TBC Bank Group (TBCG) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly net profit of GEL 368 million in 3Q 2025, up 6% year-on-year, with ROE at 24.4% and strong performance in both Georgia and Uzbekistan.

• Nine-month net profit reached GEL 1,033 million, up 6% year-on-year, with ROE at 23.9%.

• Declared a quarterly dividend of GEL 1.75 per share, totaling GEL 5.0 for nine months.

• Digital ecosystem expanded to nearly 7 million monthly active users, nearly doubling since 2023.

Financial highlights

• Total operating income rose 17% year-on-year in 3Q 2025, led by 24% growth in net interest income.

• Net interest margin (NIM) held at 7.1% in 3Q 2025, supported by both Georgia and Uzbekistan.

• Cost/income ratio stable at 37.7% in 3Q 2025.

• Gross loans grew 13% year-on-year to GEL 28.7 billion; customer deposits up 13% to GEL 24.6 billion.

• 9M 2025 results include a non-recurring credit impairment charge of GEL 24.6 million in Uzbekistan.

Outlook and guidance

• Group net profit for 2025 expected to be slightly below GEL 1.5 billion target due to Uzbekistan performance and regulatory headwinds.

• Uzbekistan net profit for 2025 expected below GEL 200 million target, but long-term growth potential remains strong.

• SME and secured lending to be key growth drivers in Uzbekistan for 2026 and beyond.

• Digital MAU target of 7.0 million for 2025 is within reach.

• Strategy Day in February will provide updated long-term projections.