Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Georgian lender TBC Bank posted a rise in second-quarter profit underpinned by a recovery in the macroeconomic environment.
Net profit for the three months through June almost doubled to GEL 250.4 million, up from GEL 126.2 million year-on-year.
Operating income rose to GEL 380.3 million, up from GEL 250.0 million and the bank's net interest margin improved to 5.0%, up from 4.3%.
'I am delighted to present a strong set of financial results for the second quarter and first half of 2021 on the back of an impressive recovery in the macroeconomic environment,' chief executive Vakhtang Butskhrikidze said.
'The Georgian economy has rebounded at a speed that exceeded even the most optimistic expectations.'