17th May 2018 10:46
LONDON (Alliance News) - TBC Bank Group PLC said on Thursday said its profit rose in the first quarter of 2018, with growth in the FTSE 250-listed Georgian bank's lending activity.
For the three months to the end of March, pretax profit totaled GEL108.3 million, or GBP32.9 million, up from GEL102.9 million for the same period the year before.
Return on equity dropped to 21.0% from 24.2% year-on-year, while return on assets fell to 3.2% from 3.7%.
As at the end of March, retail loans stood at GEL3.97 billion, up 9.7% from GEL3.63 billion the prior year. Corporate loans rose by 30% to GEL2.49 billion from GEL1.92 billion and micro, small and medium enterprise loans grew by 18% to GEL1.97 billion from GEL1.57 billion.
TBC Bank Group said it remains confident in its strategy to further strengthen its market position, and is targeting return on equity above 20% for the full year, cost to income ratio below 40%, a dividend pay-out ratio in the range of 25-35% and loan book growth of 15%.
Shares in TBC Bank Group were down 0.9% at 1,759.00 pence on Thursday.
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