BAKU, Azerbaijan, August 17. TBC Group's
Georgian operations remained the main contributor to the group's
performance in the second quarter of 2026, generating GEL 379
million ($142 million) in net profit and accounting for 95% of
total group earnings.
This was reflected in the press release by the TBC Group.
TBC Georgia's net profit increased by 14% year-on-year in Q2
2026, while return on equity reached 24.3%. Net interest margin
rose to 6.3%, increasing by 0.4 percentage points compared with the
same period last year and by 0.1 percentage points
quarter-on-quarter.
Total operating income in Georgia grew by 12% year-on-year
during the quarter, supported by a 19% increase in net interest
income. The bank maintained strong capital indicators, with a
Common Equity Tier 1 capital adequacy ratio of 16.7% and total
capital adequacy ratio of 22.2%.
Trend's analysis
reveals TBC Georgia's profitability indicators highlight the
continued strength of the country's banking sector, where
relatively high lending activity, expanding digital financial
services and a favorable macroeconomic environment have supported
strong bank earnings.
According to Trend's calculations, based on TBC Georgia's reported
figures, the bank's quarterly return on equity of 24.3% remains
significantly above traditional banking profitability levels in
many developed markets. Georgia's economic expansion and strong
domestic demand have created favorable conditions for banks with
established retail and corporate lending positions. The increase in
net interest margin to 6.3% also indicates that TBC Georgia has
maintained pricing power and efficient balance-sheet management
despite a competitive banking environment. The bank's ability to
combine profitability with high capital adequacy provides
additional resilience as lending volumes continue expanding.
At the group level, however, earnings remain heavily
concentrated in Georgia. While TBC Group continues developing its
digital banking operations in Uzbekistan, the Georgian business
currently provides the overwhelming majority of profitability. This
makes performance in Georgia a key factor determining the group's
overall financial results.
The Uzbekistan business remains an important long-term growth
investment for TBC Group, although its contribution to consolidated
earnings is still limited compared with the established Georgian
operation. Recent asset-quality trends in Uzbekistan, including
higher loan seasoning effects, will remain an area closely
monitored by investors and analysts as the business expands.
TBC Group has maintained its 2026–2028 strategic targets,
including annual loan portfolio growth of more than 15%, annual
return on equity above 23%, and a payout ratio of 25–45%.
