TBC Bank profits soar on strong income, economic recovery
TBC Bank Group
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16:35 19/04/24
TBC Bank said annual profit more than doubled in 2021, driven by strong income and a recovery in the Georgian economy.
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Pre-tax profit for the 12 months to December 31 rose to 921m Georgian lari (£226m) from GEL 322.5m. Fourth-quarter profit more than doubled to GEL 225.4m compared with GEL 109.7m for the same period a year earlier.
The London-listed bank's net-interest income increased to GEL 275.4m from GEL 231.3m for the quarter. Return on equity stood at 24.4%.
'While our Georgian banking business will remain core to our strategy, the Uzbek market should give us a competitive edge by providing a material contribution to our growth and diversification over the years to come,' the company said.