Q3 profits jump at TBC Banks, shares spark

(Sharecast News) - Shares in TBC Bank Group rallied on Friday, after quarterly numbers from the Georgian lender cheered investors. The London-listed business saw net profits rise 10% in the three months to September end, to a record 404m Georgian lari (£115m), with a return on equity of 23.2%. Total operating income was also 10% higher, at GEL961m, driven by a 13% uplift in net interest income and "strong" loan growth. Gross loans increased 16% on a constant currency basis, while customer deposits grew by 14%.

The net interest margin ticked up 0.1 percentage point to 7.4%.

Vakhtang Butskhrikidze, chief executive, said it had been a "strong" third quarter.

He continued: "Our businesses remain underpinned by dynamic economic growth in both Georgia and Uzbekistan, with third quarter real GDP growth of 6.8% and 8% respectively. The strong macro fundamentals in both Georgia and Uzbekistan have been reflected in positive credit rating changes."

TBC had a total of 7.59m digital monthly active users in September across both countries, a 10.7% improvement year-on-year.

The company also announced a quarterly dividend of GEL1.75 per share, and a GEL50m share buyback and cancellation programme.

As at 1030 GMT, shares in TBC were trading up 7% at 5,105p.

Founded in 1992, TBC debuted on the London Stock Exchange in 2014 before expanding into Uzbekistan in 2020. Georgia remains its bigget market, however, accounting for around 95% of net profits.

For the current 2026 to 2028 period, the bank is targeting annual loan book growth of 15%+ and annual ROE of 23%+.

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