TBC Bank Group has recently announced an upgrade to its mid-term targets following the release of its second-quarter 2023 financial results. The Georgian bank, listed on the London Stock Exchange, reported a pretax profit of 349.3 million Georgian lari ($132.8 million) for the three-month period, representing a significant increase from the GEL262.6 million achieved in the same quarter last year.

Impressive Financial Performance

TBC Bank Group experienced a noteworthy rise in operating income, reaching GEL586.8 million year-on-year. This growth can be attributed to an increase in net-interest income, which amounted to GEL399.3 million during the period in review. The bank's net-interest margin remained strong at 6.8%. Additionally, with a return on equity of 28.1% for the quarter, TBC Bank Group demonstrated its solid financial performance.

Sustained Dividend Policy

In line with its commitment to providing value to shareholders, TBC Bank Group declared an interim dividend of GEL2.55 per share. Furthermore, the bank confirmed its dividend payout range will remain at 25% to 35%.

Revised Outlook for the Future

Looking ahead, TBC Bank Group is confident in its ability to achieve sustained growth. The bank aims to achieve a group net profit increase of over 15%, exceeding GEL1.5 billion between 2023 and 2025. Additionally, TBC Bank Group expects its return on equity to surpass 23%, up from its previous target of 20%.

Expansion Plans in Uzbekistan

TBC Bank Group's operations in Uzbekistan are expected to contribute significantly to its success going forward. The bank anticipates a net profit of at least GEL200 million from its activities in Uzbekistan, along with an impressive 80% loan growth.

Ecuadorian Presidential Candidate Shot and Killed at Political Rally

Novo Nordisk Q2 Results: Net Profit and Sales

Leave A Reply

Your email address will not be published. Required fields are marked *