Q3 2024 TBC Bank Group PLC Earnings Call Transcript
Key Points
- TBC Bank Group PLC (FRA:LR6) reported a record net profit of GEL347 million for the third quarter, with a return on equity exceeding 26%.
- The company's digital customer base is approaching 6 million monthly active users, indicating strong digital growth.
- The Georgian economy remains robust, with a revised GDP growth forecast of 9.4% for 2024, supporting TBC's business environment.
- TBC's Uzbekistan operations are performing exceptionally well, with a net profit of $12 million and total operating income of $41 million in Q3, both more than doubling year-on-year.
- The company maintains a strong capital position, with capital ratios comfortably above the minimum regulatory requirements in both Georgia and Uzbekistan.
- There is a noted margin pressure, although net interest income was up by 15% year-on-year.
- Operating expenses increased by 29% year-on-year, primarily due to scaling up operations in Uzbekistan.
- The cost of risk in Uzbekistan is relatively high at 5.7%, reflecting the unsecured consumer loan business model.
- The company has discontinued providing specific guidance on TNET GMV growth, indicating a shift in strategic focus.
- There is a potential need for additional funding for the Uzbekistan operations to support ambitious growth targets.
Hello and welcome, everyone, to the TBC third quarter and nine months financial results conference call. (Operator Instructions)
I will now hand you over to Andrew Keeley, Director of Investor Relations, to begin. Andrew, please go ahead.
Thanks very much, Maxine, and welcome, everyone, to TBC's third quarter and nine months results call. As usual, I'm joined today by Vakhtang Butskhrikidze, our CEO; and Giorgi Megrelishvili, our CFO. So, as usual, we will start with a presentation, and then we'll have time for Q&A.
And with that, I'll hand over to Vakhtang. Thank you.
Thank you, Andrew. Good afternoon, everyone, and thank you for joining our third quarter and nine months financial results conference call. Before I move on to our results, I'd like to briefly comment on the recent parliamentary elections held in
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