TBC Bank reports 2023 profit up 14% y/y to GEL1.14 billion

By bne IntelliNews February 19, 2024
In 4Q 2023, TBC Bank made a profit of GEL291 million, representing a 30% YoY increase, with a return on equity (ROE) at 25%, according to unaudited preliminary consolidated financial results.
 
For FY 2023, the profit exceeded GEL1.14 billion, marking a 14% YoY increase, with an ROE of 26.5%. 
 
Financial highlights for 4Q'23 include a net interest income of GEL442 million, a net fee and commission income of GEL110 million, and other non-interest income of GEL87 million. The total operating income amounted to GEL639 million, with a profit before tax of GEL337 million.
 
On the balance sheet, total assets increased by 14% YoY to GEL32.97 billion, gross loans reached GEL22 billion (21% YoY increase), and customer deposits amounted to GEL20 billion (13.0% YoY increase).
 
Key ratios for 4Q'23 include an ROE of 25%, ROA of 4%, net interest margin (NIM) of 7%, and a cost-to-income ratio of 40%. The bank maintains a robust position with a non-performing loan (NPL) to gross loans ratio of 2% and an NPL provision coverage ratio of 80%. 
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Armenia gives preliminary consent to purchase of Ameriabank by Bank of Georgia

The Central Bank of Armenia's Board has preliminarily approved the acquisition of a significant stake in Ameriabank CJSC by Bank of Georgia Group PLC (BOGG) and Bank of Georgia JSC, according ... more

Over one-third of Georgian pensioners turn to loans

In Georgia, more than a third of pensioners and social benefit recipients, totalling 354,000 individuals, have opted for pension loans, according to a report submitted ... more

Link to military recruitment suspected as Russian official suggests applying “language clause” to jobs for migrants

A measure that would restrict work opportunities in Russia for migrants from countries that have not designated Russian as a state language has been suggested by Deputy Chairperson of the Russian ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    7 days ago
  3. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  4. The models are wrong, climate change is accelerating faster than predicted
    2 days ago
  5. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    30 days ago
  4. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  5. Saudi Arabia to scale back plans for Neom city
    17 days ago

Reports

Dismiss