TBC BANK GROUP PLC ("TBC Bank")

1Q 2025 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 ("the Bank" 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 Bank's present and future business strategies and the environment in which the Bank will operate in the future. Important factors that, in the view of the Bank, 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, cost 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 Russia-Ukraine war; 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 Bank 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 International Financial Reporting Standards and/or generally accepted U.S. accounting principles 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.

 

 

1Q 2025 consolidated financial results conference call details

 

TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated financial results for 1Q 2025 on Thursday,
8 May 2025 at 7.00 AM BST. The management team will host a conference call at 2.00 PM BST.

 

To participate in the conference call live video webinar, please register using the following link:

https://www.netroadshow.com/events/login?show=2f0bc09b&confId=81087

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) 577 205 290 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

 

1Q 2025 unaudited consolidated financial results announcement

 

Interim management report

Financial highlights 

Operational highlights 

Letter from the Chief Executive Officer 

Unaudited consolidated financial results overview for 1Q 2025 

Additional information 

1)          Financial disclosures by business lines 

2)          Glossary 

3)          Ratio definitions and exchange rates 

 

1Q 2025 unaudited consolidated financial results

1Q 2025 net profit of GEL 319 million, up by 7% YoY, with ROE at 23.2%.

 

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.

Financial highlights

Income statement

In thousands of GEL	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Net interest income	533,210	507,691	442,844	20.4%	5.0%
Net fee and commission income	147,997	147,928	104,303	41.9%	0.0%
Other non-interest income	93,005	128,038	70,833	31.3%	-27.4%
Total operating income	774,212	783,657	617,980	25.3%	-1.2%
Total credit loss allowance	(118,497)	(74,790)	(45,131)	NMF	58.4%
Operating expenses	(287,944)	(306,620)	(229,671)	25.4%	-6.1%
Non-recurring impairment loss due to write-down of the asset held for sale	-	(9,800)	-	NMF	NMF
Net profit before tax	367,771	392,447	343,178	7.2%	-6.3%
Income tax expense	(49,265)	(57,848)	(46,707)	5.5%	-14.8%
Net profit	318,506	334,599	296,471	7.4%	-4.8%
Adjusted net profit*	339,173	334,599	296,471	14.4%	1.4%

^*In 1Q 2025, adjusted net profit excludes the following: TBC Uzbekistan recorded a non-recurring impairment charge of GEL 24.6 mln (pre-tax) related to a market-wide data integrity issue affecting our borrower income verification processes. A subset of loan applicants had overstated their employment earnings which matched similarly overstated data from the third-party data sources that TBC Uzbekistan, along with other financial institutions, relied upon for income validation. We have since implemented enhanced verification controls and other security protocols to address the situation

Balance sheet

In thousands of GEL	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Total assets	40,228,911	40,160,466	33,261,535	20.9%	0.2%
Gross loans	27,350,103	26,721,683	22,968,998	19.1%	2.4%
Customer deposits*	22,320,114	22,649,407	19,728,744	13.1%	-1.5%
Total equity	5,723,549	5,739,009	4,853,916	17.9%	-0.3%
Number of ordinary shares	56,211,873	56,287,900	55,393,664	1.5%	-0.1%

*Excludes MOF deposits

Key ratios

	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
ROE	23.2%	24.1%	25.1%	-1.9 pp	-0.9 pp
Adjusted ROE*	24.2%	24.1%	25.1%	-0.9 pp	0.1 pp
ROA	3.2%	3.3%	3.6%	-0.4 pp	-0.1 pp
NIM	6.7%	6.7%	6.5%	0.2 pp	0.0 pp
Cost to income	37.2%	39.1%	37.2%	0.0 pp	-1.9 pp
Cost of risk	1.4%	1.0%	0.8%	0.6 pp	0.4 pp
NPL to gross loans	2.5%	2.2%	2.2%	0.3 pp	0.3 pp
NPL provision coverage ratio	73.6%	71.8%	73.6%	0.0 pp	1.8 pp
Total NPL coverage ratio	140.4%	143.9%	138.4%	2.0 pp	-3.5 pp
Leverage (x)	7.0x	7.0x	6.9x	0.1x	0x
EPS (GEL)	5.71	5.91	5.39	5.9%	-3.4%
Diluted EPS (GEL)	5.67	5.87	5.36	5.8%	-3.4%
BVPS (GEL)	99.74	100.25	86.11	15.8%	-0.5%
Georgia
CET 1 CAR	16.4%	16.8%	16.6%	-0.2 pp	-0.4 pp
Tier 1 CAR	19.9%	20.4%	18.8%	1.1 pp	-0.5 pp
Total CAR	23.1%	23.8%	21.5%	1.6 pp	-0.7 pp
Uzbekistan
CET 1 CAR	19.4%	21.9%	12.7%	6.7 pp	-2.5 pp
Tier 1 CAR	19.4%	21.9%	12.7%	6.7 pp	-2.5 pp
Total CAR	20.3%	23.2%	16.2%	4.1 pp	-2.9 pp

* Adjusted ROE in 1Q 2025 excludes GEL 24.6 mln non-recurring credit impairment charge in Uzbekistan

 

Operational highlights

Customer base

In thousands	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Total unique registered users	23,156	21,814	18,083	28%	6%
Georgia	3,499	3,463	3,317	5%	1%
Uzbekistan	19,657	18,351	14,766	33%	7%
Total monthly active customers	7,853	7,619	6,331	24%	3%
Georgia	1,736	1,701	1,615	7%	2%
Uzbekistan	6,117	5,918	4,716	30%	3%
Total digital monthly active users (digital MAU)	7,223	6,968	5,646	28%	4%
Georgia	1,106	1,050	930	19%	5%
Uzbekistan	6,117	5,918	4,716	30%	3%
Total digital daily active users (digital DAU)	2,547	2,444	1,760	45%	4%
Georgia	521	494	413	26%	5%
Uzbekistan	2,026	1,950	1,347	50%	4%
Digital DAU/MAU	35%	35%	31%	4 pp	0 pp
Georgia	47%	47%	44%	3 pp	0 pp
Uzbekistan	33%	33%	29%	4 pp	0 pp

Unique registered users of Uzbekistan have been reclassified since 4Q 2024

Uzbekistan - key highlights

In thousands of GEL	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Gross loans and advances to customers	2,150,075	1,758,028	970,106	121.6%	22.3%
Customer accounts	1,218,048	1,055,758	657,190	85.3%	15.4%

 

In thousands of GEL	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Total operating income	161,051	137,397	74,045	117.5%	17.2%
Net profit	21,561	36,513	18,437	16.9%	-40.9%
Adjusted net profit *	42,228	36,513	18,437	129.0%	15.7%
ROE, %	13.7%	27.7%	23.7%	-10.0 pp	-14.0 pp
Adjusted ROE, %*	26.6%	27.7%	23.7%	2.9 pp	-1.1 pp

* Adjusted numbers in 1Q 2025 exclude GEL 24.6 mln non-recurring credit impairment charge in Uzbekistan

 

Letter from the Chief Executive Officer^[1]

 

I am pleased to report a strong start to 2025, which is particularly welcome given the uncertain global backdrop. In 1Q 2025, our operating income increased by 25% year-on-year and amounted to GEL 774 million, while our net profit reached GEL 319 million², up 7% year-on-year, delivering above 23% ROE^[2].

 

It was a very active quarter in building out our recent pipeline of new product launches. This included excellent growth in the issuance of our new Georgian daily banking product, TBC Card, with new card issuance almost tripling in the first quarter of 2025 compared to the same period last year. Meanwhile, in Uzbekistan, our Salom Card daily banking product and Osmon credit card have both hit the ground running, with over 275,000 cards issued by the end of the first quarter. We have also recently extended our SME digital banking offering to include unsecured loans as we look to develop the huge untapped opportunity within the SME sector in Uzbekistan. As we offer new products and improved customer experience, we in turn continue to see strong customer growth, with digital monthly active users ("MAU") reaching 7.2 million at the Group level, up by 1.6 million, or 28%, year-on-year. Notably, over one-third of our users engage with our digital platforms on a daily basis, which is an excellent indicator of user loyalty and engagement.

 

Another important milestone achieved in 1Q 2025 was the creation of the new HoldCo in Uzbekistan, TBC Digital, in which TBC Group owns 80% and our IFI partners 20%. Through this process, we folded our two businesses, TBC UZ and Payme, into a single shareholding structure, enabling us to more effectively unlock synergies and increase shareholder value in Uzbekistan.

 

I am also delighted to announce that the Board has approved quarterly dividend distributions to enhance shareholder value through more regular returns, enabled by our consistently strong operational performance, good visibility on the business, and diligent capital discipline. As a result, the Board has declared an interim dividend of GEL 1.5 per share for the first quarter.

 

Strong revenue generation across the board

Our high profitability was driven by strong revenue generation across the board. Net interest income grew by 20% year-on-year, underpinned by dynamic loan book growth and resilient margins, while our net fee and commission income rose an excellent 42% year-on-year, driven by payments in both Georgia and Uzbekistan, and other operating income (led by FX revenues) increased by 31% over the same period.

 

Operating expenses increased by 25% year-on-year in the first quarter as we continue to invest in growth, with our Uzbek business accounting for almost 60% of the growth. Over the same period, Georgian financial services grew by 11% year-on-year, or 9% excluding the impact of contributions to the new banking sector resolution fund[3]. Consequently, our cost-to-income ratio was flat year-on-year at 37.2% in 1Q 2025.

 

Continued solid growth in Georgia alongside fast-paced expansion in Uzbekistan

In 1Q 2025, our Georgian financial services demonstrated strong results, with net profit increasing by 12% year-on-year and 23.3% ROE. Over the same period, our loan book increased by 13% year-on-year and customer deposits grew by 9%, both on a constant currency basis.

During 1Q 2025, our digital banking ecosystem in Uzbekistan continued to grow rapidly. Our loan book more than doubled to GEL 2.2 billion, capturing 17% share of the unsecured consumer loan market^[4] and close to 5% of the total retail loan market, while our retail deposits grew by 85% year-on-year, taking us to 4% market share.

This growth drove TBC Uzbekistan's operating income up by 118% year-on-year, reaching GEL 161 million, while adjusted net profit for a GEL 24.6 pre-tax non-recurring impairment charge amounted to GEL 42 million, up by 129% year-on-year, with 26.6% adjusted ROE. As a result, TBC Uzbekistan contributed 21% to the Group's total operating income and accounted for 12% of its net profit, on an adjusted basis. 

 

On track to hit 2025 strategic targets

I am confident that the Group is well positioned to build on this solid start to the year, to deliver strong results for our shareholders in 2025, and that we remain firmly on track to achieve all our strategic targets for the year.

Vakhtang Butskhrikidze

CEO, TBC Bank Group PLC

Economic overview

Georgia

Economic growth remains robust

Georgia's real GDP increased by 9.3% year-on-year in the first quarter of 2025, following a robust 9.4% in 2024, according to Geostat. Despite some moderation in monthly growth dynamics, the economic print remains stronger than the widely expected growth normalization trend would imply. While heightened political tensions resulted in lower tourism revenues and domestic demand in December-February, especially reflected through contracted spending on durable goods, a recovery in consumption was evident in March, with economic growth supported by improving tourist and migrant spending and still strong credit activity.

Following the drop in December 2024, estimated net inflows into Georgia improved in the first quarter, driven by lower durable imports, which also started to recover from March. Total exports of goods denominated in U.S. dollars rose by 5.7% year-on -year in the first quarter with domestic exports remaining unchanged, while imports of goods after adjusting for one-offs increased by 3.1%. FDI improved in the fourth quarter of 2024 due to lower debt repayments, though still decreased by 29.9% in the full year as the sum of equity investments and reinvested earnings moderated from a historical high in 2023.

 

Fiscal consolidation continues

The government remains committed to fiscal consolidation, aiming to reduce the budget deficit and public debt relative to GDP. The budget deficit in 1Q 2025 stood at 1.0% of GDP, while public debt to GDP stood at 35.2%.

Credit growth remains strong

Bank credit growth has moderated only slightly from 17.0% year-on-year in December 2024 to 16.6% in March 2025, at constant exchange rates. Given the accelerating inflation, real credit growth also weakened, though it remained robust at 12.6%. As for segments, while retail credit diminished from 16.2% in December to 15.4% in March, the year-on-year growth of lending to legal entities remained stable, standing at 17.8% and 17.9%, respectively. The gradual dedollarization of bank lending continued in 1Q 2025, with the share of foreign currency loans declining only slightly from 43.3% at the end of December 2024 to 43.2% at the end of March, at constant exchange rates.

GEL strenghtens amid domestic and global challenges

While heightened political tensions negatively affected toursim revenues at the beginning of 2025, worsened expectations also resulted in lower imports, significantly improving the net currency inflows into the country and, hence, easing the pressure on the GEL exchange rate. The environment more or less returned to normal from March, however, the GEL has now benefitted from the globally weakened USD. These developments allowed the NBG to renew USD purchases on the FX market after staying neutral in January-February, buying around USD 102 mln in March and seemingly continuing the reserve accumulation in April as well. Meanwhile, the national currency appreciated to 2.77 GEL per USD at the end of the first quarter of 2025, compared to 2.81 at the end of December 2024.

The CPI inflation continued accelerating, driven by both low base effect and a partial pass-through of elevated risks realized in food price dynamics globally. The annual change in consumer prices surpassed the NBG's 3% target in March, standing at 3.5%. Consequently, the NBG decided to maintain the monetary policy rate (MPR) at 8%, unchanged since May 2024.

Uzbekistan

Continued strong economic performance

Uzbekistan's economic growth has strengthened to 6.8% year-on-year in 1Q 2025, compared to 6.5% in 2024. In terms of external trade, exports of goods in 1Q 2025 increased by a robust 21.6% year-on-year due to higher gold exports. On the other hand, decreasing vehicle imports lowered the import of goods, with full-year imports declining by 5.9% in the first quarter. Retail credit growth appears to be strengthening in 1Q 2025, standing at 21.1% at the end of March, with mortgage credit expanding by 16.5% and non-mortgage credit by 24.1%.

Annual inflation in Uzbekistan stood at 10.3% in March, a slight elevation from 9.8% in December 2024. The CBU increased its monetary policy rate by 0.5 percentage points to 14.0% at the March committee meeting, citing sustained inflationary pressures, growing demand, and rising inflation expectations. By the end of March 2025, the UZS was valued at 12,913 against the US Dollar, maintaining close to the same level since the end of 2024. The recent UZS stabilization and brief appreciation episodes were supported by globally weakened USD, higher gold prices, moderated credit activity and the tighter CBU stance.

Economic growth forecasts

The World Bank and IMF project Georgia's economic growth in 2025 at 6.0%, while Fitch expects 5.3%. The respective real GDP growth forecasts for Uzbekistan by the World Bank, IMF and ADB stand at 5.8%, 5.9% and 6.6%, broadly in line with TBC Capital's projections for both countries.  

 

More information on the Georgian economy and financial sector can be found at www.tbccapital.ge.

Unaudited consolidated financial results overview for 1Q 2025

This statement provides a summary of the business and financial trends for 1Q 2025 for TBC Bank Group plc and its subsidiaries. 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	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Interest income	1,071,739	1,017,423	840,354	27.5%	5.3%
Interest expense	(538,529)	(509,732)	(397,510)	35.5%	5.6%
Net interest income	533,210	507,691	442,844	20.4%	5.0%
Fee and commission income	231,504	243,328	179,488	29.0%	-4.9%
Fee and commission expense	(83,507)	(95,400)	(75,185)	11.1%	-12.5%
Net fee and commission income	147,997	147,928	104,303	41.9%	0.0%
Net insurance income	8,735	6,979	7,803	11.9%	25.2%
Net gains from currency derivatives, foreign currency operations and translation	78,157	111,069	61,469	27.1%	-29.6%
Other operating income	5,974	9,807	1,602	NMF	-39.1%
Share of profit of associates	139	183	(41)	NMF	-24.0%
Other operating non-interest income	93,005	128,038	70,833	31.3%	-27.4%
Credit loss allowance for loans to customers	(106,594)	(58,078)	(43,900)	NMF	83.5%
Credit loss allowance for other financial items and net impairment for non-financial assets	(11,903)	(16,712)	(1,231)	NMF	-28.8%
Operating income after expected credit losses	655,715	708,867	572,849	14.5%	-7.5%
Staff costs	(144,951)	(158,988)	(126,563)	14.5%	-8.8%
Depreciation and amortisation	(38,650)	(38,079)	(34,108)	13.3%	1.5%
Administrative and other operating expenses	(104,343)	(109,553)	(69,000)	51.2%	-4.8%
Operating expenses	(287,944)	(306,620)	(229,671)	25.4%	-6.1%
Non-recurring impairment loss due to write-down of the asset held for sale	-	(9,800)	-	NMF	NMF
Net profit before tax	367,771	392,447	343,178	7.2%	-6.3%
Income tax expense	(49,265)	(57,848)	(46,707)	5.5%	-14.8%
Net profit	318,506	334,599	296,471	7.4%	-4.8%
Adjusted net profit*	339,173	334,599	296,471	14.4%	1.4%
Net profit attributable to:
- Shareholders of TBCG	316,552	326,758	292,805	8.1%	-3.1%
- Non-controlling interest	1,954	7,841	3,666	-46.7%	-75.1%
Other comprehensive income, net of tax:
Other comprehensive income/(expense) for the period	(16,060)	3,533	7,676	NMF	NMF
Total comprehensive income for the period	302,446	338,132	304,147	-0.6%	-10.6%

* Adjusted net profit in 1Q 2025 excludes GEL 24.6 mln non-recurring credit impairment charge in Uzbekistan

 

Consolidated balance sheet

In thousands of GEL	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
ASSETS
Cash and cash equivalents	3,281,957	3,047,401	3,147,389	4.3%	7.7%
Due from other banks	52,470	45,498	24,296	NMF	15.3%
Mandatory cash balances with the NBG and the CBU	2,549,087	2,576,731	1,557,221	63.7%	-1.1%
Loans and advances to customers and finance lease receivables	26,855,888	26,296,118	22,594,915	18.9%	2.1%
Investment securities	4,640,823	5,538,476	3,948,897	17.5%	-16.2%
Repurchase receivables	228,045	140,058	-	NMF	62.8%
Investment properties	14,698	9,752	15,921	-7.7%	50.7%
Current income tax prepayment	22,492	60,422	5,446	NMF	-62.8%
Deferred income tax asset	3,595	3,150	4,371	-17.8%	14.1%
Other financial assets	480,372	436,574	311,427	54.2%	10.0%
Other assets	1,415,760	1,357,255	1,102,243	28.4%	4.3%
Intangible assets	623,760	589,067	489,445	27.4%	5.9%
Goodwill	59,964	59,964	59,964	0.0%	0.0%
TOTAL ASSETS	40,228,911	40,160,466	33,261,535	20.9%	0.2%
LIABILITIES
Due to credit institutions	7,754,371	7,630,850	3,702,517	NMF	1.6%
Customer accounts	22,529,442	22,863,833	20,838,768	8.1%	-1.5%
Other financial liabilities	820,244	476,143	636,939	28.8%	72.3%
Current income tax liability	1,444	1,227	11,946	-87.9%	17.7%
Deferred income tax liability	54,489	50,220	53,315	2.2%	8.5%
Debt Securities in issue*	1,512,224	1,510,183	1,501,651	0.7%	0.1%
Other liabilities	216,522	267,099	236,942	-8.6%	-18.9%
Subordinated debt	1,138,204	1,148,374	1,050,191	8.4%	-0.9%
Redemption liability	478,422	473,528	375,350	27.5%	1.0%
TOTAL LIABILITIES	34,505,362	34,421,457	28,407,619	21.5%	0.2%
EQUITY
Share capital	1,719	1,722	1,690	1.7%	-0.2%
Shares held by trust	(50,424)	(66,982)	(45,675)	10.4%	-24.7%
Share premium	411,088	411,088	295,605	39.1%	0.0%
Retained earnings	5,286,370	5,286,738	4,470,376	18.3%	0.0%
Other reserves	(107,391)	(77,066)	(8,188)	NMF	39.3%
Equity attributable to owners of the parent	5,541,362	5,555,500	4,713,808	17.6%	-0.3%
Non-controlling interest	182,187	183,509	140,108	30.0%	-0.7%
TOTAL EQUITY	5,723,549	5,739,009	4,853,916	17.9%	-0.3%
TOTAL LIABILITIES AND EQUITY	40,228,911	40,160,466	33,261,535	20.9%	0.2%

* Debt securities in issue include Additional Tier 1 capital subordinated notes

 

Ratios

Ratios (based on monthly averages, where applicable)	1Q'25	4Q'24	1Q'24
Profitability ratios:
ROE1	23.2%	24.1%	25.1%
Adjusted ROE*	24.2%	24.1%	25.1%
ROA2	3.2%	3.3%	3.6%
Cost to income3	37.2%	39.1%	37.2%
NIM4	6.7%	6.7%	6.5%
Loan yields5	14.0%	13.5%	12.9%
Deposit rates6	5.6%	5.4%	5.4%
Cost of funding7	6.6%	6.3%	6.0%
Asset quality & portfolio concentration:
Cost of risk9	1.4%	1.0%	0.8%
PAR 90 to gross loans9	1.6%	1.4%	1.3%
NPLs to gross loans10	2.5%	2.2%	2.2%
NPL provision coverage11	73.6%	71.8%	73.6%
Total NPL coverage12	140.4%	143.9%	138.4%
Credit loss level to gross loans13	1.8%	1.6%	1.6%
Related party loans to gross loans14	0.0%	0.1%	0.1%
Top 10 borrowers to total portfolio15	5.3%	5.8%	5.8%
Top 20 borrowers to total portfolio16	8.0%	8.5%	8.6%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17	105.4%	102.2%	98.5%
Leverage (x)18	7.0x	7.0x	6.9x
Georgia
Net stable funding ratio19	125.6%	123.9%	114.8%
Liquidity coverage ratio20	119.0%	125.5%	114.6%
CET 1 CAR21	16.4%	16.8%	16.6%
Tier 1 CAR22	19.9%	20.4%	18.8%
Total 1 CAR23	23.1%	23.8%	21.5%
Uzbekistan
CET 1 CAR24	19.4%	21.9%	12.7%
Tier 1 CAR25	19.4%	21.9%	12.7%
Total 1 CAR26	20.3%	23.2%	16.2%

* Adjusted ROE in 1Q 2025 excludes GEL 24.6 mln non-recurring credit impairment charge in Uzbekistan

Funding and liquidity in Georgia

	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Minimum net stable funding ratio, as defined by the NBG	100.0%	100.0%	100.0%	0.0 pp	0.0 pp
Net stable funding ratio as defined by the NBG	125.6%	123.9%	114.8%	10.8 pp	1.7 pp
Minimum total liquidity coverage ratio, as defined by the NBG	100.0%	100.0%	100.0%	0.0 pp	0.0 pp
Minimum LCR in GEL, as defined by the NBG	75%	75.0%	75.0%	0.0 pp	0.0 pp
Minimum LCR in FC, as defined by the NBG	100.0%	100.0%	100.0%	0.0 pp	0.0 pp
Total liquidity coverage ratio, as defined by the NBG	119.0%	125.5%	114.6%	4.4 pp	-6.5 pp
LCR in GEL, as defined by the NBG	118.9%	127.7%	114.8%	4.1 pp	-8.8 pp
LCR in FC, as defined by the NBG	119.1%	124.7%	114.4%	4.7 pp	-5.6 pp

Regulatory capital

Georgia

Capital ratios decreased QoQ due to the announcement of the final dividend for 2024, while YoY increase in Tier 1 and Total capital ratios was related to issuance of the AT1 Bond in April 2024. 

 

In thousands of GEL	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
CET 1 capital	4,814,774	4,843,167	4,096,919	17.5%	-0.6%
Tier 1 capital	5,852,511	5,895,717	4,635,979	26.2%	-0.7%
Total capital	6,787,655	6,861,963	5,290,327	28.3%	-1.1%
Total risk-weighted assets	29,337,803	28,842,828	24,607,358	19.2%	1.7%
Minimum CET 1 ratio	14.6%	14.4%	14.5%	0.1 pp	0.2 pp
CET 1 capital adequacy ratio	16.4%	16.8%	16.6%	-0.2 pp	-0.4 pp
Minimum Tier 1 ratio	16.9%	16.7%	16.8%	0.1 pp	0.2 pp
Tier 1 capital adequacy ratio	19.9%	20.4%	18.8%	1.1 pp	-0.5 pp
Minimum total capital adequacy ratio	19.9%	19.7%	19.9%	0.0 pp	0.2 pp
Total capital adequacy ratio	23.1%	23.8%	21.5%	1.6 pp	-0.7 pp

 

Uzbekistan

 

Capital ratios increased YoY, mainly driven by capital injections in the amount of USD 75 million in 2024 and regulatory changes implemented by CBU since 1st July 2024.

 

In thousands of GEL	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
CET 1 capital	535,639	520,119	249,822	114.4%	3.0%
Tier 1 capital	535,639	520,119	249,822	114.4%	3.0%
Total capital	559,526	548,765	316,861	76.6%	2.0%
Total risk-weighted assets	2,758,355	2,370,370	1,961,577	40.6%	16.4%
Minimum CET 1 ratio	8.0%	8.0%	8.0%	0.0 pp	0.0 pp
CET 1 capital adequacy ratio	19.4%	21.9%	12.7%	6.7 pp	-2.5 pp
Minimum Tier 1 ratio	10.0%	10.0%	10.0%	0.0 pp	0.0 pp
Tier 1 capital adequacy ratio	19.4%	21.9%	12.7%	6.7 pp	-2.5 pp
Minimum total capital adequacy ratio	13.0%	13.0%	13.0%	0.0 pp	0.0 pp
Total capital adequacy ratio	20.3%	23.2%	16.2%	4.1 pp	-2.9 pp

 

Loan portfolio

As of 31 March 2025, the gross loan portfolio reached GEL 27,350.1 million, up by 19.1% YoY and 2.4% QoQ, or up by 17.7% YoY and 2.6% QoQ on a constant currency basis.

By the end of March 2025, our Georgia FS loan portfolio increased by 14.6% YoY and 1.0% on a QoQ basis and reached GEL 25,182.5 million, with 13.3% YoY and 1.1% QoQ growth on a constant currency basis. Over the same period, our Uzbek portfolio more than doubled YoY and increased by 22.3% QoQ. This resulted in 121.3% YoY and 24.4% QoQ growth on a constant currency basis.

In thousands of GEL Gross loans and advances to customers	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Georgian financial services (Georgia FS)*	25,182,536	24,941,464	21,967,683	14.6%	1.0%
Retail Georgia	8,834,964	8,710,516	7,682,858	15.0%	1.4%
CIB Georgia	10,055,992	9,863,777	8,419,450	19.4%	1.9%
MSME Georgia	5,827,911	5,943,479	5,506,736	5.8%	-1.9%
Uzbekistan	2,150,075	1,758,028	970,106	121.6%	22.3%
Total gross loans and advances to customers**	27,350,103	26,721,683	22,968,998	19.1%	2.4%

Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

* Georgia FS includes sub-segment eliminations
** Total gross loans and advances to customers include Azerbaijan

	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Loan yields	14.0%	13.5%	12.9%	1.1 pp	0.5 pp
GEL	14.2%	14.1%	14.2%	0.0 pp	0.1 pp
FC	8.7%	8.6%	8.9%	-0.2 pp	0.1 pp
UZS	44.2%	44.6%	43.2%	1.0 pp	-0.4 pp
Georgia FS	11.6%	11.5%	11.6%	0.0 pp	0.1 pp
GEL	14.2%	14.1%	14.2%	0.0 pp	0.1 pp
FC	8.7%	8.6%	8.9%	-0.2 pp	0.1 pp
Uzbekistan	44.2%	44.6%	43.2%	1.0 pp	-0.4 pp
UZS	44.2%	44.6%	43.2%	1.0 pp	-0.4 pp
Total loan yields*	14.0%	13.5%	12.9%	1.1 pp	0.5 pp

Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

* Total loan yields include Azerbaijan

Loan portfolio quality

PAR 90	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Georgia FS*	1.5%	1.4%	1.3%	0.2 pp	0.1 pp
Retail Georgia	0.7%	0.7%	0.8%	-0.1 pp	0.0 pp
CIB Georgia	0.9%	0.9%	0.7%	0.2 pp	0.0 pp
MSME Georgia	3.4%	2.9%	2.5%	0.9 pp	0.5 pp
Uzbekistan	2.1%	2.0%	2.2%	-0.1 pp	0.1 pp
Total PAR 90**	1.6%	1.4%	1.3%	0.3 pp	0.2 pp

PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

* Georgia FS includes sub-segment eliminations
** Total PAR 90 includes Azerbaijan

In thousands of GEL Non-performing loans (NPL)	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Georgia FS*	600,215	554,935	486,212	23.4%	8.2%
Retail Georgia	133,020	118,834	125,625	5.9%	11.9%
CIB Georgia	152,263	156,632	137,849	10.5%	-2.8%
MSME Georgia	288,613	263,460	202,636	42.4%	9.5%
Uzbekistan	68,275	35,690	20,954	225.8%	91.3%
Total non-performing loans**	671,071	592,554	508,083	32.1%	13.3%

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations
** Total non-performing loans include Azerbaijan

The NPL ratio in March 2025 for the Group and Uzbekistan stood at 2.4% and 2.1%, respectively, adjusted for the non-recurring impairment charge relating to Uzbekistan.

NPL to gross loans	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Georgia FS*	2.4%	2.2%	2.2%	0.2 pp	0.2 pp
Retail Georgia	1.5%	1.4%	1.6%	-0.1 pp	0.1 pp
CIB Georgia	1.5%	1.6%	1.6%	-0.1 pp	-0.1 pp
MSME Georgia	5.0%	4.4%	3.7%	1.3 pp	0.6 pp
Uzbekistan	3.2%	2.0%	2.2%	1.0 pp	1.2 pp
Total NPL to gross loans**	2.5%	2.2%	2.2%	0.3 pp	0.3 pp

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations
** Total NPL to gross loans include Azerbaijan

The NPL provision coverage ratio in March 2025 for the Group and Uzbekistan stood at 76.3% and 293.3%, respectively, adjusted for the non-recurring impairment charge relating to Uzbekistan. At the same time, total NPL coverage for the Group and Uzbekistan stood at 145.5% and 293.3%, respectively, also on an adjusted basis.

	Mar'25		Dec'24		Mar'24
NPL coverage	Provision coverage	Total coverage	Provision coverage	Total coverage	Provision coverage	Total coverage
Georgia FS*	59.5%	134.1%	61.0%	138.0%	67.1%	134.6%
Retail Georgia	127.2%	186.9%	138.1%	201.1%	121.3%	183.6%
CIB Georgia	40.2%	111.8%	34.4%	106.0%	44.0%	105.2%
MSME Georgia	40.4%	123.9%	42.2%	126.3%	51.5%	128.8%
Uzbekistan	192.6%	192.6%	229.5%	229.5%	214.0%	214.0%
Total NPL coverage**	73.6%	140.4%	71.8%	143.9%	73.6%	138.4%

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations
** Total NPL coverage includes Azerbaijan

The CoR ratio in 1Q 2025 for the Group and Uzbekistan stood at 1.3% and 8.0%, respectively, adjusted for the non-recurring impairment charge relating to Uzbekistan.

Cost of risk (CoR)	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Georgia FS*	0.8%	0.6%	0.7%	0.1 pp	0.2 pp
Retail Georgia	1.3%	1.0%	1.1%	0.2 pp	0.3 pp
CIB Georgia	0.3%	0.1%	0.4%	-0.1 pp	0.2 pp
MSME Georgia	0.8%	0.6%	0.7%	0.1 pp	0.2 pp
Uzbekistan	9.3%	7.7%	5.5%	3.8 pp	1.6 pp
Total cost of risk**	1.4%	1.0%	0.8%	0.6 pp	0.4 pp

Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations
** Total cost of risk includes Azerbaijan

Deposit portfolio

As of 31 March 2025, the deposit portfolio reached GEL 22,529.4 million, up by 8.1% YoY and down by 1.5% QoQ, or up by 6.6% YoY and down by 0.9% QoQ on a constant currency basis.

By the end of March 2025, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 21,146. 3 million, up by 10.7% YoY and down by 2.4% QoQ, or up by 9.0% YoY and down by 2.0% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 85.3% YoY and 15.4% QoQ, or up by 85.0% YoY and 17.4% QoQ on a constant currency basis.

 

 

In thousands of GEL Customer accounts	Mar'25	Dec'24	Mar'24	Change YoY	Change QoQ
Georgia FS*	21,355,609	21,890,518	20,219,932	5.6%	-2.4%
Retail Georgia	8,269,131	8,478,788	7,498,419	10.3%	-2.5%
CIB Georgia	11,122,655	11,308,306	9,833,975	13.1%	-1.6%
MSME Georgia	1,913,434	2,043,554	1,869,140	2.4%	-6.4%
MOF	209,328	214,426	1,110,024	-81.1%	-2.4%
Uzbekistan	1,218,048	1,055,758	657,190	85.3%	15.4%
Total customer accounts**	22,529,442	22,863,833	20,838,768	8.1%	-1.5%

*Georgia FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations

 

	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Deposit rates	5.6%	5.4%	5.4%	0.2 pp	0.2 pp
GEL	8.1%	7.7%	8.0%	0.1 pp	0.4 pp
FC	1.8%	1.6%	1.3%	0.5 pp	0.2 pp
UZS	24.7%	25.1%	25.5%	-0.8 pp	-0.4 pp
Georgia FS	4.7%	4.6%	4.8%	-0.1 pp	0.1 pp
GEL	8.1%	7.7%	8.0%	0.1 pp	0.4 pp
FC	1.8%	1.6%	1.3%	0.5 pp	0.2 pp
Uzbekistan	24.5%	24.9%	25.4%	-0.9 pp	-0.4 pp
UZS	24.7%	25.1%	25.5%	-0.8 pp	-0.4 pp
FC	2.8%	3.8%	3.7%	-0.9 pp	-1.0 pp
Total deposit rates*	5.6%	5.4%	5.4%	0.2 pp	0.2 pp

* Total deposits 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) - include JSC TBC Bank with its Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The Georgia financial service 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 250,000 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.

·  Uzbekistan - TBC Bank Uzbekistan with respective subsidiaries and Payme (Inspired LLC).

·  Other - includes non-material (including wholly owned subsidiary in Azerbaijan, TBC Kredit) or non-financial subsidiaries of the Group, and intra-group eliminations.

Georgia FS

Profit and loss statement

In thousands of GEL	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Interest income	845,776	835,493	736,833	14.8%	1.2%
Interest expense	(436,673)	(426,090)	(351,165)	24.3%	2.5%
Net interest income	409,103	409,403	385,668	6.1%	-0.1%
Fee and commission income	172,187	187,390	148,492	16.0%	-8.1%
Fee and commission expense	(65,599)	(80,737)	(67,249)	-2.5%	-18.7%
Net fee and commission income	106,588	106,653	81,243	31.2%	-0.1%
Net insurance income	8,945	7,153	7,976	12.1%	25.1%
Net gains from currency derivatives, foreign currency operations and translation	84,090	112,642	64,629	30.1%	-25.3%
Other operating income	5,520	9,723	1,552	NMF	-43.2%
Share of profit of associates	139	183	(41)	NMF	-24.0%
Other operating non-interest income	98,694	129,701	74,116	33.2%	-23.9%
Credit loss allowance for loans to customers	(47,954)	(32,984)	(36,825)	30.2%	45.4%
Credit loss allowance for other financial items and net impairment for non-financial assets	(5,359)	(8,564)	(590)	NMF	-37.4%
Operating income after expected credit and non-financial asset impairment losses	561,072	604,209	503,612	11.4%	-7.1%
Staff costs	(105,795)	(123,928)	(101,240)	4.5%	-14.6%
Depreciation and amortisation	(31,267)	(31,109)	(29,265)	6.8%	0.5%
Administrative and other operating expenses	(58,169)	(65,848)	(44,764)	29.9%	-11.7%
Operating expenses	(195,231)	(220,885)	(175,269)	11.4%	-11.6%
Net profit before tax	365,841	383,324	328,343	11.4%	-4.6%
Income tax expense	(48,201)	(52,574)	(43,704)	10.3%	-8.3%
Net profit	317,640	330,750	284,639	11.6%	-4.0%

 

Balance sheet highlights

In thousands of GEL	31-Mar-25	31-Dec-24	31-Mar-24	Change YoY	Change QoQ
Cash & NBG mandatory reserves	5,598,657	5,398,958	4,521,806	23.8%	3.7%
Due from other banks	49,449	45,471	24,268	NMF	8.7%
Loans and advances to customers	24,825,243	24,602,989	21,641,521	14.7%	0.9%
Investment securities measured at fair value through OCI	4,702,153	5,504,681	3,875,799	21.3%	-14.6%
Intangible assets and Goodwill	443,665	430,362	396,070	12.0%	3.1%
Other assets	1,758,688	1,767,188	1,388,504	26.7%	-0.5%
TOTAL ASSETS	37,377,855	37,749,649	31,847,968	17.4%	-1.0%
Due to credit institutions	7,243,202	7,314,032	3,601,828	NMF	-1.0%
Customer accounts	21,355,609	21,890,518	20,219,932	5.6%	-2.4%
Subordinated debt and debt securities in issue	2,311,275	2,319,634	2,337,185	-1.1%	-0.4%
Other liabilities	937,265	696,607	972,875	-3.7%	34.5%
TOTAL LIABILITIES	31,847,351	32,220,791	27,131,820	17.4%	-1.2%
Equity attributable to shareholders	5,530,226	5,528,606	4,715,946	17.3%	0.0%
Non-controlling interest	278	252	202	37.6%	10.3%
TOTAL EQUITY	5,530,504	5,528,858	4,716,148	17.3%	0.0%
TOTAL LIABILITIES AND EQUITY	37,377,855	37,749,649	31,847,968	17.4%	-1.0%

Key ratios

Georgian financial services	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Profitability ratios:
ROE1	23.3%	24.6%	24.0%	-0.7 pp	-1.3 pp
ROA2	3.4%	3.6%	3.6%	-0.2 pp	-0.2 pp
Cost to income3	31.8%	34.2%	32.4%	-0.6 pp	-2.4 pp
NIM4	5.5%	5.7%	5.9%	-0.4 pp	-0.2 pp
Loan yields5	11.6%	11.5%	11.6%	0.0 pp	0.1 pp
Deposit rates6	4.7%	4.6%	4.8%	-0.1 pp	0.1 pp
Cost of funding7	5.6%	5.5%	5.4%	0.2 pp	0.1 pp
Asset quality & portfolio concentration:
Cost of risk8	0.8%	0.6%	0.7%	0.1 pp	0.2 pp
PAR 90 to gross loans9	1.5%	1.4%	1.3%	0.2 pp	0.1 pp
NPLs to gross loans10	2.4%	2.2%	2.2%	0.2 pp	0.2 pp
NPL provision coverage11	59.5%	61.0%	67.1%	-7.6 pp	-1.5 pp
Total NPL coverage12	134.1%	138.0%	134.6%	-0.5 pp	-3.9 pp

For the ratio definitions and exchange rates, please refer to appendix 3

Uzbekistan

Profit and loss statement

In thousands of GEL	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Interest income	224,843	180,545	101,324	121.9%	24.5%
Interest expense	(101,576)	(82,548)	(47,028)	116.0%	23.1%
Net interest income	123,267	97,997	54,296	127.0%	25.8%
Fee and commission income	56,362	54,843	28,073	100.8%	2.8%
Fee and commission expense	(18,326)	(15,286)	(7,899)	132.0%	19.9%
Net fee and commission income	38,036	39,557	20,174	88.5%	-3.8%
Net gains from currency derivatives, foreign currency operations and translation	(266)	(214)	(426)	-37.6%	24.3%
Other operating income	14	57	1	NMF	-75.4%
Other operating non-interest income/(expense)	(252)	(157)	(425)	-40.7%	60.5%
Credit loss allowance for loans to customers	(58,514)	(24,696)	(11,753)	NMF	136.9%
Credit loss allowance for other financial items and net impairment for non-financial assets	(5,705)	(6,145)	(523)	NMF	-7.2%
Operating income after expected credit and non-financial asset impairment losses	96,832	106,556	61,769	56.8%	-9.1%
Staff costs	(23,104)	(20,423)	(12,974)	78.1%	13.1%
Depreciation and amortisation	(4,674)	(4,113)	(2,759)	69.4%	13.6%
Administrative and other operating expenses	(46,182)	(40,286)	(24,635)	87.5%	14.6%
Operating expenses	(73,960)	(64,822)	(40,368)	83.2%	14.1%
Net profit before tax	22,872	41,734	21,401	6.9%	-45.2%
Income tax expense	(1,311)	(5,221)	(2,964)	-55.8%	-74.9%
Net profit	21,561	36,513	18,437	16.9%	-40.9%
Adjusted net profit*	42,228	36,513	18,437	129.0%	15.7%

* Adjusted net profit in 1Q 2025 excludes GEL 24.6 mln non-recurring credit impairment charge in Uzbekistan

 

Balance sheet highlights

In thousands of GEL	31-Mar-25	31-Dec-24	31-Mar-24	Change YoY	Change QoQ
Cash & CBU mandatory reserves	245,519	228,435	190,926	28.6%	7.5%
Due from other banks	2,996	-	-	NMF	NMF
Loans and advances to customers	2,018,553	1,676,113	925,261	118.2%	20.4%
Intangible assets and Goodwill	93,461	75,075	33,990	175.0%	24.5%
Other assets	365,683	289,625	146,477	149.7%	26.3%
TOTAL ASSETS	2,726,212	2,269,248	1,296,654	110.2%	20.1%
Due to credit institutions	683,532	474,444	183,940	271.6%	44.1%
Customer accounts	1,218,048	1,055,758	657,190	85.3%	15.4%
Subordinated debt and debt securities in issue	-	-	43,151	NMF	NMF
Other liabilities	191,262	115,455	91,471	109.1%	65.7%
TOTAL LIABILITIES	2,092,842	1,645,657	975,752	114.5%	27.2%
Equity attributable to shareholders	633,370	623,591	320,902	97.4%	1.6%
TOTAL EQUITY	633,370	623,591	320,902	97.4%	1.6%
TOTAL LIABILITIES AND EQUITY	2,726,212	2,269,248	1,296,654	110.2%	20.1%

Key ratios

Uzbekistan	1Q'25	4Q'24	1Q'24	Change YoY	Change QoQ
Profitability ratios:
ROE1	13.7%	27.7%	23.7%	-10.0 pp	-14.0 pp
Adjusted ROE*	26.6%	27.7%	23.7%	2.9 pp	-1.1 pp
ROA2	3.5%	7.4%	6.5%	-3.0 pp	-3.9 pp
Adjusted ROA*	6.8%	7.4%	6.5%	0.3 pp	-0.6 pp
Cost to income3	45.9%	47.2%	54.5%	-8.6 pp	-1.3 pp
NIM4	24.7%	24.2%	23.6%	1.1 pp	0.5 pp
Loan yields5	44.2%	44.6%	43.2%	1.0 pp	-0.4 pp
Deposit rates6	24.5%	24.9%	25.4%	-0.9 pp	-0.4 pp
Cost of funding7	23.3%	23.8%	24.1%	-0.8 pp	-0.5 pp
Asset quality & portfolio concentration:
Cost of risk8	9.3%	7.7%	5.5%	3.8 pp	1.6 pp
Adjusted cost of risk8*	8.0%	7.7%	5.5%	2.5 pp	0.3 pp
PAR 90 to gross loans9	2.1%	2.0%	2.2%	-0.1 pp	0.1 pp
NPLs to gross loans10	3.2%	2.0%	2.2%	1.0 pp	1.2 pp
Adjusted NPLs to gross loans10*	2.1%	2.0%	2.2%	-0.1 pp	0.1 pp
NPL provision coverage11	192.6%	229.5%	214.0%	-21.4 pp	-36.9 pp
Adjusted NPL provision coverage11*	293.3%	229.5%	214.0%	79.3 pp	63.8 pp
Total NPL coverage12	192.6%	229.5%	214.0%	-21.4 pp	-36.9 pp
Adjusted total NPL coverage12*	293.3%	229.5%	214.0%	79.3 pp	63.8 pp

* Adjusted numbers in 1Q 2025 exclude GEL 24.6 mln non-recurring credit impairment charge in Uzbekistan

For the ratio definitions and exchange rates, please refer to appendix 3

 

2)   Glossary

Terminology	Definition
ADB	Asian Development Bank
AGM	Annual general meeting
BVPS	Book value per share
CBU	Central Bank of Uzbekistan
Consumer loans	Unsecured loans to individuals
Digital daily active users (Digital DAU)	The number of retail digital users who logged into our digital channels at least once per day
Digital monthly active users (Digital MAU)	The number of retail digital users who logged into our digital channels at least once a month
EPS	Earnings per share
FC	Foreign currency
Gross/net loans	Includes gross/net loans and advances to customers and gross/net finance lease receivables
IMF	International Monetary Fund
Monthly active customers (MAC)	For Georgian business, an individual user who has at least one active product as of the reporting date or performed at least one transaction during the past month. For Uzbekistan business, an individual user who logged into the digital application at least once during the month
NBG	National Bank of Georgia
NMF	No Meaningful Figure

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 gross loans divided by monthly average gross loans; 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; 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 loans 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 loans 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 loans (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 loans for the same period.

14. Related party loans to total loans equals related party loans divided by the gross loans.

15. Top 10 borrowers to total portfolio equals the total loan amount of the top 10 borrowers divided by the gross loans.

16. Top 20 borrowers to total portfolio equals the total loan amount of the top 20 borrowers divided by the gross loans.

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 TBC Bank standalone.

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 TBC Bank standalone.

21. CET 1 CAR 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 TBC Bank standalone.

22. Tier 1 CAR 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 TBC Bank standalone.

23. Total CAR 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 TBC Bank standalone.

24. CET 1 CAR 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 TBC UZ Bank standalone.

25. Tier 1 CAR 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 TBC UZ Bank standalone.

26. Total CAR 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 TBC UZ Bank standalone.

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 2.8068 as of 31 December 2024. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.6953 as of 31 March 2024. As of 31 March 2025, the USD/GEL exchange rate equalled 2.7673. For P&L items growth calculations without the currency effect, we used the average USD/GEL exchange rate for the following periods: 4Q 2024 of 2.7582 and 1Q 2024 of 2.6713. As of 1Q 2025, the USD/GEL exchange rate equalled 2.8137.