TBC Bank Group PLC on Wednesday hailed record profit in 2024, highlighting economic growth in Georgia and a solid expansion in Uzbekistan, as it lifted its dividend.
The Tbilisi, Georgia-headquartered lender said pretax profit in 2024 rose 16% to ₾1.54 billion, around £443.0 million, from ₾1.33 billion in 2023.
Net profit climbed 15% to a record ₾1.31 billion.
Net interest income was 16% higher at ₾1.90 billion from ₾1.64 billion. Net fee and commission income rose 26% to ₾520.4 million.
The company noted that Georgia’s real gross domestic product rose 8.4% on-year in the fourth quarter of 2024, bringing full-year 2024 growth to 9.5%, accelerated from 7.8% in 2023.
TBC Bank said: ‘Consumption, tourism, and strong real credit growth contributed the most to this year’s performance, whilst foreign direct investments declined and growth in remittances and migration-related inflows moderated slightly.’
Chief Executive Officer Vakhtang Butskhrikidze said: ‘Among the highlights for 2024, I would like to point to the excellent achievements of our digital banking ecosystem in Uzbekistan. Over the past year, TBC Uzbekistan has scaled up, with its total users increasing by 37% to over 18 million and its loan book more than doubling. The foundations for future growth have been laid through investments in key infrastructure, [artificial intelligence] initiatives, world-class talent and a suite of new core products.
‘As a team, we achieved a great deal in 2024, but as always there remains much to do, and we look forward to 2025 being another year of further scaling up our business in Uzbekistan and continuing to deliver strong and profitable growth in Georgia. I am confident we are fully on track to meet the mid-term targets we have set for 2025.’
TBC Bank upped its final dividend by 19% to ₾5.55 per share, taking its total payout to ₾8.10, up 12%.
‘Together with a ₾50 million buyback, this brings total capital returns to shareholders for 2024 to ₾499 million, or 39% of net profit,’ it added.
It had returned 35% of its net profit to shareholders in 2023, and that had been boosted from 30% in 2022.
TBC shares rose 8.7% to 4,014.50 pence each on Wednesday morning in London.
Copyright 2025 Alliance News Ltd. All Rights Reserved.