Georgia’s TBC Bank today said its pre-tax profits are up 45.8 per cent on last year on the back of fast paced growth in the Georgian economy.
The FTSE 250 bank said Georgia’s economy had rebounded quickly from the pandemic to achieve annual growth of 10.4 per cent in 2021 following a 6.8 per cent contraction in 2020.
This momentum continued into 2022, despite the war in Ukraine, as Georgia’s economy grew by a further 14.4 per cent in the first quarter the year.
Georgia’s economic boom saw the bank increase incomes across the board, as it continued its expansion into Uzbekistan.
Founded as the Tbilisi Business Centre in 1992 following Georgia’s secession from the Soviet Union, TBC Bank listed on the London Stock Exchange in 2014 marking Georgia’s biggest IPO.
Looking forward, the bank said it expects continued growth of 5.5 per cent in 2022, despite the war in Ukraine, as it pointed to official forecasts showing Georgia’s economy is set to grow 3.2 per cent in 2022 and 5.8 per cent in 2023.