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TBC Bank reports "strong start" to year with surge in profit

10th Aug 2023 10:15

(Alliance News) - TBC Bank Group PLC on Thursday reported a rise in profit and interest income in its first half.

The Tbilisi, Georgia-headquartered bank said pretax profit in the six months ended June 30 was GEL645.6 million, around GBP194.2 million, up 26% from GEL510.7 million the year before.

Interest income in the first half was GEL766.1 million, up 29% from GEL592.2 million, whilst total assets were up at GEL28.9 million, up 6.6% from GEL27.1 million the year before.

"I am delighted to report that second quarter of financial 2023 has seen further progress on the strong start to the year that we achieved in first quarter of financial 2023, giving us a very strong first half of the year," said Chief Executive Officer Vakhtang Butskhrikidze.

"I am proud to see that our fintech businesses in Uzbekistan are not only growing rapidly, but are also profitable, already accounting for almost 5.0% of the group's profit in the first half of financial 2023."

TBC Bank declared an interim dividend of GEL2.55 per share, up 2.0% from GEL2.50 the year before.

Shares in TBC Bank were flat at 2,520.00 pence in London on Thursday morning.

By Will Neill, Alliance News reporter

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