TBC BANK GROUP PLC ("TBC Bank")

3Q AND 9M 2025 UNAUDITED CONSOLIDATED

FINANCIAL RESULTS

 

 

Forward-looking statements

 

This document contains forward-looking statements; such forward-looking statements contain known and unknown risks, uncertainties and other important factors, which may cause the actual results, performance or achievements of TBC Bank Group PLC ("the Bank" or "the Group" or "TBCG") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on numerous assumptions regarding the Bank's present and future business strategies and the environment in which the Bank will operate in the future. Important factors that, in the view of the Bank, could cause actual results to differ materially from those discussed in the forward-looking statements include, among others: the achievement of anticipated levels of profitability; growth, cost and recent acquisitions; the impact of competitive pricing; the ability to obtain the necessary regulatory approvals and licenses; the impact of developments in the Georgian and Uzbek economies; the impact of Russia-Ukraine war; the political and legal environment; financial risk management; and the impact of general business and global economic conditions.

 

None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises, nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects are based are accurate or exhaustive or, in the case of the assumptions, entirely covered in the document. These forward-looking statements speak only as of the date they are made, and, subject to compliance with applicable law and regulations, the Bank expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in the document to reflect actual results, changes in assumptions or changes in factors affecting those statements.

 

Certain financial information contained in this management report, which is prepared on the basis of the Group's accounting policies applied consistently from year to year, has been extracted from the Group's unaudited management accounts and financial statements. The areas in which the management accounts might differ from the International Financial Reporting Standards could be significant; you should consult your own professional advisors and/or conduct your own due diligence for a complete and detailed understanding of such differences and any implications they might have on the relevant financial information contained in this presentation. Some numerical figures included in this report have been subjected to rounding adjustments. Accordingly, the numerical figures shown as totals in certain tables might not be an arithmetic aggregation of the figures that preceded them.

 

 

3Q and 9M 2025 consolidated financial results conference call details

 

TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated financial results for the 3Q and 9M 2025 on Thursday, 6 November 2025 at 7.00 AM GMT. The management team will host a conference call at 2.00 PM GMT.

 

 

To join the live conference call, please register using the following link: https://www.netroadshow.com/events/login/LE9zwo3l1lW3QRuDhp41HZMKEKoIC8sTUso

You will receive access details via email.

 

 

 

 

 

Contacts

 

 

 

Andrew Keeley Director of Investor Relations     E-mail:  AKeeley@tbcbank.com.ge Tel:  +44 (0) 7557 631304 Web: www.tbcbankgroup.com

Anna Romelashvili                                              Head of Investor Relations     E-mail:  ARomelashvili@tbcbank.com.ge  Tel:  +(995) 577 205 290 Web: www.tbcbankgroup.com

Investor Relations Department       E-mail:  IR@tbcbank.com.ge  Tel:  +(995 32) 227 27 27 Web: www.tbcbankgroup.com

 

 

Table of contents

 

3Q and 9M 2025 unaudited consolidated financial results announcement

 

Interim management report

Financial highlights 

Operational highlights 

Letter from the Chief Executive Officer 

Economic overview 

Unaudited consolidated financial results overview for 3Q 2025 

Unaudited consolidated financial results overview for 9M 2025 

Additional information 

1)          Financial disclosures by business lines 

2)          Glossary 

3)          Ratio definitions and exchange rates 

 

 

 

3Q and 9M 2025 unaudited consolidated financial results[1]

3Q 2025 profit of GEL 368 million, up by 6% YoY, with ROE at 24.4%.

9M 2025 profit of GE L 1,033 million, up by 6% YoY, with ROE at 23.9%.

 

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.

 

Financial highlights

Income statement

In thousands of GEL	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ	9M'25	9M'24	Change YoY
Net interest income	611,521	581,802	492,561	24.2%	5.1%	1,726,533	1,393,516	23.9%
Net fee and commission income	151,201	155,634	144,797	4.4%	-2.8%	454,832	372,498	22.1%
Other non-interest income	117,475	97,191	116,296	1.0%	20.9%	307,671	284,051	8.3%
Total operating income	880,197	834,627	753,654	16.8%	5.5%	2,489,036	2,050,065	21.4%
Total credit loss allowance	(122,934)	(118,579)	(55,275)	NMF	3.7%	(360,010)	(131,971)	NMF
Operating expenses	(331,889)	(313,754)	(280,208)	18.4%	5.8%	(933,587)	(766,456)	21.8%
Net profit before tax	425,374	402,294	418,171	1.7%	5.7%	1,195,439	1,151,638	3.8%
Income tax expense	(57,094)	(56,019)	(70,908)	-19.5%	1.9%	(162,378)	(178,606)	-9.1%
Net profit	368,280	346,275	347,263	6.1%	6.4%	1,033,061	973,032	6.2%

 

Balance sheet

In thousands of GEL	Sep'25	Jun'25	Sep'24	Change YoY	Change QoQ
Total assets	43,620,942	41,963,000	37,972,326	14.9%	4.0%
Gross loans	28,713,696	28,469,934	25,315,760	13.4%	0.9%
Customer deposits*	24,636,904	23,305,837	21,836,362	12.8%	5.7%
Total equity	6,129,740	5,876,138	5,427,772	12.9%	4.3%
Number of ordinary shares	56,025,473	56,211,873	56,022,807	0.0%	-0.3%

*Excludes MOF deposits

Key ratios

	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ	9M'25	9M'24	Change YoY
ROE	24.4%	24.3%	26.6%	-2.2 pp	0.1 pp	23.9%	26.2%	-2.3 pp
ROA	3.3%	3.4%	3.7%	-0.4 pp	-0.1 pp	3.3%	3.7%	-0.4 pp
NIM	7.1%	7.1%	6.4%	0.7 pp	0.0 pp	7.0%	6.4%	0.6 pp
Cost to income	37.7%	37.6%	37.2%	0.5 pp	0.1 pp	37.5%	37.4%	0.1 pp
Cost of risk	1.6%	1.6%	0.8%	0.8 pp	0.0 pp	1.6%	0.7%	0.9 pp
NPL to gross loans	2.7%	2.5%	2.2%	0.5 pp	0.2 pp	2.7%	2.2%	0.5 pp
NPL provision coverage ratio	75.3%	78.2%	72.3%	3.0 pp	-2.9 pp	75.3%	72.3%	3.0 pp
Total NPL coverage ratio	136.3%	142.4%	141.6%	-5.3 pp	-6.1 pp	136.3%	141.6%	-5.3 pp
Leverage (x)	7.1x	7.1x	7.0x	0.1x	0x	7.1x	7.0x	0.1x
EPS (GEL)	6.48	6.13	6.17	5.0%	5.7%	18.33	17.50	4.7%
Diluted EPS (GEL)	6.41	6.07	6.14	4.4%	5.6%	18.14	17.42	4.1%
BVPS (GEL)	107.76	103.14	94.88	13.6%	4.5%	107.76	94.88	13.6%
Georgia
CET 1 CAR	16.7%	16.4%	16.6%	0.1 pp	0.3 pp	16.7%	16.6%	0.1 pp
Tier 1 CAR	20.1%	19.8%	20.4%	-0.3 pp	0.3 pp	20.1%	20.4%	-0.3 pp
Total CAR	22.9%	23.0%	23.9%	-1.0 pp	-0.1 pp	22.9%	23.9%	-1.0 pp
Uzbekistan
CET 1 CAR	18.5%	18.5%	16.4%	2.1 pp	0.0 pp	18.5%	16.4%	2.1 pp
Tier 1 CAR	18.5%	18.5%	16.4%	2.1 pp	0.0 pp	18.5%	16.4%	2.1 pp
Total CAR	19.4%	20.0%	19.6%	-0.2 pp	-0.6 pp	19.4%	19.6%	-0.2 pp

 

 

Operational highlights

Customer base

In thousands	Sep'25	Jun'25	Sep'24	Change YoY	Change QoQ
Total unique registered users	25,394	24,299	20,486	24%	5%
Georgia	3,586	3,537	3,418	5%	1%
Uzbekistan	21,808	20,762	17,068	28%	5%
Total monthly active customers	7,462	7,407	6,563	14%	1%
Georgia	1,802	1,752	1,671	8%	3%
Uzbekistan	5,660	5,655	4,892	16%	0%
Total digital monthly active users ("digital MAU")	6,856	6,809	5,892	16%	1%
Georgia	1,196	1,154	1,000	20%	4%
Uzbekistan	5,660	5,655	4,892	16%	0%
Total digital daily active users ("digital DAU")	2,393	2,401	1,948	23%	0%
Georgia	555	545	456	22%	2%
Uzbekistan	1,838	1,856	1,492	23%	-1%
Digital DAU/MAU	35%	35%	33%	2 pp	0 pp
Georgia	46%	47%	46%	0 pp	-1 pp
Uzbekistan	32%	33%	30%	2 pp	-1 pp

Unique registered users of Uzbekistan have been reclassified since 4Q 2024

Uzbekistan - key highlights

In thousands of GEL	Sep'25	Jun'25	Sep'24	Change YoY	Change QoQ
Gross loans and advances to customers	2,636,055	2,463,960	1,373,506	91.9%	7.0%
Customer accounts	1,466,682	1,340,365	855,689	71.4%	9.4%

 

In thousands of GEL	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ	9M'25	9M'24	Change YoY
Total operating income	188,602	169,765	111,373	69.3%	11.1%	519,418	276,499	87.9%
Net profit	41,093	32,329	31,595	30.1%	27.1%	94,983	73,811	28.7%
ROE	23.3%	20.0%	28.2%	-4.9 pp	3.3 pp	19.1%	26.6%	-7.5 pp

9M 2025 financial results include a non-recurring credit impairment charge of GEL 24.6 mln (pre-tax) in Uzbekistan

 

 

 

Letter from the Chief Executive Officer[2]

I am pleased to share that 3Q marked another quarter of very consistent and strong operating performance for the group, with record quarterly earnings. In 3Q 2025, operating income rose by 17% year-on-year to GEL 880 million, while net profit reached GEL 368 million, up 6% year-on-year, with an ROE of 24.4%. Consequently, for 9M 2025, net profit totaled GEL 1,033 million, up 6% year-on-year, with an ROE of 23.9%.

This strong and steady progress, alongside a very sound capital base, enables us to continue to combine robust growth with returning excess capital to shareholders, and the Board has declared a quarterly dividend of GEL 1.75 per share for 3Q 2025, bringing total dividends for the first nine months to GEL 5.0.

 

Consistent returns in Georgia, further ecosystem scale up in Uzbekistan

Turning to how the quarter has been in Georgia and Uzbekistan, our Georgian business continues to generate impressive profitability, posting another quarter of mid-20s ROE. This was underpinned by a 9% increase in the loan book on a constant currency basis and net interest margin ticking up to 6.0%. While we lead the market in many segments, a key focus is gaining market share in fast consumer lending - we increased this loan book 42% year-on-year in 3Q 2025 and have gained 3.0 pp market share in the past year. We continue to innovate in this space. In 3Q we re-engineered our credit card offering in our mobile app, which is already resulting in strong customer uptake.

 

Meanwhile, during 3Q 2025, TBC Uzbekistan continued to make great strides in scaling up its digital banking ecosystem. We announced our planned acquisition of a majority stake in OLX, the country's largest online classifieds platform, which will unlock powerful synergies with our financial services platform and help increase our share of customer attention. We also saw good progress in the uptake of Salom Card, with 0.7 million issued by the end of September, of which over 0.5 million have been funded as customers increasingly choose TBC for their daily banking needs. In addition, we have been deepening customer engagement in Payme, with Payme Plus subscription reaching 0.3 million monthly active users. We keep scaling and embedding the use of AI across our operations, reaching 90% automation in early-stage delinquency calls and conducting over 100,000 sales interactions per month.

2025 targets update

The performance of the overall Group remains strong and resilient. Our ROE has consistently been running ahead of the 23% target we have set ourselves, and since the start of 2023, we have almost doubled our digital MAU to close to 7 million as more customers choose TBC. Georgia remains a model of highly profitable consistency, and over the past few years in Uzbekistan we have built one of the fastest growing digital banking ecosystems globally - we have added over 10 million registered users over the past three years, we have built a USD 1 billion loan book, and we now have a diverse product suite of digital financial services for both consumers and businesses. Our digital bank broke even in just 2 years and is already generating c20% ROE, despite still being an early-stage business.

 

This year in Uzbekistan, we have scaled up and launched new products. Loans have almost doubled year-on-year, Salom Card is gaining traction as a 'go to' product for daily banking needs, and we announced highly value accretive M&A. We have become a top 10 player in retail banking and are now the 'top of mind' bank in Tashkent. But the year has also clearly had its challenges, with the previously flagged headwinds in 1H, while in 2H, we have pivoted our business from microloans to SME lending more quickly than previously anticipated in line with the changing regulatory agenda. As a result, we will be below the net profit guidance that we set ourselves back in 2023. Consequently, we anticipate Group net profit to be slightly below our GEL 1.5 billion target.

 

As a group, we are well-positioned for the future. We have an excellent and reliable Georgian franchise, while in Uzbekistan we have a flexible and resilient business model that enables us to adapt quickly to the evolving environment. We remain highly positive on the long-term growth opportunities in both markets.

 

 

Vakhtang Butskhrikidze

CEO, TBC Bank Group PLC

 

 

 

Economic overview

Georgia

Economic growth remains robust

Georgia's real GDP increased by 6.5% year-on-year in the third quarter of 2025, with recent growth dynamics more aligned with the expected relative moderation trend, although average growth in the first nine months of the year stood at a robust 7.7%, following 9.4% growth in 2024, according to Geostat. While heightened political tensions resulted in lower tourism revenues and domestic demand at the end of 2024 and 1Q 2025, especially reflected through contracted spending on durable goods, a recovery in consumption was evident from March. Economic activity has remained steady since, with growth supported by improving external trade balance and robust currency inflows and slowing, though still strong, credit activity and real wages.

Following the drop in December 2024, estimated net inflows into Georgia has been improving this year, supported by lower durable imports, especially of cars. Georgia's seasonally adjusted underlying current account (excluding reinvestments) recorded a surplus in 2Q 2025, while estimated net inflows remained robust in 3Q as well. Total exports and imports of goods denominated in U.S. dollars decreased by 1.2% and 0.8% YoY, respectively. However, the decrease was driven by lower trade with cars as domestic exports grew by 9.3%. At the same time, 6.6% growth in tourism revenues and 12.0% increase in remittances in 3Q also contributed significantly to the improvement in net currency inflows into the country, while FDIs remained subdued.

Fiscal consolidation continues

The government remains committed to fiscal consolidation, as it recorded a budget deficit equal to only 0.4% of GDP in the first 9 months of 2025, while public debt to GDP ratio declined to 35.2%.

Credit growth is moderating, though remains strong

Bank credit growth has moderated slightly from 15.6% year-on-year in June 2025 to 13.4% in September, at constant exchange rates. Given accelerating inflation, real credit growth also weakened, though it remained still strong at 8.2%. As for segments, while retail credit strengthened marginally from 14.8% in June to 14.9% in September, the year-on-year growth of lending to legal entities declined from 16.6% to 11.8%. The gradual dedollarization of bank lending continued in 3Q 2025, with the share of foreign currency loans dropping slightly from 42.9% in June to 42.2% in September, at constant exchange rates.

GEL remains stable, while NBG continues reserve replenishment

Improved net currency inflows resulting from subdued imports and strong external inflows from exports of goods, tourism and remittances, has combined with a globally weakened USD and increased deposit larization in 2Q 2025, leading to appreciation pressures on the national currency that only slightly moderated in 3Q, keeping the GEL broadly stable. Leveraging on this environment, the NBG continued reserve replenishment, purchasing around USD 1.6 billion from the FX market in the first nine months of the year, including USD 717 million in the third quarter, bringing its gross international reserves to USD 5.4 billion as of the end of September. Meanwhile, the national currency appreciated by around 3.6% against the USD compared to the end of 2024 and stood at 2.71 GEL per USD at the end of September.

CPI inflation continued accelerating, standing at 4.8% in September, above the NBG 3.0% target. Higher inflation is driven by the combination of low base effect, elevated domestic pressures and a partial pass-through of higher risks realized in food price dynamics globally. Consequently, the NBG has maintained an unchanged monetary policy rate ("MPR") at 8.0% since May 2024.

 

Uzbekistan

Continued strong economic performance

Uzbekistan's economic growth strengthened to 8.2% year-on-year in 3Q 2025, averaging 7.6% in the first nine months of the year, compared to 6.5% in 2024. In terms of external trade, exports of goods in 3Q 2025 increased by an impressive 43.5% year-on-year due to higher gold exports. At the same time, imports also posted a strong 30.9% growth, driven by increased imports of vehicles and machinery. Retail credit slightly strengthened to 22.9% YoY in September from 22.0% in June, with mortgage credit expanding by 17.1% and non-mortgage credit by 26.5%.

Annual inflation in Uzbekistan stood at 8.0% in September, down from 8.7% in June and 9.8% in December 2024. The CBU kept its monetary policy rate unchanged at 14.0% throughout the quarter, having increased it by 0.5 percentage points in March, citing sustained inflationary pressures. At the same time, the UZS was valued at 12,068 per US Dollar by the end of September, having appreciated by around 7.1% compared to the end of 2024. UZS appreciation is supported by a globally weakened USD, moderated credit activity and the tighter CBU stance. At the same time, as of September, record-high gold prices resulted in a substantial USD 13.8 billion (or 34%) YTD increase in the CBU international reserves.

 

Economic growth forecasts raised

As economic outlooks for both countries remain robust, TBC Capital has raised its full year 2025 growth projections to 7.3% in Georgia (up from 7.1%), and 8.0% in Uzbekistan (up from 7.4%).

 

More information on the Georgian economy and financial sector can be found at www.tbccapital.ge.

Unaudited consolidated financial results overview for 3Q 2025

This statement provides a summary of the business and financial trends for 3Q 2025 for TBC Bank Group plc and its subsidiaries. The financial information and trends are unaudited.

Please note that there might be slight differences in previous periods' figures due to rounding.

Consolidated income statement and other comprehensive income

In thousands of GEL	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ
Interest income	1,221,108	1,144,935	958,194	27.4%	6.7%
Interest expense	(609,587)	(563,133)	(465,633)	30.9%	8.2%
Net interest income	611,521	581,802	492,561	24.2%	5.1%
Fee and commission income	277,670	259,013	218,596	27.0%	7.2%
Fee and commission expense	(126,469)	(103,379)	(73,799)	71.4%	22.3%
Net fee and commission income	151,201	155,634	144,797	4.4%	-2.8%
Net insurance income	18,623	14,039	11,389	63.5%	32.7%
Net gains from currency derivatives, foreign currency operations and translation	91,337	77,775	101,326	-9.9%	17.4%
Other operating income	7,235	5,077	3,295	NMF	42.5%
Share of profit of associates	280	300	286	-2.1%	-6.7%
Other operating non-interest income	117,475	97,191	116,296	1.0%	21%
Credit loss allowance for loans to customers	(106,875)	(105,128)	(47,223)	NMF	1.7%
Credit loss allowance for other financial items and net impairment for non-financial assets	(16,059)	(13,451)	(8,052)	99.4%	19.4%
Operating income after expected credit losses	757,263	716,048	698,379	8.4%	5.8%
Staff costs	(168,410)	(162,940)	(149,257)	12.8%	3.4%
Depreciation and amortisation	(43,136)	(40,924)	(37,488)	15.1%	5.4%
Administrative and other operating expenses	(120,343)	(109,890)	(93,463)	28.8%	9.5%
Operating expenses	(331,889)	(313,754)	(280,208)	18.4%	5.8%
Net profit before tax	425,374	402,294	418,171	1.7%	5.7%
Income tax expense	(57,094)	(56,019)	(70,908)	-19.5%	1.9%
Net profit	368,280	346,275	347,263	6.1%	6.4%
Net profit attributable to:
- Shareholders of TBCG	359,516	340,862	339,893	5.8%	5.5%
- Non-controlling interest	8,764	5,413	7,370	18.9%	61.9%
Other comprehensive income:
Other comprehensive expense for the period	41,422	(52,025)	48,410	-14.4%	NMF
Total comprehensive income for the period	409,702	294,250	395,673	3.5%	39.2%

 

 

Consolidated balance sheet

In thousands of GEL	Sep'25	Jun'25	Change QoQ
ASSETS
Cash and cash equivalents	3,837,678	3,548,840	8.1%
Due from other banks	96,828	111,130	-12.9%
Mandatory cash balances with the NBG and the CBU	2,534,159	2,408,487	5.2%
Loans and advances to customers and finance lease receivables	28,124,677	27,908,768	0.8%
Investment securities	5,874,066	5,260,446	11.7%
Repurchase receivables	284,411	-	NMF
Investment properties	11,495	11,569	-0.6%
Current income tax prepayment	54,482	11,546	NMF
Deferred income tax asset	4,507	4,254	5.9%
Other financial assets	350,685	436,784	-19.7%
Other assets	1,653,276	1,538,293	7.5%
Intangible assets	715,330	662,919	7.9%
Goodwill	79,348	59,964	32.3%
TOTAL ASSETS	43,620,942	41,963,000	4.0%
LIABILITIES
Due to credit institutions	7,485,130	7,181,100	4.2%
Customer accounts	25,248,136	23,921,726	5.5%
Other financial liabilities	805,989	1,138,603	-29.2%
Current income tax liability	3,155	23,416	-86.5%
Deferred income tax liability	52,432	51,774	1.3%
Debt Securities in issue*	1,916,282	1,861,021	3.0%
Other liabilities	252,414	212,332	18.9%
Subordinated debt	1,142,273	1,151,490	-0.8%
Redemption liability	585,391	545,400	7.3%
TOTAL LIABILITIES	37,491,202	36,086,862	3.9%
EQUITY
Share capital	1,713	1,719	-0.3%
Shares held by trust	(53,196)	(49,862)	6.7%
Share premium	411,088	411,088	0.0%
Retained earnings	5,823,395	5,590,920	4.2%
Other reserves	(217,522)	(222,807)	-2.4%
Equity attributable to owners of the parent	5,965,478	5,731,058	4.1%
Non-controlling interest	164,262	145,080	13.2%
TOTAL EQUITY	6,129,740	5,876,138	4.3%
TOTAL LIABILITIES AND EQUITY	43,620,942	41,963,000	4.0%

* Debt securities in issue include Additional Tier 1 capital subordinated notes

 

 

 

Ratios

Ratios (based on monthly averages, where applicable)	3Q'25	2Q'25	3Q'24
Profitability ratios:
ROE1	24.4%	24.3%	26.6%
ROA2	3.3%	3.4%	3.7%
Cost to income3	37.7%	37.6%	37.2%
NIM4	7.1%	7.1%	6.4%
Loan yields5	14.7%	14.5%	13.2%
Deposit rates6	5.8%	5.8%	5.4%
Cost of funding7	6.9%	6.8%	6.1%
Asset quality & portfolio concentration:
Cost of risk9	1.6%	1.6%	0.8%
PAR 90 to gross loans9	1.9%	1.7%	1.5%
NPLs to gross loans10	2.7%	2.5%	2.2%
NPL provision coverage11	75.3%	78.2%	72.3%
Total NPL coverage12	136.3%	142.4%	141.6%
Credit loss level to gross loans13	2.1%	2.0%	1.6%
Related party loans to gross loans14	0.0%	0.0%	0.1%
Top 10 borrowers to total portfolio15	4.6%	4.9%	5.8%
Top 20 borrowers to total portfolio16	7.4%	7.8%	8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17	98.5%	103.5%	99.7%
Leverage (x)18	7.1x	7.1x	7.0x
Georgia
Net stable funding ratio19	126.3%	124.4%	123.1%
Liquidity coverage ratio20	135.1%	116.3%	121.1%
CET 1 CAR21	16.7%	16.4%	16.6%
Tier 1 CAR22	20.1%	19.8%	20.4%
Total 1 CAR23	22.9%	23.0%	23.9%
Uzbekistan
CET 1 CAR24	18.5%	18.5%	16.4%
Tier 1 CAR25	18.5%	18.5%	16.4%
Total 1 CAR26	19.4%	20.0%	19.6%

Funding and liquidity in Georgia

	Sep'25	Jun'25	Change QoQ
Minimum net stable funding ratio, as defined by the NBG	100.0%	100.0%	0.0 pp
Net stable funding ratio as defined by the NBG	126.3%	124.4%	1.9 pp
Minimum total liquidity coverage ratio, as defined by the NBG	100.0%	100.0%	0.0 pp
Minimum LCR in GEL, as defined by the NBG	75%	75.0%	0.0 pp
Minimum LCR in FC, as defined by the NBG	100.0%	100.0%	0.0 pp
Total liquidity coverage ratio, as defined by the NBG	135.1%	116.3%	18.8 pp
LCR in GEL, as defined by the NBG	122.0%	115.7%	6.3 pp
LCR in FC, as defined by the NBG	143.3%	116.6%	26.7 pp

Regulatory capital

Georgia

In thousands of GEL	Sep'25	Jun'25	Change QoQ
CET 1 capital	5,003,864	4,917,529	1.8%
Tier 1 capital	6,019,664	5,938,879	1.4%
Total capital	6,874,689	6,874,774	0.0%
Total risk-weighted assets	29,986,829	29,939,526	0.2%
Minimum CET 1 ratio	14.7%	14.7%	0.0 pp
CET 1 capital adequacy ratio	16.7%	16.4%	0.3 pp
Minimum Tier 1 ratio	17.0%	16.9%	0.1 pp
Tier 1 capital adequacy ratio	20.1%	19.8%	0.3 pp
Minimum total capital adequacy ratio	20.0%	19.9%	0.1 pp
Total capital adequacy ratio	22.9%	23.0%	-0.1 pp

 

Uzbekistan

In thousands of GEL	Sep'25	Jun'25	Change QoQ
CET 1 capital	561,419	538,892	4.2%
Tier 1 capital	561,419	538,892	4.2%
Total capital	588,900	581,838	1.2%
Total risk-weighted assets	3,037,257	2,912,132	4.3%
Minimum CET 1 ratio	8.0%	8.0%	0.0 pp
CET 1 capital adequacy ratio	18.5%	18.5%	0.0 pp
Minimum Tier 1 ratio	10.0%	10.0%	0.0 pp
Tier 1 capital adequacy ratio	18.5%	18.5%	0.0 pp
Minimum total capital adequacy ratio	13.0%	13.0%	0.0 pp
Total capital adequacy ratio	19.4%	20.0%	-0.6 pp

Loan portfolio

As of 30 September 2025, the gross loan portfolio reached GEL 28,713.7 million, up by 0.9% QoQ, or up by 0.7% QoQ on a constant currency basis.

By the end of September 2025, our Georgia FS loan portfolio increased by 0.3% on a QoQ basis and reached GEL 26,077.6 million, with 0.6% QoQ growth on a constant currency basis. Over the same period, our Uzbek portfolio increased by 7.0% QoQ, or up by 2.7% QoQ on a constant currency basis.

In thousands of GEL Gross loans and advances to customers	Sep'25	Jun'25	Change QoQ
Georgian financial services ("Georgia FS")*	26,077,641	25,992,620	0.3%
Retail Georgia	9,397,354	9,124,930	3.0%
CIB Georgia	10,224,375	10,491,098	-2.5%
MSME Georgia	5,925,747	5,902,254	0.4%
Uzbekistan	2,636,055	2,463,960	7.0%
Total gross loans and advances to customers	28,713,696	28,469,934	0.9%

Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

* Georgia FS includes sub-segment eliminations

	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ
Loan yields	14.7%	14.5%	13.2%	1.5 pp	0.2 pp
GEL	14.7%	14.5%	14.0%	0.7 pp	0.2 pp
FC	8.9%	8.9%	9.0%	-0.1 pp	0.0 pp
UZS	42.5%	42.7%	44.4%	-1.9 pp	-0.2 pp
Georgia FS	12.0%	11.9%	11.5%	0.5 pp	0.1 pp
GEL	14.7%	14.5%	14.0%	0.7 pp	0.2 pp
FC	8.9%	8.9%	8.9%	0.0 pp	0.0 pp
Uzbekistan	42.5%	42.7%	44.4%	-1.9 pp	-0.2 pp
UZS	42.5%	42.7%	44.4%	-1.9 pp	-0.2 pp
Total loan yields	14.7%	14.5%	13.2%	1.5 pp	0.2 pp

Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

Loan portfolio quality

PAR 90	Sep'25	Jun'25	Change QoQ
Georgia FS*	1.6%	1.5%	0.1 pp
Retail Georgia	0.9%	0.8%	0.1 pp
CIB Georgia	1.5%	1.2%	0.3 pp
MSME Georgia	3.1%	2.8%	0.3 pp
Uzbekistan	4.7%	3.9%	0.8 pp
Total PAR 90	1.9%	1.7%	0.2 pp

PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

* Georgia FS includes sub-segment eliminations

In thousands of GEL Non-performing Loans ("NPL")	Sep'25	Jun'25	Change QoQ
Georgia FS*	658,408	613,751	7.3%
Retail Georgia	148,440	147,242	0.8%
CIB Georgia	226,372	157,590	43.6%
MSME Georgia	274,926	281,300	-2.3%
Uzbekistan	123,374	101,170	21.9%
Total non-performing loans	781,782	717,615	8.9%

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

 

NPL to gross loans	Sep'25	Jun'25	Change QoQ
Georgia FS*	2.5%	2.4%	0.1 pp
Retail Georgia	1.6%	1.6%	0.0 pp
CIB Georgia	2.2%	1.5%	0.7 pp
MSME Georgia	4.6%	4.8%	-0.2 pp
Uzbekistan	4.7%	4.1%	0.6 pp
Total NPL to gross loans	2.7%	2.5%	0.2 pp

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

	Sep'25		Jun'25
NPL Coverage	Provision Coverage	Total Coverage**	Provision Coverage	Total Coverage**
Georgia FS*	60.7%	133.1%	62.6%	137.3%
Retail Georgia	136.4%	186.0%	129.5%	181.7%
CIB Georgia	32.4%	104.5%	43.3%	113.8%
MSME Georgia	41.1%	123.6%	40.7%	124.9%
Uzbekistan	153.5%	153.5%	169.7%	169.7%
Total NPL coverage	75.3%	136.3%	78.2%	142.4%

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

Cost of risk ("CoR")	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ
Georgia FS*	0.8%	0.8%	0.5%	0.3 pp	0.0 pp
Retail Georgia	1.7%	1.8%	1.1%	0.6 pp	-0.1 pp
CIB Georgia	0.2%	0.2%	0.1%	0.1 pp	0.0 pp
MSME Georgia	0.4%	0.5%	0.3%	0.1 pp	-0.1 pp
Uzbekistan	9.7%	9.9%	5.8%	3.9 pp	-0.2 pp
Total cost of risk	1.6%	1.6%	0.8%	0.8 pp	0.0 pp

Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

Deposit portfolio

As of 30 September 2025, the deposit portfolio reached GEL 25,248.1 million, up by 5.5% QoQ, and also up by 5.6% QoQ on a constant currency basis.

By the end of September 2025, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 23,404. 7 million, up by 6.2% QoQ, and also up by 6.6% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 9.4% QoQ, or up by 5.1% QoQ on a constant currency basis.

In thousands of GEL Customer accounts	Sep'25	Jun'25	Change QoQ
Georgia FS*	24,015,951	22,646,812	6.0%
Retail Georgia	9,170,003	8,719,633	5.2%
CIB Georgia	12,337,739	11,521,115	7.1%
MSME Georgia	2,075,247	1,951,125	6.4%
MOF	611,232	615,889	-0.8%
Uzbekistan	1,466,682	1,340,365	9.4%
Total customer accounts**	25,248,136	23,921,726	5.5%

* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations

	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ
Deposit rates	5.8%	5.8%	5.4%	0.4 pp	0.0 pp
GEL	7.7%	7.9%	7.7%	0.0 pp	-0.2 pp
FC	2.1%	1.9%	1.4%	0.7 pp	0.2 pp
UZS	24.0%	24.9%	24.7%	-0.7 pp	-0.9 pp
Georgian financial services	4.7%	4.6%	4.7%	0.0 pp	0.1 pp
GEL	7.7%	7.9%	7.7%	0.0 pp	-0.2 pp
FC	2.1%	1.9%	1.4%	0.7 pp	0.2 pp
Uzbek business	23.9%	24.8%	24.6%	-0.7 pp	-0.9 pp
UZS	24.0%	24.9%	24.7%	-0.7 pp	-0.9 pp
FC	8.3%	5.5%	4.7%	3.6 pp	2.8 pp
Total deposit rates*	5.8%	5.8%	5.4%	0.4 pp	0.0 pp

* Total deposits rates include MOF deposits

 

Unaudited consolidated financial results overview for 9M 2025

This statement provides a summary of the business and financial trends for 9M 2025 for TBC Bank Group plc and its subsidiaries. The financial information and trends are unaudited.

Please note that there might be slight differences in previous periods' figures due to rounding.

Consolidated income statement and other comprehensive income

In thousands of GEL	9M'25	9M'24	Change YoY
Interest income	3,437,782	2,677,097	28.4%
Interest expense	(1,711,249)	(1,283,581)	33.3%
Net interest income	1,726,533	1,393,516	23.9%
Fee and commission income	768,187	598,958	28.3%
Fee and commission expense	(313,355)	(226,460)	38.4%
Net fee and commission income	454,832	372,498	22.1%
Net insurance income	41,397	28,292	46.3%
Net gains from currency derivatives, foreign currency operations and translation	247,269	248,442	-0.5%
Other operating income	18,286	6,926	NMF
Share of profit of associates	719	391	83.9%
Other operating non-interest income	307,671	284,051	8.3%
Credit loss allowance for loans to customers	(318,597)	(118,788)	NMF
Credit loss allowance for other financial items and net impairment for non-financial assets	(41,413)	(13,183)	NMF
Operating income after expected credit and non-financial asset impairment losses	2,129,026	1,918,094	11.0%
Staff costs	(476,301)	(411,473)	15.8%
Depreciation and amortisation	(122,710)	(107,210)	14.5%
Administrative and other operating expenses	(334,576)	(247,773)	35.0%
Operating expenses	(933,587)	(766,456)	21.8%
Net profit before tax	1,195,439	1,151,638	3.8%
Income tax expense	(162,378)	(178,606)	-9.1%
Net profit	1,033,061	973,032	6.2%
Net profit attributable to:
- Shareholders of TBCG	1,016,930	957,293	6.2%
- Non-controlling interest	16,131	15,739	2.5%
Other comprehensive income:
Other comprehensive expense for the period	(26,663)	14,246	NMF
Total comprehensive income for the period	1,006,398	987,278	1.9%

 

 

 

Consolidated balance sheet

In thousands of GEL	Sep'25	Sep'24	Change YoY
ASSETS
Cash and cash equivalents	3,837,678	5,108,157	-24.9%
Due from other banks	96,828	23,347	NMF
Mandatory cash balances with the NBG and the CBU	2,534,159	1,991,538	27.2%
Loans and advances to customers and finance lease receivables	28,124,677	24,914,965	12.9%
Investment securities	5,874,066	3,597,125	63.3%
Repurchase receivables	284,411	-	NMF
Investment properties	11,495	14,235	-19.2%
Current income tax prepayment	54,482	84,140	-35.2%
Deferred income tax asset	4,507	920	NMF
Other financial assets	350,685	296,002	18.5%
Other assets	1,653,276	1,326,855	24.6%
Intangible assets	715,330	555,078	28.9%
Goodwill	79,348	59,964	32.3%
TOTAL ASSETS	43,620,942	37,972,326	14.9%
LIABILITIES
Due to credit institutions	7,485,130	5,922,371	26.4%
Customer accounts	25,248,136	22,548,107	12.0%
Other financial liabilities	805,989	577,196	39.6%
Current income tax liability	3,155	27,727	-88.6%
Deferred income tax liability	52,432	57,934	-9.5%
Debt Securities in issue*	1,916,282	1,621,985	18.1%
Other liabilities	252,414	237,480	6.3%
Subordinated debt	1,142,273	1,133,742	0.8%
Redemption liability	585,391	418,012	40.0%
TOTAL LIABILITIES	37,491,202	32,544,554	15.2%
EQUITY
Share capital	1,713	1,713	0.0%
Shares held by trust	(53,196)	(66,982)	-20.6%
Share premium	411,088	345,913	18.8%
Retained earnings	5,823,395	4,995,298	16.6%
Other reserves	(217,522)	(42,996)	NMF
Equity attributable to owners of the parent	5,965,478	5,232,946	14.0%
Non-controlling interest	164,262	194,826	-15.7%
TOTAL EQUITY	6,129,740	5,427,772	12.9%
TOTAL LIABILITIES AND EQUITY	43,620,942	37,972,326	14.9%

* Debt securities in issue include Additional Tier 1 capital subordinated notes

 

 

Ratios

Ratios (based on monthly averages, where applicable)	9M'25	9M'24
Profitability ratios:
ROE1	23.9%	26.2%
ROA2	3.3%	3.7%
Cost to income3	37.5%	37.4%
NIM4	7.0%	6.4%
Loan yields5	14.4%	13.0%
Deposit rates6	5.7%	5.3%
Cost of funding7	6.8%	6.0%
Asset quality & portfolio concentration:
Cost of risk9	1.6%	0.7%
PAR 90 to gross loans9	1.9%	1.5%
NPLs to gross loans10	2.7%	2.2%
NPL provision coverage11	75.3%	72.3%
Total NPL coverage12	136.3%	141.6%
Credit loss level to gross loans13	2.1%	1.6%
Related party loans to gross loans14	0.0%	0.1%
Top 10 borrowers to total portfolio15	4.6%	5.8%
Top 20 borrowers to total portfolio16	7.4%	8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17	98.5%	99.7%
Leverage (x)18	7.1x	7.0x
Georgia
Net stable funding ratio19	126.3%	123.1%
Liquidity coverage ratio20	135.1%	121.1%
CET 1 CAR21	16.7%	16.6%
Tier 1 CAR22	20.1%	20.4%
Total 1 CAR23	22.9%	23.9%
Uzbekistan
CET 1 CAR24	18.5%	16.4%
Tier 1 CAR25	18.5%	16.4%
Total 1 CAR26	19.4%	19.6%

Funding and liquidity in Georgia

	Sep'25	Sep'24	Change YoY
Minimum net stable funding ratio, as defined by the NBG	100.0%	100.0%	0.0 pp
Net stable funding ratio as defined by the NBG	126.3%	123.1%	3.2 pp
Minimum total liquidity coverage ratio, as defined by the NBG	100.0%	100.0%	0.0 pp
Minimum LCR in GEL, as defined by the NBG	75%	75.0%	0.0 pp
Minimum LCR in FC, as defined by the NBG	100.0%	100.0%	0.0 pp
Total liquidity coverage ratio, as defined by the NBG	135.1%	121.1%	14.0 pp
LCR in GEL, as defined by the NBG	122.0%	85.9%	36.1 pp
LCR in FC, as defined by the NBG	143.3%	141.3%	2.0 pp

Regulatory capital

Georgia

In thousands of GEL	Sep'25	Sep'24	Change YoY
CET 1 capital	5,003,864	4,540,404	10.2%
Tier 1 capital	6,019,664	5,564,042	8.2%
Total capital	6,874,689	6,533,759	5.2%
Total risk-weighted assets	29,986,829	27,314,351	9.8%
Minimum CET 1 ratio	14.7%	14.5%	0.2 pp
CET 1 capital adequacy ratio	16.7%	16.6%	0.1 pp
Minimum Tier 1 ratio	17.0%	16.8%	0.2 pp
Tier 1 capital adequacy ratio	20.1%	20.4%	-0.3 pp
Minimum total capital adequacy ratio	20.0%	19.8%	0.2 pp
Total capital adequacy ratio	22.9%	23.9%	-1.0 pp

 

 

Uzbekistan

In thousands of GEL	Sep'25	Sep'24	Change YoY
CET 1 capital	561,419	357,056	57.2%
Tier 1 capital	561,419	357,056	57.2%
Total capital	588,900	426,575	38.1%
Total risk-weighted assets	3,037,257	2,175,022	39.6%
Minimum CET 1 ratio	8.0%	8.0%	0.0 pp
CET 1 capital adequacy ratio	18.5%	16.4%	2.1 pp
Minimum Tier 1 ratio	10.0%	10.0%	0.0 pp
Tier 1 capital adequacy ratio	18.5%	16.4%	2.1 pp
Minimum total capital adequacy ratio	13.0%	13.0%	0.0 pp
Total capital adequacy ratio	19.4%	19.6%	-0.2 pp

Loan portfolio

As of 30 September 2025, the gross loan portfolio reached GEL 28,713.7 million, up by 13.4% YoY, or up by 12.5% YoY on a constant currency basis.

By the end of September 2025, our Georgia FS loan portfolio increased by 9.0% YoY and reached GEL 26,077.6 million, with 8.5% YoY growth on a constant currency basis. Over the same period, our Uzbek portfolio increased by 91.9%, or 83.5% on a constant currency basis.

 

In thousands of GEL Gross loans and advances to customers	Sep'25	Sep'24	Change YoY
Georgian financial services ("Georgia FS")*	26,077,641	23,915,282	9.0%
Retail Georgia	9,397,354	8,391,309	12.0%
CIB Georgia	10,224,375	9,243,424	10.6%
MSME Georgia	5,925,747	5,882,230	0.7%
Uzbekistan	2,636,055	1,373,506	91.9%
Total gross loans and advances to customers	28,713,696	25,315,760	13.4%

Gross loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

* Georgia FS includes sub-segment eliminations

	9M'25	9M'24	Change YoY
Loan yields	14.4%	13.0%	1.4 pp
GEL	14.5%	14.0%	0.5 pp
FC	8.9%	8.9%	0.0 pp
UZS	43.2%	44.0%	-0.8 pp
Georgia FS	11.9%	11.5%	0.4 pp
GEL	14.5%	14.0%	0.5 pp
FC	8.9%	8.9%	0.0 pp
Uzbekistan	43.2%	44.0%	-0.8 pp
UZS	43.2%	44.0%	-0.8 pp
Total loan yields	14.4%	13.0%	1.4 pp

Loan yields include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

Loan portfolio quality

PAR 90	Sep'25	Sep'24	Change YoY
Georgia FS*	1.6%	1.4%	0.2 pp
Retail Georgia	0.9%	0.8%	0.1 pp
CIB Georgia	1.5%	1.0%	0.5 pp
MSME Georgia	3.1%	2.7%	0.4 pp
Uzbekistan	4.7%	2.7%	2.0 pp
Total PAR 90	1.9%	1.5%	0.4 pp

PAR 90 include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

* Georgia FS includes sub-segment eliminations

In thousands of GEL Non-performing Loans ("NPL")	Sep'25	Sep'24	Change YoY
Georgia FS*	658,408	514,964	27.9%
Retail Georgia	148,440	111,411	33.2%
CIB Georgia	226,372	161,856	39.9%
MSME Georgia	274,926	222,899	23.3%
Uzbekistan	123,374	37,721	227.1%
Total non-performing loans	781,782	554,148	41.1%

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

 

NPL to gross loans	Sep'25	Sep'24	Change YoY
Georgia FS*	2.5%	2.2%	0.3 pp
Retail Georgia	1.6%	1.3%	0.3 pp
CIB Georgia	2.2%	1.8%	0.4 pp
MSME Georgia	4.6%	3.8%	0.8 pp
Uzbekistan	4.7%	2.7%	2.0 pp
Total NPL to gross loans	2.7%	2.2%	0.5 pp

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

	Sep'25		Sep'24
NPL Coverage	Provision Coverage	Total Coverage**	Provision Coverage	Total Coverage**
Georgia FS*	60.7%	133.1%	63.7%	138.0%
Retail Georgia	136.4%	186.0%	144.3%	206.0%
CIB Georgia	32.4%	104.5%	32.2%	105.8%
MSME Georgia	41.1%	123.6%	47.9%	127.0%
Uzbekistan	153.5%	153.5%	181.5%	181.5%
Total NPL coverage	75.3%	136.3%	72.3%	141.6%

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

Cost of risk ("CoR")	9M'25	9M'24	Change YoY
Georgia FS*	0.8%	0.5%	0.3 pp
Retail Georgia	1.6%	0.9%	0.7 pp
CIB Georgia	0.2%	0.1%	0.1 pp
MSME Georgia	0.5%	0.5%	0.0 pp
Uzbekistan	10.4%	5.7%	4.7 pp
Total cost of risk	1.6%	0.7%	0.9 pp

Cost of risk include finance lease receivables only on Georgia FS, Uzbekistan and Group levels

*Georgia FS includes sub-segment eliminations

Deposit portfolio

As of 30 September 2025, deposit portfolio reached GEL 25,248.1 million, up by 12.0% YoY, or up by 11.7% YoY on a constant currency basis.

By the end of September 2025, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 23,404.7 million, up by 10.5% YoY, both on nominal and constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 71.4% YoY, or up by 63.9% YoY on a constant currency basis.

In thousands of GEL Customer accounts	Sep'25	Sep'24	Change YoY
Georgia FS*	24,015,951	21,892,684	9.7%
Retail Georgia	9,170,003	8,102,782	13.2%
CIB Georgia	12,337,739	11,211,555	10.0%
MSME Georgia	2,075,247	1,998,253	3.9%
MOF	611,232	711,745	-14.1%
Uzbekistan	1,466,682	855,689	71.4%
Total customer accounts**	25,248,136	22,548,107	12.0%

* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations

	9M'25	9M'24	Change YoY
Deposit rates	5.7%	5.3%	0.4 pp
GEL	7.9%	7.8%	0.1 pp
FC	1.9%	1.3%	0.6 pp
UZS	24.6%	25.0%	-0.4 pp
Georgian financial services	4.6%	4.7%	-0.1 pp
GEL	7.8%	7.8%	0.0 pp
FC	1.9%	1.3%	0.6 pp
Uzbek business	24.4%	24.9%	-0.5 pp
UZS	24.6%	25.0%	-0.4 pp
FC	5.6%	3.7%	1.9 pp
Total deposit rates*	5.7%	5.3%	0.4 pp

* Total deposits rates include MOF deposits

 

 

 

Additional information

1)   Financial disclosures by business lines

Business line definitions

The operating segments are defined as follows:

·  Georgian financial services ("Georgia FS") - include JSC TBC Bank with its Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The Georgia financial service segment consists of three major business sub-segments, while the treasury, leasing and insurance businesses are combined into the corporate and other sub-segments:

o Corporate and investment banking ("CIB") - a legal entity/group of affiliated entities with an annual revenue exceeding GEL 20 million or which has been granted facilities of more than GEL 7.5 million. Some other business customers may also be assigned to the CIB segment or transferred to the micro, small and medium enterprises segment on a discretionary basis. In addition, CIB includes Wealth Management private banking services to high-net-worth individuals with a threshold of USD 250,000 on assets under management (AUM), as well as on discretionary basis;

o Retail - non-business individual customers;

o Micro, small and medium enterprises ("MSME") - business customers who are not included in the CIB sub-segment.

·  Uzbekistan - TBC Bank Uzbekistan with respective subsidiaries and Payme (Inspired LLC).

·  Other - includes non-material or non-financial subsidiaries of the Group, and intra-group eliminations.

 

Georgian financial services

Profit and loss statement

In thousands of GEL	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ	9M'25	9M'24	Change YoY
Interest income	931,288	885,549	807,571	15.3%	5.2%	2,662,613	2,297,075	15.9%
Interest expense	(461,711)	(434,459)	(399,020)	15.7%	6.3%	(1,332,843)	(1,114,666)	19.6%
Net interest income	469,577	451,090	408,551	14.9%	4.1%	1,329,770	1,182,409	12.5%
Fee and commission income	205,094	195,794	176,655	16.1%	4.7%	573,075	489,630	17.0%
Fee and commission expense	(99,223)	(81,838)	(64,217)	54.5%	21.2%	(246,660)	(198,028)	24.6%
Net fee and commission income	105,871	113,956	112,438	-5.8%	-7.1%	326,415	291,602	11.9%
Net insurance income	15,221	13,827	11,567	31.6%	10.1%	37,993	28,833	31.8%
Net gains from currency derivatives, foreign currency operations and translation	92,156	81,034	102,426	-10.0%	13.7%	257,280	255,225	0.8%
Other operating income	7,434	4,949	3,098	NMF	50.2%	17,903	6,567	NMF
Share of profit of associates	280	300	286	-2.1%	-6.7%	719	391	83.8%
Other operating non-interest income	115,091	100,110	117,377	-1.9%	15.0%	313,895	291,016	7.9%
Credit loss allowance for loans to customers	(51,038)	(54,993)	(30,275)	68.6%	-7.2%	(153,985)	(81,203)	89.6%
Credit loss allowance for other financial items and net impairment for non-financial assets	(9,078)	(6,476)	(2,039)	NMF	40.2%	(20,913)	(5,421)	NMF
Operating income after expected credit and non-financial asset impairment losses	630,423	603,687	606,052	4.0%	4.4%	1,795,182	1,678,403	7.0%
Staff costs	(125,864)	(124,069)	(114,972)	9.5%	1.4%	(355,728)	(322,067)	10.5%
Depreciation and amortisation	(33,262)	(32,325)	(31,369)	6.0%	2.9%	(96,854)	(90,647)	6.8%
Administrative and other operating expenses	(75,436)	(65,217)	(57,145)	32.0%	15.7%	(198,822)	(153,907)	29.2%
Operating expenses	(234,562)	(221,611)	(203,486)	15.3%	5.8%	(651,404)	(566,621)	15.0%
Net profit before tax	395,861	382,076	402,566	-1.7%	3.6%	1,143,778	1,111,782	2.9%
Income tax expense	(49,904)	(49,973)	(64,776)	-23.0%	-0.1%	(148,078)	(165,646)	-10.6%
Net profit	345,957	332,103	337,790	2.4%	4.2%	995,700	946,136	5.2%

 

Balance sheet highlights

In thousands of GEL	Sep'25	Jun'25	Sep'24	Change YoY	Change QoQ
Cash & NBG mandatory reserves	6,191,319	5,601,764	7,021,266	-11.8%	10.5%
Due from other banks	83,594	104,170	23,315	NMF	-19.8%
Loans and advances to customers and finance lease receivables	25,677,986	25,608,360	23,587,401	8.9%	0.3%
Investment securities measured at fair value through OCI	5,710,406	5,000,111	3,443,089	65.9%	14.2%
Intangible assets and Goodwill	481,611	458,834	415,793	15.8%	5.0%
Other assets	1,852,602	1,825,283	1,607,628	15.2%	1.5%
TOTAL ASSETS	39,997,518	38,598,522	36,098,492	10.8%	3.6%
Due to credit institutions	6,960,213	6,646,158	5,733,053	21.4%	4.7%
Customer accounts	24,015,951	22,646,812	21,892,684	9.7%	6.0%
Subordinated debt and debt securities in issue	2,293,841	2,291,411	2,458,892	-6.7%	0.1%
Other liabilities	960,704	1,389,607	818,976	17.3%	-30.9%
TOTAL LIABILITIES	34,230,709	32,973,988	30,903,605	10.8%	3.8%
Equity attributable to shareholders	5,766,493	5,624,237	5,194,653	11.0%	2.5%
Non-controlling interest	316	297	234	35.0%	6.4%
TOTAL EQUITY	5,766,809	5,624,534	5,194,887	11.0%	2.5%
TOTAL LIABILITIES AND EQUITY	39,997,518	38,598,522	36,098,492	10.8%	3.6%

Key ratios

Georgian financial services	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ	9M'25	9M'24	Change YoY
Profitability ratios:
ROE1	24.1%	23.9%	26.5%	-2.4 pp	0.2 pp	23.8%	25.8%	-2.0 pp
ROA2	3.5%	3.5%	3.8%	-0.3 pp	0.0 pp	3.5%	3.8%	-0.3 pp
Cost to income3	34.0%	33.3%	31.9%	2.1 pp	0.7 pp	33.1%	32.1%	1.0 pp
NIM4	6.0%	5.9%	5.6%	0.4 pp	0.1 pp	5.8%	5.7%	0.1 pp
Loan yields5	12.0%	11.9%	11.5%	0.5 pp	0.1 pp	11.9%	11.5%	0.4 pp
Deposit rates6	4.7%	4.6%	4.7%	0.0 pp	0.1 pp	4.6%	4.7%	-0.1 pp
Cost of funding7	5.6%	5.6%	5.4%	0.2 pp	0.0 pp	5.6%	5.4%	0.2 pp
Asset quality & portfolio concentration:
Cost of risk8	0.8%	0.8%	0.5%	0.3 pp	0.0 pp	0.8%	0.5%	0.3 pp
PAR 90 to gross loans9	1.6%	1.5%	1.4%	0.2 pp	0.1 pp	1.6%	1.4%	0.2 pp
NPLs to gross loans10	2.5%	2.4%	2.2%	0.3 pp	0.1 pp	2.5%	2.2%	0.3 pp
NPL provision coverage11	60.7%	62.6%	63.7%	-3.0 pp	-1.9 pp	60.7%	63.7%	-3.0 pp
Total NPL coverage12	133.1%	137.3%	138.0%	-4.9 pp	-4.2 pp	133.1%	138.0%	-4.9 pp

For the ratio definitions and exchange rates, please refer to appendix 3.

 

Uzbekistan business[3]

Profit and loss statement

In thousands of GEL	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ	9M'25	9M'24	Change YoY
Interest income	289,632	258,522	148,879	94.5%	12.0%	772,997	373,943	106.7%
Interest expense	(146,648)	(123,268)	(65,329)	124.5%	19.0%	(371,492)	(169,086)	119.7%
Net interest income	142,984	135,254	83,550	71.1%	5.7%	401,505	204,857	96.0%
Fee and commission income	69,815	60,066	38,740	80.2%	16.2%	186,243	101,674	83.2%
Fee and commission expense	(27,635)	(22,028)	(11,089)	149.2%	25.5%	(67,989)	(29,759)	128.5%
Net fee and commission income	42,180	38,038	27,651	52.5%	10.9%	118,254	71,915	64.4%
Net insurance income	3,631	413	-	NMF	NMF	4,044	-	NMF
Net gains from currency derivatives, foreign currency operations and translation	(165)	(3,952)	169	-197.6%	-95.8%	(4,383)	(287)	NMF
Other operating income	(28)	12	3	NMF	NMF	(2)	14	-114.3%
Other operating non-interest income	3,438	(3,527)	172	NMF	-197.5%	(341)	(273)	24.9%
Credit loss allowance for loans to customers	(55,981)	(50,067)	(16,857)	232.1%	11.8%	(164,562)	(42,660)	285.8%
Credit loss allowance for other financial items and net impairment for non-financial assets	(6,104)	(7,352)	(2,078)	193.7%	-17.0%	(19,161)	(3,630)	NMF
Operating income after expected credit and non-financial asset impairment losses	126,517	112,346	92,438	36.9%	12.6%	335,695	230,209	45.8%
Staff costs	(27,980)	(25,943)	(19,510)	43.4%	7.9%	(77,027)	(47,512)	62.1%
Depreciation and amortisation	(7,179)	(5,722)	(3,350)	114.3%	25.5%	(17,575)	(9,262)	89.8%
Administrative and other operating expenses	(43,144)	(42,427)	(31,929)	35.1%	1.7%	(131,753)	(86,745)	51.9%
Operating expenses	(78,303)	(74,092)	(54,789)	42.9%	5.7%	(226,355)	(143,519)	57.7%
Net profit before tax	48,214	38,254	37,649	28.1%	26.0%	109,340	86,690	26.1%
Income tax expense	(7,121)	(5,925)	(6,054)	17.6%	20.2%	(14,357)	(12,879)	11.5%
Net profit	41,093	32,329	31,595	30.1%	27.1%	94,983	73,811	28.7%

Balance sheet highlights

In thousands of GEL	Sep'25	Jun'25	Sep'24	Change YoY	Change QoQ
Cash & CBU mandatory reserves	180,512	355,575	86,464	108.8%	-49.2%
Due from other banks	13,209	6,936	-	NMF	90.4%
Loans and advances to customers and finance lease receivables	2,446,691	2,292,297	1,305,028	87.5%	6.7%
Intangible assets and Goodwill	139,254	113,634	58,999	136.0%	22.5%
Other assets	680,983	462,985	267,729	154.4%	47.1%
TOTAL ASSETS	3,460,649	3,231,427	1,718,220	101.4%	7.1%
Due to credit institutions	1,080,917	1,055,440	303,967	255.6%	2.4%
Customer accounts	1,466,682	1,340,365	855,689	71.4%	9.4%
Subordinated debt and debt securities in issue	40,968	37,084	-	NMF	10.5%
Other liabilities	128,178	128,806	82,781	54.8%	-0.5%
TOTAL LIABILITIES	2,716,745	2,561,695	1,242,437	118.7%	6.1%
Equity attributable to shareholders	743,904	669,732	475,783	56.4%	11.1%
TOTQL EQUITY	743,904	669,732	475,783	56.4%	11.1%
TOTAL LIABILITIES AND EQUITY	3,460,649	3,231,427	1,718,220	101.4%	7.1%

Key ratios

Uzbekistan	3Q'25	2Q'25	3Q'24	Change YoY	Change QoQ	9M'25	9M'24	Change YoY
Profitability ratios:
ROE1	23.3%	20.0%	28.2%	-4.9 pp	3.3 pp	19.1%	26.6%	-7.5 pp
ROA2	4.9%	4.4%	7.8%	-2.9 pp	0.5 pp	4.4%	7.2%	-2.8 pp
Cost to income3	41.5%	43.6%	49.2%	-7.7 pp	-2.1 pp	43.6%	51.9%	-8.3 pp
NIM4	20.9%	22.9%	25.0%	-4.1 pp	-2.0 pp	22.7%	24.5%	-1.8 pp
Loan yields5	42.5%	42.7%	44.4%	-1.9 pp	-0.2 pp	43.2%	44.0%	-0.8 pp
Deposit rates6	23.9%	24.8%	24.6%	-0.7 pp	-0.9 pp	24.4%	24.9%	-0.5 pp
Cost of funding7	23.2%	22.9%	23.5%	-0.3 pp	0.3 pp	23.3%	23.8%	-0.5 pp
Asset quality & portfolio concentration:
Cost of risk8	9.7%	9.9%	5.8%	3.9 pp	-0.2 pp	10.4%	5.7%	4.7 pp
PAR 90 to gross loans9	4.7%	3.9%	2.7%	2.0 pp	0.8 pp	4.7%	2.7%	2.0 pp
NPLs to gross loans10	4.7%	4.1%	2.7%	2.0 pp	0.6 pp	4.7%	2.7%	2.0 pp
NPL provision coverage11	153.5%	169.7%	181.5%	-28.0 pp	-16.2 pp	153.5%	181.5%	-28.0 pp
Total NPL coverage12	153.5%	169.7%	181.5%	-28.0 pp	-16.2 pp	153.5%	181.5%	-28.0 pp

For the ratio definitions and exchange rates, please refer to appendix 3.

2)   Glossary

Terminology	Definition
BVPS	Book value per share
CBU	Central Bank of Uzbekistan
Consumer loans	Unsecured loans to individuals
Digital daily active users (Digital DAU)	The number of retail digital users who logged into our digital channels at least once per day
Digital monthly active users (Digital MAU)	The number of retail digital users who logged into our digital channels at least once a month
EPS	Earnings per share
FC	Foreign currency
Gross/net loans	Includes gross/net loans and advances to customers and gross/net finance lease receivables
Monthly active customers (MAC)	For Georgian business, an individual user who has at least one active product as of the reporting date or performed at least one transaction during the past month. For Uzbekistan business, an individual user who logged into the digital application at least once during the month
NBG	National Bank of Georgia
NMF	No Meaningful Figure

3)   Ratio definitions and exchange rates

Ratio definitions

1. Return on average total equity (ROE) equals profit attributable to owners divided by the monthly average of total shareholders' equity attributable to the PLC's equity holders for the same period; annualised where applicable.

2. Return on average total assets (ROA) equals profit of the period divided by monthly average total assets for the same period; annualised where applicable.

3. Cost to income ratio equals total operating expenses for the period divided by the total revenue for the same period. (Revenue represents the sum of net interest income, net fee and commission income and other non-interest income).

4. Net interest margin (NIM) is net interest income divided by monthly average interest-earning assets; annualised where applicable. Interest-earning assets include investment securities (excluding CIB shares), net investment in finance lease, net loans, and amounts due from credit institutions.

5. Loan yields equal interest income on loans and advances to customers divided by monthly average gross loans and advances to customers; annualised where applicable.

6. Deposit rates equal interest expense on customer accounts divided by monthly average total customer deposits; annualised where applicable.

7. Cost of funding equals sum of the total interest expense and net interest gains on currency swaps (entered for funding management purposes), divided by monthly average interest-bearing liabilities; annualised where applicable.

8. Cost of risk equals credit loss allowance for loans to customers divided by monthly average gross loans and advances to customers; annualised where applicable.

9. PAR 90 to gross loans ratio equals loans for which principal or interest repayment is overdue for more than 90 days divided by the gross loan portfolio for the same period.

10. NPLs to gross loans equals loans with 90 days past due on principal or interest payments, and loans with a well-defined weakness, regardless of the existence of any past-due amount or of the number of days past due divided by the gross loan portfolio for the same period.

11. NPL provision coverage equals total credit loss allowance for loans to customers divided by the NPL loans.

12. Total NPL coverage equals total credit loss allowance plus the minimum of collateral amount of the respective NPL loan (after applying haircuts in the range of 0%-50% for cash, gold, real estate and PPE) and its gross loan exposure divided by the gross exposure of total NPL loans.

13. Credit loss level to gross loans equals credit loss allowance for loans to customers divided by the gross loan portfolio for the same period.

14. Related party loans to total loans equals related party loans divided by the gross loan portfolio.

15. Top 10 borrowers to total portfolio equals the total loan amount of the top 10 borrowers divided by the gross loan portfolio.

16. Top 20 borrowers to total portfolio equals the total loan amount of the top 20 borrowers divided by the gross loan portfolio.

17. Net loans to deposits plus IFI funding ratio equals net loans divided by total deposits plus borrowings received from international financial institutions.

18. Leverage equals total assets to total equity.

19. Net stable funding ratio equals the available amount of stable funding divided by the required amount of stable funding as defined by NBG in line with Basel III guidelines. Calculations are made for TBC Bank standalone.

20. Liquidity coverage ratio equals high-quality liquid assets divided by the total net cash outflow amount as defined by the NBG. Calculations are made for TBC Bank standalone.

21. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.

22. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.

23. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III standards. Calculations are made for TBC Bank standalone.

24. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.

25. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.

26. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national accounting standards. Calculations are made for TBC UZ Bank standalone.

Exchange rates

To calculate the QoQ growth of the balance sheet items without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.7236 as of 30 June 2025. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.7297 as of 30 September 2024 . As of 30 September 2025, the USD/GEL exchange rate equalled 2.7088. For P&L items growth calculations without the currency effect, we used the average USD/GEL exchange rate for the following periods: 2Q 2025 of 2.7418 and 3Q 2024 of 2.7137. As of 2Q 2025, the USD/GEL exchange rate equalled 2.7075, 9M 2025 of 2.7539, 9M 2024 of 2.7082.