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TBC Bank Q3 profits rise on higher operating income
18th Nov 2021 09:24
(Sharecast News) - TBC Bank reported a rise in third quarter profits driven by increased operating income spread across all revenue categories, further supported by recoveries in loan provision charges.
The Georgia-focused lender said pre-tax profit came in at 235.1 million Georgian lari (£55.6m) compared with GEL 164.5m a year ago.
Net-interest income increased for the three months to September 30 to GEL 259.4 million from GEL 211.8 million.
"The main driver of our profitability was the strong growth in our net interest income, which resulted in a net interest margin of 5.3%, up by 0.7 pp year-on-year," the bank said on Thursday.
"Our operating income was further supported by an increase in net fee and commission income, which grew by 44.5% year-on-year. This growth was driven by increased business activities combined with various initiatives on the payments side and strong results generated by our retail affluent sub-segment."
The Georgia-focused lender said pre-tax profit came in at 235.1 million Georgian lari (£55.6m) compared with GEL 164.5m a year ago.
Net-interest income increased for the three months to September 30 to GEL 259.4 million from GEL 211.8 million.
"The main driver of our profitability was the strong growth in our net interest income, which resulted in a net interest margin of 5.3%, up by 0.7 pp year-on-year," the bank said on Thursday.
"Our operating income was further supported by an increase in net fee and commission income, which grew by 44.5% year-on-year. This growth was driven by increased business activities combined with various initiatives on the payments side and strong results generated by our retail affluent sub-segment."