16th Jul 2021 10:15
(Alliance News) - TBC Bank Group PLC on Friday said Georgian curbs on distributions have now been lifted as it plans to "fully restore" capital buffers by the end of the month.
TBC Bank explained it plans to restore the capital buffers that were temporarily suspended by the National Bank of Georgia in March last year, due to Covid-19. Capital buffers refer to the minimum amount of capital financial firms must hold onto.
"This will result in lifting any regulatory restrictions on any capital distributions by TBC Bank," the company added.
"The improved macroeconomic outlook coupled with a robust financial performance puts TBC Group in a strong position to maintain solid capital levels and to continue with its growth strategy both in Georgia and Uzbekistan, while at the same time to resume the payment of dividends to shareholders."
It noted that as of June 30, its CET1 capital ratio was 13.04%, topping the 11.24% minimum requirement with restored buffers.
Its capital adequacy ratios stand "comfortably" above the minimum, the company said.
TBC Bank has also approved a change to its dividend policy to allow semi-annual payments. What's more, it is mulling an interim dividend in respect to the first half of 2021.
TBC Bank shares were 0.2% higher at 1,214.00 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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