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BRIEF-TBC Bank says Q1 net profit rose 64.5 pct to GEL 96.6 mln
May 22, 2017 / 6:35 AM / 3 months ago

BRIEF-TBC Bank says Q1 net profit rose 64.5 pct to GEL 96.6 mln

May 22 (Reuters) - Tbc Bank Group Plc:

* Net loans to deposits + IFI funding stood at 97.2 pct and net stable funding ratio (NSFR) stood at 106.8 pct as of March 31

* Q1 cost to income ratio stood at 40.8 pct (39.8 pct without one-offs) compared to 44.3 pct in Q1 2016

* Net profit for Q1 2017 up by 64.5 pct y-o-y and 9.7 pct q-o-q to GEL 96.6 million

* Q1 cost of risk on loans stood at 0.9 pct, down by 0.2pp y-o-y and up by 0.3pp q-o-q

* Total assets reached GEL 10,362.6 million as of 31 March 2017, up by 55.7 pct y-o-y (up by 36.1 pct y-o-y to GEL 9,059.0 million without bank republic effect)

* Gross loans and advances to customers stood at GEL 7,121.0 million as of 31 March 2017, up by 58.5 pct y-o-y

* Q1 return on equity (ROE) amounted to 24.2 pct (24.6 pct without one-off) and return on asset (ROA) to 3.7 pct

* Total customer deposits stood at GEL 6,070.8 million as of 31 March 2017, up by 54.4 pct y-o-y

* Total operating income for Q1 up by 40.2 pct y-o-y and down by 6.8 pct q-o-q to gel 203.5 million

* TBC Bank has completed merger with Bank Republic, well ahead of schedule

* As of March 31, regulatory tier I and total capital adequacy ratios stood at 11.3 pct and 14.9 pct respectively

* Says "future outlook remains positive with most of market commentators forecasting growth around 4.0 pct"

* Maintain medium-term cost-to- income guidance at below 40 pct and ROE forecast of 20 pct plus

* To raise medium term dividend pay-out ratio target to 25-35 pct, updated loan book growth guidance to c.15 pct , tier 1 capital adequacy ratio to c.10.5 pct

* Net interest margin (NIM) stood at 6.6 pct in Q1 2017, down by 1.1pp y-o-y and down by 1.2pp q-o-q Source text for Eikon: Further company coverage:

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