TBC Bank Group (TBCG) investor relations material

Executive summary

• Record 3Q net profit was GEL 404 million, up 10% YoY; ROE was 23.2%. 9M net profit reached GEL 1,155 million, up 12%, with ROE of 23.4%.

• 3Q operating income rose 10% YoY to GEL 961 million, supported by 13% growth in net interest income.

• Gross loans grew 16% YoY at constant currency to GEL 32.5 billion; customer deposits rose 14% to GEL 27.6 billion, excluding MOF deposits.

• Digital MAU exceeded 7.5 million after adding more than 350,000 in Q3 across Georgia and Uzbekistan.

Financial highlights

• 3Q net interest income was GEL 700 million, up 12.6% YoY; net fee and commission income was GEL 154 million, up 1.9%.

• 9M operating income after expected credit and non-financial asset impairment losses rose 12.4% YoY to GEL 2,378 million; operating expenses increased 15.1% to GEL 1,059 million.

• 3Q operating expenses rose 13% YoY; cost-to-income ratio reached 38.7%.

• Total assets were GEL 47.3 billion at September-end, up 8.5% YoY; total equity was GEL 7.2 billion, up 17.1%.

Outlook and guidance

• 2026–2028 targets are annual loan growth of 15%+, ROE of 23%+ and payout ratio of 25–45%, including dividends and buybacks.

• TBC Capital forecast 2026 real GDP growth of 7.4% in Georgia and 8.2% in Uzbekistan; IMF and World Bank forecasts for both economies were revised upward.

• Uzbekistan auto-collections regulations are expected to take effect in early 2027; preparations include active asset-quality management.