22 Feb 2023

TBC Bank Announces Preliminary Unaudited 4Q and FY 2022 Consolidated Financial Results

Record high profitability with FY 2022 net profit reaching GEL 1,003 million, up by 24% YoY, while ROE amounted to 27.0%, including GEL 113 million one-off tax charges

European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC to disclose that this announcement contains Inside Information, as defined in that Regulation.

Group Financial Highlights

4Q 2022 P&L Highlights                                                    

  • Profit for the period amounted to GEL 223.8 million or GEL 336.7 million without one-off tax charge effect (4Q 2021: GEL 198.5 million)
  • Return on average equity (ROE) stood at 22.3% or 33.6% without one-off tax charge effect (4Q 2021: 22.8%)
  • Cost to income of TBC Bank Group PLC stood at 33.2% (4Q 2021: 40.4%)
  • Standalone cost to income ratio of the Bank was 28.5% (4Q 2021: 32.2%)
  • Cost of risk stood at 0.6% (4Q 2021: -0.1%)
  • Net interest margin (NIM) stood at 6.3% (4Q 2021: 5.4%)
  • Basic earnings per share stood at GEL 3.98 (4Q 2021: GEL 3.61)
  • Diluted earnings per share stood at GEL 3.91 (4Q 2021: GEL 3.51)

FY 2022 P&L Highlights                                                     

  • Profit for the period amounted to GEL 1,003.3 million or GEL 1,116.2 million without one-off tax charge effect (FY 2021: GEL 809.0 million)
  • Return on average equity (ROE) stood at 27.0% or 29.9% without one-off tax charge effect (FY 2021: 24.9%)
  • Cost to income of TBC Bank Group PLC stood at 33.4% (FY 2021: 37.6%)
  • Standalone cost to income ratio of the Bank was 27.1% (FY 2021: 29.7%)
  • Cost of risk stood at 0.7% (FY 2021: -0.3%)
  • Net interest margin (NIM) stood at 6.0% (FY 2021: 5.1%)
  • Basic earnings per share stood at GEL 18.14 (FY 2021: GEL 14.70)
  • Diluted earnings per share stood at GEL 17.86 (FY 2021: GEL 14.33)


Balance Sheet Highlights as of 31 December 2022

  • Total assets amounted to GEL 29,032.2 million, up by 18.5% YoY
  • Gross loans stood at GEL 18,205.0 million, up by 6.8% YoY or at 15.8% on a constant currency basis
  • Net loans to deposits + IFI funding stood at 88.5%, down by 12.4 pp YoY
  • Regulatory Net Stable Funding Ratio (NSFR) stood at 135.3%, while minimum regulatory requirements stood at 100%
  • NPLs were 2.2%, down by 0.2 pp YoY
  • NPL provision coverage ratios stood at 93.7%, while total NPL coverage ratio was 155.6% compared to 99.9% or 175.3% with collateral, as of 31 December 2021
  • Total customer deposits amounted to GEL 18,036.5 million, up by 19.9% YoY or at 30.6% on a constant currency basis
  • The Bank’s Basel III CET 1, Tier 1 and Total Capital Adequacy Ratios per NBG methodology stood at 15.5%, 10%, and 21.0%, respectively, while minimum regulatory requirements amounted to of 11.8%, 14.1%, and 17.6%, respectively


Our market shares in Georgia

  • Market share by total assets reached 39.1%, up by 0.5 pp YoY
  • Market share by total loans was 39.5%, up by 0.7 pp YoY
  • Market share of total deposits reached 40.3%, down by 0.1 pp YoY

 

Financial Highlights for the Uzbek Businesses (TBC UZ Bank and Payme)
4Q 2022

  • Combined operating income for the Uzbek businesses amounted to GEL 36.1 million
  • Combined profit for the Uzbek businesses amounted to GEL 11.7 million
  • Combined ROE for the Uzbek businesses stood at 27.0%

FY 2022

  • Combined operating income for the Uzbek businesses amounted to GEL 96.7 million
  • Combined profit for the Uzbek businesses amounted to GEL 8.2 million
  • Combined ROE for the Uzbek businesses stood at 6.5%

 

Operating Highlights

Customer base - on the Group Level

  • Monthly active users (MAU) increased by 33% and stood at 4.4 million.
  • Digital monthly active users (MAU) increased by 48% YoY and stood at 3.8 million
  • Average digital daily active users (DAU) increased by 61% YoY and stood at 1.4 million
  • Digital DAU/MAU stood at 37% (for 31 Dec 2021: 34%)

Customer base - in Georgia

  • Monthly users (MAU) increased by 7% and stood at 1.5 million
  • Digital monthly active users (MAU) increased by 24% YoY and stood at 801,000
  • Average digital daily active users (DAU) increased by 35% YoY and stood at 384,000
  • Digital DAU/MAU stood at 48% (for 31 Dec 2021: 44%)

Payments

  • POS transactions volume in Georgia increased by 37% YoY, and stood at GEL 5.6 billion
  • Volume of transactions with TBC cards in Georgia increased by 31% YoY and stood at GEL 23.9 billion
  • Payment’s volume of Payme increased by 57% YoY and stood at GEL 7.4 billion

 

Additional Information Disclosure
The following materials are disclosed on our Investor Relations website on https://tbcbankgroup.com/ under Results Center section:

  • 4Q and FY 2022 Results Report
  • FY and 4Q 2022 Results Call Presentation

 

For further enquiries, please contact:
Director of Investor Relations and International Media
Andrew Keeley

Or

Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge

 

About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector. TBC PLC also offers non-financial services via TNET, the largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations into Uzbekistan by operating fast growing retail digital financial services in the country. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.

TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.5% of customer loans and 40.3% of customer deposits as of 31 December 2022, according to data published by the National Bank of Georgia.