TBC Bank Group (TBCG) Q4 2024 earnings summary

Executive summary

• FY 2024 net profit reached GEL 1.3 billion, up 16% year-on-year (adjusted), with Q4 net profit at GEL 344 million and ROE at 25.8% for the year (adjusted).

• TBC Uzbekistan scaled rapidly, contributing 8% of group net profit and 11% of retail deposits, with its user base growing 37% to over 18 million.

• Dividend per share for FY 2024 increased 12% to GEL 8.10, with a 35% payout ratio and 39% of net income returned to shareholders via dividends and buybacks, totaling GEL 499 million.

Financial highlights

• Total operating income grew 19% year-on-year to GEL 2.83 billion; net interest income up 16% and non-interest income up 27%.

• Operating expenses increased 25% year-on-year; cost-to-income ratio at 37.9% for FY 2024.

• Gross loans rose 18% year-on-year to GEL 26.7 billion; customer deposits up 10% to GEL 22.9 billion.

• NPL ratio stable at 2.2%, total NPL coverage at 143.9%.

• Adjusted for a GEL 9.8 million non-recurring impairment loss from Azerbaijan asset write-down.

Outlook and guidance

• 2025 targets reaffirmed: GEL 1.5 billion net profit, 23%+ ROE, 25–35% dividend payout, and 7 million digital MAU.

• Loan CAGR target of 15%+ for the group and 80%+ for TBC Uzbekistan; Uzbekistan net profit guidance at GEL 200 million.

• Digital banking ecosystem in Uzbekistan expected to contribute significantly to group growth.

• No material capital injections expected for Uzbekistan in 2025.