TBC Q2 operating income rises 23%

(Sharecast News) - Georgian bank TBC reported a 23% increase in in second quarter operating income to 835m Georgian lari (£235m), while net profit rose 5% to GEL 346m, driven by strong net interest income and an increased loan book. Net interest income increased by 27% year-on-year, supported by loan book growth of 16% and a net interest margin of 7.1%, up by 0.7 percentage points year-on-year and 0.4 pp quarter-on-quarter.

Margin expansion was helped by higher Georgian loan yields and continued optimization of TBC's liability structure, as well as the increasing contribution of the banks Uzbekistan operation.

Net fee and commission income grew by 26% year-on-year, driven by strong performances in both Georgian and Uzbekistan payments businesses.

Reporting by Frank Prenesti for Sharecast.com