​

TBC Bank Group PLC ("TBC Bank")

4Q and FY 2025 Preliminary 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.

 

 

 

 

 

4Q and FY 2025 consolidated financial results conference call details

 

TBC Bank Group PLC ("TBC PLC") has published its preliminary unaudited consolidated financial results for the 4Q and FY 2025 on Friday, 20 February 2026 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/LE9zwo4AFRIVHQ2FoU5gzFU8gyeCGzf1pUz

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

4Q and FY 2025 preliminary 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 4Q 2025 

Preliminary unaudited consolidated financial results overview for FY 2025 

Additional information 

1. Financial disclosures by business lines 

2. Glossary 

3. Ratio definitions and exchange rates 

 

 

 

4Q and FY 2025 preliminary unaudited consolidated financial results[1]

4Q 2025 profit of GEL 387 million, up by 16% YoY, with ROE at 24.9%.

FY 2025 profit of GE L 1,420 million, up by 9% YoY, with ROE at 24.2%.

 

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.

The financial information contained in this document does not constitute statutory accounts for the years ended 31 December 2025 and 31 December 2024 within the meaning of section 435 of the Companies Act 2006 (the Act), however, it has been derived from the draft financial statements and the audited financial statements respectively. The statutory accounts for the year ended 31 December 2025 will be published on the Group's website and will be delivered to the Registrar of Companies in accordance with section 441 of the Act. The auditor's report on those accounts is expected to be unqualified. The statutory accounts for the year ended 31 December 2024 have been filed with the Registrar of Companies, and the auditor's report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not include a statement under sections 498(2) or 498(3) of the Act.

 

Financial highlights

Income statement

In thousands of GEL	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ	FY'25	FY'24	Change YoY
Net interest income	625,921	611,521	507,691	23.3%	2.4%	2,352,454	1,901,207	23.7%
Net fee and commission income	161,858	151,201	147,928	9.4%	7.0%	616,690	520,426	18.5%
Other non-interest income	113,143	117,475	128,038	-11.6%	-3.7%	420,814	412,089	2.1%
Total operating income	900,922	880,197	783,657	15.0%	2.4%	3,389,958	2,833,722	19.6%
Total credit loss allowance	(87,089)	(122,934)	(74,790)	16.4%	-29.2%	(447,099)	(206,761)	NMF
Operating expenses	(336,064)	(331,889)	(306,620)	9.6%	1.3%	(1,269,651)	(1,073,076)	18.3%
Non-recurring impairment loss due to write-down of the asset held for sale	-	-	(9,800)	NMF	NMF	-	(9,800)	NMF
Net profit before tax	477,769	425,374	392,447	21.7%	12.3%	1,673,208	1,544,085	8.4%
Income tax expense	(90,558)	(57,094)	(57,848)	56.5%	58.6%	(252,936)	(236,454)	7.0%
Net profit	387,211	368,280	334,599	15.7%	5.1%	1,420,272	1,307,631	8.6%

Balance sheet

In thousands of GEL	Dec'25	Sep'25	Dec'24	Change YoY	Change QoQ
Total assets	43,940,489	43,620,942	40,160,466	9.4%	0.7%
Gross loans	30,152,269	28,713,696	26,721,683	12.8%	5.0%
Customer deposits*	25,444,397	24,636,904	22,649,407	12.3%	3.3%
Total equity	6,346,467	6,129,740	5,739,009	10.6%	3.5%
Number of ordinary shares	55,822,154	56,025,473	56,287,900	-0.8%	-0.4%

*Excludes MOF deposits

 

Key ratios

	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ	FY'25	FY'24	Change YoY
ROE	24.9%	24.4%	24.1%	0.8 pp	0.5 pp	24.2%	25.6%	-1.4 pp
ROA	3.4%	3.3%	3.3%	0.1 pp	0.1 pp	3.3%	3.6%	-0.3 pp
NIM	7.0%	7.1%	6.7%	0.3 pp	-0.1 pp	7.0%	6.7%	0.3 pp
Cost to income	37.3%	37.7%	39.1%	-1.8 pp	-0.4 pp	37.5%	37.9%	-0.4 pp
Cost of risk	1.1%	1.6%	1.0%	0.1 pp	-0.5 pp	1.5%	0.8%	0.7 pp
NPL to gross loans	2.7%	2.7%	2.2%	0.5 pp	0.0 pp	2.7%	2.2%	0.5 pp
NPL provision coverage ratio	71.0%	75.3%	71.8%	-0.8 pp	-4.3 pp	71.0%	71.8%	-0.8 pp
Total NPL coverage ratio	128.3%	136.3%	143.9%	-15.6 pp	-8.0 pp	128.3%	143.9%	-15.6 pp
Leverage (x)	6.9x	7.1x	7.0x	-0.1x	-0.2x	6.9x	7.0x	-0.1x
EPS (GEL)	6.91	6.48	5.91	16.9%	6.6%	25.23	23.41	7.8%
Diluted EPS (GEL)	6.83	6.41	5.87	16.4%	6.6%	24.96	23.27	7.3%
BVPS (GEL)	112.42	107.76	100.25	12.1%	4.3%	112.42	100.25	12.1%
Georgia
CET 1 CAR	16.6%	16.7%	16.8%	-0.2 pp	-0.1 pp	16.6%	16.8%	-0.2 pp
Tier 1 CAR	19.8%	20.1%	20.4%	-0.6 pp	-0.3 pp	19.8%	20.4%	-0.6 pp
Total CAR	22.5%	22.9%	23.8%	-1.3 pp	-0.4 pp	22.5%	23.8%	-1.3 pp
Uzbekistan
CET 1 CAR	18.2%	18.5%	21.9%	-3.7 pp	-0.3 pp	18.2%	21.9%	-3.7 pp
Tier 1 CAR	18.2%	18.5%	21.9%	-3.7 pp	-0.3 pp	18.2%	21.9%	-3.7 pp
Total CAR	18.9%	19.4%	23.2%	-4.3 pp	-0.5 pp	18.9%	23.2%	-4.3 pp

Operational highlights

Customer base

In thousands	Dec'25	Sep'25	Dec'24	Change YoY	Change QoQ
Total registered users	26,595	25,394	21,814	22%	5%
Georgia	3,633	3,586	3,463	5%	1%
Uzbekistan	22,962	21,808	18,351	25%	5%
Total monthly active customers	7,870	7,459	7,619	3%	6%
Georgia	1,867	1,802	1,701	10%	4%
Uzbekistan	6,003	5,657	5,918	1%	6%
Total digital monthly active users ("digital MAU")	7,304	6,853	6,968	5%	7%
Georgia	1,301	1,196	1,050	24%	9%
Uzbekistan	6,003	5,657	5,918	1%	6%
Total digital daily active users ("digital DAU")	2,279	2,393	2,444	-7%	-5%
Georgia	613	555	494	24%	10%
Uzbekistan	1,666	1,838	1,950	-15%	-9%
Digital DAU/MAU	31%	35%	35%	-11%	-11%
Georgia	47%	46%	47%	0%	2%
Uzbekistan	28%	32%	33%	-16%	-15%

The methodology for calculating registered users in Uzbekistan was revised starting from 4Q 2024

 

Uzbekistan - key highlights

In thousands of GEL	Dec'25	Sep'25	Dec'24	Change YoY	Change QoQ
Gross loans and advances to customers	2,550,324	2,636,055	1,758,028	45.1%	-3.3%
Customer accounts	1,479,519	1,466,682	1,055,758	40.1%	0.9%

 

In thousands of GEL	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ	FY'25	FY'24	Change YoY
Total operating income	170,527	188,602	137,397	24.1%	-9.6%	689,945	413,896	66.7%
Net profit	31,652	41,093	36,513	-13.3%	-23.0%	126,635	110,324	14.8%
ROE	16.4%	23.3%	27.7%	-11.3 pp	-6.9 pp	18.4%	26.9%	-8.5 pp

FY 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 report a strong final quarter for the year, building on the momentum gained over the previous quarters and resulting in an impressive full-year performance. In 4Q 2025, our net profit reached GEL 387 million, up 16% year-on-year, with ROE of 24.9%, while the net profit for the full year 2025 amounted to GEL 1,420 million, up by 9% year-on-year, and a ROE of 24.2%.

Our strong and consistent performance, supported by a robust capital position, enables us to continue returning capital to shareholders. I am pleased to report that the Board has recommended a final dividend of GEL 3.87 per share, subject to AGM approval, bringing the total dividend per share for 2025 to GEL 8.87, an increase of 10% year-on-year. Together with the GEL 75 million share buyback, total capital returns to shareholders in 2025 amount to GEL 564 million, representing 40% of net profit.

Turning to our core home market of Georgia, the final quarter was a strong one on several fronts. Our loan book increased by 6% quarter-on-quarter, NIM remained at 6%, cost of risk low at 0.4%, and cost growth was moderate at just 8% year-on-year. This translated into net profit of GEL 381 million for 4Q 2025, up 15% year-on-year, with a ROE of 25.7%. Taking 2025 as a whole, net profit in Georgia reached GEL 1,377 million, up 8% year-on-year, with a ROE of 24.3%. In operational terms, 2025 saw the continued expansion of our Georgian franchise while accelerating digital engagement and AI-driven capabilities. In retail, this came through in very strong growth in digital MAU, as we added over 250 thousand new users, bringing the total to over 1.3 million, an increase of 24% year-on-year. This performance was helped by the rapid scale up of our core daily banking product, TBC Card, with nearly one million cards issued, supporting customer acquisition, activation, and migration into our market-leading affluent business, TBC Concept. Meanwhile, our GenAI mobile app chatbot, launched in September, is now handling over 100k interactions per month, with a 50% offloading rate. In CIB, we further strengthened our position as Georgia's leading financial partner for corporates, delivering 14% loan growth.

The final quarter in Uzbekistan was one in which we further scaled the business with good uptake of our core products, while the overall loan book contracted slightly as we aligned the portfolio with the changed regulatory framework. This resulted in solid operating income growth of 24% year-on-year, while net income fell by 13% year-on-year to GEL 32 million (USD 12 million) with 16.4% ROE, in part due to higher year-on-year provisions. For 2025 as a whole, the loan book increased by 45% year-on-year to GEL 2.6 billion (USD 946 million), while deposits grew to GEL 1.5 billion (USD 549 million), up by 40% year-on-year, as we became a top ten bank in both retail loans and deposits. Our daily banking ecosystem continued to scale with over 900k Salom Cards issued, while payment volumes, driven by our market-leading Payme platform, increased by 43% to GEL 18.5 billion (USD 7 billion). We also made good progress in building out Business banking, including launching Uzbekistan's first fully digital SME lending products, which by year-end accounted for 16% of loans. These achievements in 2025 translated into dynamic top line growth, with total operating income of GEL 690 million (USD 252 million), up by 67%, and representing one-fifth of the Group total. Over the same period, net profit reached GEL 127 million (USD 46 million), up 15% year-on-year, with a ROE of 18.4%, accounting for 9% of the Group total.

In terms of our progress against our 2025 guidance, we have hit most of our targets, including digital MAU of 7.3 million, exceeding the 7 million target; ROE of 24.2%, above our 23%+ target; and a 35% dividend payout ratio in both 2024 and 2025, at the upper end of our guided range. However, as we outlined in the third quarter, group net profit for 2025 was below our target. This was driven by lower than expected earnings in Uzbekistan as a result of operational challenges in the first half of the year, which pushed up risk costs, and regulatory changes in the second half that necessitated a faster than planned diversification into SME lending. We will continue this loan book rebalancing through the first half of 2026. Despite these challenges, over the past three-year guidance cycle, our group earnings have increased by more than 40%.

I would also like to comment on recent changes to our management team. I have decided to commit my time fully to my role as Group CEO, which will enable me to focus more closely on overall Group strategy, including our businesses in Georgia and Uzbekistan, as well as exploring international opportunities. As a result, George Tkhelidze will take over from me as CEO of the Group's Georgian subsidiary, JSC TBC Bank, effective 1 March 2026. George has been Deputy CEO of TBC Bank Georgia for 12 years, the last ten of which he has been running CIB and wealth management. During this time, he has built these businesses into the dominant franchises they are today. I have every confidence that George will be a great leader for our Georgian business.

I firmly believe that the Group is in excellent shape to continue delivering long-term value for our shareholders. Our market leading Georgian franchise is gaining good traction in building up its retail customer base, whilst remaining the dominant player in CIB and affluent retail, and we expect it to remain a core engine of Group earnings. We also see great potential in Uzbekistan, where we will continue to launch new product verticals and scale up in Uzbekistan in 2026, further connecting our millions of consumers with over 20k business customers.

Finally, I am excited to announce that we will communicate our strategic objectives for the coming years at our Strategy Day on 24 February 2026.

 

Vakhtang Butskhrikidze

CEO, TBC Bank Group PLC

Economic overview

Georgia

Economic growth remains robust

Georgia's real GDP increased by 6.8% year-on-year in the fourth quarter of 2025, slightly strengthening though broadly aligned with the expected moderation trend, with the annual average growth throughout the year standing at a robust 7.5%, following 9.7% in 2024, according to Geostat's preliminary data. 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 2025. Economic activity has remained steady since, with growth supported by an 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 have been improving this year, supported by relatively weak imports. Consequently, while Georgia's headline current account deficit stood at historically low levels, the seasonally-adjusted underlying current account (excluding reinvestments) recorded consecutive surpluses in the second and third quarters of 2025 and is expected to finish the year with a positive balance for the first time on record. Total exports and imports of goods denominated in U.S. dollars increased by 20.7% and 4.3% year-on-year in 4Q 2025 and by 11.2% and 9.7% (6.7% without the one-off in January) in 2025, respectively. Together with car re-exports, strong exports were supported by precious metals amid historically high global prices as domestic exports grew by 26.3% year-on-year in the fourth quarter and by 12.7% in the full year. At the same time, 6.0% growth in tourism revenues and 8.5% increase in remittances in 2025 also contributed significantly to the improvement in net currency inflows into the country, while FDI also posted a positive 11.0% growth in the first three quarters on the back of better performance in debt instruments in spite of moderate equity investments and reinvestments.

Fiscal consolidation continues

The government remains committed to fiscal consolidation, as it recorded a budget deficit equal to only 1.2% of GDP in 2025, while public debt to GDP ratio declined to 34.5%, compared to 35.2% in 2024.

Credit growth is moderating, though remains strong

Bank credit growth moderated to 13.9% year-on-year in December, at constant exchange rates, compared to 16.8% in December 2024. Given accelerating inflation, real credit growth also weakened, though it remained still strong at 9.5% at the end of the year. As for segments, while retail credit strengthened marginally from 14.8% in September 2025 to 14.9% in December, the year-on-year growth of lending to legal entities rose from 11.5% to 12.7%. The gradual dedollarization of bank lending continued throughout 2025, with the share of foreign currency loans dropping slightly from 43.4% in December 2024 to 42.4% in December 2025, at constant exchange rates.

GEL remains stable, NBG reserves at historic highs

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 from 2Q 2025, leading to appreciation pressures on the national currency, with the GEL-supportive conditions persisting in 4Q as well. Leveraging on this environment, the NBG continued reserve replenishment, purchasing more than USD 2.4 billion from the FX market throughout the year, including USD 837 million in the fourth quarter, bringing its gross international reserves to a historic high of USD 6.2 billion as of the end of 2025. Meanwhile, the national currency appreciated by around 4% against the USD compared to the end of 2024 and stood at 2.70 GEL per USD at the end of December 2025.

CPI inflation moderated after peaking at 5.2% in October and stood at 4.0% in December 2025, while the annual average constituted 3.9%, slightly above the NBG 3.0% target. Relatively elevated inflation in 2025 was driven by the combination of low base effect from 2024 and elevated domestic and global pressures on food prices. 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 stood at a robust 7.8% year-on-year in 4Q 2025 and at 7.7% in full year 2025, strengthening from 6.7% in 2024. In terms of external trade, exports of goods in 4Q 2025 decreased by 15.2% year-on-year due to the volatility of gold exports, which primarily drove 21.8% annual expansion of exports in 2025 amid historically high prices. At the same time, imports also posted a strong 35.7% growth in Q4 and 19.4% in full 2025, driven by increased imports of petroleum, vehicles and machinery. Retail credit strengthened to 24.1% year-on-year in December 2025, compared to 22.9% in September and 19.5% in December 2024, with mortgage credit expanding by 17.2% and non-mortgage credit by 28.3%.

Annual inflation in Uzbekistan stood at 7.3% in December, down from 8.0% in September and 9.8% in December 2024. Importantly, monthly inflation in the last four months of 2025 stood around the level implied by CBU's 5% target. 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 12,025 per US Dollar by the end of December 2025, having appreciated by around 7.4% compared to the end of 2024. UZS appreciation was supported by a globally weakened USD, stabilized credit activity, tighter CBU stance and elevated gold prices. At the same time, as of December 2025, record-high gold prices drove a substantial USD 25.1 billion (or 61.0%) annual increase in the CBU's international reserves.

Economic growth forecasts raised

Following strong performances in both countries through 2025, TBC Capital expects relative moderation of economic growth with projection standing at around 4.5% for Georgia and 7.0% for Uzbekistan. The IMF and World Bank projections stand at 5.3% and 5.5% for Georgia and 6.0% for Uzbekistan, respectively.

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

Unaudited consolidated financial results overview for 4Q 2025

This statement provides a summary of the business and financial trends for 4Q 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	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ
Interest income	1,251,559	1,221,108	1,017,423	23.0%	2.5%
Interest expense	(625,638)	(609,587)	(509,732)	22.7%	2.6%
Net interest income	625,921	611,521	507,691	23.3%	2.4%
Fee and commission income	303,576	277,670	243,328	24.8%	9.3%
Fee and commission expense	(141,718)	(126,469)	(95,400)	48.6%	12.1%
Net fee and commission income	161,858	151,201	147,928	9.4%	7.0%
Net insurance income	18,237	18,623	6,979	NMF	-2.1%
Net gains from currency derivatives, foreign currency operations and translation	88,752	91,337	111,069	-20.1%	-2.8%
Other operating income	6,301	7,235	9,807	-35.7%	-12.9%
Share of profit of associates	(147)	280	183	NMF	NMF
Other operating non-interest income	113,143	117,475	128,038	-11.6%	-4%
Credit loss allowance for loans to customers	(62,193)	(106,875)	(58,078)	7.1%	-41.8%
Credit loss allowance for other financial items and net impairment for non-financial assets	(24,896)	(16,059)	(16,712)	49.0%	55.0%
Operating income after expected credit losses	813,833	757,263	708,867	14.8%	7.5%
Staff costs	(174,496)	(168,410)	(158,988)	9.8%	3.6%
Depreciation and amortisation	(45,727)	(43,136)	(38,079)	20.1%	6.0%
Administrative and other operating expenses	(115,841)	(120,343)	(109,553)	5.7%	-3.7%
Operating expenses	(336,064)	(331,889)	(306,620)	9.6%	1.3%
Non-recurring impairment loss due to write-down of the asset held for sale	-	-	(9,800)	NMF	NMF
Net profit before tax	477,769	425,374	392,447	21.7%	12.3%
Income tax expense	(90,558)	(57,094)	(57,848)	56.5%	58.6%
Net profit	387,211	368,280	334,599	15.7%	5.1%
Net profit attributable to:
- Shareholders of TBCG	380,407	359,516	326,758	16.4%	5.8%
- Non-controlling interest	6,804	8,764	7,841	-13.2%	-22.4%
Other comprehensive income, net of tax:
Other comprehensive (expense)/income for the period	(6,024)	41,422	3,533	NMF	NMF
Total comprehensive income for the period	381,187	409,702	338,132	12.7%	-7.0%

 

 

 

Consolidated balance sheet

In thousands of GEL	Dec'25	Sep'25	Change QoQ
Assets
Cash and cash equivalents	2,363,583	3,649,109	-35.2%
Reverse sale and repurchase receivables*	184,979	188,569	-1.9%
Due from other banks	143,150	96,828	47.8%
Mandatory cash balances with the NBG and the CBU	2,357,950	2,534,159	-7.0%
Loans and advances to customers and finance lease receivables	29,564,783	28,124,677	5.1%
Investment securities	6,251,550	5,874,066	6.4%
Repurchase receivables	101,648	284,411	-64.3%
Investment properties	11,430	11,495	-0.6%
Current income tax prepayment	42,507	54,482	-22.0%
Deferred income tax asset	5,264	4,507	16.8%
Other financial assets	392,913	350,685	12.0%
Other assets	1,680,946	1,653,276	1.7%
Intangible assets	760,438	715,330	6.3%
Goodwill	79,348	79,348	0.0%
Total assets	43,940,489	43,620,942	0.7%
LIABILITIES
Due to credit institutions	7,373,628	7,485,130	-1.5%
Customer accounts	25,660,058	25,248,136	1.6%
Other financial liabilities	660,264	805,989	-18.1%
Current income tax liability	13,097	3,155	NMF
Deferred income tax liability	59,823	52,432	14.1%
Debt Securities in issue**	2,028,046	1,916,282	5.8%
Other liabilities	293,263	252,414	16.2%
Subordinated debt	910,299	1,142,273	-20.3%
Redemption liability	595,544	585,391	1.7%
Total liabilities	37,594,022	37,491,202	0.3%
EQUITY
Share capital	1,705	1,713	-0.5%
Shares held by trust	(89,086)	(53,196)	67.5%
Share premium	411,088	411,088	0.0%
Retained earnings	6,077,089	5,823,395	4.4%
Other reserves	(225,331)	(217,522)	3.6%
Equity attributable to owners of the parent	6,175,465	5,965,478	3.5%
Non-controlling interest	171,002	164,262	4.1%
Total equity	6,346,467	6,129,740	3.5%
Total liabilities and equity	43,940,489	43,620,942	0.7%

*Before December 2025, reverse sale and repurchase receivables were included in cash and cash equivalents line

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

 

 

 

Ratios

Ratios (based on monthly averages, where applicable)	4Q'25	3Q'25	4Q'24
Profitability ratios:
ROE1	24.9%	24.4%	24.1%
ROA2	3.4%	3.3%	3.3%
Cost to income3	37.3%	37.7%	39.1%
NIM4	7.0%	7.1%	6.7%
Loan yields5	14.7%	14.7%	13.5%
Deposit rates6	5.8%	5.8%	5.4%
Cost of funding7	6.9%	6.9%	6.3%
Asset quality & portfolio concentration:
Cost of risk9	1.1%	1.6%	1.0%
PAR 90 to gross loans9	2.0%	1.9%	1.4%
NPLs to gross loans10	2.7%	2.7%	2.2%
NPL provision coverage11	71.0%	75.3%	71.8%
Total NPL coverage12	128.3%	136.3%	143.9%
Credit loss level to gross loans13	1.9%	2.1%	1.6%
Related party loans to gross loans14	0.0%	0.0%	0.1%
Top 10 borrowers to total portfolio15	5.0%	4.6%	5.8%
Top 20 borrowers to total portfolio16	7.8%	7.4%	8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17	102.5%	98.5%	102.2%
Leverage (x)18	6.9x	7.1x	7.0x
Georgia
Net stable funding ratio19	123.7%	126.3%	123.9%
Liquidity coverage ratio20	127.7%	135.1%	125.5%
CET 1 CAR21	16.6%	16.7%	16.8%
Tier 1 CAR22	19.8%	20.1%	20.4%
Total 1 CAR23	22.5%	22.9%	23.8%
Uzbekistan
CET 1 CAR24	18.2%	18.5%	21.9%
Tier 1 CAR25	18.2%	18.5%	21.9%
Total 1 CAR26	18.9%	19.4%	23.2%

 

 

Funding and liquidity in Georgia

	Dec'25	Sep'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	123.7%	126.3%	-2.6 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	127.7%	135.1%	-7.4 pp
LCR in GEL, as defined by the NBG	146.6%	122.0%	24.6 pp
LCR in FC, as defined by the NBG	115.5%	143.3%	-27.8 pp

 

 

Regulatory capital

Georgia

In thousands of GEL	Dec'25	Sep'25	Change QoQ
CET 1 capital	5,222,768	5,003,864	4.4%
Tier 1 capital	6,233,431	6,019,664	3.6%
Total capital	7,072,885	6,874,689	2.9%
Total risk-weighted assets	31,405,697	29,986,829	4.7%
Minimum CET 1 ratio	14.8%	14.7%	0.1 pp
CET 1 capital adequacy ratio	16.6%	16.7%	-0.1 pp
Minimum Tier 1 ratio	17.0%	17.0%	0.0 pp
Tier 1 capital adequacy ratio	19.8%	20.1%	-0.3 pp
Minimum total capital adequacy ratio	20.0%	20.0%	0.0 pp
Total capital adequacy ratio	22.5%	22.9%	-0.4 pp

 

 

Uzbekistan

In thousands of GEL	Dec'25	Sep'25	Change QoQ
CET 1 capital	561,419	561,419	0.0%
Tier 1 capital	561,419	561,419	0.0%
Total capital	581,734	588,900	-1.2%
Total risk-weighted assets	3,077,710	3,037,257	1.3%
Minimum CET 1 ratio	8.0%	8.0%	0.0 pp
CET 1 capital adequacy ratio	18.2%	18.5%	-0.3 pp
Minimum Tier 1 ratio	10.0%	10.0%	0.0 pp
Tier 1 capital adequacy ratio	18.2%	18.5%	-0.3 pp
Minimum total capital adequacy ratio	13.0%	13.0%	0.0 pp
Total capital adequacy ratio	18.9%	19.4%	-0.5 pp

 

Loan portfolio

As of 31 December 2025, the gross loan portfolio reached GEL 30,152.3 million, up by 5.0% QoQ, or up by 5.2% QoQ on a constant currency basis.

By the end of December 2025, our Georgia FS loan portfolio increased by 5.8% on a QoQ basis and reached GEL 27,601.9 million, with 6.0% QoQ growth on a constant currency basis. Over the same period, our Uzbek portfolio decreased by 3.3% QoQ, or by 3.2% QoQ on a constant currency basis.

Gross loans and advances to customers In thousands of GEL	Dec'25	Sep'25	Change QoQ
Georgian financial services ("Georgia FS")*	27,601,945	26,077,641	5.8%
Retail Georgia	9,784,049	9,397,354	4.1%
CIB Georgia	11,219,099	10,224,375	9.7%
MSME Georgia	5,990,887	5,925,747	1.1%
Uzbekistan	2,550,324	2,636,055	-3.3%
Total gross loans and advances to customers	30,152,269	28,713,696	5.0%

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

* Georgia FS includes sub-segment eliminations

 

	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ
Loan yields	14.7%	14.7%	13.5%	1.2 pp	0.0 pp
GEL	14.7%	14.7%	14.1%	0.6 pp	0.0 pp
FC	8.9%	8.9%	8.6%	0.3 pp	0.0 pp
UZS	41.7%	42.5%	44.6%	-2.9 pp	-0.8 pp
Georgia FS	12.0%	12.0%	11.5%	0.5 pp	0.0 pp
GEL	14.7%	14.7%	14.1%	0.6 pp	0.0 pp
FC	8.9%	8.9%	8.6%	0.3 pp	0.0 pp
Uzbekistan	41.5%	42.5%	44.6%	-3.1 pp	-1.0 pp
UZS	41.7%	42.5%	44.6%	-2.9 pp	-0.8 pp
FC	3.1%	N/A	N/A	N/A	N/A
Total loan yields	14.7%	14.7%	13.5%	1.2 pp	0.0 pp

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

 

Loan portfolio quality

PAR 90	Dec'25	Sep'25	Change QoQ
Georgia FS*	1.6%	1.6%	0.0 pp
Retail Georgia	0.8%	0.9%	-0.1 pp
CIB Georgia	1.5%	1.5%	0.0 pp
MSME Georgia	3.0%	3.1%	-0.1 pp
Uzbekistan	5.8%	4.7%	1.1 pp
Total PAR 90	2.0%	1.9%	0.1 pp

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

* Georgia FS includes sub-segment eliminations

Non-performing Loans ("NPL") In thousands of GEL	Dec'25	Sep'25	Change QoQ
Georgia FS*	679,758	658,408	3.2%
Retail Georgia	143,283	148,440	-3.5%
CIB Georgia	247,628	226,372	9.4%
MSME Georgia	268,852	274,926	-2.2%
Uzbekistan	148,043	123,374	20.0%
Total non-performing loans	827,800	781,782	5.9%

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	Dec'25	Sep'25	Change QoQ
Georgia FS*	2.5%	2.5%	0.0 pp
Retail Georgia	1.5%	1.6%	-0.1 pp
CIB Georgia	2.2%	2.2%	0.0 pp
MSME Georgia	4.5%	4.6%	-0.1 pp
Uzbekistan	5.8%	4.7%	1.1 pp
Total NPL to gross loans	2.7%	2.7%	0.0 pp

Non-performing loans include finance lease receivables only on Georgia FS, Uzbekistan and Group levels
* Georgia FS includes sub-segment eliminations

 

	Dec'25		Sep'25
NPL Coverage	Provision Coverage	Total Coverage**	Provision Coverage	Total Coverage**
Georgia FS*	56.9%	126.7%	60.7%	133.1%
Retail Georgia	132.0%	179.7%	136.4%	186.0%
CIB Georgia	29.9%	95.5%	32.4%	104.5%
MSME Georgia	41.9%	123.8%	41.1%	123.6%
Uzbekistan	135.6%	135.6%	153.5%	153.5%
Total NPL coverage	71.0%	128.3%	75.3%	136.3%

 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")	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ
Georgia FS*	0.4%	0.8%	0.6%	-0.2 pp	-0.4 pp
Retail Georgia	0.8%	1.7%	1.0%	-0.2 pp	-0.9 pp
CIB Georgia	0.1%	0.2%	0.1%	0.0 pp	-0.1 pp
MSME Georgia	0.1%	0.4%	0.6%	-0.5 pp	-0.3 pp
Uzbekistan	8.5%	9.7%	7.7%	0.8 pp	-1.2 pp
Total cost of risk	1.1%	1.6%	1.0%	0.1 pp	-0.5 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 31 December 2025, the deposit portfolio reached GEL 25,660.1 million, up by 1.6% QoQ, and up by 1.8% QoQ on a constant currency basis.

By the end of December 2025, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 24,108. 6 million, up by 3.0% QoQ, and also up by 3.2% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 0.9% QoQ, on both nominal and constant currency basis.

Customer accounts In thousands of GEL	Dec'25	Sep'25	Change QoQ
Georgia FS*	24,324,216	24,015,951	1.3%
Retail Georgia	9,747,411	9,170,003	6.3%
CIB Georgia	12,321,806	12,337,739	-0.1%
MSME Georgia	2,211,202	2,075,247	6.6%
MOF	215,661	611,232	-64.7%
Uzbekistan	1,479,519	1,466,682	0.9%
Total customer accounts**	25,660,058	25,248,136	1.6%

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

 

	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ
Deposit rates	5.8%	5.8%	5.4%	0.4 pp	0.0 pp
GEL	7.6%	7.7%	7.7%	-0.1 pp	-0.1 pp
FC	1.9%	2.1%	1.6%	0.3 pp	-0.2 pp
UZS	25.0%	24.0%	25.1%	-0.1 pp	1.0 pp
Georgian financial services	4.6%	4.7%	4.6%	0.0 pp	-0.1 pp
GEL	7.6%	7.7%	7.7%	-0.1 pp	-0.1 pp
FC	1.9%	2.1%	1.6%	0.3 pp	-0.2 pp
Uzbek business	24.8%	23.9%	24.9%	-0.1 pp	0.9 pp
UZS	25.0%	24.0%	25.1%	-0.1 pp	1.0 pp
FC	3.9%	8.3%	3.8%	0.1 pp	-4.4 pp
Total deposit rates*	5.8%	5.8%	5.4%	0.4 pp	0.0 pp

* Total deposits rates include MOF deposits

 

Preliminary unaudited consolidated financial results overview for FY 2025

This statement provides a summary of the business and financial trends for FY 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	FY'25	FY'24	Change YoY
Interest income	4,689,341	3,694,520	26.9%
Interest expense	(2,336,887)	(1,793,313)	30.3%
Net interest income	2,352,454	1,901,207	23.7%
Fee and commission income	1,071,763	842,286	27.2%
Fee and commission expense	(455,073)	(321,860)	41.4%
Net fee and commission income	616,690	520,426	18.5%
Net insurance income	59,634	35,271	69.1%
Net gains from currency derivatives, foreign currency operations and translation	336,021	359,511	-6.5%
Other operating income	24,587	16,733	46.9%
Share of profit of associates	572	574	-0.3%
Other operating non-interest income	420,814	412,089	2.1%
Credit loss allowance for loans to customers	(380,790)	(176,866)	NMF
Credit loss allowance for other financial items and net impairment for non-financial assets	(66,309)	(29,895)	NMF
Operating income after expected credit and non-financial asset impairment losses	2,942,859	2,626,961	12.0%
Staff costs	(650,797)	(570,461)	14.1%
Depreciation and amortisation	(168,437)	(145,289)	15.9%
Administrative and other operating expenses	(450,417)	(357,326)	26.1%
Operating expenses	(1,269,651)	(1,073,076)	18.3%
Non-recurring impairment loss due to write-down of the asset held for sale	-	(9,800)	NMF
Net profit before tax	1,673,208	1,544,085	8.4%
Income tax expense	(252,936)	(236,454)	7.0%
Net profit	1,420,272	1,307,631	8.6%
Net profit attributable to:
- Shareholders of TBCG	1,397,337	1,284,051	8.8%
- Non-controlling interest	22,935	23,580	-2.7%
Other comprehensive income, net of tax:
Other comprehensive (expense)/income for the period	(32,687)	17,779	NMF
Total comprehensive income for the period	1,387,585	1,325,410	4.7%

 

 

 

 

Consolidated balance sheet

In thousands of GEL	Dec'25	Dec'24	Change YoY
Assets
Cash and cash equivalents	2,363,583	3,047,401	-22.4%
Reverse sale and repurchase receivables*	184,979	-	N/A
Due from other banks	143,150	45,498	NMF
Mandatory cash balances with the NBG and the CBU	2,357,950	2,576,731	-8.5%
Loans and advances to customers and finance lease receivables	29,564,783	26,296,118	12.4%
Investment securities	6,251,550	5,538,476	12.9%
Repurchase receivables	101,648	140,058	-27.4%
Investment properties	11,430	9,752	17.2%
Current income tax prepayment	42,507	60,422	-29.6%
Deferred income tax asset	5,264	3,150	67.1%
Other financial assets	392,913	436,574	-10.0%
Other assets	1,680,946	1,357,255	23.8%
Intangible assets	760,438	589,067	29.1%
Goodwill	79,348	59,964	32.3%
Total assets	43,940,489	40,160,466	9.4%
Liabilities
Due to credit institutions	7,373,628	7,630,850	-3.4%
Customer accounts	25,660,058	22,863,833	12.2%
Other financial liabilities	660,264	476,143	38.7%
Current income tax liability	13,097	1,227	NMF
Deferred income tax liability	59,823	50,220	19.1%
Debt Securities in issue**	2,028,046	1,510,183	34.3%
Other liabilities	293,263	267,099	9.8%
Subordinated debt	910,299	1,148,374	-20.7%
Redemption liability	595,544	473,528	25.8%
Total liabilities	37,594,022	34,421,457	9.2%
Equity
Share capital	1,705	1,722	-1.0%
Shares held by trust	(89,086)	(66,982)	33.0%
Share premium	411,088	411,088	0.0%
Retained earnings	6,077,089	5,286,738	14.9%
Other reserves	(225,331)	(77,066)	NMF
Equity attributable to owners of the parent	6,175,465	5,555,500	11.2%
Non-controlling interest	171,002	183,509	-6.8%
Total equity	6,346,467	5,739,009	10.6%
Total liabilities and equity	43,940,489	40,160,466	9.4%

*Before December 2025, reverse sale and repurchase receivables were included in cash and cash equivalents line

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

 

 

 

 

Ratios

Ratios (based on monthly averages, where applicable)	FY'25	FY'24
Profitability ratios:
ROE1	24.2%	25.6%
ROA2	3.3%	3.6%
Cost to income3	37.5%	37.9%
NIM4	7.0%	6.7%
Loan yields5	14.5%	13.1%
Deposit rates6	5.7%	5.4%
Cost of funding7	6.8%	6.1%
Asset quality & portfolio concentration:
Cost of risk9	1.5%	0.8%
PAR 90 to gross loans9	2.0%	1.4%
NPLs to gross loans10	2.7%	2.2%
NPL provision coverage11	71.0%	71.8%
Total NPL coverage12	128.3%	143.9%
Credit loss level to gross loans13	1.9%	1.6%
Related party loans to gross loans14	0.0%	0.1%
Top 10 borrowers to total portfolio15	5.0%	5.8%
Top 20 borrowers to total portfolio16	7.8%	8.5%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17	102.5%	102.2%
Leverage (x)18	6.9x	7.0x
Georgia
Net stable funding ratio19	123.7%	123.9%
Liquidity coverage ratio20	127.7%	125.5%
CET 1 CAR21	16.6%	16.8%
Tier 1 CAR22	19.8%	20.4%
Total 1 CAR23	22.5%	23.8%
Uzbekistan
CET 1 CAR24	18.2%	21.9%
Tier 1 CAR25	18.2%	21.9%
Total 1 CAR26	18.9%	23.2%

 

 

Funding and liquidity in Georgia

	Dec'25	Dec'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	123.7%	123.9%	-0.2 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	127.7%	125.5%	2.2 pp
LCR in GEL, as defined by the NBG	146.6%	127.7%	18.9 pp
LCR in FC, as defined by the NBG	115.5%	124.7%	-9.2 pp

 

Regulatory capital

Georgia

In thousands of GEL	Dec'25	Dec'24	Change YoY
CET 1 capital	5,222,768	4,843,167	7.8%
Tier 1 capital	6,233,431	5,895,717	5.7%
Total capital	7,072,885	6,861,963	3.1%
Total risk-weighted assets	31,405,697	28,842,828	8.9%
Minimum CET 1 ratio	14.8%	14.4%	0.4 pp
CET 1 capital adequacy ratio	16.6%	16.8%	-0.2 pp
Minimum Tier 1 ratio	17.0%	16.7%	0.3 pp
Tier 1 capital adequacy ratio	19.8%	20.4%	-0.6 pp
Minimum total capital adequacy ratio	20.0%	19.7%	0.3 pp
Total capital adequacy ratio	22.5%	23.8%	-1.3 pp

 

 

Uzbekistan

In thousands of GEL	Dec'25	Dec'24	Change YoY
CET 1 capital	561,419	520,119	7.9%
Tier 1 capital	561,419	520,119	7.9%
Total capital	581,734	548,765	6.0%
Total risk-weighted assets	3,077,710	2,370,370	29.8%
Minimum CET 1 ratio	8.0%	8.0%	0.0 pp
CET 1 capital adequacy ratio	18.2%	21.9%	-3.7 pp
Minimum Tier 1 ratio	10.0%	10.0%	0.0 pp
Tier 1 capital adequacy ratio	18.2%	21.9%	-3.7 pp
Minimum total capital adequacy ratio	13.0%	13.0%	0.0 pp
Total capital adequacy ratio	18.9%	23.2%	-4.3 pp

 

Loan portfolio

As of 31 December 2025, the gross loan portfolio reached GEL 30,152.3 million, up by 12.8% YoY, or up by 12.4% YoY on a constant currency basis.

By the end of December 2025, our Georgia FS loan portfolio increased by 10.7% YoY and reached GEL 27,601.9 million, with 10.5% YoY growth on a constant currency basis. Over the same period, our Uzbek portfolio increased by 45.1%, or 41.0% on a constant currency basis.

 

Gross loans and advances to customers In thousands of GEL	Dec'25	Dec'24	Change YoY
Georgian financial services ("Georgia FS")*	27,601,945	24,941,464	10.7%
Retail Georgia	9,784,049	8,710,516	12.3%
CIB Georgia	11,219,099	9,863,777	13.7%
MSME Georgia	5,990,887	5,943,479	0.8%
Uzbekistan	2,550,324	1,758,028	45.1%
Total gross loans and advances to customers	30,152,269	26,721,683	12.8%

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

* Georgia FS includes sub-segment eliminations

 

	FY'25	FY'24	Change YoY
Loan yields	14.5%	13.1%	1.4 pp
GEL	14.5%	14.0%	0.5 pp
FC	8.9%	8.9%	0.0 pp
UZS	43.0%	44.1%	-1.1 pp
Georgia FS	11.9%	11.5%	0.4 pp
GEL	14.5%	14.0%	0.5 pp
FC	8.9%	8.8%	0.1 pp
Uzbekistan	43.0%	44.1%	-1.1 pp
UZS	43.0%	44.1%	-1.1 pp
FC	2.6%	N/A	N/A
Total loan yields	14.5%	13.1%	1.4 pp

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

Loan portfolio quality

PAR 90	Dec'25	Dec'24	Change YoY
Georgia FS*	1.6%	1.4%	0.2 pp
Retail Georgia	0.8%	0.7%	0.1 pp
CIB Georgia	1.5%	0.9%	0.6 pp
MSME Georgia	3.0%	2.9%	0.1 pp
Uzbekistan	5.8%	2.0%	3.8 pp
Total PAR 90	2.0%	1.4%	0.6 pp

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

* Georgia FS includes sub-segment eliminations

Non-performing Loans ("NPL") In thousands of GEL	Dec'25	Dec'24	Change YoY
Georgia FS*	679,758	554,935	22.5%
Retail Georgia	143,283	118,834	20.6%
CIB Georgia	247,628	156,632	58.1%
MSME Georgia	268,852	263,460	2.0%
Uzbekistan	148,043	35,690	314.8%
Total non-performing loans	827,800	592,554	39.7%

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	Dec'25	Dec'24	Change YoY
Georgia FS*	2.5%	2.2%	0.3 pp
Retail Georgia	1.5%	1.4%	0.1 pp
CIB Georgia	2.2%	1.6%	0.6 pp
MSME Georgia	4.5%	4.4%	0.1 pp
Uzbekistan	5.8%	2.0%	3.8 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

	Dec'25		Dec'24
NPL Coverage	Provision Coverage	Total Coverage**	Provision Coverage	Total Coverage**
Georgia FS*	56.9%	126.7%	61.0%	138.0%
Retail Georgia	132.0%	179.7%	138.1%	201.1%
CIB Georgia	29.9%	95.5%	34.4%	106.0%
MSME Georgia	41.9%	123.8%	42.2%	126.3%
Uzbekistan	135.6%	135.6%	229.5%	229.5%
Total NPL coverage	71.0%	128.3%	71.8%	143.9%

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")	FY'25	FY'24	Change YoY
Georgia FS*	0.7%	0.5%	0.2 pp
Retail Georgia	1.4%	0.9%	0.5 pp
CIB Georgia	0.2%	0.1%	0.1 pp
MSME Georgia	0.4%	0.5%	-0.1 pp
Uzbekistan	10.2%	6.3%	3.9 pp
Total cost of risk	1.5%	0.8%	0.7 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 31 December 2025, deposit portfolio reached GEL 25,660.1 million, up by 12.2% YoY, or up by 13.1% YoY on a constant currency basis.

By the end of December 2025, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 24,108.6 million, up by 11.2% YoY, or up by 12.3% on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 40.1% YoY, or up by 36.3% YoY on a constant currency basis.

Customer accounts In thousands of GEL	Dec'25	Dec'24	Change YoY
Georgia FS*	24,324,216	21,890,518	11.1%
Retail Georgia	9,747,411	8,478,788	15.0%
CIB Georgia	12,321,806	11,308,306	9.0%
MSME Georgia	2,211,202	2,043,554	8.2%
MOF	215,661	214,426	0.6%
Uzbekistan	1,479,519	1,055,758	40.1%
Total customer accounts**	25,660,058	22,863,833	12.2%

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

	FY'25	FY'24	Change YoY
Deposit rates	5.7%	5.4%	0.3 pp
GEL	7.8%	7.8%	0.0 pp
FC	1.9%	1.4%	0.5 pp
UZS	24.8%	25.0%	-0.2 pp
Georgian financial services	4.6%	4.7%	-0.1 pp
GEL	7.8%	7.8%	0.0 pp
FC	1.9%	1.4%	0.5 pp
Uzbek business	24.6%	24.8%	-0.2 pp
UZS	24.8%	25.0%	-0.2 pp
FC	4.8%	3.8%	1.0 pp
Total deposit rates*	5.7%	5.4%	0.3 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	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ	FY'25	FY'24	Change YoY
Interest income	959,954	931,288	835,493	14.9%	3.1%	3,622,567	3,132,568	15.6%
Interest expense	(469,895)	(461,711)	(426,090)	10.3%	1.8%	(1,802,738)	(1,540,756)	17.0%
Net interest income	490,059	469,577	409,403	19.7%	4.4%	1,819,829	1,591,812	14.3%
Fee and commission income	227,750	205,094	187,390	21.5%	11.0%	800,825	677,020	18.3%
Fee and commission expense	(100,319)	(99,223)	(80,737)	24.3%	1.1%	(346,979)	(278,765)	24.5%
Net fee and commission income	127,431	105,871	106,653	19.5%	20.4%	453,846	398,255	14.0%
Net insurance income	14,279	15,221	7,153	99.6%	-6.2%	52,272	35,986	45.3%
Net gains from currency derivatives, foreign currency operations and translation	89,617	92,156	112,642	-20.4%	-2.8%	346,897	367,867	-5.7%
Other operating income	5,177	7,434	9,723	-46.8%	-30.4%	23,080	16,290	41.7%
Share of profit of associates	(147)	280	183	NMF	NMF	572	574	-0.5%
Other operating non-interest income	108,926	115,091	129,701	-16.0%	-5.4%	422,821	420,717	0.5%
Credit loss allowance for loans to customers	(23,372)	(51,038)	(32,984)	-29.1%	-54.2%	(177,357)	(114,187)	55.3%
Credit loss allowance for other financial items and net impairment for non-financial assets	(8,802)	(9,078)	(8,564)	2.8%	-3.0%	(29,715)	(13,985)	NMF
Operating income after expected credit and non-financial asset impairment losses	694,242	630,423	604,209	14.9%	10.1%	2,489,424	2,282,612	9.1%
Staff costs	(134,411)	(125,864)	(123,928)	8.5%	6.8%	(490,139)	(445,995)	9.9%
Depreciation and amortisation	(33,685)	(33,262)	(31,109)	8.3%	1.3%	(130,539)	(121,756)	7.2%
Administrative and other operating expenses	(70,771)	(75,436)	(65,848)	7.5%	-6.2%	(269,593)	(219,755)	22.7%
Operating expenses	(238,867)	(234,562)	(220,885)	8.1%	1.8%	(890,271)	(787,506)	13.0%
Net profit before tax	455,375	395,861	383,324	18.8%	15.0%	1,599,153	1,495,106	7.0%
Income tax expense	(74,455)	(49,904)	(52,574)	41.6%	49.2%	(222,533)	(218,220)	2.0%
Net profit	380,920	345,957	330,750	15.2%	10.1%	1,376,620	1,276,886	7.8%

Balance sheet highlights

In thousands of GEL	Dec'25	Sep'25	Dec'24	Change YoY	Change QoQ
Cash & NBG mandatory reserves	4,491,583	6,002,749	5,398,958	-16.8%	-25.2%
Reverse sale and repurchase receivables*	184,979	188,570	-	N/A	-1.9%
Due from other banks	102,417	83,594	45,471	NMF	22.5%
Loans and advances to customers and finance lease receivables	27,215,274	25,677,986	24,602,989	10.6%	6.0%
Investment securities measured at fair value through OCI	5,861,006	5,710,406	5,504,681	6.5%	2.6%
Intangible assets and Goodwill	504,692	481,611	430,362	17.3%	4.8%
Other assets	1,931,683	1,852,602	1,767,188	9.3%	4.3%
TOTAL ASSETS	40,291,634	39,997,518	37,749,649	6.7%	0.7%
Due to credit institutions	6,891,552	6,960,213	7,314,032	-5.8%	-1.0%
Customer accounts	24,324,216	24,015,951	21,890,518	11.1%	1.3%
Subordinated debt and debt securities in issue	2,201,063	2,293,841	2,319,634	-5.1%	-4.0%
Other liabilities	861,850	960,704	696,607	23.7%	-10.3%
TOTAL LIABILITIES	34,278,681	34,230,709	32,220,791	6.4%	0.1%
Equity attributable to shareholders	6,012,618	5,766,493	5,528,606	8.8%	4.3%
Non-controlling interest	335	316	252	32.9%	6.0%
TOTAL EQUITY	6,012,953	5,766,809	5,528,858	8.8%	4.3%
TOTAL LIABILITIES AND EQUITY	40,291,634	39,997,518	37,749,649	6.7%	0.7%

*Before December 2025, reverse sale and repurchase receivables were included in cash and cash equivalents line

Key ratios

Georgian financial services	4Q'25	3Q'25		4Q'24		Change YoY		Change QoQ		FY'25		FY'24		Change YoY
Profitability ratios:
ROE1	25.7%	24.1%		24.6%		1.1 pp		1.6 pp		24.3%		25.4%		-1.1 pp
ROA2	3.8%	3.5%		3.6%		0.2 pp		0.3 pp		3.6%		3.7%		-0.1 pp
Cost to income3	32.9%	34.0%		34.2%		-1.3 pp		-1.1 pp		33.0%		32.7%		0.3 pp
NIM4	6.0%	6.0%		5.7%		0.3 pp		0.0 pp		5.8%		5.8%		0.0 pp
Loan yields5	12.0%	12.0%		11.5%		0.5 pp		0.0 pp		11.9%		11.5%		0.4 pp
Deposit rates6	4.6%	4.7%		4.6%		0.0 pp		-0.1 pp		4.6%		4.7%		-0.1 pp
Cost of funding7	5.6%	5.6%		5.5%		0.1 pp		0.0 pp		5.6%		5.4%		0.2 pp
Asset quality & portfolio concentration:
Cost of risk8	0.4%	0.8%		0.6%		-0.2 pp		-0.4 pp		0.7%		0.5%		0.2 pp
PAR 90 to gross loans9	1.6%	1.6%		1.4%		0.2 pp		0.0 pp		1.6%		1.4%		0.2 pp
NPLs to gross loans10	2.5%	2.5%		2.2%		0.3 pp		0.0 pp		2.5%		2.2%		0.3 pp
NPL provision coverage11	56.9%	60.7%		61.0%		-4.1 pp		-3.8 pp		56.9%		61.0%		-4.1 pp
Total NPL coverage12	126.7%	133.1%		138.0%		-11.3 pp		-6.4 pp		126.7%		138.0%		-11.3 pp

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

 

 

Uzbekistan business[3]

Profit and loss statement

In thousands of GEL	4Q'25	3Q'25	4Q'24	Change YoY	Change QoQ	FY'25	FY'24	Change YoY
Interest income	291,621	289,632	180,545	61.5%	0.7%	1,064,618	554,488	92.0%
Interest expense	(156,329)	(146,648)	(82,548)	89.4%	6.6%	(527,821)	(251,634)	109.8%
Net interest income	135,292	142,984	97,997	38.1%	-5.4%	536,797	302,854	77.2%
Fee and commission income	72,721	69,815	54,843	32.6%	4.2%	258,964	156,517	65.5%
Fee and commission expense	(42,298)	(27,635)	(15,286)	176.7%	53.1%	(110,287)	(45,045)	144.8%
Net fee and commission income	30,423	42,180	39,557	-23.1%	-27.9%	148,677	111,472	33.4%
Net insurance income	4,185	3,631	-	NMF	15.3%	8,229	-	NMF
Net gains from currency derivatives, foreign currency operations and translation	(618)	(165)	(214)	188.8%	274.5%	(5,001)	(501)	NMF
Other operating income	1,245	(28)	57	NMF	NMF	1,243	71	NMF
Other operating non-interest income	4,812	3,438	(157)	NMF	40.0%	4,471	(430)	NMF
Credit loss allowance for loans to customers	(38,822)	(55,981)	(24,696)	57.2%	-30.7%	(203,384)	(67,356)	202.0%
Credit loss allowance for other financial items and net impairment for non-financial assets	(16,094)	(6,104)	(6,145)	161.9%	163.7%	(35,255)	(9,775)	260.7%
Operating income after expected credit and non-financial asset impairment losses	115,611	126,517	106,556	8.5%	-8.6%	451,306	336,765	34.0%
Staff costs	(27,364)	(27,980)	(20,423)	34.0%	-2.2%	(104,391)	(67,935)	53.7%
Depreciation and amortisation	(9,192)	(7,179)	(4,113)	123.5%	28.0%	(26,767)	(13,375)	100.1%
Administrative and other operating expenses	(42,800)	(43,144)	(40,286)	6.2%	-0.8%	(174,553)	(127,031)	37.4%
Operating expenses	(79,356)	(78,303)	(64,822)	22.4%	1.3%	(305,711)	(208,341)	46.7%
Net profit before tax	36,255	48,214	41,734	-13.1%	-24.8%	145,595	128,424	13.4%
Income tax expense	(4,603)	(7,121)	(5,221)	-11.8%	-35.4%	(18,960)	(18,100)	4.8%
Net profit	31,652	41,093	36,513	-13.3%	-23.0%	126,635	110,324	14.8%

Balance sheet highlights

In thousands of GEL	Dec'25	Sep'25	Dec'24	Change YoY	Change QoQ
Cash & CBU mandatory reserves	233,671	180,512	228,435	2.3%	29.4%
Due from other banks	40,708	13,209	-	NMF	208.2%
Loans and advances to customers and finance lease receivables	2,349,508	2,446,691	1,676,113	40.2%	-4.0%
Intangible assets and Goodwill	160,414	139,254	75,075	113.7%	15.2%
Other assets	710,324	680,983	289,625	145.3%	4.3%
TOTAL ASSETS	3,494,625	3,460,649	2,269,248	54.0%	1.0%
Due to credit institutions	1,076,723	1,080,917	474,444	126.9%	-0.4%
Customer accounts	1,479,519	1,466,682	1,055,758	40.1%	0.9%
Subordinated debt and debt securities in issue	39,617	40,968	36,356	9.0%	-3.3%
Other liabilities	123,667	128,178	79,099	56.3%	-3.5%
TOTAL LIABILITIES	2,719,526	2,716,745	1,645,657	65.3%	0.1%
Equity attributable to shareholders	775,099	743,904	623,591	24.3%	4.2%
TOTQL EQUITY	775,099	743,904	623,591	24.3%	4.2%
TOTAL LIABILITIES AND EQUITY	3,494,625	3,460,649	2,269,248	54.0%	1.0%

 

Key ratios

Uzbekistan	4Q'25	3Q'25		4Q'24		Change YoY		Change QoQ		FY'25		FY'24		Change YoY
Profitability ratios:
ROE1	16.4%	23.3%		27.7%		-11.3 pp		-6.9 pp		18.4%		26.9%		-8.5 pp
ROA2	3.6%	4.9%		7.4%		-3.8 pp		-1.3 pp		4.2%		7.2%		-3.0 pp
Cost to income3	46.5%	41.5%		47.2%		-0.7 pp		5.0 pp		44.3%		50.3%		-6.0 pp
NIM4	18.8%	20.9%		24.2%		-5.4 pp		-2.1 pp		21.6%		24.4%		-2.8 pp
Loan yields5	41.5%	42.5%		44.6%		-3.1 pp		-1.0 pp		43.0%		44.1%		-1.1 pp
Deposit rates6	24.8%	23.9%		24.9%		-0.1 pp		0.9 pp		24.6%		24.8%		-0.2 pp
Cost of funding7	23.7%	23.2%		23.8%		-0.1 pp		0.5 pp		23.5%		23.6%		-0.1 pp
Asset quality & portfolio concentration:
Cost of risk8	8.5%	9.7%		7.7%		0.8 pp		-1.2 pp		10.2%		6.3%		3.9 pp
PAR 90 to gross loans9	5.8%	4.7%		2.0%		3.8 pp		1.1 pp		5.8%		2.0%		3.8 pp
NPLs to gross loans10	5.8%	4.7%		2.0%		3.8 pp		1.1 pp		5.8%		2.0%		3.8 pp
NPL provision coverage11	135.6%	153.5%		229.5%		-93.9 pp		-17.9 pp		135.6%		229.5%		-93.9 pp
Total NPL coverage12	135.6%	153.5%		229.5%		-93.9 pp		-17.9 pp		135.6%		229.5%		-93.9 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 2.7088 as of 30 September 2025. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.8068 as of 31 December 2024 . As of 31 December 2025, the USD/GEL exchange rate equalled 2.6951. For P&L items growth calculations without the currency effect, we used the average USD/GEL exchange rate for the following periods: 3Q 2025 of 2.7075 and 4Q 2024 of 2.7582. As of 4Q 2025, the USD/GEL exchange rate equalled 2.7075, FY 2025 of 2.7422, FY 2024 of 2.7208.