TBC Bank : Announces Unaudited 2Q and 1H 2022 Consolidated Financial Results

TBC Bank Announces Unaudited 2Q and 1H 2022 Consolidated Financial Results

The market leader in Georgia with robust profitability and strong growth supported by solid capital.
Continued strong progress in exploiting our international growth potential.

European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC to disclose that this announcement contains Inside Information, as defined in that Regulation.

The information in this announcement, which was approved by the Board of Directors on 11 August 2022, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2021, which contained an unmodified audit report under Section 495 of the Companies Act 2006 and which did not make any statements under Section 498 of the Companies Act 2006, have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.

Financial Highlights

2Q 2022 P&L Highlights

• Profit for the period amounted to GEL 234.6 million (2Q 2021: GEL 250.4 million)
• Return on average equity (ROE) stood at 24.1% (2Q 2021: 31.0%)
• Return on average assets (ROA) stood at 3.7% (2Q 2021: 4.4%)
• Cost to income of TBC Bank Group PLC stood at 35.3% (2Q 2021: 35.4%)
• Standalone cost to income ratio of the Bank was 27.8% (2Q 2021: 28.6%)
• Cost of risk stood at 0.9% (2Q 2021: -1.3%)
• Net interest margin (NIM) stood at 5.8% (2Q 2021: 5.0%)
• Basic earnings per share stood at GEL 4.26 (2Q 2021: GEL 4.55)
• Diluted earnings per share stood at GEL 4.14 (2Q 2021: GEL 4.49)

1H 2022 P&L Highlights

• Profit for the period amounted to GEL 458.5 million (1H 2021: GEL 403.4 million)
• Return on average equity (ROE) stood at 24.2% (1H 2021: 25.9%)
• Return on average assets (ROA) stood at 3.7% (1H 2021: 3.6%)
• Cost to income of TBC Bank Group PLC stood at 35.9% (1H 2021: 37.2%)
• Standalone cost to income ratio of the Bank was 28.2% (1H 2021: 30.6%)
• Cost of risk stood at 0.6% (1H 2021: -0.4%)
• Net interest margin (NIM) stood at 5.7% (1H 2021: 4.8%)
• Basic earnings per share stood at GEL 8.37 (1H 2021: GEL 7.33)
• Diluted earnings per share stood at GEL 8.13 (1H 2021: GEL 7.24)

Balance Sheet Highlights as of 30 June 2022

• Total assets amounted to GEL 26,027.1 million, up by 17.8% YoY
• Gross loans stood at GEL 17,534.5 million, up by 14.8% YoY or at 22.9% on a constant currency basis
• Net loans to deposits + IFI funding stood at 97.7%, down by 5.1 pp YoY
• Regulatory Net Stable Funding Ratio (NSFR) stood at 126.7%, while minimum regulatory requirements stood at 100%
• NPLs were 2.3%, down by 1.1 pp YoY
• NPL provision coverage ratios stood at 99.8%, while total NPL coverage ratio was 167.5% compared to 91.3% or 169.6% with collateral, as of 30 June 2021
• Total customer deposits amounted to GEL 15,772.9 million, up by 22.6% YoY or at 30.1% on a constant currency basis
• The Bank's Basel III CET 1, Tier 1 and Total Capital Adequacy Ratios per NBG methodology stood at 15.0%, 8%, and 21.2%, respectively, while minimum regulatory requirements amounted to of 12.1%, 14.5%, and 18.3%, respectively.

Our market shares in Georgia

• Market share by total assets reached 38.6%, up by 0.4 pp YoY
• Market share by total loans was 39.1%, up by 1.0 pp YoY
• Market share of total deposits reached 40.7%, up by 2.9 pp YoY

Operating Highlights

On the Group Level

• The monthly active digital users (MAU) increased by 71% YoY and stood at 3.0 million
• The average daily active digital users (DAU) increased by 67% YoY and stood at 1.0 million
• DAU/MAU stood at 34.9% (for 2Q 2021: 6%)

In Georgia

• The monthly active digital users (MAU) increased by 19% YoY and stood at 704,000
• The average daily active digital users (DAU) increased by 20% YoY and stood at 311,000
• DAU/MAU stood at 44.2% (for 2Q 2021: 0%)

Additional Information Disclosure
The following materials are disclosed on our Investor Relations website on https://tbcbankgroup.com/ under Results Announcement section:

• 2Q and 1H2022 Results Report
• 2Q 2022 Results Call Presentation

For further enquiries, please contact:
Director of International Media and Investor Relations
Zoltan Szalai
[e-mail]

Or

Head of Investor Relations
Anna Romelashvili
[e-mail]

About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.

TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.1% of customer loans and 40.7% of customer deposits as of 30 June 2022, according to data published by the National Bank of Georgia.