TBC announced robust profits for H1, attributing the success to strong growth in Georgia and Uzbekistan.
In Georgia, the growth spanned various sectors, including a notable boost from IT service exports, as reflected in a 0.3% year-on-year inflation rate in July. The bank's net interest income surged by 29.4% to 766.1 million Georgian Lari, with pre-tax profit rising by 19.5% to 548.1 million lari for H1. Diluted earnings per share also climbed by 20% to 9.76 lari. Q2 witnessed a 31.5% increase in net interest income, reaching 399.3 million lari, and a 33% stronger profit at 296.3 million lari.
Notably, TBC's return on equity rose to 26.7%, while the cost-to-income ratio decreased to 34.5%. Additionally, non-performing loans slightly reduced to 2.1% of gross loans.
Anticipating future growth from its Uzbekistan fintechs, the bank projected a compound annual growth rate of over 15%, exceeding 1.5 billion lari in net profits, and a return on equity surpassing 23%.
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