end of June, with mortgage credit expanding by 19.9% and non-mortgage by 18.5%.
Annual inflation in Uzbekistan stood at 6.4% in September 2026, unchanged from June. The CBU kept its monetary policy rate at 14.0% throughout the quarter, unchanged since March 2025. At the same time, the UZS was valued at 11,821 per USD at the end of September 2026, strengthened by 2.1% YoY, supported by the CBU's tight monetary stance. Meanwhile, the CBU's mostly gold-denominated international reserves increased by 4.4% in 2Q 2026, driven by higher gold stock and slightly increased prices, with gross reserves standing at USD 66 billion, up by 21.1% YoY.
Economic growth outlook unchanged, Georgia's credit rating outlook revised up
TBC Capital expects real GDP growth of 7.4% for Georgia and 8.2% for Uzbekistan in 2026. Meanwhile, the IMF and World Bank have revised up their projections to 7.2% and 7.0% from 6.5% and 5.0% for Georgia, respectively, and to 7.8% and 7.9% from 6.8% and 6.4% for Uzbekistan, respectively.
At the same time, reflecting on Georgia's solid economic growth, reserve accumulation, the prospect of a sustainably lower current account deficit and prudent fiscal policy, Georgia's sovereign credit rating outlook was revised up from Stable to Positive on 7 August 2026 by S&P and 30 October 2026 by Fitch, with ratings unchanged. The improved ratings outlook for Georgia follows positive changes for Uzbekistan at the end of 2Q: Fitch revised Uzbekistan's sovereign credit rating outlook to Positive from Stable on June 3 (with rating unchanged at BB), while Moody's upgraded Uzbekistan's sovereign credit rating to Ba2 from Ba3, with a stable outlook, on June 25.
More information on the Georgian economy and financial sector can be found at www.tbccapital.ge.
Unaudited consolidated financial results overview for 3Q 2026
This statement provides a summary of the business and financial trends for 3Q 2026 for TBC Bank Group PLC. The financial information and trends are unaudited.
Please note that there might be slight differences in previous periods' figures due to rounding.
Consolidated income statement and other comprehensive income
|
In thousands of GEL |
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
|
Interest income |
1,304,561 |
1,258,410 |
1,221,108 |
6.8% |
3.7% |
|
Interest expense |
(604,389) |
(590,119) |
(599,545) |
0.8% |
2.4% |
|
Net interest income |
700,172 |
668,291 |
621,563 |
12.6% |
4.8% |
|
Fee and commission income |
342,657 |
321,348 |
277,670 |
23.4% |
6.6% |
|
Fee and commission expense |
(188,634) |
(166,970) |
(126,469) |
49.2% |
13.0% |
|
Net fee and commission income |
154,023 |
154,378 |
151,201 |
1.9% |
-0.2% |
|
Net insurance income |
19,388 |
12,162 |
18,623 |
4.1% |
59.4% |
|
Net gains from currency derivatives, foreign currency operations and translation |
93,369 |
85,682 |
91,337 |
2.2% |
9.0% |
|
Regulatory-related expenses |
(17,102) |
(16,780) |
(14,472) |
18.2% |
1.9% |
|
Other operating income |
10,121 |
8,544 |
7,235 |
39.9% |
18.5% |
|
Share of profit of associates |
640 |
333 |
280 |
NMF |
92.2% |
|
Other operating non-interest income |
106,416 |
89,941 |
103,003 |
3.3% |
18.3% |
|
Credit loss allowance for loans to customers |
(103,139) |
(116,304) |
(106,875) |
-3.5% |
-11.3% |
|
Credit loss allowance for other financial items and net impairment for non-financial assets |
(13,900) |
(11,737) |
(16,059) |
-13.4% |
18.4% |
|
Operating income after expected credit losses |
843,572 |
784,569 |
752,833 |
12.1% |
7.5% |
|
Staff costs |
(197,180) |
(187,663) |
(168,410) |
17.1% |
5.1% |
|
Depreciation and amortisation |
(50,454) |
(48,055) |
(43,136) |
17.0% |
5.0% |
|
Administrative and other operating expenses |
(123,787) |
(110,794) |
(115,913) |
6.8% |
11.7% |
|
Operating expenses |
(371,421) |
(346,512) |
(327,459) |
13.4% |
7.2% |
|
Net profit before tax |
472,151 |
438,057 |
425,374 |
11.0% |
7.8% |
|
Income tax expense |
(67,931) |
(51,922) |
(57,094) |
19.0% |
30.8% |
|
Net profit |
404,220 |
386,135 |
368,280 |
9.8% |
4.7% |
|
Net profit attributable to: |
|
|
|
|
|
|
- Shareholders of TBCG |
400,710 |
381,600 |
359,516 |
11.5% |
5.0% |
|
- Non-controlling interest |
3,510 |
4,535 |
8,764 |
-59.9% |
-22.6% |
|
Other comprehensive income, net of tax: |
|
|
|
|
|
|
Other comprehensive (expense)/income for the period |
(1,490) |
(9,814) |
41,422 |
NMF |
-84.8% |
|
Total comprehensive income for the period |
402,730 |
376,321 |
409,702 |
-1.7% |
7.0% |
Consolidated balance sheet
|
In thousands of GEL |
Sep'26 |
Jun'26 |
Change QoQ |
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
3,773,923 |
2,232,045 |
69.1% |
|
Reverse sale and repurchase receivables |
189,701 |
185,920 |
2.0% |
|
Due from other banks |
185,282 |
202,219 |
-8.4% |
|
Mandatory cash balances with the NBG and the CBU |
1,771,926 |
1,776,895 |
-0.3% |
|
Loans and advances to customers and finance lease receivables |
31,785,960 |
30,605,354 |
3.9% |
|
Investment securities |
5,382,749 |
5,165,106 |
4.2% |
|
Repurchase receivables |
855,985 |
988,209 |
-13.4% |
|
Investment properties |
5,712 |
12,075 |
-52.7% |
|
Current income tax prepayment |
28,458 |
9,233 |
NMF |
|
Deferred income tax asset |
25,219 |
30,631 |
-17.7% |
|
Other financial assets |
473,239 |
432,450 |
9.4% |
|
Other assets |
1,893,413 |
1,786,454 |
6.0% |
|
Intangible assets |
879,437 |
835,225 |
5.3% |
|
Goodwill |
79,348 |
79,348 |
0.0% |
|
Total assets |
47,330,352 |
44,341,164 |
6.7% |
|
LIABILITIES |
|
|
|
|
Due to credit institutions |
6,455,546 |
6,387,876 |
1.1% |
|
Customer accounts |
29,304,959 |
26,726,215 |
9.6% |
|
Other financial liabilities |
710,326 |
628,257 |
13.1% |
|
Current income tax liability |
18,057 |
60,085 |
-69.9% |
|
Deferred income tax liability |
46,325 |
43,822 |
5.7% |
|
Debt Securities in issue* |
1,897,057 |
1,943,821 |
-2.4% |
|
Other liabilities |
296,221 |
251,078 |
18.0% |
|
Subordinated debt |
860,699 |
882,125 |
-2.4% |
|
Redemption liability |
561,712 |
559,967 |
0.3% |
|
Total liabilities |
40,150,902 |
37,483,246 |
7.1% |
|
EQUITY |
|
|
|
|
Share capital |
1,702 |
1,702 |
0.0% |
|
Shares held by trust |
(75,104) |
(75,600) |
-0.7% |
|
Share premium |
411,088 |
411,088 |
0.0% |
|
Retained earnings |
6,799,935 |
6,495,470 |
4.7% |
|
Other reserves |
(139,243) |
(151,760) |
-8.2% |
|
Equity attributable to owners of the parent |
6,998,378 |
6,680,900 |
4.8% |
|
Non-controlling interest |
181,072 |
177,018 |
2.3% |
|
Total equity |
7,179,450 |
6,857,918 |
4.7% |
|
Total liabilities and equity |
47,330,352 |
44,341,164 |
6.7% |
*Debt securities in issue include Additional Tier 1 capital subordinated notes
Ratios
|
Ratios (based on monthly averages, where applicable) |
3Q'26 |
2Q'26 |
3Q'25 |
|
Profitability ratios: |
|
|
|
|
ROE1 |
23.2% |
23.6% |
24.4% |
|
ROA2 |
3.5% |
3.4% |
3.3% |
|
Cost to income3 |
38.7% |
38.0% |
37.4% |
|
NIM4 |
7.4% |
7.3% |
7.3% |
|
Loan yields5 |
14.2% |
14.3% |
14.7% |
|
Deposit rates6 |
5.5% |
5.4% |
5.6% |
|
Cost of funding7 |
6.4% |
6.5% |
6.8% |
|
Asset quality: |
|
|
|
|
Cost of risk8 |
1.3% |
1.6% |
1.6% |
|
PAR 90 to gross loans9 |
2.3% |
2.5% |
1.9% |
|
NPLs to gross loans10 |
3.3% |
3.3% |
2.7% |
|
NPL provision coverage11 |
67.2% |
66.2% |
75.3% |
|
Total NPL coverage12 |
119.1% |
119.8% |
136.3% |
|
Credit loss level to gross loans13 |
2.2% |
2.2% |
2.1% |
|
Related party loans to gross loans14 |
0.0% |
0.0% |
0.0% |
|
Top 10 borrowers to total portfolio15 |
4.3% |
4.9% |
4.6% |
|
Top 20 borrowers to total portfolio16 |
7.0% |
7.7% |
7.4% |
|
Funding & Capital Position: |
|
|
|
|
Net loans to deposits plus IFI funding17 |
96.2% |
102.0% |
98.5% |
|
Leverage (x)18 |
6.6x |
6.5x |
7.1x |
|
Georgia |
|
|
|
|
Net stable funding ratio19 |
118.5% |
120.5% |
126.3% |
|
Liquidity coverage ratio20 |
121.2% |
123.0% |
135.1% |
|
CET 1 ratio21 |
17.0% |
16.7% |
16.7% |
|
Tier 1 ratio22 |
19.9% |
19.8% |
20.1% |
|
Total capital ratio23 |
22.1% |
22.2% |
22.9% |
|
Uzbekistan |
|
|
|
|
CET 1 ratio24 |
21.4% |
19.1% |
18.5% |
|
Tier 1 ratio25 |
21.4% |
19.1% |
18.5% |
|
Total capital ratio26 |
21.7% |
22.1% |
19.4% |
Funding and liquidity in Georgia
|
|
Sep'26 |
Jun'26 |
Change QoQ |
|
Minimum net stable funding ratio, as defined by the NBG |
100.0% |
100.0% |
0.0 pp |
|
Net stable funding ratio as defined by the NBG |
118.5% |
120.5% |
-2.0 pp |
|
|
|
|
|
|
Minimum total liquidity coverage ratio, as defined by the NBG |
100.0% |
100.0% |
0.0 pp |
|
Minimum LCR in GEL, as defined by the NBG |
75% |
75.0% |
0.0 pp |
|
Minimum LCR in FC, as defined by the NBG |
100.0% |
100.0% |
0.0 pp |
|
|
|
|
|
|
Total liquidity coverage ratio, as defined by the NBG |
121.2% |
123.0% |
-1.8 pp |
|
LCR in GEL, as defined by the NBG |
128.4% |
131.6% |
-3.2 pp |
|
LCR in FC, as defined by the NBG |
114.4% |
113.3% |
1.1 pp |
Regulatory capital
Georgia
|
In thousands of GEL |
Sep'26 |
Jun'26 |
Change QoQ |
|
CET 1 capital |
5,730,163 |
5,457,335 |
5.0% |
|
Tier 1 capital |
6,707,076 |
6,449,323 |
4.0% |
|
Total capital |
7,462,459 |
7,235,449 |
3.1% |
|
Total risk-weighted assets |
33,717,359 |
32,610,399 |
3.4% |
|
|
|
|
|
|
Minimum CET 1 ratio |
15.0% |
15.1% |
-0.1 pp |
|
CET 1 ratio |
17.0% |
16.7% |
0.3 pp |
|
|
|
|
|
|
Minimum Tier 1 ratio |
17.2% |
17.3% |
-0.1 pp |
|
Tier 1 ratio |
19.9% |
19.8% |
0.1 pp |
|
|
|
|
|
|
Minimum total capital ratio |
20.2% |
20.3% |
-0.1 pp |
|
Total capital ratio |
22.1% |
22.2% |
-0.1 pp |
Uzbekistan
|
In thousands of GEL |
Sep'26 |
Jun'26 |
Change QoQ |
|
CET 1 capital |
533,988 |
484,472 |
10.2% |
|
Tier 1 capital |
533,988 |
484,472 |
10.2% |
|
Total capital |
541,202 |
560,332 |
-3.4% |
|
Total risk-weighted assets |
2,496,441 |
2,530,640 |
-1.4% |
|
|
|
|
|
|
Minimum CET 1 ratio |
8.5% |
8.5% |
0.0 pp |
|
CET 1 ratio |
21.4% |
19.1% |
2.3 pp |
|
|
|
|
|
|
Minimum Tier 1 ratio |
10.0% |
10.0% |
0.0 pp |
|
Tier 1 ratio |
21.4% |
19.1% |
2.3 pp |
|
|
|
|
|
|
Minimum total capital ratio |
12.0% |
12.0% |
0.0 pp |
|
Total capital ratio |
21.7% |
22.1% |
-0.4 pp |
Loan portfolio
As of 30 September 2026, the gross loan portfolio reached GEL 32,507.9 million, up by 3.9% QoQ, or up by 4.6% QoQ on a constant currency basis.
By the end of September 2026, the Georgia FS loan portfolio increased by 4.0% on QoQ basis and reached GEL 30,137.8 million, with 4.8% QoQ growth on a constant currency basis. Over the same period, the Uzbekistan loan portfolio increased by 2.8% on a QoQ basis and reached GEL 2,370.1 million. This resulted in a 2.5% QoQ increase on a constant currency basis.
|
Gross loans and advances to customers In thousands of GEL
|
Sep'26 |
Jun'26 |
Change QoQ |
|
Georgian financial services ("Georgia FS")* |
30,137,808 |
28,982,273 |
4.0% |
|
Retail Georgia |
11,284,263 |
10,700,181 |
5.5% |
|
CIB Georgia |
12,173,708 |
11,754,499 |
3.6% |
|
MSME Georgia** |
6,085,747 |
5,953,573 |
2.2% |
|
Uzbekistan |
2,370,080 |
2,305,849 |
2.8% |
|
Total gross loans and advances to customers |
32,507,888 |
31,288,122 |
3.9% |
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
** Effective 1 January 2026, GEL 72 million was reclassified from MSME to CIB and GEL 219 million to retail
|
|
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
|
Loan yields |
14.2% |
14.3% |
14.7% |
-0.5 pp |
-0.1 pp |
|
GEL |
14.6% |
14.7% |
14.7% |
-0.1 pp |
-0.1 pp |
|
FC |
9.1% |
9.1% |
8.9% |
0.2 pp |
0.0 pp |
|
UZS |
40.3% |
41.3% |
42.5% |
-2.2 pp |
-1.0 pp |
|
Georgia FS |
12.1% |
12.1% |
12.0% |
0.1 pp |
0.0 pp |
|
GEL |
14.6% |
14.7% |
14.7% |
-0.1 pp |
-0.1 pp |
|
FC |
9.1% |
9.0% |
8.9% |
0.2 pp |
0.1 pp |
|
Uzbekistan |
40.0% |
41.0% |
42.5% |
-2.5 pp |
-1.0 pp |
|
UZS |
40.3% |
41.3% |
42.5% |
-2.2 pp |
-1.0 pp |
|
FC |
11.0% |
11.4% |
N/A |
N/A |
-0.4 pp |
|
Total loan yields |
14.2% |
14.3% |
14.7% |
-0.5 pp |
-0.1 pp |
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
Loan portfolio quality
|
PAR 90 |
Sep'26 |
Jun'26 |
Change QoQ |
|
Georgia FS* |
1.6% |
1.9% |
-0.3 pp |
|
Retail Georgia |
0.7% |
0.8% |
-0.1 pp |
|
CIB Georgia |
1.8% |
2.4% |
-0.6 pp |
|
MSME Georgia |
2.5% |
2.7% |
-0.2 pp |
|
Uzbekistan |
11.8% |
10.6% |
1.2 pp |
|
Total PAR 90 |
2.3% |
2.5% |
-0.2 pp |
PAR 90 includes finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
Non-performing Loans ("NPL") In thousands of GEL |
Sep'26 |
Jun'26 |
Change QoQ |
|
Georgia FS* |
794,215 |
786,643 |
1.0% |
|
Retail Georgia |
173,705 |
156,922 |
10.7% |
|
CIB Georgia |
379,128 |
394,433 |
-3.9% |
|
MSME Georgia |
223,116 |
228,816 |
-2.5% |
|
Uzbekistan |
280,400 |
245,475 |
14.2% |
|
Total non-performing loans |
1,074,615 |
1,032,118 |
4.1% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
NPL to gross loans |
Sep'26 |
Jun'26 |
Change QoQ |
|
Georgia FS* |
2.6% |
2.7% |
-0.1 pp |
|
Retail Georgia |
1.5% |
1.5% |
0.0 pp |
|
CIB Georgia |
3.1% |
3.4% |
-0.3 pp |
|
MSME Georgia |
3.7% |
3.8% |
-0.1 pp |
|
Uzbekistan |
11.8% |
10.6% |
1.2 pp |
|
Total NPL to gross loans |
3.3% |
3.3% |
0.0 pp |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
|
Sep'26 |
Jun'26 |
||
|
NPL Coverage |
Provision Coverage |
Total Coverage |
Provision Coverage |
Total Coverage |
|
Georgia FS* |
52.6% |
122.8% |
51.2% |
121.6% |
|
Retail Georgia |
122.2% |
162.4% |
127.6% |
169.5% |
|
CIB Georgia |
26.6% |
100.2% |
24.4% |
96.9% |
|
MSME Georgia |
42.5% |
126.4% |
42.4% |
126.7% |
|
Uzbekistan |
108.5% |
108.5% |
114.0% |
114.0% |
|
Total NPL coverage |
67.2% |
119.1% |
66.2% |
119.8% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
Cost of risk ("CoR") |
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
|
Georgia FS* |
0.6% |
0.7% |
0.8% |
-0.2 pp |
-0.1 pp |
|
Retail Georgia |
1.4% |
1.3% |
1.7% |
-0.3 pp |
0.1 pp |
|
CIB Georgia |
0.1% |
0.7% |
0.2% |
-0.1 pp |
-0.6 pp |
|
MSME Georgia |
0.0% |
0.0% |
0.4% |
-0.4 pp |
0.0 pp |
|
Uzbekistan |
10.8% |
11.8% |
9.7% |
1.1 pp |
-1.0 pp |
|
Total cost of risk |
1.3% |
1.6% |
1.6% |
-0.3 pp |
-0.3 pp |
Cost of risk includes finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
Deposit portfolio
As of 30 September 2026, the deposit portfolio reached GEL 29,305.0 million, up by 9.6% QoQ, or up by 10.4% QoQ on a constant currency basis.
By the end of September 2026, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 26,227.9 million, up by 4.2% QoQ, or up 5.0% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 2.8% QoQ, or up by 2.6% QoQ on a constant currency basis.
|
Customer accounts In thousands of GEL |
Sep'26 |
Jun'26 |
Change QoQ |
|
Georgia FS* |
27,941,444 |
25,445,770 |
9.8% |
|
Retail Georgia |
10,561,387 |
10,161,973 |
3.9% |
|
CIB Georgia |
13,497,016 |
12,952,838 |
4.2% |
|
MSME Georgia |
2,338,142 |
2,230,057 |
4.8% |
|
MOF |
1,713,530 |
266,193 |
NMF |
|
Uzbekistan |
1,492,039 |
1,450,728 |
2.8% |
|
Total customer accounts** |
29,304,959 |
26,726,215 |
9.6% |
* Georgia FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
|
|
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
|
Deposit rates |
5.5% |
5.4% |
5.6% |
-0.1 pp |
0.1 pp |
|
GEL |
7.4% |
7.4% |
7.6% |
-0.2 pp |
0.0 pp |
|
FC |
1.6% |
1.5% |
1.9% |
-0.3 pp |
0.1 pp |
|
UZS |
20.5% |
21.1% |
23.1% |
-2.6 pp |
-0.6 pp |
|
Georgian financial services |
4.7% |
4.5% |
4.6% |
0.1 pp |
0.2 pp |
|
GEL |
7.4% |
7.4% |
7.6% |
-0.2 pp |
0.0 pp |
|
FC |
1.6% |
1.5% |
1.9% |
-0.3 pp |
0.1 pp |
|
Uzbek business |
20.2% |
20.8% |
23.0% |
-2.8 pp |
-0.6 pp |
|
UZS |
20.5% |
21.1% |
23.1% |
-2.6 pp |
-0.6 pp |
|
FC |
7.3% |
7.0% |
8.3% |
-1.0 pp |
0.3 pp |
|
Total deposit rates* |
5.5% |
5.4% |
5.6% |
-0.1 pp |
0.1 pp |
* Total deposit rates include MOF deposits
Unaudited consolidated financial results overview for 9M 2026
This statement provides a summary of the business and financial trends for 9M 2026 for TBC Bank Group PLC. The financial information and trends are unaudited.
Please note that there might be slight differences in previous periods' figures due to rounding.
Consolidated income statement and other comprehensive income
|
In thousands of GEL |
9M'26 |
9M'25 |
Change YoY |
|
Interest income |
3,783,236 |
3,437,782 |
10.0% |
|
Interest expense |
(1,779,442) |
(1,682,470) |
5.8% |
|
Net interest income |
2,003,794 |
1,755,312 |
14.2% |
|
Fee and commission income |
941,442 |
768,187 |
22.6% |
|
Fee and commission expense |
(497,622) |
(313,355) |
58.8% |
|
Net fee and commission income |
443,820 |
454,832 |
-2.4% |
|
Net insurance income |
46,531 |
41,397 |
12.4% |
|
Net gains from currency derivatives, foreign currency operations and translation |
251,875 |
247,269 |
1.9% |
|
Regulatory-related expenses |
(48,850) |
(42,068) |
16.1% |
|
Other operating income |
29,042 |
18,286 |
58.8% |
|
Share of profit of associates |
1,672 |
719 |
NMF |
|
Other operating non-interest income |
280,270 |
265,603 |
5.5% |
|
Credit loss allowance for loans to customers |
(314,722) |
(318,597) |
-1.2% |
|
Credit loss allowance for other financial items and net impairment for non-financial assets |
(35,205) |
(41,413) |
-15.0% |
|
Operating income after expected credit and non-financial asset impairment losses |
2,377,957 |
2,115,737 |
12.4% |
|
Staff costs |
(569,252) |
(476,301) |
19.5% |
|
Depreciation and amortisation |
(144,171) |
(122,710) |
17.5% |
|
Administrative and other operating expenses |
(345,384) |
(321,287) |
7.5% |
|
Operating expenses |
(1,058,807) |
(920,298) |
15.1% |
|
Net profit before tax |
1,319,150 |
1,195,439 |
10.3% |
|
Income tax expense |
(164,054) |
(162,378) |
1.0% |
|
Net profit |
1,155,096 |
1,033,061 |
11.8% |
|
Net profit attributable to: |
|
|
|
|
- Shareholders of TBCG |
1,142,456 |
1,016,930 |
12.3% |
|
- Non-controlling interest |
12,640 |
16,131 |
-21.6% |
|
Other comprehensive income, net of tax: |
|
|
|
|
Other comprehensive income/(expense) for the period |
20,847 |
(26,663) |
NMF |
|
Total comprehensive income for the period |
1,175,943 |
1,006,398 |
16.8% |
Consolidated balance sheet
|
In thousands of GEL |
Sep'26 |
Sep'25 |
Change YoY |
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
3,773,923 |
3,649,109 |
3.4% |
|
Reverse sale and repurchase receivables |
189,701 |
188,569 |
0.6% |
|
Due from other banks |
185,282 |
96,828 |
91.4% |
|
Mandatory cash balances with the NBG and the CBU |
1,771,926 |
2,534,159 |
-30.1% |
|
Loans and advances to customers and finance lease receivables |
31,785,960 |
28,124,677 |
13.0% |
|
Investment securities |
5,382,749 |
5,874,066 |
-8.4% |
|
Repurchase receivables |
855,985 |
284,411 |
NMF |
|
Investment properties |
5,712 |
11,495 |
-50.3% |
|
Current income tax prepayment |
28,458 |
54,482 |
-47.8% |
|
Deferred income tax asset |
25,219 |
4,507 |
NMF |
|
Other financial assets |
473,239 |
350,685 |
34.9% |
|
Other assets |
1,893,413 |
1,653,276 |
14.5% |
|
Intangible assets |
879,437 |
715,330 |
22.9% |
|
Goodwill |
79,348 |
79,348 |
0.0% |
|
Total assets |
47,330,352 |
43,620,942 |
8.5% |
|
LIABILITIES |
|
|
|
|
Due to credit institutions |
6,455,546 |
7,485,130 |
-13.8% |
|
Customer accounts |
29,304,959 |
25,248,136 |
16.1% |
|
Other financial liabilities |
710,326 |
805,989 |
-11.9% |
|
Current income tax liability |
18,057 |
3,155 |
NMF |
|
Deferred income tax liability |
46,325 |
52,432 |
-11.6% |
|
Debt Securities in issue* |
1,897,057 |
1,916,282 |
-1.0% |
|
Other liabilities |
296,221 |
252,414 |
17.4% |
|
Subordinated debt |
860,699 |
1,142,273 |
-24.7% |
|
Redemption liability |
561,712 |
585,391 |
-4.0% |
|
Total liabilities |
40,150,902 |
37,491,202 |
7.1% |
|
EQUITY |
|
|
|
|
Share capital |
1,702 |
1,713 |
-0.6% |
|
Shares held by trust |
(75,104) |
(53,196) |
41.2% |
|
Share premium |
411,088 |
411,088 |
0.0% |
|
Retained earnings |
6,799,935 |
5,823,395 |
16.8% |
|
Other reserves |
(139,243) |
(217,522) |
-36.0% |
|
Equity attributable to owners of the parent |
6,998,378 |
5,965,478 |
17.3% |
|
Non-controlling interest |
181,072 |
164,262 |
10.2% |
|
Total equity |
7,179,450 |
6,129,740 |
17.1% |
|
Total liabilities and equity |
47,330,352 |
43,620,942 |
8.5% |
* Debt securities in issue include Additional Tier 1 capital subordinated notes
Ratios
|
Ratios (based on monthly averages, where applicable) |
9M'26 |
9M'25 |
|
Profitability ratios: |
|
|
|
ROE1 |
23.4% |
23.9% |
|
ROA2 |
3.4% |
3.3% |
|
Cost to income3 |
38.8% |
37.2% |
|
NIM4 |
7.3% |
7.1% |
|
Loan yields5 |
14.3% |
14.4% |
|
Deposit rates6 |
5.5% |
5.5% |
|
Cost of funding7 |
6.5% |
6.7% |
|
Asset quality: |
|
|
|
Cost of risk8 |
1.4% |
1.6% |
|
PAR 90 to gross loans9 |
2.3% |
1.9% |
|
NPLs to gross loans10 |
3.3% |
2.7% |
|
NPL provision coverage11 |
67.2% |
75.3% |
|
Total NPL coverage12 |
119.1% |
136.3% |
|
Credit loss level to gross loans13 |
2.2% |
2.1% |
|
Related party loans to gross loans14 |
0.0% |
0.0% |
|
Top 10 borrowers to total portfolio15 |
4.3% |
4.6% |
|
Top 20 borrowers to total portfolio16 |
7.0% |
7.4% |
|
Funding & Capital Position: |
|
|
|
Net loans to deposits plus IFI funding17 |
96.2% |
98.5% |
|
Leverage (x)18 |
6.6x |
7.1x |
|
Georgia |
|
|
|
Net stable funding ratio19 |
118.5% |
126.3% |
|
Liquidity coverage ratio20 |
121.2% |
135.1% |
|
CET 1 ratio21 |
17.0% |
16.7% |
|
Tier 1 ratio22 |
19.9% |
20.1% |
|
Total capital ratio23 |
22.1% |
22.9% |
|
Uzbekistan |
|
|
|
CET 1 ratio24 |
21.4% |
18.5% |
|
Tier 1 ratio25 |
21.4% |
18.5% |
|
Total capital ratio26 |
21.7% |
19.4% |
Funding and liquidity in Georgia
|
|
Sep'26 |
Sep'25 |
Change YoY |
|
Minimum net stable funding ratio, as defined by the NBG |
100.0% |
100.0% |
0.0 pp |
|
Net stable funding ratio as defined by the NBG |
118.5% |
126.3% |
-7.8 pp |
|
|
|
|
|
|
Minimum total liquidity coverage ratio, as defined by the NBG |
100.0% |
100.0% |
0.0 pp |
|
Minimum LCR in GEL, as defined by the NBG |
75% |
75.0% |
0.0 pp |
|
Minimum LCR in FC, as defined by the NBG |
100.0% |
100.0% |
0.0 pp |
|
|
|
|
|
|
Total liquidity coverage ratio, as defined by the NBG |
121.2% |
135.1% |
-13.9 pp |
|
LCR in GEL, as defined by the NBG |
128.4% |
122.0% |
6.4 pp |
|
LCR in FC, as defined by the NBG |
114.4% |
143.3% |
-28.9 pp |
Regulatory capital
Georgia
|
In thousands of GEL |
Sep'26 |
Sep'25 |
Change YoY |
|
CET 1 capital |
5,730,163 |
5,003,864 |
14.5% |
|
Tier 1 capital |
6,707,076 |
6,019,664 |
11.4% |
|
Total capital |
7,462,459 |
6,874,689 |
8.5% |
|
Total risk-weighted assets |
33,717,359 |
29,986,829 |
12.4% |
|
|
|
|
|
|
Minimum CET 1 ratio |
15.0% |
14.7% |
0.3 pp |
|
CET 1 ratio |
17.0% |
16.7% |
0.3 pp |
|
|
|
|
|
|
Minimum Tier 1 ratio |
17.2% |
17.0% |
0.2 pp |
|
Tier 1 ratio |
19.9% |
20.1% |
-0.2 pp |
|
|
|
|
|
|
Minimum total capital ratio |
20.2% |
20.0% |
0.2 pp |
|
Total capital ratio |
22.1% |
22.9% |
-0.8 pp |
Uzbekistan
|
In thousands of GEL |
Sep'26 |
Sep'25 |
Change YoY |
|
CET 1 capital |
533,988 |
561,419 |
-4.9% |
|
Tier 1 capital |
533,988 |
561,419 |
-4.9% |
|
Total capital |
541,202 |
588,900 |
-8.1% |
|
Total risk-weighted assets |
2,496,441 |
3,037,257 |
-17.8% |
|
|
|
|
|
|
Minimum CET 1 ratio |
8.5% |
8.0% |
0.5 pp |
|
CET 1 ratio |
21.4% |
18.5% |
2.9 pp |
|
|
|
|
|
|
Minimum Tier 1 ratio |
10.0% |
10.0% |
0.0 pp |
|
Tier 1 ratio |
21.4% |
18.5% |
2.9 pp |
|
|
|
|
|
|
Minimum total capital ratio |
12.0% |
13.0% |
-1.0 pp |
|
Total capital ratio |
21.7% |
19.4% |
2.3 pp |
Loan portfolio
As of 30 September 2026, the gross loan portfolio reached GEL 32,507.9 million, up by 13.2% YoY, or up by 15.8% YoY on a constant currency basis.
By the end of September 2026, the Georgia FS loan portfolio increased by 15.6% YoY and reached GEL 30,137.8 million, with 18.2% YoY growth on a constant currency basis. Over the same period, the Uzbek portfolio decreased by 10.1%, or 8.6% on a constant currency basis.
|
Gross loans and advances to customers In thousands of GEL
|
Sep'26 |
Sep'25 |
Change YoY |
|
Georgian financial services ("Georgia FS")* |
30,137,808 |
26,077,641 |
15.6% |
|
Retail Georgia |
11,284,263 |
9,397,354 |
20.1% |
|
CIB Georgia |
12,173,708 |
10,224,375 |
19.1% |
|
MSME Georgia** |
6,085,747 |
5,925,747 |
2.7% |
|
Uzbekistan |
2,370,080 |
2,636,055 |
-10.1% |
|
Total gross loans and advances to customers |
32,507,888 |
28,713,696 |
13.2% |
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
** Effective 1 January 2026, GEL 72 million was reclassified from MSME to CIB and GEL 219 million to retail
|
|
9M'26 |
9M'25 |
Change YoY |
|
Loan yields |
14.3% |
14.4% |
-0.1 pp |
|
GEL |
14.7% |
14.5% |
0.2 pp |
|
FC |
9.1% |
8.9% |
0.2 pp |
|
UZS |
40.7% |
43.2% |
-2.5 pp |
|
Georgia FS |
12.1% |
11.9% |
0.2 pp |
|
GEL |
14.7% |
14.5% |
0.2 pp |
|
FC |
9.1% |
8.9% |
0.2 pp |
|
Uzbekistan |
40.3% |
43.2% |
-2.9 pp |
|
UZS |
40.7% |
43.2% |
-2.5 pp |
|
FC |
10.9% |
N/A |
N/A |
|
Total loan yields* |
14.3% |
14.4% |
-0.1 pp |
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Total loan yields for 9M 2025 include Azerbaijan
Loan portfolio quality
|
PAR 90 |
Sep'26 |
Sep'25 |
Change YoY |
|
Georgia FS* |
1.6% |
1.6% |
0.0 pp |
|
Retail Georgia |
0.7% |
0.9% |
-0.2 pp |
|
CIB Georgia |
1.8% |
1.5% |
0.3 pp |
|
MSME Georgia |
2.5% |
3.1% |
-0.6 pp |
|
Uzbekistan |
11.8% |
4.7% |
7.1 pp |
|
Total PAR 90 |
2.3% |
1.9% |
0.4 pp |
PAR 90 includes finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
Non-performing Loans ("NPL") In thousands of GEL |
Sep'26 |
Sep'25 |
Change YoY |
|
Georgia FS* |
794,215 |
658,408 |
20.6% |
|
Retail Georgia |
173,705 |
148,440 |
17.0% |
|
CIB Georgia |
379,128 |
226,372 |
67.5% |
|
MSME Georgia |
223,116 |
274,926 |
-18.8% |
|
Uzbekistan |
280,400 |
123,374 |
127.3% |
|
Total non-performing loans |
1,074,615 |
781,782 |
37.5% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
NPL to gross loans |
Sep'26 |
Sep'25 |
Change YoY |
|
Georgia FS* |
2.6% |
2.5% |
0.1 pp |
|
Retail Georgia |
1.5% |
1.6% |
-0.1 pp |
|
CIB Georgia |
3.1% |
2.2% |
0.9 pp |
|
MSME Georgia |
3.7% |
4.6% |
-0.9 pp |
|
Uzbekistan |
11.8% |
4.7% |
7.1 pp |
|
Total NPL to gross loans |
3.3% |
2.7% |
0.6 pp |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
|
Sep'26 |
Sep'25 |
||
|
NPL Coverage |
Provision Coverage |
Total Coverage |
Provision Coverage |
Total Coverage |
|
Georgia FS* |
52.6% |
122.8% |
60.7% |
133.1% |
|
Retail Georgia |
122.2% |
162.4% |
136.4% |
186.0% |
|
CIB Georgia |
26.6% |
100.2% |
32.4% |
104.5% |
|
MSME Georgia |
42.5% |
126.4% |
41.1% |
123.6% |
|
Uzbekistan |
108.5% |
108.5% |
153.5% |
153.5% |
|
Total NPL coverage |
67.2% |
119.1% |
75.3% |
136.3% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
|
Cost of risk ("CoR") |
9M'26 |
9M'25 |
Change YoY |
|
Georgia FS* |
0.6% |
0.8% |
-0.2 pp |
|
Retail Georgia |
1.4% |
1.6% |
-0.2 pp |
|
CIB Georgia |
0.3% |
0.2% |
0.1 pp |
|
MSME Georgia |
0.1% |
0.5% |
-0.4 pp |
|
Uzbekistan |
10.9% |
10.4% |
0.5 pp |
|
Total cost of risk** |
1.4% |
1.6% |
-0.2 pp |
Cost of risk includes finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
** Total cost of risk for 9M 2025 includes Azerbaijan
Deposit portfolio
As of 30 September 2026, deposit portfolio reached GEL 29,305.0 million, up by 16.1% YoY, or up by 18.5% YoY on a constant currency basis.
By the end of September 2026, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 26,227.9 million, up by 12.1% YoY, or up by 14.6% on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 1.7% YoY, or up by 3.4% YoY on a constant currency basis.
|
Customer accounts In thousands of GEL |
Sep'26 |
Sep'25 |
Change YoY |
|
Georgia FS* |
27,941,444 |
24,015,951 |
16.3% |
|
Retail Georgia |
10,561,387 |
9,170,003 |
15.2% |
|
CIB Georgia |
13,497,016 |
12,337,739 |
9.4% |
|
MSME Georgia |
2,338,142 |
2,075,247 |
12.7% |
|
MOF |
1,713,530 |
611,232 |
180.3% |
|
Uzbekistan |
1,492,039 |
1,466,682 |
1.7% |
|
Total customer accounts** |
29,304,959 |
25,248,136 |
16.1% |
* Georgia FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations
|
|
9M'26 |
9M'25 |
Change YoY |
|
Deposit rates |
5.5% |
5.5% |
0.0 pp |
|
GEL |
7.5% |
7.8% |
-0.3 pp |
|
FC |
1.6% |
1.8% |
-0.2 pp |
|
UZS |
21.3% |
23.6% |
-2.3 pp |
|
Georgian financial services |
4.6% |
4.5% |
0.1 pp |
|
GEL |
7.5% |
7.8% |
-0.3 pp |
|
FC |
1.6% |
1.8% |
-0.2 pp |
|
Uzbek business |
20.9% |
23.5% |
-2.6 pp |
|
UZS |
21.3% |
23.6% |
-2.3 pp |
|
FC |
7.3% |
5.6% |
1.7 pp |
|
Total deposit rates* |
5.5% |
5.5% |
0.0 pp |
* Total deposit rates include MOF deposits
Additional information
1. Financial disclosures by business lines
Business line definitions
The operating segments are defined as follows:
· Georgian financial services ("Georgia FS") - includes JSC TBC Bank with its Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The Georgia financial services segment consists of three major business sub-segments, while the treasury, leasing and insurance businesses are combined into the corporate and other sub-segments:
o Corporate and investment banking ("CIB") - a legal entity/group of affiliated entities with an annual revenue exceeding GEL 20 million or which has been granted facilities of more than GEL 7.5 million. Some other business customers may also be assigned to the CIB segment or transferred to the micro, small and medium enterprises segment on a discretionary basis. In addition, CIB includes Wealth Management private banking services to high-net-worth individuals with a threshold of USD 500,000 on assets under management (AUM), as well as on discretionary basis;
o Retail - non-business individual customers;
o Micro, small and medium enterprises ("MSME") - business customers who are not included in the CIB sub-segment.
· TBC Uzbekistan - TBC Digital JSC and its subsidiaries, including BILLZ (Shoppe Group LLC), together with the Group's interest in OLX, a joint venture.
· Other - includes non-material or non-financial subsidiaries of the Group, and intra-group eliminations.
Georgian financial services
Profit and loss statement
|
In thousands of GEL |
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
9M'26 |
9M'25 |
Change YoY |
|
Interest income |
1,043,405 |
995,622 |
931,288 |
12.0% |
4.8% |
2,995,949 |
2,662,613 |
12.5% |
|
Interest expense |
(473,379) |
(452,880) |
(454,911) |
4.1% |
4.5% |
(1,370,707) |
(1,313,058) |
4.4% |
|
Net interest income |
570,026 |
542,742 |
476,377 |
19.7% |
5.0% |
1,625,242 |
1,349,555 |
20.4% |
|
Fee and commission income |
244,506 |
233,560 |
205,094 |
19.2% |
4.7% |
678,973 |
573,075 |
18.5% |
|
Fee and commission expense |
(139,327) |
(122,744) |
(99,223) |
40.4% |
13.5% |
(365,628) |
(246,660) |
48.2% |
|
Net fee and commission income |
105,179 |
110,816 |
105,871 |
-0.7% |
-5.1% |
313,345 |
326,415 |
-4.0% |
|
Net insurance income |
15,449 |
9,299 |
15,221 |
1.5% |
66.1% |
37,144 |
37,993 |
-2.2% |
|
Net gains from currency derivatives, foreign currency operations and translation |
91,572 |
84,066 |
92,156 |
-0.6% |
8.9% |
250,119 |
257,280 |
-2.8% |
|
Regulatory related expenses |
(12,183) |
(11,835) |
(11,230) |
8.5% |
2.9% |
(34,147) |
(33,074) |
3.2% |
|
Other operating income |
7,533 |
7,269 |
7,434 |
1.3% |
3.6% |
24,114 |
17,903 |
34.7% |
|
Share of profit of associates |
640 |
333 |
280 |
NMF |
92.2% |
1,672 |
719 |
NMF |
|
Other operating non-interest income |
103,011 |
89,132 |
103,861 |
-0.8% |
15.6% |
278,902 |
280,821 |
-0.7% |
|
Credit loss allowance for loans to customers |
(41,932) |
(52,297) |
(51,038) |
-17.8% |
-19.8% |
(132,755) |
(153,985) |
-13.8% |
|
Credit loss allowance for other financial items and net impairment for non-financial assets |
(9,625) |
(7,601) |
(9,078) |
6.0% |
26.6% |
(22,790) |
(20,913) |
9.0% |
|
Operating income after expected credit and non-financial asset impairment losses |
726,659 |
682,792 |
625,993 |
16.1% |
6.4% |
2,061,944 |
1,781,893 |
15.7% |
|
Staff costs |
(140,871) |
(138,984) |
(125,864) |
11.9% |
1.4% |
(415,621) |
(355,728) |
16.8% |
|
Depreciation and amortisation |
(37,010) |
(34,980) |
(33,262) |
11.3% |
5.8% |
(105,466) |
(96,854) |
8.9% |
|
Administrative and other operating expenses |
(76,846) |
(69,540) |
(71,006) |
8.2% |
10.5% |
(211,175) |
(185,533) |
13.8% |
|
Operating expenses |
(254,727) |
(243,504) |
(230,132) |
10.7% |
4.6% |
(732,262) |
(638,115) |
14.8% |
|
Net profit before tax |
471,932 |
439,288 |
395,861 |
19.2% |
7.4% |
1,329,682 |
1,143,778 |
16.3% |
|
Income tax expense |
(65,772) |
(59,912) |
(49,904) |
31.8% |
9.8% |
(181,988) |
(148,078) |
22.9% |
|
Net profit |
406,160 |
379,376 |
345,957 |
17.4% |
7.1% |
1,147,694 |
995,700 |
15.3% |
Balance sheet highlights
|
In thousands of GEL |
Sep'26 |
Jun'26 |
Sep'25 |
Change YoY |
Change QoQ |
|
Cash & NBG mandatory reserves |
5,000,499 |
3,846,111 |
6,002,749 |
-16.7% |
30.0% |
|
Reverse sale and repurchase receivables |
189,701 |
185,920 |
188,570 |
0.6% |
2.0% |
|
Due from other banks |
146,826 |
181,553 |
83,594 |
75.6% |
-19.1% |
|
Loans and advances to customers and finance lease receivables |
29,720,065 |
28,579,236 |
25,677,986 |
15.7% |
4.0% |
|
Investment securities measured at fair value through OCI |
5,942,043 |
5,425,908 |
5,710,406 |
4.1% |
9.5% |
|
Intangible assets and Goodwill |
567,036 |
543,124 |
481,611 |
17.7% |
4.4% |
|
Other assets |
2,092,678 |
2,048,006 |
1,852,602 |
13.0% |
2.2% |
|
Total assets |
43,658,848 |
40,809,858 |
39,997,518 |
9.2% |
7.0% |
|
Due to credit institutions |
6,048,243 |
5,952,897 |
6,960,213 |
-13.1% |
1.6% |
|
Customer accounts |
27,941,444 |
25,445,770 |
24,015,951 |
16.3% |
9.8% |
|
Subordinated debt and debt securities in issue |
2,115,821 |
2,142,211 |
2,293,841 |
-7.8% |
-1.2% |
|
Other liabilities |
901,499 |
925,313 |
960,704 |
-6.2% |
-2.6% |
|
Total liabilities |
37,007,007 |
34,466,191 |
34,230,709 |
8.1% |
7.4% |
|
Equity attributable to shareholders |
6,651,446 |
6,343,294 |
5,766,493 |
15.3% |
4.9% |
|
Non-controlling interest |
395 |
373 |
316 |
25.0% |
5.9% |
|
Total equity |
6,651,841 |
6,343,667 |
5,766,809 |
15.3% |
4.9% |
|
Total liabilities and equity |
43,658,848 |
40,809,858 |
39,997,518 |
9.2% |
7.0% |
Key ratios
|
Georgian financial services |
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
9M'26 |
9M'25 |
Change YoY |
||||||
|
Profitability ratios: |
|
|
|
|
|
|
|
|
||||||
|
ROE1 |
24.8% |
24.3% |
24.1% |
0.7 pp |
0.5 pp |
24.4% |
23.8% |
0.6 pp |
||||||
|
ROA2 |
3.8% |
3.7% |
3.5% |
0.3 pp |
0.1 pp |
3.7% |
3.5% |
0.2 pp |
||||||
|
Cost to income3 |
32.7% |
32.8% |
33.5% |
-0.8 pp |
-0.1 pp |
33.0% |
32.6% |
0.4 pp |
||||||
|
NIM4 |
6.4% |
6.4% |
6.0% |
0.4 pp |
0.0 pp |
6.4% |
5.9% |
0.5 pp |
||||||
|
Loan yields5 |
12.1% |
12.1% |
12.0% |
0.1 pp |
0.0 pp |
12.1% |
11.9% |
0.2 pp |
||||||
|
Deposit rates6 |
4.7% |
4.5% |
4.6% |
0.1 pp |
0.2 pp |
4.6% |
4.5% |
0.1 pp |
||||||
|
Cost of funding7 |
5.4% |
5.4% |
5.6% |
-0.2 pp |
0.0 pp |
5.4% |
5.6% |
-0.2 pp |
||||||
|
Asset quality: |
|
|
|
|
|
|
|
|||||||
|
Cost of risk8 |
0.6% |
0.7% |
0.8% |
-0.2 pp |
-0.1 pp |
0.6% |
0.8% |
-0.2 pp |
||||||
|
PAR 90 to gross loans9 |
1.6% |
1.9% |
1.6% |
0.0 pp |
-0.3 pp |
1.6% |
1.6% |
0.0 pp |
||||||
|
NPLs to gross loans10 |
2.6% |
2.7% |
2.5% |
0.1 pp |
-0.1 pp |
2.6% |
2.5% |
0.1 pp |
||||||
|
NPL provision coverage11 |
52.6% |
51.2% |
60.7% |
-8.1 pp |
1.4 pp |
52.6% |
60.7% |
-8.1 pp |
||||||
|
Total NPL coverage12 |
122.8% |
121.6% |
133.1% |
-10.3 pp |
1.2 pp |
122.8% |
133.1% |
-10.3 pp |
||||||
For the ratio definitions and exchange rates, please refer to section 3 of the additional information.
TBC Uzbekistan[5]
Profit and loss statement
|
In thousands of GEL |
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
9M'26 |
9M'25 |
Change YoY |
|
Interest income |
260,993 |
262,831 |
289,632 |
-9.9% |
-0.7% |
787,416 |
772,997 |
1.9% |
|
Interest expense |
(136,016) |
(139,287) |
(143,405) |
-5.2% |
-2.3% |
(417,676) |
(362,498) |
15.2% |
|
Net interest income |
124,977 |
123,544 |
146,227 |
-14.5% |
1.2% |
369,740 |
410,499 |
-9.9% |
|
Fee and commission income |
94,337 |
84,214 |
69,815 |
35.1% |
12.0% |
251,876 |
186,243 |
35.2% |
|
Fee and commission expense |
(49,667) |
(44,428) |
(27,635) |
79.7% |
11.8% |
(132,931) |
(67,989) |
95.5% |
|
Net fee and commission income |
44,670 |
39,786 |
42,180 |
5.9% |
12.3% |
118,945 |
118,254 |
0.6% |
|
Net insurance income |
4,287 |
3,211 |
3,631 |
18.1% |
33.5% |
10,425 |
4,044 |
157.8% |
|
Net gains from currency derivatives, foreign currency operations and translation |
455 |
486 |
(165) |
NMF |
-6.4% |
1,220 |
(4,383) |
-127.8% |
|
Regulatory related expenses |
(4,920) |
(4,944) |
(3,243) |
51.7% |
-0.5% |
(14,703) |
(8,994) |
63.5% |
|
Other operating income |
2,340 |
1,183 |
(28) |
NMF |
97.8% |
4,573 |
(2) |
NMF |
|
Other operating non-interest income |
2,162 |
(64) |
195 |
NMF |
NMF |
1,515 |
(9,335) |
-116.2% |
|
Credit loss allowance for loans to customers |
(61,206) |
(64,007) |
(55,981) |
9.3% |
-4.4% |
(181,966) |
(164,562) |
10.6% |
|
Credit loss allowance for other financial items and net impairment for non-financial assets |
(4,274) |
(4,118) |
(6,104) |
-30.0% |
3.8% |
(12,414) |
(19,161) |
-35.2% |
|
Operating income after expected credit and non-financial asset impairment losses |
106,329 |
95,141 |
126,517 |
-16.0% |
11.8% |
295,820 |
335,695 |
-11.9% |
|
Staff costs |
(35,469) |
(32,142) |
(27,980) |
26.8% |
10.4% |
(100,026) |
(77,027) |
29.9% |
|
Depreciation and amortisation |
(11,036) |
(10,458) |
(7,179) |
53.7% |
5.5% |
(30,784) |
(17,575) |
75.2% |
|
Administrative and other operating expenses |
(45,924) |
(39,939) |
(43,144) |
6.4% |
15.0% |
(129,902) |
(131,753) |
-1.4% |
|
Operating expenses |
(92,429) |
(82,539) |
(78,303) |
18.0% |
12.0% |
(260,712) |
(226,355) |
15.2% |
|
Net profit before tax |
13,900 |
12,602 |
48,214 |
-71.2% |
10.3% |
35,108 |
109,340 |
-67.9% |
|
Income tax expense |
2,044 |
7,997 |
(7,121) |
-128.7% |
-74.4% |
22,142 |
(14,357) |
-254.2% |
|
Net profit |
15,944 |
20,599 |
41,093 |
-61.2% |
-22.6% |
57,250 |
94,983 |
-39.7% |
Balance sheet highlights
|
In thousands of GEL |
Sep'26 |
Jun'26 |
Sep'25 |
Change YoY |
Change QoQ |
|
Cash & CBU mandatory reserves |
542,224 |
158,559 |
180,512 |
200.4% |
242.0% |
|
Due from other banks |
38,430 |
20,640 |
13,209 |
190.9% |
86.2% |
|
Loans and advances to customers and finance lease receivables |
2,065,895 |
2,026,118 |
2,446,691 |
-15.6% |
2.0% |
|
Intangible assets and Goodwill |
236,953 |
214,702 |
139,254 |
70.2% |
10.4% |
|
Other assets |
583,178 |
983,559 |
680,983 |
-14.4% |
-40.7% |
|
Total assets |
3,466,680 |
3,403,578 |
3,460,649 |
0.2% |
1.9% |
|
Due to credit institutions |
973,550 |
975,725 |
1,080,917 |
-9.9% |
-0.2% |
|
Customer accounts |
1,492,039 |
1,450,728 |
1,466,682 |
1.7% |
2.8% |
|
Subordinated debt and debt securities in issue |
42,315 |
39,958 |
40,968 |
3.3% |
5.9% |
|
Other liabilities |
138,791 |
135,781 |
128,178 |
8.3% |
2.2% |
|
Total liabilities |
2,646,695 |
2,602,192 |
2,716,745 |
-2.6% |
1.7% |
|
Equity attributable to shareholders |
819,985 |
801,386 |
743,904 |
10.2% |
2.3% |
|
Total equity |
819,985 |
801,386 |
743,904 |
10.2% |
2.3% |
|
Total liabilities and equity |
3,466,680 |
3,403,578 |
3,460,649 |
0.2% |
1.9% |
Key ratios
|
Uzbekistan |
3Q'26 |
2Q'26 |
3Q'25 |
Change YoY |
Change QoQ |
9M'26 |
9M'25 |
Change YoY |
||||||
|
Profitability ratios: |
|
|
|
|
|
|
|
|
||||||
|
ROE1 |
7.8% |
10.3% |
23.3% |
-15.5 pp |
-2.5 pp |
9.6% |
19.1% |
-9.5 pp |
||||||
|
ROA2 |
1.8% |
2.4% |
4.9% |
-3.1 pp |
-0.6 pp |
2.2% |
4.4% |
-2.2 pp |
||||||
|
Cost to income3 |
53.8% |
50.6% |
41.5% |
12.3 pp |
3.2 pp |
53.2% |
43.6% |
9.6 pp |
||||||
|
NIM4 |
20.1% |
17.9% |
21.4% |
-1.3 pp |
2.2 pp |
18.7% |
23.2% |
-4.5 pp |
||||||
|
Loan yields5 |
40.0% |
41.0% |
42.5% |
-2.5 pp |
-1.0 pp |
40.3% |
43.2% |
-2.9 pp |
||||||
|
Deposit rates6 |
20.2% |
20.8% |
23.0% |
-2.8 pp |
-0.6 pp |
20.9% |
23.5% |
-2.6 pp |
||||||
|
Cost of funding7 |
21.3% |
21.4% |
22.7% |
-1.4 pp |
-0.1 pp |
21.5% |
22.7% |
-1.2 pp |
||||||
|
Asset quality: |
|
|
|
|
|
|
|
|||||||
|
Cost of risk8 |
10.8% |
11.8% |
9.7% |
1.1 pp |
-1.0 pp |
10.9% |
10.4% |
0.5 pp |
||||||
|
PAR 90 to gross loans9 |
11.8% |
10.6% |
4.7% |
7.1 pp |
1.2 pp |
11.8% |
4.7% |
7.1 pp |
||||||
|
NPLs to gross loans10 |
11.8% |
10.6% |
4.7% |
7.1 pp |
1.2 pp |
11.8% |
4.7% |
7.1 pp |
||||||
|
NPL provision coverage11 |
108.5% |
114.0% |
153.5% |
-45.0 pp |
-5.5 pp |
108.5% |
153.5% |
-45.0 pp |
||||||
|
Total NPL coverage12 |
108.5% |
114.0% |
153.5% |
-45.0 pp |
-5.5 pp |
108.5% |
153.5% |
-45.0 pp |
||||||
For the ratio definitions and exchange rates, please refer to section 3 of the additional information
2. Effect of reclassification on previously reported figures
In 3Q 2026, deposit insurance scheme and resolution fund expenses were reclassified from interest expense and administrative and other operating expenses, respectively, to regulatory-related expenses within other operating non-interest income.
|
|
Group |
|
|
Georgian financial services |
TBC Uzbekistan |
||||
|
In thousands of GEL |
2Q'26 |
3Q'25 |
9M'25 |
2Q'26 |
3Q'25 |
9M'25 |
2Q'26 |
3Q'25 |
9M'25 |
|
Interest expense (deposit insurance scheme) |
12,129 |
10,042 |
28,779 |
7,185 |
6,800 |
19,785 |
4,944 |
3,243 |
8,994 |
|
Other operating non-interest income (regulatory related expenses) |
(16,780) |
(14,472) |
(42,068) |
(11,835) |
(11,230) |
(33,074) |
(4,944) |
(3,243) |
(8,994) |
|
Administrative and other operating expenses (resolution fund expenses) |
4,651 |
4,430 |
13,289 |
4,650 |
4,430 |
13,289 |
- |
- |
- |
Positive / (negative) amounts indicate an increase / (decrease) in profit through the respective line item. Positive amounts in expense lines represent expense reductions. The reclassification has no impact on total profit.
Group ratios
|
|
Current |
|
|
Previously reported |
||
|
|
2Q'26 |
3Q'25 |
9M'25 |
2Q'26 |
3Q'25 |
9M'25 |
|
NIM |
7.3% |
7.3% |
7.1% |
7.1% |
7.1% |
7.0% |
|
Cost to income |
38.0% |
37.4% |
37.2% |
38.3% |
37.7% |
37.5% |
|
Deposit rates |
5.4% |
5.6% |
5.5% |
5.6% |
5.8% |
5.7% |
|
Cost of funding |
6.5% |
6.8% |
6.7% |
6.7% |
6.9% |
6.8% |
Georgian financial services ratios
|
|
Current |
|
|
Previously reported |
||
|
|
2Q'26 |
3Q'25 |
9M'25 |
2Q'26 |
3Q'25 |
9M'25 |
|
NIM |
6.4% |
6.0% |
5.9% |
6.3% |
6.0% |
5.8% |
|
Cost to income |
32.8% |
33.5% |
32.6% |
33.2% |
34.0% |
33.1% |
|
Deposit rates |
4.5% |
4.6% |
4.5% |
4.6% |
4.7% |
4.6% |
|
Cost of funding |
5.4% |
5.6% |
5.6% |
5.5% |
5.6% |
5.6% |
TBC Uzbekistan ratios
|
|
Current |
|
|
Previously reported |
||
|
|
2Q'26 |
3Q'25 |
9M'25 |
2Q'26 |
3Q'25 |
9M'25 |
|
NIM |
17.9% |
21.4% |
23.2% |
17.2% |
20.9% |
22.7% |
|
Cost to income |
50.6% |
41.5% |
43.6% |
50.6% |
41.5% |
43.6% |
|
Deposit rates |
20.8% |
23.0% |
23.5% |
22.2% |
23.9% |
24.4% |
|
Cost of funding |
21.4% |
22.7% |
22.7% |
22.2% |
23.2% |
23.3% |
3. Ratio definitions and exchange rates
Ratio definitions
1. Return on average total equity (ROE) equals profit attributable to owners divided by the monthly average of total shareholders' equity attributable to the PLC's equity holders for the same period; annualised where applicable.
2. Return on average total assets (ROA) equals profit of the period divided by monthly average total assets for the same period; annualised where applicable.
3. Cost to income ratio equals total operating expenses for the period divided by the total revenue for the same period. (Revenue represents the sum of net interest income, net fee and commission income and other non-interest income).
4. Net interest margin (NIM) is net interest income divided by monthly average interest-earning assets; annualised where applicable. Interest-earning assets include investment securities (excluding CIB shares), net investment in finance lease, net loans, and amounts due from credit institutions.
5. Loan yields equal interest income on loans and advances to customers divided by monthly average gross loans and advances to customers; annualised where applicable.
6. Deposit rates equal interest expense on customer accounts divided by monthly average total customer deposits; annualised where applicable.
7. Cost of funding equals sum of the total interest expense and net interest gains on currency swaps (entered for funding management purposes), divided by monthly average interest-bearing liabilities; annualised where applicable.
8. Cost of risk equals credit loss allowance for loans to customers divided by monthly average gross loans and advances to customers; annualised where applicable.
9. PAR 90 to gross loans ratio equals loans for which principal or interest repayment is overdue for more than 90 days divided by the gross loan portfolio for the same period.
10. NPLs to gross loans equals loans with 90 days past due on principal or interest payments, and loans with a well-defined weakness, regardless of the existence of any past-due amount or of the number of days past due divided by the gross loan portfolio for the same period.
11. NPL provision coverage equals total credit loss allowance for loans to customers divided by the NPL loans.
12. Total NPL coverage equals total credit loss allowance plus the minimum of collateral amount of the respective NPL loan (after applying haircuts in the range of 0%-50% for cash, gold, real estate and PPE) and its gross loan exposure divided by the gross exposure of total NPL loans.
13. Credit loss level to gross loans equals credit loss allowance for loans to customers divided by the gross loan portfolio for the same period.
14. Related party loans to total loans equals related party loans divided by the gross loan portfolio.
15. Top 10 borrowers to total portfolio equals the total loan amount of the top 10 borrowers divided by the gross loan portfolio.
16. Top 20 borrowers to total portfolio equals the total loan amount of the top 20 borrowers divided by the gross loan portfolio.
17. Net loans to deposits plus IFI funding ratio equals net loans divided by total deposits plus borrowings received from international financial institutions.
18. Leverage equals total assets to total equity.
19. Net stable funding ratio equals the available amount of stable funding divided by the required amount of stable funding as defined by NBG in line with Basel III guidelines. Calculations are made for standalone JSC TBC Bank.
20. Liquidity coverage ratio equals high-quality liquid assets divided by the total net cash outflow amount as defined by the NBG. Calculations are made for standalone JSC TBC Bank.
21. CET 1 ratio equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the NBG Basel III standards. Calculations are made for standalone JSC TBC Bank.
22. Tier 1 ratio equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for standalone JSC TBC Bank.
23. Total capital ratio equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for standalone JSC TBC Bank.
24. CET 1 ratio equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the CBU in national accounting standards. Calculations are made for standalone JSCB TBC Bank Uzbekistan.
25. Tier 1 ratio equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for standalone JSCB TBC Bank Uzbekistan.
26. Total capital ratio equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for standalone JSCB TBC Bank Uzbekistan.
Exchange rates
To calculate the QoQ growth of the Balance Sheet items without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.6453 as of 30 June 2026. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.7088 as of 30 September 2025. As of 30 September 2026, the USD/GEL exchange rate equalled 2.6051. For P&L items growth calculations without the currency effect, we used the average USD/GEL exchange rate for the following periods: 3Q 2026 of 2.6213, 2Q 2026 of 2.6774, 3Q 2025 of 2.7075, 9M 2026 of 2.6657 and 9M 2025 of 2.7539.
[1] In 3Q 2026, deposit insurance scheme and resolution fund expenses were reclassified from interest expense and administrative and other operating expenses, respectively, to regulatory-related expenses within other operating non-interest income. Comparative figures for prior periods have been restated accordingly and differ from those previously reported. The reclassification has no impact on net profit. For more detailed information, please refer to Additional information under "Effect of reclassification on previously reported figures" section
[2] Excludes Ministry of Finance (MOF) deposits
[3] Note: For better presentation purposes, certain financial numbers are rounded to the nearest whole number
[4] Excludes Ministry of Finance (MOF) deposits
[5] 9M 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
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