6th Nov 2025 07:00
TBC BANK GROUP PLC ("TBC Bank")
3Q AND 9M 2025 UNAUDITED CONSOLIDATED
FINANCIAL RESULTS
Forward-looking statements
This document contains forward-looking statements; such forward-looking statements contain known and unknown risks, uncertainties and other important factors, which may cause the actual results, performance or achievements of TBC Bank Group PLC ("the Bank" or "the Group" or "TBCG") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on numerous assumptions regarding the Bank's present and future business strategies and the environment in which the Bank will operate in the future. Important factors that, in the view of the Bank, could cause actual results to differ materially from those discussed in the forward-looking statements include, among others: the achievement of anticipated levels of profitability; growth, cost and recent acquisitions; the impact of competitive pricing; the ability to obtain the necessary regulatory approvals and licenses; the impact of developments in the Georgian and Uzbek economies; the impact of Russia-Ukraine war; the political and legal environment; financial risk management; and the impact of general business and global economic conditions.
None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises, nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects are based are accurate or exhaustive or, in the case of the assumptions, entirely covered in the document. These forward-looking statements speak only as of the date they are made, and, subject to compliance with applicable law and regulations, the Bank expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in the document to reflect actual results, changes in assumptions or changes in factors affecting those statements.
Certain financial information contained in this management report, which is prepared on the basis of the Group's accounting policies applied consistently from year to year, has been extracted from the Group's unaudited management accounts and financial statements. The areas in which the management accounts might differ from the International Financial Reporting Standards could be significant; you should consult your own professional advisors and/or conduct your own due diligence for a complete and detailed understanding of such differences and any implications they might have on the relevant financial information contained in this presentation. Some numerical figures included in this report have been subjected to rounding adjustments. Accordingly, the numerical figures shown as totals in certain tables might not be an arithmetic aggregation of the figures that preceded them.
3Q and 9M 2025 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated financial results for the 3Q and 9M 2025 on Thursday, 6 November 2025 at 7.00 AM GMT. The management team will host a conference call at 2.00 PM GMT.
To join the live conference call, please register using the following link: https://www.netroadshow.com/events/login/LE9zwo3l1lW3QRuDhp41HZMKEKoIC8sTUso You will receive access details via email.
Contacts
 |
Andrew Keeley Director of Investor Relations
E-mail: [email protected] Tel: +44 (0) 7557 631304 Web: www.tbcbankgroup.com
| Anna Romelashvili Head of Investor Relations
E-mail: [email protected] Tel: +(995) 577 205 290 Web: www.tbcbankgroup.com
| Investor Relations Department
E-mail: [email protected] Tel: +(995 32) 227 27 27 Web: www.tbcbankgroup.com
|
Table of contents
3Q and 9M 2025 unaudited consolidated financial results announcement
Interim management report
Financial highlights
Operational highlights
Letter from the Chief Executive Officer
Economic overview
Unaudited consolidated financial results overview for 3Q 2025
Unaudited consolidated financial results overview for 9M 2025
Additional information
1) Financial disclosures by business lines
2) Glossary
3) Ratio definitions and exchange rates
3Q and 9M 2025 unaudited consolidated financial results[1]
3Q 2025 profit of GEL 368 million, up by 6% YoY, with ROE at 24.4%.
9M 2025 profit of GE L 1,033 million, up by 6% YoY, with ROE at 23.9%.
European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC to disclose that this announcement contains Inside Information, as defined in that Regulation.
Financial highlights
Income statement
In thousands of GEL | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | 9M'25 | 9M'24 | Change YoY |
Net interest income | 611,521 | 581,802 | 492,561 | 24.2% | 5.1% | 1,726,533 | 1,393,516 | 23.9% |
Net fee and commission income | 151,201 | 155,634 | 144,797 | 4.4% | -2.8% | 454,832 | 372,498 | 22.1% |
Other non-interest income | 117,475 | 97,191 | 116,296 | 1.0% | 20.9% | 307,671 | 284,051 | 8.3% |
Total operating income | 880,197 | 834,627 | 753,654 | 16.8% | 5.5% | 2,489,036 | 2,050,065 | 21.4% |
Total credit loss allowance | (122,934) | (118,579) | (55,275) | NMF | 3.7% | (360,010) | (131,971) | NMF |
Operating expenses | (331,889) | (313,754) | (280,208) | 18.4% | 5.8% | (933,587) | (766,456) | 21.8% |
Net profit before tax | 425,374 | 402,294 | 418,171 | 1.7% | 5.7% | 1,195,439 | 1,151,638 | 3.8% |
Income tax expense | (57,094) | (56,019) | (70,908) | -19.5% | 1.9% | (162,378) | (178,606) | -9.1% |
Net profit | 368,280 | 346,275 | 347,263 | 6.1% | 6.4% | 1,033,061 | 973,032 | 6.2% |
Balance sheet
In thousands of GEL | Sep'25 | Jun'25 | Sep'24 | Change YoY | Change QoQ |
Total assets | 43,620,942 | 41,963,000 | 37,972,326 | 14.9% | 4.0% |
Gross loans | 28,713,696 | 28,469,934 | 25,315,760 | 13.4% | 0.9% |
Customer deposits* | 24,636,904 | 23,305,837 | 21,836,362 | 12.8% | 5.7% |
Total equity | 6,129,740 | 5,876,138 | 5,427,772 | 12.9% | 4.3% |
Number of ordinary shares | 56,025,473 | 56,211,873 | 56,022,807 | 0.0% | -0.3% |
*Excludes MOF deposits
Key ratios
| 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | 9M'25 | 9M'24 | Change YoY |
ROE | 24.4% | 24.3% | 26.6% | -2.2 pp | 0.1 pp | 23.9% | 26.2% | -2.3 pp |
ROA | 3.3% | 3.4% | 3.7% | -0.4 pp | -0.1 pp | 3.3% | 3.7% | -0.4 pp |
NIM | 7.1% | 7.1% | 6.4% | 0.7 pp | 0.0 pp | 7.0% | 6.4% | 0.6 pp |
Cost to income | 37.7% | 37.6% | 37.2% | 0.5 pp | 0.1 pp | 37.5% | 37.4% | 0.1 pp |
Cost of risk | 1.6% | 1.6% | 0.8% | 0.8 pp | 0.0 pp | 1.6% | 0.7% | 0.9 pp |
NPL to gross loans | 2.7% | 2.5% | 2.2% | 0.5 pp | 0.2 pp | 2.7% | 2.2% | 0.5 pp |
NPL provision coverage ratio | 75.3% | 78.2% | 72.3% | 3.0 pp | -2.9 pp | 75.3% | 72.3% | 3.0 pp |
Total NPL coverage ratio | 136.3% | 142.4% | 141.6% | -5.3 pp | -6.1 pp | 136.3% | 141.6% | -5.3 pp |
Leverage (x) | 7.1x | 7.1x | 7.0x | 0.1x | 0x | 7.1x | 7.0x | 0.1x |
EPS (GEL) | 6.48 | 6.13 | 6.17 | 5.0% | 5.7% | 18.33 | 17.50 | 4.7% |
Diluted EPS (GEL) | 6.41 | 6.07 | 6.14 | 4.4% | 5.6% | 18.14 | 17.42 | 4.1% |
BVPS (GEL) | 107.76 | 103.14 | 94.88 | 13.6% | 4.5% | 107.76 | 94.88 | 13.6% |
Georgia |
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CET 1 CAR | 16.7% | 16.4% | 16.6% | 0.1 pp | 0.3 pp | 16.7% | 16.6% | 0.1 pp |
Tier 1 CAR | 20.1% | 19.8% | 20.4% | -0.3 pp | 0.3 pp | 20.1% | 20.4% | -0.3 pp |
Total CAR | 22.9% | 23.0% | 23.9% | -1.0 pp | -0.1 pp | 22.9% | 23.9% | -1.0 pp |
Uzbekistan |
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CET 1 CAR | 18.5% | 18.5% | 16.4% | 2.1 pp | 0.0 pp | 18.5% | 16.4% | 2.1 pp |
Tier 1 CAR | 18.5% | 18.5% | 16.4% | 2.1 pp | 0.0 pp | 18.5% | 16.4% | 2.1 pp |
Total CAR | 19.4% | 20.0% | 19.6% | -0.2 pp | -0.6 pp | 19.4% | 19.6% | -0.2 pp |
Operational highlights
Customer base
In thousands | Sep'25 | Jun'25 | Sep'24 | Change YoY | Change QoQ |
Total unique registered users | 25,394 | 24,299 | 20,486 | 24% | 5% |
Georgia | 3,586 | 3,537 | 3,418 | 5% | 1% |
Uzbekistan | 21,808 | 20,762 | 17,068 | 28% | 5% |
Total monthly active customers | 7,462 | 7,407 | 6,563 | 14% | 1% |
Georgia | 1,802 | 1,752 | 1,671 | 8% | 3% |
Uzbekistan | 5,660 | 5,655 | 4,892 | 16% | 0% |
Total digital monthly active users ("digital MAU") | 6,856 | 6,809 | 5,892 | 16% | 1% |
Georgia | 1,196 | 1,154 | 1,000 | 20% | 4% |
Uzbekistan | 5,660 | 5,655 | 4,892 | 16% | 0% |
Total digital daily active users ("digital DAU") | 2,393 | 2,401 | 1,948 | 23% | 0% |
Georgia | 555 | 545 | 456 | 22% | 2% |
Uzbekistan | 1,838 | 1,856 | 1,492 | 23% | -1% |
Digital DAU/MAU | 35% | 35% | 33% | 2 pp | 0 pp |
Georgia | 46% | 47% | 46% | 0 pp | -1 pp |
Uzbekistan | 32% | 33% | 30% | 2 pp | -1 pp |
Unique registered users of Uzbekistan have been reclassified since 4Q 2024
Uzbekistan - key highlights
In thousands of GEL | Sep'25 | Jun'25 | Sep'24 | Change YoY | Change QoQ |
Gross loans and advances to customers | 2,636,055 | 2,463,960 | 1,373,506 | 91.9% | 7.0% |
Customer accounts | 1,466,682 | 1,340,365 | 855,689 | 71.4% | 9.4% |
In thousands of GEL | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | 9M'25 | 9M'24 | Change YoY |
Total operating income | 188,602 | 169,765 | 111,373 | 69.3% | 11.1% | 519,418 | 276,499 | 87.9% |
Net profit | 41,093 | 32,329 | 31,595 | 30.1% | 27.1% | 94,983 | 73,811 | 28.7% |
ROE | 23.3% | 20.0% | 28.2% | -4.9 pp | 3.3 pp | 19.1% | 26.6% | -7.5 pp |
9M 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
Letter from the Chief Executive Officer[2]
I am pleased to share that 3Q marked another quarter of very consistent and strong operating performance for the group, with record quarterly earnings. In 3Q 2025, operating income rose by 17% year-on-year to GEL 880 million, while net profit reached GEL 368 million, up 6% year-on-year, with an ROE of 24.4%. Consequently, for 9M 2025, net profit totaled GEL 1,033 million, up 6% year-on-year, with an ROE of 23.9%.
This strong and steady progress, alongside a very sound capital base, enables us to continue to combine robust growth with returning excess capital to shareholders, and the Board has declared a quarterly dividend of GEL 1.75 per share for 3Q 2025, bringing total dividends for the first nine months to GEL 5.0.
Consistent returns in Georgia, further ecosystem scale up in Uzbekistan
Turning to how the quarter has been in Georgia and Uzbekistan, our Georgian business continues to generate impressive profitability, posting another quarter of mid-20s ROE. This was underpinned by a 9% increase in the loan book on a constant currency basis and net interest margin ticking up to 6.0%. While we lead the market in many segments, a key focus is gaining market share in fast consumer lending - we increased this loan book 42% year-on-year in 3Q 2025 and have gained 3.0 pp market share in the past year. We continue to innovate in this space. In 3Q we re-engineered our credit card offering in our mobile app, which is already resulting in strong customer uptake.
Meanwhile, during 3Q 2025, TBC Uzbekistan continued to make great strides in scaling up its digital banking ecosystem. We announced our planned acquisition of a majority stake in OLX, the country's largest online classifieds platform, which will unlock powerful synergies with our financial services platform and help increase our share of customer attention. We also saw good progress in the uptake of Salom Card, with 0.7 million issued by the end of September, of which over 0.5 million have been funded as customers increasingly choose TBC for their daily banking needs. In addition, we have been deepening customer engagement in Payme, with Payme Plus subscription reaching 0.3 million monthly active users. We keep scaling and embedding the use of AI across our operations, reaching 90% automation in early-stage delinquency calls and conducting over 100,000 sales interactions per month.
2025 targets update
The performance of the overall Group remains strong and resilient. Our ROE has consistently been running ahead of the 23% target we have set ourselves, and since the start of 2023, we have almost doubled our digital MAU to close to 7 million as more customers choose TBC. Georgia remains a model of highly profitable consistency, and over the past few years in Uzbekistan we have built one of the fastest growing digital banking ecosystems globally - we have added over 10 million registered users over the past three years, we have built a USD 1 billion loan book, and we now have a diverse product suite of digital financial services for both consumers and businesses. Our digital bank broke even in just 2 years and is already generating c20% ROE, despite still being an early-stage business.
This year in Uzbekistan, we have scaled up and launched new products. Loans have almost doubled year-on-year, Salom Card is gaining traction as a 'go to' product for daily banking needs, and we announced highly value accretive M&A. We have become a top 10 player in retail banking and are now the 'top of mind' bank in Tashkent. But the year has also clearly had its challenges, with the previously flagged headwinds in 1H, while in 2H, we have pivoted our business from microloans to SME lending more quickly than previously anticipated in line with the changing regulatory agenda. As a result, we will be below the net profit guidance that we set ourselves back in 2023. Consequently, we anticipate Group net profit to be slightly below our GEL 1.5 billion target.
As a group, we are well-positioned for the future. We have an excellent and reliable Georgian franchise, while in Uzbekistan we have a flexible and resilient business model that enables us to adapt quickly to the evolving environment. We remain highly positive on the long-term growth opportunities in both markets.
Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC
Economic overview
Georgia
Economic growth remains robust
Georgia's real GDP increased by 6.5% year-on-year in the third quarter of 2025, with recent growth dynamics more aligned with the expected relative moderation trend, although average growth in the first nine months of the year stood at a robust 7.7%, following 9.4% growth in 2024, according to Geostat. While heightened political tensions resulted in lower tourism revenues and domestic demand at the end of 2024 and 1Q 2025, especially reflected through contracted spending on durable goods, a recovery in consumption was evident from March. Economic activity has remained steady since, with growth supported by improving external trade balance and robust currency inflows and slowing, though still strong, credit activity and real wages.
Following the drop in December 2024, estimated net inflows into Georgia has been improving this year, supported by lower durable imports, especially of cars. Georgia's seasonally adjusted underlying current account (excluding reinvestments) recorded a surplus in 2Q 2025, while estimated net inflows remained robust in 3Q as well. Total exports and imports of goods denominated in U.S. dollars decreased by 1.2% and 0.8% YoY, respectively. However, the decrease was driven by lower trade with cars as domestic exports grew by 9.3%. At the same time, 6.6% growth in tourism revenues and 12.0% increase in remittances in 3Q also contributed significantly to the improvement in net currency inflows into the country, while FDIs remained subdued.
Fiscal consolidation continues
The government remains committed to fiscal consolidation, as it recorded a budget deficit equal to only 0.4% of GDP in the first 9 months of 2025, while public debt to GDP ratio declined to 35.2%.
Credit growth is moderating, though remains strong
Bank credit growth has moderated slightly from 15.6% year-on-year in June 2025 to 13.4% in September, at constant exchange rates. Given accelerating inflation, real credit growth also weakened, though it remained still strong at 8.2%. As for segments, while retail credit strengthened marginally from 14.8% in June to 14.9% in September, the year-on-year growth of lending to legal entities declined from 16.6% to 11.8%. The gradual dedollarization of bank lending continued in 3Q 2025, with the share of foreign currency loans dropping slightly from 42.9% in June to 42.2% in September, at constant exchange rates.
GEL remains stable, while NBG continues reserve replenishment
Improved net currency inflows resulting from subdued imports and strong external inflows from exports of goods, tourism and remittances, has combined with a globally weakened USD and increased deposit larization in 2Q 2025, leading to appreciation pressures on the national currency that only slightly moderated in 3Q, keeping the GEL broadly stable. Leveraging on this environment, the NBG continued reserve replenishment, purchasing around USD 1.6 billion from the FX market in the first nine months of the year, including USD 717 million in the third quarter, bringing its gross international reserves to USD 5.4 billion as of the end of September. Meanwhile, the national currency appreciated by around 3.6% against the USD compared to the end of 2024 and stood at 2.71 GEL per USD at the end of September.
CPI inflation continued accelerating, standing at 4.8% in September, above the NBG 3.0% target. Higher inflation is driven by the combination of low base effect, elevated domestic pressures and a partial pass-through of higher risks realized in food price dynamics globally. Consequently, the NBG has maintained an unchanged monetary policy rate ("MPR") at 8.0% since May 2024.
Uzbekistan
Continued strong economic performance
Uzbekistan's economic growth strengthened to 8.2% year-on-year in 3Q 2025, averaging 7.6% in the first nine months of the year, compared to 6.5% in 2024. In terms of external trade, exports of goods in 3Q 2025 increased by an impressive 43.5% year-on-year due to higher gold exports. At the same time, imports also posted a strong 30.9% growth, driven by increased imports of vehicles and machinery. Retail credit slightly strengthened to 22.9% YoY in September from 22.0% in June, with mortgage credit expanding by 17.1% and non-mortgage credit by 26.5%.
Annual inflation in Uzbekistan stood at 8.0% in September, down from 8.7% in June and 9.8% in December 2024. The CBU kept its monetary policy rate unchanged at 14.0% throughout the quarter, having increased it by 0.5 percentage points in March, citing sustained inflationary pressures. At the same time, the UZS was valued at 12,068 per US Dollar by the end of September, having appreciated by around 7.1% compared to the end of 2024. UZS appreciation is supported by a globally weakened USD, moderated credit activity and the tighter CBU stance. At the same time, as of September, record-high gold prices resulted in a substantial USD 13.8 billion (or 34%) YTD increase in the CBU international reserves.
Economic growth forecasts raised
As economic outlooks for both countries remain robust, TBC Capital has raised its full year 2025 growth projections to 7.3% in Georgia (up from 7.1%), and 8.0% in Uzbekistan (up from 7.4%).
More information on the Georgian economy and financial sector can be found at www.tbccapital.ge.
Unaudited consolidated financial results overview for 3Q 2025
This statement provides a summary of the business and financial trends for 3Q 2025 for TBC Bank Group plc and its subsidiaries. The financial information and trends are unaudited.
Please note that there might be slight differences in previous periods' figures due to rounding.
Consolidated income statement and other comprehensive income
In thousands of GEL | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ |
Interest income | 1,221,108 | 1,144,935 | 958,194 | 27.4% | 6.7% |
Interest expense | (609,587) | (563,133) | (465,633) | 30.9% | 8.2% |
Net interest income | 611,521 | 581,802 | 492,561 | 24.2% | 5.1% |
Fee and commission income | 277,670 | 259,013 | 218,596 | 27.0% | 7.2% |
Fee and commission expense | (126,469) | (103,379) | (73,799) | 71.4% | 22.3% |
Net fee and commission income | 151,201 | 155,634 | 144,797 | 4.4% | -2.8% |
Net insurance income | 18,623 | 14,039 | 11,389 | 63.5% | 32.7% |
Net gains from currency derivatives, foreign currency operations and translation | 91,337 | 77,775 | 101,326 | -9.9% | 17.4% |
Other operating income | 7,235 | 5,077 | 3,295 | NMF | 42.5% |
Share of profit of associates | 280 | 300 | 286 | -2.1% | -6.7% |
Other operating non-interest income | 117,475 | 97,191 | 116,296 | 1.0% | 21% |
Credit loss allowance for loans to customers | (106,875) | (105,128) | (47,223) | NMF | 1.7% |
Credit loss allowance for other financial items and net impairment for non-financial assets | (16,059) | (13,451) | (8,052) | 99.4% | 19.4% |
Operating income after expected credit losses | 757,263 | 716,048 | 698,379 | 8.4% | 5.8% |
Staff costs | (168,410) | (162,940) | (149,257) | 12.8% | 3.4% |
Depreciation and amortisation | (43,136) | (40,924) | (37,488) | 15.1% | 5.4% |
Administrative and other operating expenses | (120,343) | (109,890) | (93,463) | 28.8% | 9.5% |
Operating expenses | (331,889) | (313,754) | (280,208) | 18.4% | 5.8% |
Net profit before tax | 425,374 | 402,294 | 418,171 | 1.7% | 5.7% |
Income tax expense | (57,094) | (56,019) | (70,908) | -19.5% | 1.9% |
Net profit | 368,280 | 346,275 | 347,263 | 6.1% | 6.4% |
Net profit attributable to: |
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- Shareholders of TBCG | 359,516 | 340,862 | 339,893 | 5.8% | 5.5% |
- Non-controlling interest | 8,764 | 5,413 | 7,370 | 18.9% | 61.9% |
Other comprehensive income: |
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Other comprehensive expense for the period | 41,422 | (52,025) | 48,410 | -14.4% | NMF |
Total comprehensive income for the period | 409,702 | 294,250 | 395,673 | 3.5% | 39.2% |
Consolidated balance sheet
In thousands of GEL | Sep'25 | Jun'25 | Change QoQ |
ASSETS | |||
Cash and cash equivalents | 3,837,678 | 3,548,840 | 8.1% |
Due from other banks | 96,828 | 111,130 | -12.9% |
Mandatory cash balances with the NBG and the CBU | 2,534,159 | 2,408,487 | 5.2% |
Loans and advances to customers and finance lease receivables | 28,124,677 | 27,908,768 | 0.8% |
Investment securities | 5,874,066 | 5,260,446 | 11.7% |
Repurchase receivables | 284,411 | - | NMF |
Investment properties | 11,495 | 11,569 | -0.6% |
Current income tax prepayment | 54,482 | 11,546 | NMF |
Deferred income tax asset | 4,507 | 4,254 | 5.9% |
Other financial assets | 350,685 | 436,784 | -19.7% |
Other assets | 1,653,276 | 1,538,293 | 7.5% |
Intangible assets | 715,330 | 662,919 | 7.9% |
Goodwill | 79,348 | 59,964 | 32.3% |
TOTAL ASSETS | 43,620,942 | 41,963,000 | 4.0% |
LIABILITIES |
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Due to credit institutions | 7,485,130 | 7,181,100 | 4.2% |
Customer accounts | 25,248,136 | 23,921,726 | 5.5% |
Other financial liabilities | 805,989 | 1,138,603 | -29.2% |
Current income tax liability | 3,155 | 23,416 | -86.5% |
Deferred income tax liability | 52,432 | 51,774 | 1.3% |
Debt Securities in issue* | 1,916,282 | 1,861,021 | 3.0% |
Other liabilities | 252,414 | 212,332 | 18.9% |
Subordinated debt | 1,142,273 | 1,151,490 | -0.8% |
Redemption liability | 585,391 | 545,400 | 7.3% |
TOTAL LIABILITIES | 37,491,202 | 36,086,862 | 3.9% |
EQUITY |
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Share capital | 1,713 | 1,719 | -0.3% |
Shares held by trust | (53,196) | (49,862) | 6.7% |
Share premium | 411,088 | 411,088 | 0.0% |
Retained earnings | 5,823,395 | 5,590,920 | 4.2% |
Other reserves | (217,522) | (222,807) | -2.4% |
Equity attributable to owners of the parent | 5,965,478 | 5,731,058 | 4.1% |
Non-controlling interest | 164,262 | 145,080 | 13.2% |
TOTAL EQUITY | 6,129,740 | 5,876,138 | 4.3% |
TOTAL LIABILITIES AND EQUITY | 43,620,942 | 41,963,000 | 4.0% |
* Debt securities in issue include Additional Tier 1 capital subordinated notes
Ratios
Ratios (based on monthly averages, where applicable) | 3Q'25 | 2Q'25 | 3Q'24 |
Profitability ratios: | |||
ROE1 | 24.4% | 24.3% | 26.6% |
ROA2 | 3.3% | 3.4% | 3.7% |
Cost to income3 | 37.7% | 37.6% | 37.2% |
NIM4 | 7.1% | 7.1% | 6.4% |
Loan yields5 | 14.7% | 14.5% | 13.2% |
Deposit rates6 | 5.8% | 5.8% | 5.4% |
Cost of funding7 | 6.9% | 6.8% | 6.1% |
Asset quality & portfolio concentration: | |||
Cost of risk9 | 1.6% | 1.6% | 0.8% |
PAR 90 to gross loans9 | 1.9% | 1.7% | 1.5% |
NPLs to gross loans10 | 2.7% | 2.5% | 2.2% |
NPL provision coverage11 | 75.3% | 78.2% | 72.3% |
Total NPL coverage12 | 136.3% | 142.4% | 141.6% |
Credit loss level to gross loans13 | 2.1% | 2.0% | 1.6% |
Related party loans to gross loans14 | 0.0% | 0.0% | 0.1% |
Top 10 borrowers to total portfolio15 | 4.6% | 4.9% | 5.8% |
Top 20 borrowers to total portfolio16 | 7.4% | 7.8% | 8.5% |
Capital & liquidity positions: | |||
Net loans to deposits plus IFI funding17 | 98.5% | 103.5% | 99.7% |
Leverage (x)18 | 7.1x | 7.1x | 7.0x |
Georgia | |||
Net stable funding ratio19 | 126.3% | 124.4% | 123.1% |
Liquidity coverage ratio20 | 135.1% | 116.3% | 121.1% |
CET 1 CAR21 | 16.7% | 16.4% | 16.6% |
Tier 1 CAR22 | 20.1% | 19.8% | 20.4% |
Total 1 CAR23 | 22.9% | 23.0% | 23.9% |
Uzbekistan | |||
CET 1 CAR24 | 18.5% | 18.5% | 16.4% |
Tier 1 CAR25 | 18.5% | 18.5% | 16.4% |
Total 1 CAR26 | 19.4% | 20.0% | 19.6% |
Funding and liquidity in Georgia
| Sep'25 | Jun'25 | Change QoQ |
Minimum net stable funding ratio, as defined by the NBG | 100.0% | 100.0% | 0.0 pp |
Net stable funding ratio as defined by the NBG | 126.3% | 124.4% | 1.9 pp |
| |||
Minimum total liquidity coverage ratio, as defined by the NBG | 100.0% | 100.0% | 0.0 pp |
Minimum LCR in GEL, as defined by the NBG | 75% | 75.0% | 0.0 pp |
Minimum LCR in FC, as defined by the NBG | 100.0% | 100.0% | 0.0 pp |
| |||
Total liquidity coverage ratio, as defined by the NBG | 135.1% | 116.3% | 18.8 pp |
LCR in GEL, as defined by the NBG | 122.0% | 115.7% | 6.3 pp |
LCR in FC, as defined by the NBG | 143.3% | 116.6% | 26.7 pp |
Regulatory capital
Georgia
In thousands of GEL | Sep'25 | Jun'25 | Change QoQ |
CET 1 capital | 5,003,864 | 4,917,529 | 1.8% |
Tier 1 capital | 6,019,664 | 5,938,879 | 1.4% |
Total capital | 6,874,689 | 6,874,774 | 0.0% |
Total risk-weighted assets | 29,986,829 | 29,939,526 | 0.2% |
| |||
Minimum CET 1 ratio | 14.7% | 14.7% | 0.0 pp |
CET 1 capital adequacy ratio | 16.7% | 16.4% | 0.3 pp |
| |||
Minimum Tier 1 ratio | 17.0% | 16.9% | 0.1 pp |
Tier 1 capital adequacy ratio | 20.1% | 19.8% | 0.3 pp |
| |||
Minimum total capital adequacy ratio | 20.0% | 19.9% | 0.1 pp |
Total capital adequacy ratio | 22.9% | 23.0% | -0.1 pp |
Uzbekistan
In thousands of GEL | Sep'25 | Jun'25 | Change QoQ |
CET 1 capital | 561,419 | 538,892 | 4.2% |
Tier 1 capital | 561,419 | 538,892 | 4.2% |
Total capital | 588,900 | 581,838 | 1.2% |
Total risk-weighted assets | 3,037,257 | 2,912,132 | 4.3% |
| |||
Minimum CET 1 ratio | 8.0% | 8.0% | 0.0 pp |
CET 1 capital adequacy ratio | 18.5% | 18.5% | 0.0 pp |
| |||
Minimum Tier 1 ratio | 10.0% | 10.0% | 0.0 pp |
Tier 1 capital adequacy ratio | 18.5% | 18.5% | 0.0 pp |
| |||
Minimum total capital adequacy ratio | 13.0% | 13.0% | 0.0 pp |
Total capital adequacy ratio | 19.4% | 20.0% | -0.6 pp |
Loan portfolio
As of 30 September 2025, the gross loan portfolio reached GEL 28,713.7 million, up by 0.9% QoQ, or up by 0.7% QoQ on a constant currency basis.
By the end of September 2025, our Georgia FS loan portfolio increased by 0.3% on a QoQ basis and reached GEL 26,077.6 million, with 0.6% QoQ growth on a constant currency basis. Over the same period, our Uzbek portfolio increased by 7.0% QoQ, or up by 2.7% QoQ on a constant currency basis.
In thousands of GEL Gross loans and advances to customers | Sep'25 | Jun'25 | Change QoQ |
Georgian financial services ("Georgia FS")* | 26,077,641 | 25,992,620 | 0.3% |
Retail Georgia | 9,397,354 | 9,124,930 | 3.0% |
CIB Georgia | 10,224,375 | 10,491,098 | -2.5% |
MSME Georgia | 5,925,747 | 5,902,254 | 0.4% |
Uzbekistan | 2,636,055 | 2,463,960 | 7.0% |
Total gross loans and advances to customers | 28,713,696 | 28,469,934 | 0.9% |
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | |
Loan yields | 14.7% | 14.5% | 13.2% | 1.5 pp | 0.2 pp |
GEL | 14.7% | 14.5% | 14.0% | 0.7 pp | 0.2 pp |
FC | 8.9% | 8.9% | 9.0% | -0.1 pp | 0.0 pp |
UZS | 42.5% | 42.7% | 44.4% | -1.9 pp | -0.2 pp |
Georgia FS | 12.0% | 11.9% | 11.5% | 0.5 pp | 0.1 pp |
GEL | 14.7% | 14.5% | 14.0% | 0.7 pp | 0.2 pp |
FC | 8.9% | 8.9% | 8.9% | 0.0 pp | 0.0 pp |
Uzbekistan | 42.5% | 42.7% | 44.4% | -1.9 pp | -0.2 pp |
UZS | 42.5% | 42.7% | 44.4% | -1.9 pp | -0.2 pp |
Total loan yields | 14.7% | 14.5% | 13.2% | 1.5 pp | 0.2 pp |
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
Loan portfolio quality
PAR 90 | Sep'25 | Jun'25 | Change QoQ |
Georgia FS* | 1.6% | 1.5% | 0.1 pp |
Retail Georgia | 0.9% | 0.8% | 0.1 pp |
CIB Georgia | 1.5% | 1.2% | 0.3 pp |
MSME Georgia | 3.1% | 2.8% | 0.3 pp |
Uzbekistan | 4.7% | 3.9% | 0.8 pp |
Total PAR 90 | 1.9% | 1.7% | 0.2 pp |
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
In thousands of GEL Non-performing Loans ("NPL") | Sep'25 | Jun'25 | Change QoQ |
Georgia FS* | 658,408 | 613,751 | 7.3% |
Retail Georgia | 148,440 | 147,242 | 0.8% |
CIB Georgia | 226,372 | 157,590 | 43.6% |
MSME Georgia | 274,926 | 281,300 | -2.3% |
Uzbekistan | 123,374 | 101,170 | 21.9% |
Total non-performing loans | 781,782 | 717,615 | 8.9% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
NPL to gross loans | Sep'25 | Jun'25 | Change QoQ |
Georgia FS* | 2.5% | 2.4% | 0.1 pp |
Retail Georgia | 1.6% | 1.6% | 0.0 pp |
CIB Georgia | 2.2% | 1.5% | 0.7 pp |
MSME Georgia | 4.6% | 4.8% | -0.2 pp |
Uzbekistan | 4.7% | 4.1% | 0.6 pp |
Total NPL to gross loans | 2.7% | 2.5% | 0.2 pp |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
| Sep'25 | Jun'25 | ||
NPL Coverage | Provision Coverage | Total Coverage** | Provision Coverage | Total Coverage** |
Georgia FS* | 60.7% | 133.1% | 62.6% | 137.3% |
Retail Georgia | 136.4% | 186.0% | 129.5% | 181.7% |
CIB Georgia | 32.4% | 104.5% | 43.3% | 113.8% |
MSME Georgia | 41.1% | 123.6% | 40.7% | 124.9% |
Uzbekistan | 153.5% | 153.5% | 169.7% | 169.7% |
Total NPL coverage | 75.3% | 136.3% | 78.2% | 142.4% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Cost of risk ("CoR") | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ |
Georgia FS* | 0.8% | 0.8% | 0.5% | 0.3 pp | 0.0 pp |
Retail Georgia | 1.7% | 1.8% | 1.1% | 0.6 pp | -0.1 pp |
CIB Georgia | 0.2% | 0.2% | 0.1% | 0.1 pp | 0.0 pp |
MSME Georgia | 0.4% | 0.5% | 0.3% | 0.1 pp | -0.1 pp |
Uzbekistan | 9.7% | 9.9% | 5.8% | 3.9 pp | -0.2 pp |
Total cost of risk | 1.6% | 1.6% | 0.8% | 0.8 pp | 0.0 pp |
Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Deposit portfolio
As of 30 September 2025, the deposit portfolio reached GEL 25,248.1 million, up by 5.5% QoQ, and also up by 5.6% QoQ on a constant currency basis.
By the end of September 2025, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 23,404. 7 million, up by 6.2% QoQ, and also up by 6.6% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 9.4% QoQ, or up by 5.1% QoQ on a constant currency basis.
In thousands of GEL Customer accounts | Sep'25 | Jun'25 | Change QoQ |
Georgia FS* | 24,015,951 | 22,646,812 | 6.0% |
Retail Georgia | 9,170,003 | 8,719,633 | 5.2% |
CIB Georgia | 12,337,739 | 11,521,115 | 7.1% |
MSME Georgia | 2,075,247 | 1,951,125 | 6.4% |
MOF | 611,232 | 615,889 | -0.8% |
Uzbekistan | 1,466,682 | 1,340,365 | 9.4% |
Total customer accounts** | 25,248,136 | 23,921,726 | 5.5% |
* Georgian FS includes sub-segment eliminations ** Total customer accounts are adjusted for eliminations
| 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ |
Deposit rates | 5.8% | 5.8% | 5.4% | 0.4 pp | 0.0 pp |
GEL | 7.7% | 7.9% | 7.7% | 0.0 pp | -0.2 pp |
FC | 2.1% | 1.9% | 1.4% | 0.7 pp | 0.2 pp |
UZS | 24.0% | 24.9% | 24.7% | -0.7 pp | -0.9 pp |
Georgian financial services | 4.7% | 4.6% | 4.7% | 0.0 pp | 0.1 pp |
GEL | 7.7% | 7.9% | 7.7% | 0.0 pp | -0.2 pp |
FC | 2.1% | 1.9% | 1.4% | 0.7 pp | 0.2 pp |
Uzbek business | 23.9% | 24.8% | 24.6% | -0.7 pp | -0.9 pp |
UZS | 24.0% | 24.9% | 24.7% | -0.7 pp | -0.9 pp |
FC | 8.3% | 5.5% | 4.7% | 3.6 pp | 2.8 pp |
Total deposit rates* | 5.8% | 5.8% | 5.4% | 0.4 pp | 0.0 pp |
* Total deposits rates include MOF deposits
Unaudited consolidated financial results overview for 9M 2025
This statement provides a summary of the business and financial trends for 9M 2025 for TBC Bank Group plc and its subsidiaries. The financial information and trends are unaudited.
Please note that there might be slight differences in previous periods' figures due to rounding.
Consolidated income statement and other comprehensive income
In thousands of GEL | 9M'25 | 9M'24 | Change YoY |
Interest income | 3,437,782 | 2,677,097 | 28.4% |
Interest expense | (1,711,249) | (1,283,581) | 33.3% |
Net interest income | 1,726,533 | 1,393,516 | 23.9% |
Fee and commission income | 768,187 | 598,958 | 28.3% |
Fee and commission expense | (313,355) | (226,460) | 38.4% |
Net fee and commission income | 454,832 | 372,498 | 22.1% |
Net insurance income | 41,397 | 28,292 | 46.3% |
Net gains from currency derivatives, foreign currency operations and translation | 247,269 | 248,442 | -0.5% |
Other operating income | 18,286 | 6,926 | NMF |
Share of profit of associates | 719 | 391 | 83.9% |
Other operating non-interest income | 307,671 | 284,051 | 8.3% |
Credit loss allowance for loans to customers | (318,597) | (118,788) | NMF |
Credit loss allowance for other financial items and net impairment for non-financial assets | (41,413) | (13,183) | NMF |
Operating income after expected credit and non-financial asset impairment losses | 2,129,026 | 1,918,094 | 11.0% |
Staff costs | (476,301) | (411,473) | 15.8% |
Depreciation and amortisation | (122,710) | (107,210) | 14.5% |
Administrative and other operating expenses | (334,576) | (247,773) | 35.0% |
Operating expenses | (933,587) | (766,456) | 21.8% |
Net profit before tax | 1,195,439 | 1,151,638 | 3.8% |
Income tax expense | (162,378) | (178,606) | -9.1% |
Net profit | 1,033,061 | 973,032 | 6.2% |
Net profit attributable to: |
| ||
- Shareholders of TBCG | 1,016,930 | 957,293 | 6.2% |
- Non-controlling interest | 16,131 | 15,739 | 2.5% |
Other comprehensive income: |
|
| |
Other comprehensive expense for the period | (26,663) | 14,246 | NMF |
Total comprehensive income for the period | 1,006,398 | 987,278 | 1.9% |
Consolidated balance sheet
In thousands of GEL | Sep'25 | Sep'24 | Change YoY |
ASSETS | |||
Cash and cash equivalents | 3,837,678 | 5,108,157 | -24.9% |
Due from other banks | 96,828 | 23,347 | NMF |
Mandatory cash balances with the NBG and the CBU | 2,534,159 | 1,991,538 | 27.2% |
Loans and advances to customers and finance lease receivables | 28,124,677 | 24,914,965 | 12.9% |
Investment securities | 5,874,066 | 3,597,125 | 63.3% |
Repurchase receivables | 284,411 | - | NMF |
Investment properties | 11,495 | 14,235 | -19.2% |
Current income tax prepayment | 54,482 | 84,140 | -35.2% |
Deferred income tax asset | 4,507 | 920 | NMF |
Other financial assets | 350,685 | 296,002 | 18.5% |
Other assets | 1,653,276 | 1,326,855 | 24.6% |
Intangible assets | 715,330 | 555,078 | 28.9% |
Goodwill | 79,348 | 59,964 | 32.3% |
TOTAL ASSETS | 43,620,942 | 37,972,326 | 14.9% |
LIABILITIES |
|
|
|
Due to credit institutions | 7,485,130 | 5,922,371 | 26.4% |
Customer accounts | 25,248,136 | 22,548,107 | 12.0% |
Other financial liabilities | 805,989 | 577,196 | 39.6% |
Current income tax liability | 3,155 | 27,727 | -88.6% |
Deferred income tax liability | 52,432 | 57,934 | -9.5% |
Debt Securities in issue* | 1,916,282 | 1,621,985 | 18.1% |
Other liabilities | 252,414 | 237,480 | 6.3% |
Subordinated debt | 1,142,273 | 1,133,742 | 0.8% |
Redemption liability | 585,391 | 418,012 | 40.0% |
TOTAL LIABILITIES | 37,491,202 | 32,544,554 | 15.2% |
EQUITY |
|
|
|
Share capital | 1,713 | 1,713 | 0.0% |
Shares held by trust | (53,196) | (66,982) | -20.6% |
Share premium | 411,088 | 345,913 | 18.8% |
Retained earnings | 5,823,395 | 4,995,298 | 16.6% |
Other reserves | (217,522) | (42,996) | NMF |
Equity attributable to owners of the parent | 5,965,478 | 5,232,946 | 14.0% |
Non-controlling interest | 164,262 | 194,826 | -15.7% |
TOTAL EQUITY | 6,129,740 | 5,427,772 | 12.9% |
TOTAL LIABILITIES AND EQUITY | 43,620,942 | 37,972,326 | 14.9% |
* Debt securities in issue include Additional Tier 1 capital subordinated notes
Ratios
Ratios (based on monthly averages, where applicable) | 9M'25 | 9M'24 |
Profitability ratios: | ||
ROE1 | 23.9% | 26.2% |
ROA2 | 3.3% | 3.7% |
Cost to income3 | 37.5% | 37.4% |
NIM4 | 7.0% | 6.4% |
Loan yields5 | 14.4% | 13.0% |
Deposit rates6 | 5.7% | 5.3% |
Cost of funding7 | 6.8% | 6.0% |
Asset quality & portfolio concentration: | ||
Cost of risk9 | 1.6% | 0.7% |
PAR 90 to gross loans9 | 1.9% | 1.5% |
NPLs to gross loans10 | 2.7% | 2.2% |
NPL provision coverage11 | 75.3% | 72.3% |
Total NPL coverage12 | 136.3% | 141.6% |
Credit loss level to gross loans13 | 2.1% | 1.6% |
Related party loans to gross loans14 | 0.0% | 0.1% |
Top 10 borrowers to total portfolio15 | 4.6% | 5.8% |
Top 20 borrowers to total portfolio16 | 7.4% | 8.5% |
Capital & liquidity positions: | ||
Net loans to deposits plus IFI funding17 | 98.5% | 99.7% |
Leverage (x)18 | 7.1x | 7.0x |
Georgia | ||
Net stable funding ratio19 | 126.3% | 123.1% |
Liquidity coverage ratio20 | 135.1% | 121.1% |
CET 1 CAR21 | 16.7% | 16.6% |
Tier 1 CAR22 | 20.1% | 20.4% |
Total 1 CAR23 | 22.9% | 23.9% |
Uzbekistan | ||
CET 1 CAR24 | 18.5% | 16.4% |
Tier 1 CAR25 | 18.5% | 16.4% |
Total 1 CAR26 | 19.4% | 19.6% |
Funding and liquidity in Georgia
| Sep'25 | Sep'24 | Change YoY |
Minimum net stable funding ratio, as defined by the NBG | 100.0% | 100.0% | 0.0 pp |
Net stable funding ratio as defined by the NBG | 126.3% | 123.1% | 3.2 pp |
| |||
Minimum total liquidity coverage ratio, as defined by the NBG | 100.0% | 100.0% | 0.0 pp |
Minimum LCR in GEL, as defined by the NBG | 75% | 75.0% | 0.0 pp |
Minimum LCR in FC, as defined by the NBG | 100.0% | 100.0% | 0.0 pp |
| |||
Total liquidity coverage ratio, as defined by the NBG | 135.1% | 121.1% | 14.0 pp |
LCR in GEL, as defined by the NBG | 122.0% | 85.9% | 36.1 pp |
LCR in FC, as defined by the NBG | 143.3% | 141.3% | 2.0 pp |
Regulatory capital
Georgia
In thousands of GEL | Sep'25 | Sep'24 | Change YoY |
CET 1 capital | 5,003,864 | 4,540,404 | 10.2% |
Tier 1 capital | 6,019,664 | 5,564,042 | 8.2% |
Total capital | 6,874,689 | 6,533,759 | 5.2% |
Total risk-weighted assets | 29,986,829 | 27,314,351 | 9.8% |
| |||
Minimum CET 1 ratio | 14.7% | 14.5% | 0.2 pp |
CET 1 capital adequacy ratio | 16.7% | 16.6% | 0.1 pp |
| |||
Minimum Tier 1 ratio | 17.0% | 16.8% | 0.2 pp |
Tier 1 capital adequacy ratio | 20.1% | 20.4% | -0.3 pp |
| |||
Minimum total capital adequacy ratio | 20.0% | 19.8% | 0.2 pp |
Total capital adequacy ratio | 22.9% | 23.9% | -1.0 pp |
Uzbekistan
In thousands of GEL | Sep'25 | Sep'24 | Change YoY |
CET 1 capital | 561,419 | 357,056 | 57.2% |
Tier 1 capital | 561,419 | 357,056 | 57.2% |
Total capital | 588,900 | 426,575 | 38.1% |
Total risk-weighted assets | 3,037,257 | 2,175,022 | 39.6% |
| |||
Minimum CET 1 ratio | 8.0% | 8.0% | 0.0 pp |
CET 1 capital adequacy ratio | 18.5% | 16.4% | 2.1 pp |
| |||
Minimum Tier 1 ratio | 10.0% | 10.0% | 0.0 pp |
Tier 1 capital adequacy ratio | 18.5% | 16.4% | 2.1 pp |
| |||
Minimum total capital adequacy ratio | 13.0% | 13.0% | 0.0 pp |
Total capital adequacy ratio | 19.4% | 19.6% | -0.2 pp |
Loan portfolio
As of 30 September 2025, the gross loan portfolio reached GEL 28,713.7 million, up by 13.4% YoY, or up by 12.5% YoY on a constant currency basis.
By the end of September 2025, our Georgia FS loan portfolio increased by 9.0% YoY and reached GEL 26,077.6 million, with 8.5% YoY growth on a constant currency basis. Over the same period, our Uzbek portfolio increased by 91.9%, or 83.5% on a constant currency basis.
In thousands of GEL Gross loans and advances to customers | Sep'25 | Sep'24 | Change YoY |
Georgian financial services ("Georgia FS")* | 26,077,641 | 23,915,282 | 9.0% |
Retail Georgia | 9,397,354 | 8,391,309 | 12.0% |
CIB Georgia | 10,224,375 | 9,243,424 | 10.6% |
MSME Georgia | 5,925,747 | 5,882,230 | 0.7% |
Uzbekistan | 2,636,055 | 1,373,506 | 91.9% |
Total gross loans and advances to customers | 28,713,696 | 25,315,760 | 13.4% |
Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
9M'25 | 9M'24 | Change YoY | |
Loan yields | 14.4% | 13.0% | 1.4 pp |
GEL | 14.5% | 14.0% | 0.5 pp |
FC | 8.9% | 8.9% | 0.0 pp |
UZS | 43.2% | 44.0% | -0.8 pp |
Georgia FS | 11.9% | 11.5% | 0.4 pp |
GEL | 14.5% | 14.0% | 0.5 pp |
FC | 8.9% | 8.9% | 0.0 pp |
Uzbekistan | 43.2% | 44.0% | -0.8 pp |
UZS | 43.2% | 44.0% | -0.8 pp |
Total loan yields | 14.4% | 13.0% | 1.4 pp |
Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
Loan portfolio quality
PAR 90 | Sep'25 | Sep'24 | Change YoY |
Georgia FS* | 1.6% | 1.4% | 0.2 pp |
Retail Georgia | 0.9% | 0.8% | 0.1 pp |
CIB Georgia | 1.5% | 1.0% | 0.5 pp |
MSME Georgia | 3.1% | 2.7% | 0.4 pp |
Uzbekistan | 4.7% | 2.7% | 2.0 pp |
Total PAR 90 | 1.9% | 1.5% | 0.4 pp |
PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations
In thousands of GEL Non-performing Loans ("NPL") | Sep'25 | Sep'24 | Change YoY |
Georgia FS* | 658,408 | 514,964 | 27.9% |
Retail Georgia | 148,440 | 111,411 | 33.2% |
CIB Georgia | 226,372 | 161,856 | 39.9% |
MSME Georgia | 274,926 | 222,899 | 23.3% |
Uzbekistan | 123,374 | 37,721 | 227.1% |
Total non-performing loans | 781,782 | 554,148 | 41.1% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
NPL to gross loans | Sep'25 | Sep'24 | Change YoY |
Georgia FS* | 2.5% | 2.2% | 0.3 pp |
Retail Georgia | 1.6% | 1.3% | 0.3 pp |
CIB Georgia | 2.2% | 1.8% | 0.4 pp |
MSME Georgia | 4.6% | 3.8% | 0.8 pp |
Uzbekistan | 4.7% | 2.7% | 2.0 pp |
Total NPL to gross loans | 2.7% | 2.2% | 0.5 pp |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
| Sep'25 | Sep'24 | ||
NPL Coverage | Provision Coverage | Total Coverage** | Provision Coverage | Total Coverage** |
Georgia FS* | 60.7% | 133.1% | 63.7% | 138.0% |
Retail Georgia | 136.4% | 186.0% | 144.3% | 206.0% |
CIB Georgia | 32.4% | 104.5% | 32.2% | 105.8% |
MSME Georgia | 41.1% | 123.6% | 47.9% | 127.0% |
Uzbekistan | 153.5% | 153.5% | 181.5% | 181.5% |
Total NPL coverage | 75.3% | 136.3% | 72.3% | 141.6% |
Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Cost of risk ("CoR") | 9M'25 | 9M'24 | Change YoY |
Georgia FS* | 0.8% | 0.5% | 0.3 pp |
Retail Georgia | 1.6% | 0.9% | 0.7 pp |
CIB Georgia | 0.2% | 0.1% | 0.1 pp |
MSME Georgia | 0.5% | 0.5% | 0.0 pp |
Uzbekistan | 10.4% | 5.7% | 4.7 pp |
Total cost of risk | 1.6% | 0.7% | 0.9 pp |
Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
*Georgia FS includes sub-segment eliminations
Deposit portfolio
As of 30 September 2025, deposit portfolio reached GEL 25,248.1 million, up by 12.0% YoY, or up by 11.7% YoY on a constant currency basis.
By the end of September 2025, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 23,404.7 million, up by 10.5% YoY, both on nominal and constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 71.4% YoY, or up by 63.9% YoY on a constant currency basis.
In thousands of GEL Customer accounts | Sep'25 | Sep'24 | Change YoY |
Georgia FS* | 24,015,951 | 21,892,684 | 9.7% |
Retail Georgia | 9,170,003 | 8,102,782 | 13.2% |
CIB Georgia | 12,337,739 | 11,211,555 | 10.0% |
MSME Georgia | 2,075,247 | 1,998,253 | 3.9% |
MOF | 611,232 | 711,745 | -14.1% |
Uzbekistan | 1,466,682 | 855,689 | 71.4% |
Total customer accounts** | 25,248,136 | 22,548,107 | 12.0% |
* Georgian FS includes sub-segment eliminations ** Total customer accounts are adjusted for eliminations
| 9M'25 | 9M'24 | Change YoY |
Deposit rates | 5.7% | 5.3% | 0.4 pp |
GEL | 7.9% | 7.8% | 0.1 pp |
FC | 1.9% | 1.3% | 0.6 pp |
UZS | 24.6% | 25.0% | -0.4 pp |
Georgian financial services | 4.6% | 4.7% | -0.1 pp |
GEL | 7.8% | 7.8% | 0.0 pp |
FC | 1.9% | 1.3% | 0.6 pp |
Uzbek business | 24.4% | 24.9% | -0.5 pp |
UZS | 24.6% | 25.0% | -0.4 pp |
FC | 5.6% | 3.7% | 1.9 pp |
Total deposit rates* | 5.7% | 5.3% | 0.4 pp |
* Total deposits rates include MOF deposits
Additional information
1) Financial disclosures by business lines
Business line definitions
The operating segments are defined as follows:
· Georgian financial services ("Georgia FS") - include JSC TBC Bank with its Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The Georgia financial service segment consists of three major business sub-segments, while the treasury, leasing and insurance businesses are combined into the corporate and other sub-segments:
o Corporate and investment banking ("CIB") - a legal entity/group of affiliated entities with an annual revenue exceeding GEL 20 million or which has been granted facilities of more than GEL 7.5 million. Some other business customers may also be assigned to the CIB segment or transferred to the micro, small and medium enterprises segment on a discretionary basis. In addition, CIB includes Wealth Management private banking services to high-net-worth individuals with a threshold of USD 250,000 on assets under management (AUM), as well as on discretionary basis;
o Retail - non-business individual customers;
o Micro, small and medium enterprises ("MSME") - business customers who are not included in the CIB sub-segment.
· Uzbekistan - TBC Bank Uzbekistan with respective subsidiaries and Payme (Inspired LLC).
· Other - includes non-material or non-financial subsidiaries of the Group, and intra-group eliminations.
Georgian financial services
Profit and loss statement
In thousands of GEL | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | 9M'25 | 9M'24 | Change YoY |
Interest income | 931,288 | 885,549 | 807,571 | 15.3% | 5.2% | 2,662,613 | 2,297,075 | 15.9% |
Interest expense | (461,711) | (434,459) | (399,020) | 15.7% | 6.3% | (1,332,843) | (1,114,666) | 19.6% |
Net interest income | 469,577 | 451,090 | 408,551 | 14.9% | 4.1% | 1,329,770 | 1,182,409 | 12.5% |
Fee and commission income | 205,094 | 195,794 | 176,655 | 16.1% | 4.7% | 573,075 | 489,630 | 17.0% |
Fee and commission expense | (99,223) | (81,838) | (64,217) | 54.5% | 21.2% | (246,660) | (198,028) | 24.6% |
Net fee and commission income | 105,871 | 113,956 | 112,438 | -5.8% | -7.1% | 326,415 | 291,602 | 11.9% |
Net insurance income | 15,221 | 13,827 | 11,567 | 31.6% | 10.1% | 37,993 | 28,833 | 31.8% |
Net gains from currency derivatives, foreign currency operations and translation | 92,156 | 81,034 | 102,426 | -10.0% | 13.7% | 257,280 | 255,225 | 0.8% |
Other operating income | 7,434 | 4,949 | 3,098 | NMF | 50.2% | 17,903 | 6,567 | NMF |
Share of profit of associates | 280 | 300 | 286 | -2.1% | -6.7% | 719 | 391 | 83.8% |
Other operating non-interest income | 115,091 | 100,110 | 117,377 | -1.9% | 15.0% | 313,895 | 291,016 | 7.9% |
Credit loss allowance for loans to customers | (51,038) | (54,993) | (30,275) | 68.6% | -7.2% | (153,985) | (81,203) | 89.6% |
Credit loss allowance for other financial items and net impairment for non-financial assets | (9,078) | (6,476) | (2,039) | NMF | 40.2% | (20,913) | (5,421) | NMF |
Operating income after expected credit and non-financial asset impairment losses | 630,423 | 603,687 | 606,052 | 4.0% | 4.4% | 1,795,182 | 1,678,403 | 7.0% |
Staff costs | (125,864) | (124,069) | (114,972) | 9.5% | 1.4% | (355,728) | (322,067) | 10.5% |
Depreciation and amortisation | (33,262) | (32,325) | (31,369) | 6.0% | 2.9% | (96,854) | (90,647) | 6.8% |
Administrative and other operating expenses | (75,436) | (65,217) | (57,145) | 32.0% | 15.7% | (198,822) | (153,907) | 29.2% |
Operating expenses | (234,562) | (221,611) | (203,486) | 15.3% | 5.8% | (651,404) | (566,621) | 15.0% |
Net profit before tax | 395,861 | 382,076 | 402,566 | -1.7% | 3.6% | 1,143,778 | 1,111,782 | 2.9% |
Income tax expense | (49,904) | (49,973) | (64,776) | -23.0% | -0.1% | (148,078) | (165,646) | -10.6% |
Net profit | 345,957 | 332,103 | 337,790 | 2.4% | 4.2% | 995,700 | 946,136 | 5.2% |
Balance sheet highlights
In thousands of GEL | Sep'25 | Jun'25 | Sep'24 | Change YoY | Change QoQ |
Cash & NBG mandatory reserves | 6,191,319 | 5,601,764 | 7,021,266 | -11.8% | 10.5% |
Due from other banks | 83,594 | 104,170 | 23,315 | NMF | -19.8% |
Loans and advances to customers and finance lease receivables | 25,677,986 | 25,608,360 | 23,587,401 | 8.9% | 0.3% |
Investment securities measured at fair value through OCI | 5,710,406 | 5,000,111 | 3,443,089 | 65.9% | 14.2% |
Intangible assets and Goodwill | 481,611 | 458,834 | 415,793 | 15.8% | 5.0% |
Other assets | 1,852,602 | 1,825,283 | 1,607,628 | 15.2% | 1.5% |
TOTAL ASSETS | 39,997,518 | 38,598,522 | 36,098,492 | 10.8% | 3.6% |
Due to credit institutions | 6,960,213 | 6,646,158 | 5,733,053 | 21.4% | 4.7% |
Customer accounts | 24,015,951 | 22,646,812 | 21,892,684 | 9.7% | 6.0% |
Subordinated debt and debt securities in issue | 2,293,841 | 2,291,411 | 2,458,892 | -6.7% | 0.1% |
Other liabilities | 960,704 | 1,389,607 | 818,976 | 17.3% | -30.9% |
TOTAL LIABILITIES | 34,230,709 | 32,973,988 | 30,903,605 | 10.8% | 3.8% |
Equity attributable to shareholders | 5,766,493 | 5,624,237 | 5,194,653 | 11.0% | 2.5% |
Non-controlling interest | 316 | 297 | 234 | 35.0% | 6.4% |
TOTAL EQUITY | 5,766,809 | 5,624,534 | 5,194,887 | 11.0% | 2.5% |
TOTAL LIABILITIES AND EQUITY | 39,997,518 | 38,598,522 | 36,098,492 | 10.8% | 3.6% |
Key ratios
Georgian financial services | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | 9M'25 | 9M'24 | Change YoY |
Profitability ratios: |
|
|
| |||||
ROE1 | 24.1% | 23.9% | 26.5% | -2.4 pp | 0.2 pp | 23.8% | 25.8% | -2.0 pp |
ROA2 | 3.5% | 3.5% | 3.8% | -0.3 pp | 0.0 pp | 3.5% | 3.8% | -0.3 pp |
Cost to income3 | 34.0% | 33.3% | 31.9% | 2.1 pp | 0.7 pp | 33.1% | 32.1% | 1.0 pp |
NIM4 | 6.0% | 5.9% | 5.6% | 0.4 pp | 0.1 pp | 5.8% | 5.7% | 0.1 pp |
Loan yields5 | 12.0% | 11.9% | 11.5% | 0.5 pp | 0.1 pp | 11.9% | 11.5% | 0.4 pp |
Deposit rates6 | 4.7% | 4.6% | 4.7% | 0.0 pp | 0.1 pp | 4.6% | 4.7% | -0.1 pp |
Cost of funding7 | 5.6% | 5.6% | 5.4% | 0.2 pp | 0.0 pp | 5.6% | 5.4% | 0.2 pp |
Asset quality & portfolio concentration: |
|
|
|
|
|
|
|
|
Cost of risk8 | 0.8% | 0.8% | 0.5% | 0.3 pp | 0.0 pp | 0.8% | 0.5% | 0.3 pp |
PAR 90 to gross loans9 | 1.6% | 1.5% | 1.4% | 0.2 pp | 0.1 pp | 1.6% | 1.4% | 0.2 pp |
NPLs to gross loans10 | 2.5% | 2.4% | 2.2% | 0.3 pp | 0.1 pp | 2.5% | 2.2% | 0.3 pp |
NPL provision coverage11 | 60.7% | 62.6% | 63.7% | -3.0 pp | -1.9 pp | 60.7% | 63.7% | -3.0 pp |
Total NPL coverage12 | 133.1% | 137.3% | 138.0% | -4.9 pp | -4.2 pp | 133.1% | 138.0% | -4.9 pp |
For the ratio definitions and exchange rates, please refer to appendix 3.
Uzbekistan business[3]
Profit and loss statement
In thousands of GEL | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | 9M'25 | 9M'24 | Change YoY |
Interest income | 289,632 | 258,522 | 148,879 | 94.5% | 12.0% | 772,997 | 373,943 | 106.7% |
Interest expense | (146,648) | (123,268) | (65,329) | 124.5% | 19.0% | (371,492) | (169,086) | 119.7% |
Net interest income | 142,984 | 135,254 | 83,550 | 71.1% | 5.7% | 401,505 | 204,857 | 96.0% |
Fee and commission income | 69,815 | 60,066 | 38,740 | 80.2% | 16.2% | 186,243 | 101,674 | 83.2% |
Fee and commission expense | (27,635) | (22,028) | (11,089) | 149.2% | 25.5% | (67,989) | (29,759) | 128.5% |
Net fee and commission income | 42,180 | 38,038 | 27,651 | 52.5% | 10.9% | 118,254 | 71,915 | 64.4% |
Net insurance income | 3,631 | 413 | - | NMF | NMF | 4,044 | - | NMF |
Net gains from currency derivatives, foreign currency operations and translation | (165) | (3,952) | 169 | -197.6% | -95.8% | (4,383) | (287) | NMF |
Other operating income | (28) | 12 | 3 | NMF | NMF | (2) | 14 | -114.3% |
Other operating non-interest income | 3,438 | (3,527) | 172 | NMF | -197.5% | (341) | (273) | 24.9% |
Credit loss allowance for loans to customers | (55,981) | (50,067) | (16,857) | 232.1% | 11.8% | (164,562) | (42,660) | 285.8% |
Credit loss allowance for other financial items and net impairment for non-financial assets | (6,104) | (7,352) | (2,078) | 193.7% | -17.0% | (19,161) | (3,630) | NMF |
Operating income after expected credit and non-financial asset impairment losses | 126,517 | 112,346 | 92,438 | 36.9% | 12.6% | 335,695 | 230,209 | 45.8% |
Staff costs | (27,980) | (25,943) | (19,510) | 43.4% | 7.9% | (77,027) | (47,512) | 62.1% |
Depreciation and amortisation | (7,179) | (5,722) | (3,350) | 114.3% | 25.5% | (17,575) | (9,262) | 89.8% |
Administrative and other operating expenses | (43,144) | (42,427) | (31,929) | 35.1% | 1.7% | (131,753) | (86,745) | 51.9% |
Operating expenses | (78,303) | (74,092) | (54,789) | 42.9% | 5.7% | (226,355) | (143,519) | 57.7% |
Net profit before tax | 48,214 | 38,254 | 37,649 | 28.1% | 26.0% | 109,340 | 86,690 | 26.1% |
Income tax expense | (7,121) | (5,925) | (6,054) | 17.6% | 20.2% | (14,357) | (12,879) | 11.5% |
Net profit | 41,093 | 32,329 | 31,595 | 30.1% | 27.1% | 94,983 | 73,811 | 28.7% |
Balance sheet highlights
In thousands of GEL | Sep'25 | Jun'25 | Sep'24 | Change YoY | Change QoQ |
Cash & CBU mandatory reserves | 180,512 | 355,575 | 86,464 | 108.8% | -49.2% |
Due from other banks | 13,209 | 6,936 | - | NMF | 90.4% |
Loans and advances to customers and finance lease receivables | 2,446,691 | 2,292,297 | 1,305,028 | 87.5% | 6.7% |
Intangible assets and Goodwill | 139,254 | 113,634 | 58,999 | 136.0% | 22.5% |
Other assets | 680,983 | 462,985 | 267,729 | 154.4% | 47.1% |
TOTAL ASSETS | 3,460,649 | 3,231,427 | 1,718,220 | 101.4% | 7.1% |
Due to credit institutions | 1,080,917 | 1,055,440 | 303,967 | 255.6% | 2.4% |
Customer accounts | 1,466,682 | 1,340,365 | 855,689 | 71.4% | 9.4% |
Subordinated debt and debt securities in issue | 40,968 | 37,084 | - | NMF | 10.5% |
Other liabilities | 128,178 | 128,806 | 82,781 | 54.8% | -0.5% |
TOTAL LIABILITIES | 2,716,745 | 2,561,695 | 1,242,437 | 118.7% | 6.1% |
Equity attributable to shareholders | 743,904 | 669,732 | 475,783 | 56.4% | 11.1% |
TOTQL EQUITY | 743,904 | 669,732 | 475,783 | 56.4% | 11.1% |
TOTAL LIABILITIES AND EQUITY | 3,460,649 | 3,231,427 | 1,718,220 | 101.4% | 7.1% |
Key ratios
Uzbekistan | 3Q'25 | 2Q'25 | 3Q'24 | Change YoY | Change QoQ | 9M'25 | 9M'24 | Change YoY |
Profitability ratios: |
|
|
| |||||
ROE1 | 23.3% | 20.0% | 28.2% | -4.9 pp | 3.3 pp | 19.1% | 26.6% | -7.5 pp |
ROA2 | 4.9% | 4.4% | 7.8% | -2.9 pp | 0.5 pp | 4.4% | 7.2% | -2.8 pp |
Cost to income3 | 41.5% | 43.6% | 49.2% | -7.7 pp | -2.1 pp | 43.6% | 51.9% | -8.3 pp |
NIM4 | 20.9% | 22.9% | 25.0% | -4.1 pp | -2.0 pp | 22.7% | 24.5% | -1.8 pp |
Loan yields5 | 42.5% | 42.7% | 44.4% | -1.9 pp | -0.2 pp | 43.2% | 44.0% | -0.8 pp |
Deposit rates6 | 23.9% | 24.8% | 24.6% | -0.7 pp | -0.9 pp | 24.4% | 24.9% | -0.5 pp |
Cost of funding7 | 23.2% | 22.9% | 23.5% | -0.3 pp | 0.3 pp | 23.3% | 23.8% | -0.5 pp |
Asset quality & portfolio concentration: |
|
|
|
|
|
|
|
|
Cost of risk8 | 9.7% | 9.9% | 5.8% | 3.9 pp | -0.2 pp | 10.4% | 5.7% | 4.7 pp |
PAR 90 to gross loans9 | 4.7% | 3.9% | 2.7% | 2.0 pp | 0.8 pp | 4.7% | 2.7% | 2.0 pp |
NPLs to gross loans10 | 4.7% | 4.1% | 2.7% | 2.0 pp | 0.6 pp | 4.7% | 2.7% | 2.0 pp |
NPL provision coverage11 | 153.5% | 169.7% | 181.5% | -28.0 pp | -16.2 pp | 153.5% | 181.5% | -28.0 pp |
Total NPL coverage12 | 153.5% | 169.7% | 181.5% | -28.0 pp | -16.2 pp | 153.5% | 181.5% | -28.0 pp |
For the ratio definitions and exchange rates, please refer to appendix 3.
2) Glossary
Terminology | Definition |
BVPS | Book value per share |
CBU | Central Bank of Uzbekistan |
Consumer loans | Unsecured loans to individuals |
Digital daily active users (Digital DAU) | The number of retail digital users who logged into our digital channels at least once per day |
Digital monthly active users(Digital MAU) | The number of retail digital users who logged into our digital channels at least once a month |
EPS | Earnings per share |
FC | Foreign currency |
Gross/net loans | Includes gross/net loans and advances to customers and gross/net finance lease receivables |
Monthly active customers (MAC) | For Georgian business, an individual user who has at least one active product as of the reporting date or performed at least one transaction during the past month. For Uzbekistan business, an individual user who logged into the digital application at least once during the month |
NBG | National Bank of Georgia |
NMF | No Meaningful Figure |
3) Ratio definitions and exchange rates
Ratio definitions
1. Return on average total equity (ROE) equals profit attributable to owners divided by the monthly average of total shareholders' equity attributable to the PLC's equity holders for the same period; annualised where applicable.
2. Return on average total assets (ROA) equals profit of the period divided by monthly average total assets for the same period; annualised where applicable.
3. Cost to income ratio equals total operating expenses for the period divided by the total revenue for the same period. (Revenue represents the sum of net interest income, net fee and commission income and other non-interest income).
4. Net interest margin (NIM) is net interest income divided by monthly average interest-earning assets; annualised where applicable. Interest-earning assets include investment securities (excluding CIB shares), net investment in finance lease, net loans, and amounts due from credit institutions.
5. Loan yields equal interest income on loans and advances to customers divided by monthly average gross loans and advances to customers; annualised where applicable.
6. Deposit rates equal interest expense on customer accounts divided by monthly average total customer deposits; annualised where applicable.
7. Cost of funding equals sum of the total interest expense and net interest gains on currency swaps (entered for funding management purposes), divided by monthly average interest-bearing liabilities; annualised where applicable.
8. Cost of risk equals credit loss allowance for loans to customers divided by monthly average gross loans and advances to customers; annualised where applicable.
9. PAR 90 to gross loans ratio equals loans for which principal or interest repayment is overdue for more than 90 days divided by the gross loan portfolio for the same period.
10. NPLs to gross loans equals loans with 90 days past due on principal or interest payments, and loans with a well-defined weakness, regardless of the existence of any past-due amount or of the number of days past due divided by the gross loan portfolio for the same period.
11. NPL provision coverage equals total credit loss allowance for loans to customers divided by the NPL loans.
12. Total NPL coverage equals total credit loss allowance plus the minimum of collateral amount of the respective NPL loan (after applying haircuts in the range of 0%-50% for cash, gold, real estate and PPE) and its gross loan exposure divided by the gross exposure of total NPL loans.
13. Credit loss level to gross loans equals credit loss allowance for loans to customers divided by the gross loan portfolio for the same period.
14. Related party loans to total loans equals related party loans divided by the gross loan portfolio.
15. Top 10 borrowers to total portfolio equals the total loan amount of the top 10 borrowers divided by the gross loan portfolio.
16. Top 20 borrowers to total portfolio equals the total loan amount of the top 20 borrowers divided by the gross loan portfolio.
17. Net loans to deposits plus IFI funding ratio equals net loans divided by total deposits plus borrowings received from international financial institutions.
18. Leverage equals total assets to total equity.
19. Net stable funding ratio equals the available amount of stable funding divided by the required amount of stable funding as defined by NBG in line with Basel III guidelines. Calculations are made for TBC Bank standalone.
20. Liquidity coverage ratio equals high-quality liquid assets divided by the total net cash outflow amount as defined by the NBG. Calculations are made for TBC Bank standalone.
21. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.
22. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.
23. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.
24. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.
25. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.
26. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.
Exchange rates
To calculate the QoQ growth of the balance sheet items without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.7236 as of 30 June 2025. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.7297 as of 30 September 2024 . As of 30 September 2025, the USD/GEL exchange rate equalled 2.7088. For P&L items growth calculations without the currency effect, we used the average USD/GEL exchange rate for the following periods: 2Q 2025 of 2.7418 and 3Q 2024 of 2.7137. As of 2Q 2025, the USD/GEL exchange rate equalled 2.7075, 9M 2025 of 2.7539, 9M 2024 of 2.7082.
[1] 9M 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
[2] Note: For better presentation purposes, certain financial numbers are rounded to the nearest whole number.
[3] 9M 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan
Related Shares:
TBC Bank Group