TBC Bank Group PLC ("TBC Bank")

1Q 2026 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, costs 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 the 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.

 

 

 

1Q 2026 consolidated financial results conference call details

 

TBC Bank Group PLC ("TBC PLC") has published its unaudited consolidated financial results for 1Q 2026 on Wednesday, 6 May 2026 at 7.00 AM BST. The management team will host a conference call at 2.00 PM BST.

 

 

To join the live conference call, please register using the following link:
 https://www.netroadshow.com/events/login/LE9zwo3jqHi9On3rWtz2oN41gnyBvzlaCXL


You will receive access details via email.

 

 

 

Contacts

 

 

Andrew Keeley Director of Investor Relations     E-mail:  [email protected] Tel:  +44 (0) 7791 569834 Web: www.tbcbankgroup.com

Anna Romelashvili                                              Head of Investor Relations     E-mail:  [email protected]  Tel:  +(995) 577 205 290 Web: www.tbcbankgroup.com

Investor Relations Department       E-mail:  [email protected]  Tel:  +(995 32) 227 27 27 Web: www.tbcbankgroup.com

 

 

Table of contents

1Q 2026 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 1Q 2026 

Additional information 

1. Financial disclosures by business lines 

2. Glossary 

3. Ratio definitions and exchange rates 

 

 

 

1Q 2026 unaudited consolidated financial results[1]

1Q 2026 profit of GEL 365 million, up by 15% YoY, with ROE at 23.4%.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (EU) No. 596/2014 which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018 ("UK MAR").

Financial highlights

Income statement

In thousands of GEL	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Net interest income	625,014	625,921	533,210	17.2%	-0.1%
Net fee and commission income	135,419	161,858	147,997	-8.5%	-16.3%
Other non-interest income	98,881	113,143	93,005	6.3%	-12.6%
Total operating income	859,314	900,922	774,212	11.0%	-4.6%
Total credit loss allowance	(104,847)	(87,089)	(118,497)	-11.5%	20.4%
Operating expenses	(345,525)	(336,064)	(287,944)	20.0%	2.8%
Net profit before tax	408,942	477,769	367,771	11.2%	-14.4%
Income tax expense	(44,201)	(90,558)	(49,265)	-10.3%	-51.2%
Net profit	364,741	387,211	318,506	14.5%	-5.8%

In 1Q 2026, the lower income tax expense was mainly driven by Uzbekistan tax credits and deferred tax assets related to ECL charges.

Balance sheet

In thousands of GEL	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Total assets	44,582,459	43,940,489	40,228,911	10.8%	1.5%
Gross loans	30,465,267	30,152,269	27,350,103	11.4%	1.0%
Customer deposits*	25,423,613	25,444,397	22,320,114	13.9%	-0.1%
Total equity	6,514,302	6,346,467	5,723,549	13.8%	2.6%
Number of ordinary shares	55,726,793	55,822,154	56,211,873	-0.9%	-0.2%

*Excludes MOF deposits

 

Key ratios

	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
ROE	23.4%	24.9%	23.2%	0.2 pp	-1.5 pp
ROA	3.3%	3.4%	3.2%	0.1 pp	-0.1 pp
NIM	7.0%	7.0%	6.7%	0.3 pp	0.0 pp
Cost to income	40.2%	37.3%	37.2%	3.0 pp	2.9 pp
Cost of risk	1.3%	1.1%	1.4%	-0.1 pp	0.2 pp
NPL to gross loans	3.0%	2.7%	2.5%	0.5 pp	0.3 pp
NPL provision coverage ratio	65.4%	71.0%	73.6%	-8.2 pp	-5.6 pp
Total NPL coverage ratio	123.1%	128.3%	140.4%	-17.3 pp	-5.2 pp
Leverage (x)	6.8x	6.9x	7.0x	-0.2x	-0.1x
EPS (GEL)	6.56	6.91	5.71	14.9%	-5.1%
Diluted EPS (GEL)	6.49	6.83	5.67	14.5%	-5.0%
BVPS (GEL)	115.30	112.42	99.74	15.6%	2.6%
Georgia
CET 1 CAR	16.6%	16.6%	16.4%	0.2 pp	0.0 pp
Tier 1 CAR	19.8%	19.8%	19.9%	-0.1 pp	0.0 pp
Total CAR	22.4%	22.5%	23.1%	-0.7 pp	-0.1 pp
Uzbekistan
CET 1 CAR	18.5%	18.2%	19.4%	-0.9 pp	0.3 pp
Tier 1 CAR	18.5%	18.2%	19.4%	-0.9 pp	0.3 pp
Total CAR	19.6%	18.9%	20.3%	-0.7 pp	0.7 pp

Operational highlights

Customer base

In thousands	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Total digital monthly active users ("digital MAU")	7,150	7,304	7,223	-1%	-2%
Georgia	1,318	1,301	1,106	19%	1%
Uzbekistan	5,832	6,003	6,117	-5%	-3%
Total digital daily active users ("digital DAU")	2,630	2,663	2,547	3%	-1%
Georgia	647	613	521	24%	6%
Uzbekistan	1,983	2,050	2,026	-2%	-3%
Digital DAU/MAU	37%	36%	35%	2 pp	1 pp
Georgia	49%	47%	47%	2 pp	2 pp
Uzbekistan	34%	34%	33%	1 pp	0 pp

 

Uzbekistan - key highlights

In thousands of GEL	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Gross loans and advances to customers	2,297,362	2,550,324	2,150,075	6.9%	-9.9%
Customer accounts	1,561,345	1,479,519	1,218,048	28.2%	5.5%

 

In thousands of GEL	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Total operating income	155,125	170,527	161,051	-3.7%	-9.0%
Net profit	20,707	31,652	21,561	-4.0%	-34.6%
ROE	10.9%	16.4%	13.7%	-2.8 pp	-5.5 pp

1Q 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 start to the year for TBC Group as we continue to generate sustainably high profitability and robust growth. In 1Q 2026, our net profit reached GEL 365 million, up 15% year-on-year, with ROE of 23.4%.

This performance comes against a backdrop of increased global volatility and uncertainty following the start of the US-Iran war in late February. Like elsewhere, the countries in which we operate, Georgia and Uzbekistan, are not immune to the fallout from this conflict. However, so far, the economic impact has been relatively muted and, for now, we still expect to see strong economic growth in both countries in 2026, with a 7.4% real GDP growth forecast for Georgia and 7.9% for Uzbekistan. 

Turning to our businesses, we continue to strive to deliver best-in-class financial services for all our customers. Our core home market of Georgia remains a consistently strong performer, generating over 24% ROE on 14% year-on-year earnings growth in 1Q 2026. The main driver here was excellent growth in net interest income, which rose by 24% year-on-year on the back of 12% loan growth and 20 bps quarterly expansion in NIM to 6.2%. An increasing number of retail banking customers are choosing TBC, with over 200k new digital monthly users added in the past year, and almost half of our monthly users are now interacting with us on a daily basis. Behind this growth lie the major improvements we have been making in our digital banking platforms and customer experience. This is reflected in a number of prestigious awards we have recently received, including The Banker's Technology Award 2026 in CEE and Global Finance's Most Innovative Bank 2026 in CEE. Meanwhile, our dominant position in CIB was highlighted by TBC Capital's 2^nd International Capital Markets Conference, hosted in Tbilisi in March. This event brought together over 500 local and international market participants to discuss the evolution of capital markets in Georgia, Uzbekistan and the wider region.

As we guided at our FY25 results in February, the first quarter in Uzbekistan was shaped by the ongoing recalibration of our loan book in line with changed regulatory requirements. The resulting contraction in lending in 1Q 2026 negatively impacted core revenues and profitability in Uzbekistan, with earnings down 4% year-on-year and 10.9% ROE. At the same time, we continue to successfully diversify our lending, with our business loan portfolio having grown to over USD 150 million in just a year of operation, and now accounting for 18% of the loan book. We also see growing demand from customers for our fully digital range of products and services across our verticals of spending, borrowing, saving and protecting. The take-up of our core daily banking product, Salom Card, remains excellent, with over 1.0 million cards now in issue, while payments' value rose by 40% year-on-year in 1Q 2026. Our product development pipeline remains active and on track, with auto loans and collateralised MSME lending to be launched around mid-year, and our in-app AI banking assistant, Lola, now being rolled out across our user base. The combination of healthy customer demand and an active product pipeline provides firm foundations for the future growth of this business.

As we detailed in our Strategy Day in New York in late February, we remain firm believers in the great long-term opportunity for financial services in both Georgia and Uzbekistan, which underpins our confidence in being able to generate sustainably strong profitability, growth and capital returns for our shareholders. On the last point, the Board has declared an interim dividend of GEL 1.75 per share for 1Q 2026.

Finally, I would like to thank my colleagues and our shareholders for their continued support. Having started 2026 well, our strong growth outlook for the full year remains in place as we work to deliver on the strategic goals we have outlined.

 

Vakhtang Butskhrikidze

CEO, TBC Bank Group PLC

Economic overview

Georgia

Economic growth remains robust

Georgia's real GDP increased by 9.1% year-on-year on average in the first quarter of 2026, according to Geostat's preliminary data, accelerating from 7.5% in 2025. Despite the military escalation in the Middle East, economic activity in Georgia remained robust, with growth supported by resilient foreign currency inflows' balance and moderately slowing, though still strong, real credit activity and wages.

While the conflict in the Middle East negatively affected tourism inflows into Georgia in March, the consequent surge in global commodity prices was positive for Georgia's exports. Exports of goods denominated in USD increased by 23.4% year-on-year in 1Q 2026, primarily driven by higher petroleum, gold, copper ores and ferro-alloy exports, resulting in domestic exports surging by 75.1% year-on-year, while motor car re-exports moderated. On the other hand, imports denominated in USD fell by 7.1% year-on-year in 1Q (but grew by 5.1% when adjusted for a one-off in January 2025), also driven by lower motor car imports. A strong start of the year enabled tourism revenues to remain broadly resilient, posting 0.5% growth in annual terms in 1Q 2026, while remittances increased by 14.2%. Consequently, estimated net currency inflows remained robust in 1Q, following a record low current account deficit in 2025 of just 2.6% of GDP, while on an underlying basis - without reinvested earnings - this even turned to a surplus of around 0.2% of GDP.

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 and a surplus equal to around 1.1% of GDP in 1Q, while the public debt to GDP ratio declined to 33.6%.

Credit growth remains strong

Bank credit growth slightly strengthened to 14.8% year-on-year in March, at constant exchange rates, compared to 13.9% in December 2025. Given accelerating inflation, real credit growth weakened, though it still remained strong at 10.1% at the end of 1Q. As for segments, while retail credit strengthened from 14.9% in December 2025 to 16.4% in March, the year-on-year growth of lending to legal entities increased only slightly from 12.7% to 13.0%. The dollarization of bank lending remained broadly stable throughout 1Q, with the share of foreign currency loans increasing slightly from 42.4% in December 2025 to 42.6% in March 2026, at constant exchange rates.

GEL remains stable, NBG reserves at historic highs

While the Middle East escalation resulted in a brief GEL weakening in March, the currency recovered quickly, with still robust currency inflows underpinning a surplus on the FX market, allowing the NBG to continue reserve accumulation in 1Q 2026. The Central Bank purchased a record high USD 429 million in February and sold only about USD 16 million net in March, with total purchases throughout the quarter of USD 500 million. Consequently, NBG's gross international reserves increased to a historic high of USD 6.5 billion at the end of 1Q 2026, while the GEL weakened only marginally by 0.2%, standing at 2.70 as of 31-March 2026.

CPI inflation slightly increased to 4.3% in March 2026 from 4.0% in December 2025, above the NBG 3.0% target. While domestic pressures somewhat eased, the surge in global commodity prices brought inflationary pressure in March. Consequently, the NBG has maintained the monetary policy rate ("MPR") at 8.0%, unchanged since May 2024.

Uzbekistan

Continued strong economic performance

Uzbekistan's economic growth strengthened to a robust 8.7% year-on-year in 1Q 2026, following 7.7% in 2025. In terms of external trade, exports of goods in 1Q 2026 decreased by 45.5% year-on-year due to the volatility of gold exports, while non-gold exports increased by a robust 23.0%. At the same time, imports surged by 32.7% year-on-year in 1Q, driven by increased imports of petroleum and machinery. Retail credit growth slightly slowed to 22.3% year-on-year in March 2026, compared to 24.1% in December 2025, with mortgage credit expanding by 17.2% and non-mortgage credit by 25.4%.

Annual inflation in Uzbekistan stood at 7.1% in March, down from 7.3% in December 2025 with monthly inflation also moderating to around the CBU's 5% target. The CBU kept its monetary policy rate at 14.0% throughout the quarter, unchanged since March 2025. At the same time, the UZS was valued at 12,211 per US Dollar at the end of March 2026, having depreciated by 1.5% compared to the end of 2025, with the UZS has again gained ground recently, supported by the CBU's tight monetary stance. At the same time, as of March 2026, CBU's mostly gold-denominated international reserves increased by a substantial USD 21.1 billion (or 44.2%) year-on-year, while growth through 1Q 2026 stood at USD 2.7 billion (or 4.5%).

Economic growth forecasts raised

Following strong performances in both countries through 2025 and 1Q26, TBC Capital expects continued robust economic growth of 7.4% for Georgia and 7.9% for Uzbekistan in 2026. The IMF and World Bank projections stand at 5.3% and 5.0% for Georgia and 6.8% and 6.4% 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 1Q 2026

This statement provides a summary of the business and financial trends for 1Q 2026 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	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Interest income	1,220,265	1,251,559	1,071,739	13.9%	-2.5%
Interest expense	(595,251)	(625,638)	(538,529)	10.5%	-4.9%
Net interest income	625,014	625,921	533,210	17.2%	-0.1%
Fee and commission income	277,437	303,576	231,504	19.8%	-8.6%
Fee and commission expense	(142,018)	(141,718)	(83,507)	70.1%	0.2%
Net fee and commission income	135,419	161,858	147,997	-8.5%	-16.3%
Net insurance income	14,981	18,237	8,735	71.5%	-17.9%
Net gains from currency derivatives, foreign currency operations and translation	72,824	88,752	78,157	-6.8%	-17.9%
Other operating income	10,377	6,301	5,974	73.7%	64.7%
Share of profit of associates	699	(147)	139	NMF	NMF
Other operating non-interest income	98,881	113,143	93,005	6.3%	-12.6%
Credit loss allowance for loans to customers	(95,279)	(62,193)	(106,594)	-10.6%	53.2%
Credit loss allowance for other financial items and net impairment for non-financial assets	(9,568)	(24,896)	(11,903)	-19.6%	-61.6%
Operating income after expected credit losses	754,467	813,833	655,715	15.1%	-7.3%
Staff costs	(184,409)	(174,496)	(144,951)	27.2%	5.7%
Depreciation and amortisation	(45,662)	(45,727)	(38,650)	18.1%	-0.1%
Administrative and other operating expenses	(115,454)	(115,841)	(104,343)	10.6%	-0.3%
Operating expenses	(345,525)	(336,064)	(287,944)	20.0%	2.8%
Net profit before tax	408,942	477,769	367,771	11.2%	-14.4%
Income tax expense	(44,201)	(90,558)	(49,265)	-10.3%	-51.2%
Net profit	364,741	387,211	318,506	14.5%	-5.8%
Net profit attributable to:
- Shareholders of TBCG	360,146	380,407	316,552	13.8%	-5.3%
- Non-controlling interest	4,595	6,804	1,954	NMF	-32.5%
Other comprehensive income, net of tax:
Other comprehensive income/(expense) for the period	32,151	(6,024)	(16,060)	NMF	NMF
Total comprehensive income for the period	396,892	381,187	302,446	31.2%	4.1%

 

 

Consolidated balance sheet

In thousands of GEL	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Assets
Cash and cash equivalents	2,892,369	2,363,583	3,281,957	-11.9%	22.4%
Reverse sale and repurchase receivables*	188,666	184,979	-	NMF	2.0%
Due from other banks	179,785	143,150	52,470	NMF	25.6%
Mandatory cash balances with the NBG and the CBU	2,102,904	2,357,950	2,549,087	-17.5%	-10.8%
Loans and advances to customers and finance lease receivables	29,868,688	29,564,783	26,855,888	11.2%	1.0%
Investment securities	5,956,359	6,251,550	4,640,823	28.3%	-4.7%
Repurchase receivables	334,374	101,648	228,045	46.6%	NMF
Investment properties	13,060	11,430	14,698	-11.1%	14.3%
Current income tax prepayment	12,414	42,507	22,492	-44.8%	-70.8%
Deferred income tax asset	12,089	5,264	3,595	NMF	NMF
Other financial assets	392,651	392,913	480,372	-18.3%	-0.1%
Other assets	1,753,760	1,680,946	1,415,760	23.9%	4.3%
Intangible assets	795,992	760,438	623,760	27.6%	4.7%
Goodwill	79,348	79,348	59,964	32.3%	0.0%
Total assets	44,582,459	43,940,489	40,228,911	10.8%	1.5%
LIABILITIES
Due to credit institutions	7,217,426	7,373,628	7,754,371	-6.9%	-2.1%
Customer accounts	26,239,605	25,660,058	22,529,442	16.5%	2.3%
Other financial liabilities	769,630	660,264	820,244	-6.2%	16.6%
Current income tax liability	45,748	13,097	1,444	NMF	NMF
Deferred income tax liability	48,772	59,823	54,489	-10.5%	-18.5%
Debt Securities in issue**	2,011,319	2,028,046	1,512,224	33.0%	-0.8%
Other liabilities	231,354	293,263	216,522	6.9%	-21.1%
Subordinated debt	895,521	910,299	1,138,204	-21.3%	-1.6%
Redemption liability	608,782	595,544	478,422	27.2%	2.2%
Total liabilities	38,068,157	37,594,022	34,505,362	10.3%	1.3%
EQUITY
Share capital	1,702	1,705	1,719	-1.0%	-0.2%
Shares held by trust	(76,332)	(89,086)	(50,424)	51.4%	-14.3%
Share premium	411,088	411,088	411,088	0.0%	0.0%
Retained earnings	6,209,933	6,077,089	5,286,370	17.5%	2.2%
Other reserves	(205,493)	(225,331)	(107,391)	91.4%	-8.8%
Equity attributable to owners of the parent	6,340,898	6,175,465	5,541,362	14.4%	2.7%
Non-controlling interest	173,404	171,002	182,187	-4.8%	1.4%
Total equity	6,514,302	6,346,467	5,723,549	13.8%	2.6%
Total liabilities and equity	44,582,459	43,940,489	40,228,911	10.8%	1.5%

*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)	1Q'26	4Q'25	1Q'25
Profitability ratios:
ROE1	23.4%	24.9%	23.2%
ROA2	3.3%	3.4%	3.2%
Cost to income3	40.2%	37.3%	37.2%
NIM4	7.0%	7.0%	6.7%
Loan yields5	14.3%	14.7%	14.0%
Deposit rates6	5.8%	5.8%	5.6%
Cost of funding7	6.7%	6.9%	6.6%
Asset quality & portfolio concentration:
Cost of risk9	1.3%	1.1%	1.4%
PAR 90 to gross loans9	1.9%	2.0%	1.6%
NPLs to gross loans10	3.0%	2.7%	2.5%
NPL provision coverage11	65.4%	71.0%	73.6%
Total NPL coverage12	123.1%	128.3%	140.4%
Credit loss level to gross loans13	2.0%	1.9%	1.8%
Related party loans to gross loans14	0.0%	0.0%	0.0%
Top 10 borrowers to total portfolio15	5.1%	5.0%	5.3%
Top 20 borrowers to total portfolio16	7.9%	7.8%	8.0%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17	101.3%	102.5%	105.4%
Leverage (x)18	6.8x	6.9x	7.0x
Georgia
Net stable funding ratio19	120.5%	123.7%	125.6%
Liquidity coverage ratio20	122.8%	127.7%	119.0%
CET 1 CAR21	16.6%	16.6%	16.4%
Tier 1 CAR22	19.8%	19.8%	19.9%
Total CAR23	22.4%	22.5%	23.1%
Uzbekistan
CET 1 CAR24	18.5%	18.2%	19.4%
Tier 1 CAR25	18.5%	18.2%	19.4%
Total CAR26	19.6%	18.9%	20.3%

 

Funding and liquidity in Georgia

	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Minimum net stable funding ratio, as defined by the NBG	100.0%	100.0%	100.0%	0.0 pp	0.0 pp
Net stable funding ratio as defined by the NBG	120.5%	123.7%	125.6%	-5.1 pp	-3.2 pp
Minimum total liquidity coverage ratio, as defined by the NBG	100.0%	100.0%	100.0%	0.0 pp	0.0 pp
Minimum LCR in GEL, as defined by the NBG	75%	75.0%	75.0%	0.0 pp	0.0 pp
Minimum LCR in FC, as defined by the NBG	100.0%	100.0%	100.0%	0.0 pp	0.0 pp
Total liquidity coverage ratio, as defined by the NBG	122.8%	127.7%	119.0%	3.8 pp	-4.9 pp
LCR in GEL, as defined by the NBG	132.3%	146.6%	118.9%	13.4 pp	-14.3 pp
LCR in FC, as defined by the NBG	115.3%	115.5%	119.1%	-3.8 pp	-0.2 pp

 

 

Regulatory capital

Georgia

In thousands of GEL	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
CET 1 capital	5,310,230	5,222,768	4,814,774	10.3%	1.7%
Tier 1 capital	6,322,655	6,233,431	5,852,511	8.0%	1.4%
Total capital	7,151,159	7,072,885	6,787,655	5.4%	1.1%
Total risk-weighted assets	31,982,981	31,405,697	29,337,803	9.0%	1.8%
Minimum CET 1 ratio	15.1%	14.8%	14.6%	0.5 pp	0.3 pp
CET 1 capital adequacy ratio	16.6%	16.6%	16.4%	0.2 pp	0.0 pp
Minimum Tier 1 ratio	17.3%	17.0%	16.9%	0.4 pp	0.3 pp
Tier 1 capital adequacy ratio	19.8%	19.8%	19.9%	-0.1 pp	0.0 pp
Minimum total capital adequacy ratio	20.3%	20.0%	19.9%	0.4 pp	0.3 pp
Total capital adequacy ratio	22.4%	22.5%	23.1%	-0.7 pp	-0.1 pp

 

 

Uzbekistan

In thousands of GEL	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
CET 1 capital	506,427	561,169	535,639	-5.5%	-9.8%
Tier 1 capital	506,427	561,169	535,639	-5.5%	-9.8%
Total capital	539,259	581,475	559,526	-3.6%	-7.3%
Total risk-weighted assets	2,744,701	3,076,338	2,758,355	-0.5%	-10.8%
Minimum CET 1 ratio	8.0%	8.0%	8.0%	0.0 pp	0.0 pp
CET 1 capital adequacy ratio	18.5%	18.2%	19.4%	-0.9 pp	0.3 pp
Minimum Tier 1 ratio	10.0%	10.0%	10.0%	0.0 pp	0.0 pp
Tier 1 capital adequacy ratio	18.5%	18.2%	19.4%	-0.9 pp	0.3 pp
Minimum total capital adequacy ratio	12.0%	13.0%	13.0%	-1.0 pp	-1.0 pp
Total capital adequacy ratio	19.6%	18.9%	20.3%	-0.7 pp	0.7 pp

Loan portfolio

As of 31 March 2026, the gross loan portfolio reached GEL 30,465.3 million, up by 11.4% YoY and 1.0% QoQ, or up by 11.2% YoY and 1.4% QoQ on a constant currency basis.

By the end of March 2026, our Georgia FS loan portfolio increased by 11.9% YoY and 2.1% on a QoQ basis and reached GEL 28,167.9 million, with 12.0% YoY and 2.4% QoQ growth on a constant currency basis. Over the same period, our Uzbek portfolio increased by 6.9% YoY and decreased by 9.9% on a QoQ basis. This resulted in a 3.5% increase on YoY and an 8.7% decrease QoQ on a constant currency basis.

Gross loans and advances to customers In thousands of GEL	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Georgian financial services ("Georgia FS")*	28,167,905	27,601,945	25,182,536	11.9%	2.1%
Retail Georgia	10,279,027	9,784,049	8,834,964	16.3%	5.1%
CIB Georgia	11,515,912	11,219,099	10,055,992	14.5%	2.6%
MSME Georgia**	5,786,815	5,990,887	5,827,911	-0.7%	-3.4%
Uzbekistan	2,297,362	2,550,324	2,150,075	6.9%	-9.9%
Total gross loans and advances to customers	30,465,267	30,152,269	27,350,103	11.4%	1.0%

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

* Georgia FS includes sub-segment eliminations
** Effective 1 January 2026, GEL 72 million was reclassified from MSME to CIB and GEL 219 million to retail

	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Loan yields	14.3%	14.7%	14.0%	0.3 pp	-0.4 pp
GEL	14.7%	14.7%	14.2%	0.5 pp	0.0 pp
FC	9.0%	8.9%	8.7%	0.3 pp	0.1 pp
UZS	40.8%	41.7%	44.2%	-3.4 pp	-0.9 pp
Georgia FS	12.1%	12.0%	11.6%	0.5 pp	0.1 pp
GEL	14.7%	14.7%	14.2%	0.5 pp	0.0 pp
FC	9.0%	8.9%	8.7%	0.3 pp	0.1 pp
Uzbekistan	40.4%	41.5%	44.2%	-3.8 pp	-1.1 pp
UZS	40.8%	41.7%	44.2%	-3.4 pp	-0.9 pp
FC	10.4%	3.1%	N/A	N/A	7.3 pp
Total loan yields	14.3%	14.7%	14.0%	0.3 pp	-0.4 pp

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

Loan portfolio quality

PAR 90	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Georgia FS*	1.5%	1.6%	1.5%	0.0 pp	-0.1 pp
Retail Georgia	0.8%	0.8%	0.7%	0.1 pp	0.0 pp
CIB Georgia	1.4%	1.5%	0.9%	0.5 pp	-0.1 pp
MSME Georgia	2.9%	3.0%	3.4%	-0.5 pp	-0.1 pp
Uzbekistan	6.7%	5.8%	2.1%	4.6 pp	0.9 pp
Total PAR 90	1.9%	2.0%	1.6%	0.3 pp	-0.1 pp

PAR 90 includes 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	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Georgia FS*	758,089	679,758	600,215	26.3%	11.5%
Retail Georgia	151,506	143,283	133,020	13.9%	5.7%
CIB Georgia	323,278	247,628	152,263	112.3%	30.5%
MSME Georgia	255,121	268,852	288,613	-11.6%	-5.1%
Uzbekistan	153,645	148,043	68,275	125.0%	3.8%
Total non-performing loans	911,734	827,800	671,071	35.9%	10.1%

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	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Georgia FS*	2.7%	2.5%	2.4%	0.3 pp	0.2 pp
Retail Georgia	1.5%	1.5%	1.5%	0.0 pp	0.0 pp
CIB Georgia	2.8%	2.2%	1.5%	1.3 pp	0.6 pp
MSME Georgia	4.4%	4.5%	5.0%	-0.6 pp	-0.1 pp
Uzbekistan	6.7%	5.8%	3.2%	3.5 pp	0.9 pp
Total NPL to gross loans	3.0%	2.7%	2.5%	0.5 pp	0.3 pp

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

 

	Mar'26		Dec'25		Mar'25
NPL Coverage	Provision Coverage	Total Coverage**	Provision Coverage	Total Coverage**	Provision Coverage	Total Coverage**
Georgia FS*	51.6%	120.9%	56.9%	126.7%	59.5%	134.1%
Retail Georgia	133.3%	176.6%	132.0%	179.7%	127.2%	186.9%
CIB Georgia	23.7%	89.2%	29.9%	95.5%	40.2%	111.8%
MSME Georgia	39.9%	123.2%	41.9%	123.8%	40.4%	123.9%
Uzbekistan	133.8%	133.8%	135.6%	135.6%	192.6%	192.6%
Total NPL coverage	65.4%	123.1%	71.0%	128.3%	73.6%	140.4%

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")	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Georgia FS*	0.6%	0.4%	0.8%	-0.2 pp	0.2 pp
Retail Georgia	1.5%	0.8%	1.3%	0.2 pp	0.7 pp
CIB Georgia	-0.1%	0.1%	0.3%	-0.4 pp	-0.2 pp
MSME Georgia	0.2%	0.1%	0.8%	-0.6 pp	0.1 pp
Uzbekistan	10.2%	8.5%	9.3%	0.9 pp	1.7 pp
Total cost of risk	1.3%	1.1%	1.4%	-0.1 pp	0.2 pp

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

*Georgia FS includes sub-segment eliminations

Deposit portfolio

As of 31 March 2026, the deposit portfolio reached GEL 26,239.6 million, up by 16.5% YoY and 2.3% QoQ, or up by 16.9% YoY and 2.5% QoQ on a constant currency basis.

By the end of March 2026, our customer deposit portfolio in Georgia (excluding MOF) reached GEL 24,043.0 million, up by 13.7% YoY and down by 0.3% QoQ, or up by 14.4% YoY and down by 0.1% QoQ on a constant currency basis. Meanwhile, our Uzbekistan deposit portfolio increased by 28.2% YoY and 5.5% QoQ, or up by 24.2% YoY and 6.9% QoQ on a constant currency basis.

Customer accounts In thousands of GEL	Mar'26	Dec'25	Mar'25	Change YoY	Change QoQ
Georgia FS*	24,858,957	24,324,216	21,355,609	16.4%	2.2%
Retail Georgia	9,860,302	9,747,411	8,269,131	19.2%	1.2%
CIB Georgia	12,180,219	12,321,806	11,122,655	9.5%	-1.1%
MSME Georgia	2,144,091	2,211,202	1,913,434	12.1%	-3.0%
MOF	815,992	215,661	209,328	289.8%	278.4%
Uzbekistan	1,561,345	1,479,519	1,218,048	28.2%	5.5%
Total customer accounts**	26,239,605	25,660,058	22,529,442	16.5%	2.3%

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

 

	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Deposit rates	5.8%	5.8%	5.6%	0.2 pp	0.0 pp
GEL	7.9%	7.6%	8.1%	-0.2 pp	0.3 pp
FC	1.8%	1.9%	1.8%	0.0 pp	-0.1 pp
UZS	23.3%	25.0%	24.7%	-1.4 pp	-1.7 pp
Georgian financial services	4.8%	4.6%	4.7%	0.1 pp	0.2 pp
GEL	7.8%	7.6%	8.1%	-0.3 pp	0.2 pp
FC	1.8%	1.9%	1.8%	0.0 pp	-0.1 pp
Uzbek business	23.0%	24.8%	24.5%	-1.5 pp	-1.8 pp
UZS	23.3%	25.0%	24.7%	-1.4 pp	-1.7 pp
FC	7.7%	3.9%	2.8%	4.9 pp	3.8 pp
Total deposit rates*	5.8%	5.8%	5.6%	0.2 pp	0.0 pp

* Total deposit 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") - includes JSC TBC Bank with its Georgian subsidiaries and JSC TBC Insurance with its subsidiary. The Georgia financial services 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 Digital JSC with respective subsidiaries and BILLZ (Shoppe Group 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	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Interest income	956,922	959,954	845,776	13.1%	-0.3%
Interest expense	(449,926)	(469,895)	(436,673)	3.0%	-4.2%
Net interest income	506,996	490,059	409,103	23.9%	3.5%
Fee and commission income	200,907	227,750	172,187	16.7%	-11.8%
Fee and commission expense	(103,557)	(100,319)	(65,599)	57.9%	3.2%
Net fee and commission income	97,350	127,431	106,588	-8.7%	-23.6%
Net insurance income	12,396	14,279	8,945	38.6%	-13.2%
Net gains from currency derivatives, foreign currency operations and translation	74,481	89,617	84,090	-11.4%	-16.9%
Other operating income	9,312	5,177	5,520	68.7%	79.9%
Share of profit of associates	699	(147)	139	NMF	NMF
Other operating non-interest income	96,888	108,926	98,694	-1.8%	-11.1%
Credit loss allowance for loans to customers	(38,526)	(23,372)	(47,954)	-19.7%	64.8%
Credit loss allowance for other financial items and net impairment for non-financial assets	(5,564)	(8,802)	(5,359)	3.8%	-36.8%
Operating income after expected credit and non-financial asset impairment losses	657,144	694,242	561,072	17.1%	-5.3%
Staff costs	(135,766)	(134,411)	(105,795)	28.3%	1.0%
Depreciation and amortisation	(33,476)	(33,685)	(31,267)	7.1%	-0.6%
Administrative and other operating expenses	(69,440)	(70,771)	(58,169)	19.4%	-1.9%
Operating expenses	(238,682)	(238,867)	(195,231)	22.3%	-0.1%
Net profit before tax	418,462	455,375	365,841	14.4%	-8.1%
Income tax expense	(56,304)	(74,455)	(48,201)	16.8%	-24.4%
Net profit	362,158	380,920	317,640	14.0%	-4.9%

 

Balance sheet highlights

In thousands of GEL	31-Mar-26	31-Dec-25	31-Mar-25	Change YoY	Change QoQ
Cash & NBG mandatory reserves	4,617,185	4,491,583	5,598,657	-17.5%	2.8%
Reverse sale and repurchase receivables*	188,666	184,979	-	NMF	2.0%
Due from other banks	161,149	102,417	49,449	NMF	57.3%
Loans and advances to customers and finance lease receivables	27,776,941	27,215,274	24,825,243	11.9%	2.1%
Investment securities measured at fair value through OCI	5,660,047	5,861,006	4,702,153	20.4%	-3.4%
Intangible assets and Goodwill	525,360	504,692	443,665	18.4%	4.1%
Other assets	1,967,617	1,931,683	1,758,688	11.9%	1.9%
TOTAL ASSETS	40,896,965	40,291,634	37,377,855	9.4%	1.5%
Due to credit institutions	6,730,023	6,891,552	7,243,202	-7.1%	-2.3%
Customer accounts	24,858,957	24,324,216	21,355,609	16.4%	2.2%
Subordinated debt and debt securities in issue	2,197,377	2,201,063	2,311,275	-4.9%	-0.2%
Other liabilities	942,711	861,850	937,265	0.6%	9.4%
TOTAL LIABILITIES	34,729,068	34,278,681	31,847,351	9.0%	1.3%
Equity attributable to shareholders	6,167,545	6,012,618	5,530,226	11.5%	2.6%
Non-controlling interest	352	335	278	26.6%	5.1%
TOTAL EQUITY	6,167,897	6,012,953	5,530,504	11.5%	2.6%
TOTAL LIABILITIES AND EQUITY	40,896,965	40,291,634	37,377,855	9.4%	1.5%

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

Key ratios

Georgian financial services	1Q'26	4Q'25		1Q'25		Change YoY		Change QoQ
Profitability ratios:
ROE1	24.1%	25.7%		23.3%		0.8 pp		-1.6 pp
ROA2	3.7%	3.8%		3.4%		0.3 pp		-0.1 pp
Cost to income3	34.0%	32.9%		31.8%		2.2 pp		1.1 pp
NIM4	6.2%	6.0%		5.5%		0.7 pp		0.2 pp
Loan yields5	12.1%	12.0%		11.6%		0.5 pp		0.1 pp
Deposit rates6	4.8%	4.6%		4.7%		0.1 pp		0.2 pp
Cost of funding7	5.5%	5.6%		5.6%		-0.1 pp		-0.1 pp
Asset quality & portfolio concentration:
Cost of risk8	0.6%	0.4%		0.8%		-0.2 pp		0.2 pp
PAR 90 to gross loans9	1.5%	1.6%		1.5%		0.0 pp		-0.1 pp
NPLs to gross loans10	2.7%	2.5%		2.4%		0.3 pp		0.2 pp
NPL provision coverage11	51.6%	56.9%		59.5%		-7.9 pp		-5.3 pp
Total NPL coverage12	120.9%	126.7%		134.1%		-13.2 pp		-5.8 pp

For the ratio definitions and exchange rates, please refer to section 3 of the additional information.

 

Uzbekistan business[3]

Profit and loss statement

In thousands of GEL	1Q'26	4Q'25	1Q'25	Change YoY	Change QoQ
Interest income	263,592	291,621	224,843	17.2%	-9.6%
Interest expense	(147,212)	(156,329)	(101,576)	44.9%	-5.8%
Net interest income	116,380	135,292	123,267	-5.6%	-14.0%
Fee and commission income	73,325	72,721	56,362	30.1%	0.8%
Fee and commission expense	(38,836)	(42,298)	(18,326)	111.9%	-8.2%
Net fee and commission income	34,489	30,423	38,036	-9.3%	13.4%
Net insurance income	2,927	4,185	-	N/A	-30.1%
Net gains from currency derivatives, foreign currency operations and translation	279	(618)	(266)	-204.9%	-145.1%
Other operating income	1,050	1,245	14	NMF	-15.7%
Other operating non-interest income	4,256	4,812	(252)	NMF	-11.6%
Credit loss allowance for loans to customers	(56,753)	(38,822)	(58,514)	-3.0%	46.2%
Credit loss allowance for other financial items and net impairment for non-financial assets	(4,022)	(16,094)	(5,705)	-29.5%	-75.0%
Operating income after expected credit and non-financial asset impairment losses	94,350	115,611	96,832	-2.6%	-18.4%
Staff costs	(32,415)	(27,364)	(23,104)	40.3%	18.5%
Depreciation and amortisation	(9,290)	(9,192)	(4,674)	98.8%	1.1%
Administrative and other operating expenses	(44,039)	(42,800)	(46,182)	-4.6%	2.9%
Operating expenses	(85,744)	(79,356)	(73,960)	15.9%	8.0%
Net profit before tax	8,606	36,255	22,872	-62.4%	-76.3%
Income tax credit/(expense)	12,101	(4,603)	(1,311)	NMF	NMF
Net profit	20,707	31,652	21,561	-4.0%	-34.6%

 

Balance sheet highlights

In thousands of GEL	31-Mar-26	31-Dec-25	31-Mar-25	Change YoY	Change QoQ
Cash & CBU mandatory reserves	377,015	233,671	245,519	53.6%	61.3%
Due from other banks	18,610	40,708	2,996	NMF	-54.3%
Loans and advances to customers and finance lease receivables	2,091,747	2,349,508	2,018,553	3.6%	-11.0%
Intangible assets and Goodwill	186,186	160,414	93,461	99.2%	16.1%
Other assets	877,474	710,324	365,683	140.0%	23.5%
TOTAL ASSETS	3,551,032	3,494,625	2,726,212	30.3%	1.6%
Due to credit institutions	1,050,883	1,076,723	683,532	53.7%	-2.4%
Customer accounts	1,561,345	1,479,519	1,218,048	28.2%	5.5%
Subordinated debt and debt securities in issue	41,287	39,617	37,878	9.0%	4.2%
Other liabilities	112,261	123,667	153,384	-26.8%	-9.2%
TOTAL LIABILITIES	2,765,776	2,719,526	2,092,842	32.2%	1.7%
Equity attributable to shareholders	785,256	775,099	633,370	24.0%	1.3%
TOTAL EQUITY	785,256	775,099	633,370	24.0%	1.3%
TOTAL LIABILITIES AND EQUITY	3,551,032	3,494,625	2,726,212	30.3%	1.6%

 

Key ratios

Uzbekistan	1Q'26	4Q'25	1Q'25		Change YoY		Change QoQ
Profitability ratios:
ROE1	10.9%	16.4%	13.7%		-2.8 pp		-5.5 pp
ROA2	2.4%	3.6%	3.5%		-1.1 pp		-1.2 pp
Cost to income3	55.3%	46.5%	45.9%		9.4 pp		8.8 pp
NIM4	17.1%	18.8%	24.7%		-7.6 pp		-1.7 pp
Loan yields5	40.4%	41.5%	44.2%		-3.8 pp		-1.1 pp
Deposit rates6	23.0%	24.8%	24.5%		-1.5 pp		-1.8 pp
Cost of funding7	22.5%	23.7%	23.3%		-0.8 pp		-1.2 pp
Asset quality & portfolio concentration:
Cost of risk8	10.2%	8.5%	9.3%		0.9 pp		1.7 pp
PAR 90 to gross loans9	6.7%	5.8%	2.1%		4.6 pp		0.9 pp
NPLs to gross loans10	6.7%	5.8%	3.2%		3.5 pp		0.9 pp
NPL provision coverage11	133.8%	135.6%	192.6%		-58.8 pp		-1.8 pp
Total NPL coverage12	133.8%	135.6%	192.6%		-58.8 pp		-1.8 pp

For the ratio definitions and exchange rates, please refer to section 3 of the additional information

 

 

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
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 2.6951 as of 31 December 2025. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.7673 as of 31 March 2025 . As of 31 March 2026, the USD/GEL exchange rate equalled 2.6998. For P&L items growth calculations without the currency effect, we used the average USD/GEL exchange rate for the following periods: 4Q 2025 of 2.7075 and 1Q 2025 of 2.8137. As of 1Q 2026, the USD/GEL exchange rate equalled 2.6993.