TBC Bank reports 2023 profit up 14% y/y to GEL1.14 billion

By bne IntelliNews February 19, 2024
In 4Q 2023, TBC Bank made a profit of GEL291 million, representing a 30% YoY increase, with a return on equity (ROE) at 25%, according to unaudited preliminary consolidated financial results.
 
For FY 2023, the profit exceeded GEL1.14 billion, marking a 14% YoY increase, with an ROE of 26.5%. 
 
Financial highlights for 4Q'23 include a net interest income of GEL442 million, a net fee and commission income of GEL110 million, and other non-interest income of GEL87 million. The total operating income amounted to GEL639 million, with a profit before tax of GEL337 million.
 
On the balance sheet, total assets increased by 14% YoY to GEL32.97 billion, gross loans reached GEL22 billion (21% YoY increase), and customer deposits amounted to GEL20 billion (13.0% YoY increase).
 
Key ratios for 4Q'23 include an ROE of 25%, ROA of 4%, net interest margin (NIM) of 7%, and a cost-to-income ratio of 40%. The bank maintains a robust position with a non-performing loan (NPL) to gross loans ratio of 2% and an NPL provision coverage ratio of 80%. 
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