TBC Bank JSC : Announces 1Q 2016 IFRS Consolidated Results

TBC Bank Announces 1Q 2016 IFRS Consolidated Results;

Profit for 1Q 2016 up by 28.6% YoY to GEL 58.7 million

TBC Bank today announced its 1Q 2016 reviewed consolidated financial results, prepared in accordance with the International Financial Reporting Standards (IFRS).

Financial Highlights

1Q 2016 P&L Highlights

• Profit for 1Q 2016 up by 28.6% YoY to GEL 58.7 million, delivering return on average equity (ROAE) of 19.3% (20.9% without one-off expenses) and return on average assets (ROAA) of 3.5% (3.7% without one-off expenses)
• Total operating income in 1Q 2016 up by 8.2% YoY to GEL 145.1 million
• Cost to income ratio stood at 44.3% (40.2% without one-off expenses), compared to 39.2% in 1Q 2015 and 49.3% in 4Q 2015
• Cost of risk on loans stood at 1.2%, down by 1.9pp YoY and up by 1.0pp QoQ
• Net interest margin (NIM) at 7.7% in 1Q 2016, compared to 8.0% in 1Q 2015 and 7.4% in 4Q 2015

Balance Sheet Highlights 31 March 2016

• Total assets reached GEL 6,654.4 million as of 31 March 2016, up by 10.9% YoY
• Gross loans and advances to customers increased to GEL 4,493.7 million as of 31 March 2016, up by 7.0% YoY
• Net loans to deposits + IFI funding stood at 98%, and Net Stable Funding Ratio (NSFR) at 117% as of 31 March 2016
• NPLs stood at 4.8%, up 0.9pp YoY and broadly stable QoQ
• NPLs coverage stood at 90.6%, (213.3% with collateral), compared to 105.6% as of 31 March 2015 and 87.4% as of YE 2015
• Total customer deposits stood at GEL 3,931.6 million as of 31 March 2016, up by 5.6% YoY
• Tier I and Total Capital Adequacy Ratios per Basel II/III stood at 13.3% and 16.8% respectively versus the minimum regulatory requirements of 8.5% and 10.5%, respectively
• Tier I and Total Capital Adequacy Ratios per Basel I stood at 26.6% and 33.3% respectively

The results materials can also be found on our website:

§ 1Q 2016 Review Report § 1Q 2016 Quarterly Report § London Capital Markets Day Live Webcast

You can read the full RNS Announcement here.