TBC Uzbekistan's net profit has reached a record high of $12 million.

TBC Bank Group PLC, which oversees a prominent financial group in Georgia and the largest digital banking ecosystem in Uzbekistan, has today announced its unaudited consolidated financial results in accordance with IFRS for the third quarter and the first nine months of 2024.

https://uzdaily.uz/ru/chistaia-pribyl-tbc-uzbekistan-dostigla-rekordnogo-urovnia-v-12-mln/2024-11-06 08:47:47

The operational income for the 3rd quarter of 2024 amounted to 754 million lari ($278 million), reflecting a 23% increase compared to the same period last year.

The net profit for the 3rd quarter of 2024 reached 347 million lari ($128 million), rising by 16% year-on-year, with a return on equity (ROE) of 26.6%.

Gross loans reached 24.8 billion lari ($9.1 billion), which is 22% higher year-on-year, or 20% in constant currency.

The total volume of deposits amounted to 22.5 billion lari ($8.3 billion), increasing by 20% year-on-year, or 19% in constant currency.

TBC Georgia, which includes TBC Bank Georgia, TBC Insurance, TBC Leasing, and other subsidiaries, continues to be the leading provider of financial services in the country across all key metrics.

The net profit of TBC Georgia rose to 338 million lari ($124 million) in the 3rd quarter of 2024, marking a 13% increase compared to last year, with an ROE of 26.5%.

The gross loan portfolio of TBC Georgia grew to 23.5 billion lari ($8.6 billion), increasing by 19% year-on-year or 17% in constant currency. The market share of loans stood at 38.7% as of September 30, 2024.

The deposit portfolio of TBC Georgia increased to 21.9 billion lari ($8.0 billion), which is 20% more than last year or 18% in constant currency. The market share of deposits was 38.4% as of September 30, 2024.

There was a significant rise in digital engagement among retail customers in Georgia: the share of consumer loans issued entirely in digital format increased to 73% by the end of the 3rd quarter of 2024, which is 12 percentage points higher compared to last year.

TBC Uzbekistan, which includes the mobile bank TBC Bank Uzbekistan, the payment app Payme, and Payme Nasiya (installment financing), continues to demonstrate impressive growth rates.

The ecosystem now boasts 17 million unique registered users, solidifying its position as the leading digital banking ecosystem in Central Asia and contributing significantly to the Group's overall performance.

The operational income of TBC Uzbekistan rose to 111 million lari ($41 million) in the 3rd quarter of 2024, which is 105% higher than the same period last year and accounts for 15% of the Group's total income.

The net profit of TBC Uzbekistan reached a record level of 32 million lari ($12 million) in the 3rd quarter of 2024, increasing by 131% year-on-year, with an ROE of 28.2%. TBC Uzbekistan now accounts for 9% of the Group's net profit.

The gross loan portfolio of TBC Uzbekistan grew to 1.3 billion lari ($460 million) as of September 30, 2024, which is 99% higher than last year or 104% in constant currency. The company continues to increase its market share in Uzbekistan: the share of the ICL portfolio and microloans was 14.8% as of September 30, 2024. TBC Uzbekistan now represents 13% of the Group's total retail loan portfolio.

The deposit portfolio of TBC Uzbekistan increased to 856 million lari ($314 million) as of September 30, 2024, which is 66% higher year-on-year, or 70% in constant currency. TBC Uzbekistan accounted for 10% of the retail deposit portfolio of TBC Bank Group as of September 30, 2024, with a market share of retail deposits at 3.5%.

TBC Uzbekistan had 4.9 million monthly active users (MAU) and 16.9 million unique registered users as of September 30, 2024, reflecting increases of 34% and 40% compared to last year, making it one of the largest digital banking ecosystems in Central Asia.

“We continue to leverage the rich technological expertise and extensive knowledge of our Group to create best-in-class banking and financial services. I would like to highlight the recent launch of Salom Card — our new flagship product for everyday banking in Uzbekistan. We believe it will mark a new milestone for banking services in the country, offering a range of benefits previously unavailable in the market, along with a convenient fully digital interface through the TBC mobile app. We are also in the process of launching credit cards and transactional MSME banking in Uzbekistan, which will be fully available by the end of this year.” — Vakhtang Butskhrikidze, CEO.