TBC Bank Group reports 1Q 2025 net profit of GEL 319 million (USD 113 million), fuelled by growth in Georgia and Uzbekistan

8 May 2025. TBC Bank Group PLC, which operates the leading financial services group in Georgia and the largest digital banking ecosystem in Uzbekistan, today announces its unaudited consolidated IFRS financial results for 1Q 2025.

The strong performance was driven by continued robust performance of its Georgian operations and the increasingly significant contribution of the digital banking ecosystem in Uzbekistan, where the Group is expanding and diversifying its offering. The Group continues to deliver exceptional value to its shareholders while reinforcing its position as a leading player in the region.

• 1Q 2025 operating income of GEL 774 million (USD 275 million), up by 25% YoY.
• 1Q 2025 net profit of GEL 319 million (USD 113 million), up by 7% YoY and ROE of 23.2% or adjusted[1] net profit of GEL 339 million (USD 121 million), up by 14% YoY and adjusted¹ ROE of 24.2%.
• Gross loans of GEL 27.4 billion (USD 9.9 billion), up by 19% YoY or 18% on a constant currency basis.
• Total deposits of GEL 22.5 billion (USD 8.1 billion), up by 8% YoY or 7% on a constant currency basis.

TBC Georgia, which includes TBC Bank Georgia, TBC Insurance, TBC Leasing and other subsidiaries, continues to be the leading financial services provider in the country on all key metrics.

• TBC Georgia net profit increased to GEL 318 million (USD 113 million) in 1Q 2025, up by 12% YoY, with ROE at 23.3%.
• TBC Georgia gross loan portfolio increased to GEL 25.2 billion (USD 9.1 billion), up by 15% YoY or 13% on a constant currency basis. Total loans market share was 38.0% as of 31 March 2025.
• TBC Georgia deposit portfolio increased to GEL 21.4 billion (USD 7.7 billion), up by 6% YoY or 4% on a constant currency basis. Total deposits market shares stood at 36.9% as of 31 March 2025.
• Retail consumers significantly increased their digital engagement in Georgia: Share of consumer loans issued fully digitally increased to 79% at the end of 1Q 2025, up by 10 pp YoY.

TBC Uzbekistan, which includes TBC Bank Uzbekistan, a fully licensed mobile-only bank, Payme (a payments app) and Payme Nasiya (an instalment finance business) continues its impressive growth trajectory. The ecosystem now boasts 20 million unique registered users, solidifying its position as the leading digital banking ecosystem in Central Asia and continuing to significantly contribute to the Group’s overall performance.

• TBC Uzbekistan operating income increased to GEL 161 million (USD 57 million) in 1Q 2025, up by 118% YoY, accounting for 21% of the Group’s total.
• TBC Uzbekistan adjusted¹ net profit increased to GEL 42 million (USD 15 million) in 1Q 2025, up by 129% YoY, with adjusted ROE at 26.6%, while reported net profit and ROE stood at GEL 22 million (USD 8 million) and 13.7%, respectively. TBC Uzbekistan now accounts for 12% of the Group’s adjusted¹ net profit, while the contribution in reported net profit stood at 7%.
• TBC Uzbekistan gross loan portfolio increased to GEL 2.2 billion (USD 777 million) as of 31 March 2025, up by 122% YoY. The company continues to grow its market share in Uzbekistan: as of 31 March 2025, our unsecured consumer loan market share stood at 17.1%. TBC Uzbekistan now accounts for 53% of Group’s unsecured consumer loans.
• TBC Uzbekistan deposit portfolio increased to GEL 1.2 billion (USD 440 million) as of 31 March 2025, up by 85% YoY. TBC Uzbekistan accounted for 13% of TBC Bank Group’s retail deposit portfolio as of 31 March 2025 and has a 4.0% local retail deposit market share.
• TBC Uzbekistan had 6.1 million digital MAU and 19.7 million unique registered users as of 31 March 2025 up by 30% and 33% YoY respectively, which makes it one of the largest digital banking ecosystems in Central Asia.

Business highlights:

“It was a very active quarter in building out our recent pipeline of new product launches. This included excellent growth in the issuance of our new Georgian daily banking product, TBC Card, with new card issuance almost tripling in the first quarter of 2025 compared to the same period last year. Meanwhile, in Uzbekistan, our Salom Card daily banking product and Osmon credit card have both hit the ground running, with over 275,000 cards issued by the end of the first quarter. We have also recently extended our SME digital banking offering to include unsecured loans as we look to develop the huge untapped opportunity within the SME sector in Uzbekistan. As we offer new products and improved customer experience, we in turn continue to see strong customer growth, with digital monthly active users (“MAU”) reaching 7.2 million at the Group level, up by 1.6 million, or 28%, year-on-year. Notably, over one-third of our users engage with our digital platforms on a daily basis, which is an excellent indicator of user loyalty and engagement.

Another important milestone achieved in 1Q 2025 was the creation of the new HoldCo in Uzbekistan, TBC Digital, in which TBC Group owns 80% and our IFI partners 20%. Through this process, we folded our two businesses, TBC UZ and Payme, into a single shareholding structure, enabling us to more effectively unlock synergies and increase shareholder value in Uzbekistan.

I am also delighted to announce that the Board has approved quarterly dividend distributions to enhance shareholder value through more regular returns, enabled by our consistently strong operational performance, good visibility on the business, and diligent capital discipline. As a result, the Board has declared an interim dividend of GEL 1.5 per share for the first quarter.” – Vakhtang Butskhrikidze, CEO of the Group

[1] Adjusted numbers in 1Q 2025 excludes GEL 24.6 mln non-recurring credit impairment charge in Uzbekistan