TBC Bank Group (TBCG) Q4 2025 earnings summary

Executive summary

• Achieved net profit of GEL 1.4 billion for 2025, up 9% year-over-year, with ROE at 24.2%; Q4 net profit reached GEL 390 million, a record for the year, with 24.9% ROE.

• Georgian franchise saw net profit up 12% year-over-year in 2025, with 24.3% ROE, driven by robust loan growth, strong NIM, low cost of risk, and cost controls.

• Uzbekistan achieved 45% loan growth and 67% revenue growth in 2025, with digital MAU at 6 million, despite regulatory-driven lending contraction in Q4.

• Digital monthly active users nearly doubled in three years to 7.3 million; digital ecosystems scaled in both Georgia and Uzbekistan.

• Final dividend for 2025 set at GEL 8.87 per share, up 10% year-over-year, subject to AGM approval.

Financial highlights

• FY 2025 net profit rose 9% year-over-year to GEL 1.4 billion; Q4 net profit up 16% to GEL 387 million.

• Total operating income increased 20% year-over-year to GEL 3.39 billion; Q4 up 15%.

• Net interest income grew 24% year-over-year; NIM improved by 30 bps to 7% in 2025.

• Cost to income ratio improved to 37.3% in Q4 2025 and 37.5% for the year.

• Gross loans portfolio grew 13% year-over-year to GEL 30.2 billion; customer deposits up 13% to GEL 25.4 billion.

Outlook and guidance

• Georgian NIM expected to remain around 6%; Uzbekistan NIM to recover to around 20% by year-end as funding costs decline.

• Uzbekistan loan book expected to grow 20% in 2026, with growth backloaded to the second half.

• ROE expected to be at least as high as 2025 in Uzbekistan; dividend payout ratio at 35%.

• Georgian cost of risk guided to lower end of normalized range (~80 bps) for 2026.

• 2025 targets exceeded: digital MAU at 7.3 million (target 7.0 million+), net profit GEL 1.42 billion (target GEL 1.5 billion+ CAGR), ROE at 24.2% (target >23%).