TBC Bank Group reported a net profit of GEL 319 million ($113 million) for the first quarter of 2025 (1Q 2025), up 7% year-on-year, driven by growth in Georgia and Uzbekistan.

TBC Bank, which operates the leading financial services group in Georgia and the largest digital banking ecosystem in Uzbekistan, attributed its strong performance to the sustained strength of its Georgian operations and the growing contribution of its expanding digital ecosystem in Uzbekistan. The group continues to deliver strong value to shareholders while reinforcing its leadership in the region.

The bank’s 1Q 2025 operating income reached GEL 774 million ($275 million), up 25% YoY. Net profit rose to GEL 319 million ($113 million), up 7% YoY. Return on equity (ROE) stood at 23.2%. Adjusted net profit totalled GEL 339 million ($121 million), up 14% YoY, with an adjusted ROE of 24.2%.

Gross loans reached GEL 27.4 billion ($9.9 billion), up 19% YoY, or 18% on a constant currency basis.

Total deposits stood at GEL 22.5 billion ($8.1 billion), up 8% YoY, or 7% on a constant currency basis.

TBC Georgia, which includes TBC Bank Georgia, TBC Insurance, TBC Leasing, and other subsidiaries, remains the country’s leading financial services provider across key metrics.

TBC Georgia’s net profit rose to GEL 318 million ($113 million) in 1Q 2025, up 12% YoY, with ROE at 23.3%.

Its gross loan portfolio reached GEL 25.2 billion ($9.1 billion), up 15% YoY, or 13% on a constant currency basis. Its total loan market share stood at 38.0% as of 31 March 2025.

TBC Georgia’s deposit portfolio rose to GEL 21.4 billion ($7.7 billion), up 6% YoY, or 4% on a constant currency basis. Its deposit market share stood at 36.9% as of 31 March 2025.

Retail customers in Georgia significantly increased their digital engagement, with 79% of consumer loans issued fully digitally at the end of 1Q 2025, up 10 percentage points YoY.

TBC Uzbekistan, which includes the fully licensed mobile-only TBC Bank Uzbekistan, Payme, and Payme Nasiya, continues on a strong growth trajectory. Its ecosystem now includes 20 million unique registered users, making it the leading digital banking ecosystem in Central Asia and a key contributor to group performance.

Operating income at TBC Uzbekistan increased to GEL 161 million ($57 million) in 1Q 2025, up 118% YoY, accounting for 21% of the group’s total.

Adjusted net profit rose to GEL 42 million ($15 million), up 129% YoY, with adjusted ROE at 26.6%. Reported net profit and ROE were GEL 22 million ($8 million) and 13.7%, respectively. TBC Uzbekistan contributed 12% to the group’s adjusted net profit and 7% to reported net profit.

Its gross loan portfolio reached GEL 2.2 billion ($777 million) as of 31 March 2025, up 122% YoY. Its market share in Uzbekistan continued to grow, with a 17.1% share of unsecured consumer loans. TBC Uzbekistan now accounts for 53% of the group’s unsecured consumer loans.

The deposit portfolio rose to GEL 1.2 billion ($440 million) as of 31 March 2025, up 85% YoY. TBC Uzbekistan accounted for 13% of the group’s retail deposits and held a 4.0% share of the local retail deposit market.

TBC Uzbekistan had 6.1 million digital monthly active users (MAU) and 19.7 million unique registered users as of 31 March 2025, up 30% and 33% YoY respectively—solidifying its position as one of Central Asia’s largest digital banking ecosystems.

“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 ($0.54) per share for the first quarter,” said Vakhtang Butskhrikidze, CEO of TBC Bank Group.

Re-disseminated by The Asian Banker