Investing.com -- TBC Bank Group PLC (LON:TBCG) reported robust fourth quarter earnings on Wednesday, with net profit rising 15% year-over-year to 335 million Georgian lari (GEL), driving shares up 8.93% in early trading.
The Georgian lender posted a return on equity (ROE) of 24.1% for the fourth quarter, capping off a strong fiscal year 2024. Full-year net profit reached a record GEL 1.308 billion, also up 15% YoY, with ROE at 25.6%.
Chief Executive Officer Vakhtang Butskhrikidze highlighted the bank's consistent performance, noting it was the third consecutive year of ROE exceeding 25%.
"We have posted above 20% ROE for nine of the past 10 years, which is testament to our consistent and strong delivery for shareholders over the long-term," Butskhrikidze said in a statement.
The bank's digital banking ecosystem in Uzbekistan saw significant growth, with total users increasing 37% to over 18 million and the loan book more than doubling.
TBC Uzbekistan launched several new products, including Salom Card for daily banking, Osmon Card for revolving credit, and TBC Business for SME banking.