TBC Bank profits soar on strong income, economic recovery

18th Feb 2022 08:03

(Sharecast News) - TBC Bank said annual profit more than doubled in 2021, driven by strong income and a recovery in the Georgian economy.

Pre-tax profit for the 12 months to December 31 rose to 921m Georgian lari (£226m) from GEL 322.5m. Fourth-quarter profit more than doubled to GEL 225.4m compared with GEL 109.7m for the same period a year earlier.

The London-listed bank's net-interest income increased to GEL 275.4m from GEL 231.3m for the quarter. Return on equity stood at 24.4%.

'While our Georgian banking business will remain core to our strategy, the Uzbek market should give us a competitive edge by providing a material contribution to our growth and diversification over the years to come,' the company said.