TASHKENT, Uzbekistan, November 7. TBC Bank Group PLC (a prominent player in the financial services sector in Georgia and the largest digital banking provider in Uzbekistan) has reported an impressive net profit of 347 million lari ($128 million) for the third quarter of 2024, TBC Bank Group told Trend.
This milestone reflects the group’s consistent expansion and diversification in Uzbekistan and a robust performance in Georgia.
The group’s income reached 754 million lari ($278 million) in the third quarter of 2024, marking a 23 percent increase compared to the last year, while the net profit grew by 16 percent year-on-year with a return on equity (ROE) of 26.6 percent. TBC’s continuous expansion in Uzbekistan has contributed notably to these figures, reinforcing its status as a leading digital ecosystem in Central Asia.
TBC Uzbekistan posted impressive growth in operating income, achieving a year-on-year increase of 105 percent to reach 111 million lari ($41 million) in the third quarter. This substantial rise now accounts for 15 percent of the TBC Bank Group’s total income, underscoring the growing importance of Uzbekistan’s market in the Group’s regional strategy.
The division also reported a record-breaking net profit of 32 million lari ($12 million), representing 131 percent year-on-year growth. With a robust ROE of 28.2 percent, TBC Uzbekistan continues to demonstrate high profitability and significant returns on investment.
TBC Uzbekistan’s gross loan portfolio grew substantially, reaching 1.3 billion lari ($460 million) — an impressive 99 percent increase compared to the previous year. This expansion highlights the Group’s strengthening position in Uzbekistan’s banking sector, driven by a rise in consumer demand for its diverse loan offerings.
In terms of deposits, the Uzbek division saw a 66 percent increase year-on-year, with total deposits amounting to 856 million lari ($314 million). This figure now comprises 10 percent of TBC Bank Group’s retail deposit portfolio, signaling growing customer trust and confidence in its banking services within the Uzbek market.
Digital engagement remains a crucial driver of TBC Uzbekistan’s success, with the digital banking ecosystem attracting 4.9 million monthly active users and reaching 16.9 million unique registered users as of September 30, 2024. This surge in digital adoption affirms TBC Uzbekistan’s leading role as a major digital banking hub in Central Asia, fueling the group’s growth trajectory.
