TBC Bank Group PLC (TBCG), the London-listed financial services group operating primarily in Georgia and Uzbekistan, has reported record unaudited net profit of GEL 404 million for the third quarter of 2026, up 10% year-on-year. The results, published on 6 November 2026, show nine-month net profit reaching GEL 1,155 million, a 12% increase year-on-year, with a return on equity of 23.4%. The board has simultaneously declared a quarterly dividend of GEL 1.75 per share and announced a GEL 50 million share buyback and cancellation programme, signalling continued confidence in the group's capital position.

Key Points

  • TBC Bank Group PLC (TBCG) — London-listed banking and financial services group operating in Georgia and Uzbekistan
  • Record Q3 2026 net profit of GEL 404 million, up 10% year-on-year, with total operating income rising 9.7% to GEL 961 million
  • Quarterly dividend of GEL 1.75 per share declared; GEL 50 million share buyback programme announced; gross loans up 16% year-on-year on a constant currency basis to GEL 32.5 billion
  • Investors may be watching progress against the group's 2026–28 targets of 15%-plus annual loan growth and 23%-plus annual ROE

Record Q3 Earnings Driven by Net Interest Income Growth and Expanding Loan Book

TBC Group's Q3 2026 net profit of GEL 404 million represents the group's highest-ever quarterly earnings. Total operating income reached GEL 961 million, supported by net interest income growth of 12.6% year-on-year to GEL 700 million. Net interest margin expanded a further 0.1 percentage point quarter-on-quarter to 7.4%. Gross loans grew 16% year-on-year on a constant currency basis to GEL 32.5 billion, while customer deposits increased 14% year-on-year on a constant currency basis to GEL 27.6 billion. The cost of risk improved by 0.3 percentage points quarter-on-quarter to 1.3%, and non-performing loans remained flat quarter-on-quarter at 3.3% of gross loans.

Georgia Operation Delivers 17% Profit Growth Underpinned by 87% Digital Loan Issuance Rate

TBC Group's core Georgian business posted net profit of GEL 406 million in Q3 2026, up 17% year-on-year, with an ROE of 24.8%. Total operating income in Georgia rose 13% year-on-year to GEL 778 million, led by 20% net interest income growth. Loans and deposits expanded 18% and 15% respectively year-on-year on a constant currency basis. Notably, 87% of new unsecured retail loans were issued fully digitally with an average acceptance time of approximately 30 seconds, while the group's in-app AI assistant handled more than 6,500 queries daily, fully resolving 60% of them. The company also announced a new American Express partnership to support payments growth.

Uzbekistan NIM Recovers Above 20% as Salom Card Surpasses 1.5 Million Issuances

In Uzbekistan, TBC Group reported that its gross loan book increased 3% quarter-on-quarter to GEL 2,370 million (USD 910 million), with non-instant cash loans growing 13% quarter-on-quarter as the group continues adjusting in line with regulatory requirements. Net interest margin recovered to above 20% for the quarter. Cost of risk fell 1.0 percentage point quarter-on-quarter to 10.8%, though NPLs rose 1.2 percentage points to 11.8% as the portfolio seasons. Payments momentum remained strong, with total payments value rising 54% year-on-year in USD terms. Salom Card issuances surpassed 1.5 million, and the group launched Novvot, a cross-ecosystem loyalty programme spanning TBC UZ and Payme.

Board Declares GEL 1.75 Quarterly Dividend and GEL 50 Million Buyback as Capital Ratios Stay Well Above Minimums

The board declared a quarterly dividend of GEL 1.75 per share for Q3 2026, bringing the nine-month dividend to GEL 5.25 per share, up 5% year-on-year. A GEL 50 million share buyback and cancellation programme was also announced. Georgia's Common Equity Tier 1 ratio stood at 17.0% and Uzbekistan's at 21.4% as of 30 September 2026, both described as well above regulatory minimums. The group's 2026–28 financial targets include 15%-plus annual loan book growth, 23%-plus annual ROE, and a 25–45% annual payout ratio encompassing dividends and buybacks. Investors may be watching whether Uzbekistan's evolving regulatory environment, including new auto-collection rules expected in early 2027, affects the group's asset quality trajectory.