TBC Bank Group (TBCG) Q2 2025 earnings summary

Executive summary

• Net profit for Q2 2025 reached GEL 346 million, up 5% year-on-year, with ROE at 24.3%; 1H 2025 net profit was GEL 665 million, up 6% year-on-year, with ROE at 23.7%.

• Georgia delivered GEL 332 million net profit (+3% YoY), while Uzbekistan posted GEL 32 million (+36% YoY), with Uzbekistan now contributing 20% of group operating income and 9% of net profit.

• Operating income rose 23% year-on-year in Q2 2025, driven by core revenue growth and strong digital engagement.

• Surpassed 2 million registered users in Uzbekistan, launched the country's first fully digital insurance service, and acquired leading SaaS platform BILLZ.

• Declared a quarterly dividend of GEL 1.75 per share and announced a GEL 75 million share buyback starting in August.

Financial highlights

• Total operating income for Q2 2025 was GEL 835 million, up 23% year-on-year; net interest income up 27% to GEL 582 million; net fee and commission income up 26% to GEL 156 million.

• Group net profit for 1H 2025 was GEL 665 million, up 6% year-on-year; ROE for 1H 2025 stood at 23.7%.

• Group gross loans reached GEL 28.5 billion, up 16% year-on-year; customer deposits at GEL 23.3 billion, up 14%.

• Cost-to-income ratio stable at 37.6% in Q2 2025.

• NIM increased to 7.1% in Q2 2025, supported by higher yields in Georgia and Uzbekistan.

Outlook and guidance

• 2025 targets include 7.0+ million digital MAU, GEL 1.5 billion net profit (15%+ CAGR), and 23%+ ROE.

• Uzbekistan aims for 5.0+ million digital MAU, 80%+ loan CAGR, and GEL 200 million+ net profit.

• Dividend payout ratio guidance remains at 25-35%, with incremental buybacks.

• Group NIM expected to remain above 7%; Uzbekistan NIM to stay above 20% in the medium term.

• Georgia's cost of risk expected to stay between 80-100 bps; Uzbekistan's cost of risk guided at 7%-10% for the next few quarters.