TBC Bank Group PLC Q2 2026 Earnings Recap

TBC shares saw a modest 1.6% increase following earnings, reflecting generally stable performance without a clear positive or negative surprise. Growth in key loan portfolios and dividend payments supported results, while persistent challenges in Uzbekistan’s asset quality and a year-on-year decline in group digital active users temper the outlook.

Key Takeaways

• Group net profit rose 12% year-on-year to GEL 386 million, with return on equity steady at 23.6%.
• Operating income grew 10% year-on-year, supported by a 14% loan portfolio increase in Georgia and stabilization in Uzbekistan.
• Cost-to-income ratio improved by nearly 2 percentage points quarter-on-quarter to 38.8%, reflecting disciplined cost management.
• Digital monthly active users decreased 6% year-on-year to 7.2 million, despite a 19% increase in Georgian digital MAU, highlighting mixed digital engagement.
• Uzbekistan deposit base declined 7% quarter-on-quarter amid liquidity optimization, with continued asset quality pressure and elevated risk costs.