TBC Bank Group reports record FY 2024 net profit of GEL 1,308 million (USD 481 million), fuelled by growth in Georgia and Uzbekistan

TBC Bank Group PLC, which operates the leading financial services group in Georgia and the largest digital banking ecosystem in Uzbekistan, today announces its preliminary unaudited consolidated IFRS financial results for 4Q and FY 2024.

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.

• FY 2024 operating income of GEL 2,834 million (USD 1,042 million), up by 19% YoY.
• FY 2024 net profit of GEL 1,308 million (USD 481 million), up by 15% YoY and ROE of 25.6%.
• Gross loans of GEL 26.7 billion (USD 9.5 billion) grew by 19% YoY or 18% on a constant currency basis.
• Total deposits of GEL 22.9 billion (USD 8.1 billion) grew by 12% YoY or 10% 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 1,272 million (USD 468 million) in 2024, up by 12% YoY, with ROE at 25.4%.
• TBC Georgia gross loans portfolio increased to GEL 24.9 billion (USD 8.9 billion), up by 15% YoY or 14% on a constant currency basis. Total loans market share was 38.5% as of 31 December 2024.
• TBC Georgia deposit portfolio increased to GEL 21.9 billion (USD 7.8 billion), up by 10% YoY or 8% on a constant currency basis. Total deposits market shares stood at 38.1% as of 31 December 2024.
• Retail consumers significantly increased their digital engagement in Georgia: Share of consumer loans issued fully digitally increased to 79% at the end of 2024, up by 13 pp YoY.

TBC Uzbekistan, which includes TBC Bank Uzbekistan, a fully licensed digital bank, Payme (a payments app) and Payme Nasiya (an instalment finance business) continues its impressive growth trajectory. The ecosystem now boasts 18 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 414 million (USD 152 million) in 2024, up by 99% YoY, accounting for 15% of the Group’s total.
• TBC Uzbekistan net profit increased to a record GEL 110 million (USD 41 million) in 2024, up by 86% YoY, with ROE at 26.9%. TBC Uzbekistan now accounts for 8% of the Group’s net profit.
• TBC Uzbekistan gross loan portfolio increased to GEL 1.8 billion (USD 626 million) as of 31 December 2024, up by 112% YoY. The company continues to grow its market share in Uzbekistan: as of 31 December 2024, our unsecured consumer loan market share stood at 16.4%. TBC Uzbekistan now accounts for 50% of Group’s unsecured consumer loans.
• TBC Uzbekistan deposit portfolio increased to GEL 1.1 billion (USD 376 million) as of 31 December 2024, up by 82% YoY. TBC Uzbekistan accounted for 11% of TBC Bank Group’s retail deposit portfolio as of 31 December 2024 and has a 3.6% local retail deposit market share.
• TBC Uzbekistan had 5.9 million digital MAU and 18.4 million unique registered users as of 31 December 2024, up by 38% and 37% YoY respectively, which makes it one of the largest digital banking ecosystems in Central Asia.

Business highlights:

“Among the highlights for 2024, I would like to point to the remarkable achievements of our digital banking ecosystem in Uzbekistan. Over the past year, TBC Uzbekistan has scaled up, with its total users increasing by 37% to over 18 million and its loan book more than doubling. The foundations for future growth have been laid through investments in key infrastructure, AI initiatives, world-class talent and a suite of new core products. These include Salom Card, our flagship daily banking product, Osmon Card, our first revolving credit card, and TBC Business, Uzbekistan’s first fully digital SME banking service. Finally, in January 2025, we launched Payme Plus, a monthly subscription service delivered through Payme, offering a bundle of value-added financial and lifestyle products. Many of the pieces are now in place for TBC Uzbekistan to contribute greatly both to the further development of the Uzbekistan banking sector and to our Group overall.” – Vakhtang Butskhrikidze, CEO of the Group