TBC Bank in £22m share buyback as Q1 profits jump

10th May 2024 07:26

(Sharecast News) - Georgia's TBC Bank reported higher first-quarter profit as net interest income jumped 21%, driven by higher interest rates and a "dynamic" loan book as it also launched a 75 million Georgian lari (£22.4m) share buyback.

Pre-tax profit rose 15.8% in the period to GEL 343,178 (£102,000). Net interest income rose to GEL 442,844, driven by higher interest rates and a growing loan book, while net fee and commission income rose 13%.

"Credit growth remained robust in 1Q 2024 with the Group's gross loan book increasing by 21% year-on-year on a constant currency basis. In parallel, the Group's total deposits grew by 18% year-on-year on a constant currency basis, highlighting strong funding support," said chief executive Vakhtang Butskhrikidze.

"We continue to feel the benefits of strong economic growth within our two major operating countries, with our outlook for Georgian economic growth this year raised to 6.4%, while we expect very solid and consistent 5.6% growth in Uzbekistan."

Reporting by Frank Prenesti for Sharecast.com