February 22, 2018 / 7:21 AM / 3 months ago

Georgia's TBC Bank FY profit buoyed by strong lending, economic growth

Feb 22 (Reuters) - TBC Bank Group Plc, Georgia’s largest retail bank, reported a jump in full-year net profit, buoyed by robust lending, and maintained its medium-term targets in a growing economy.

TBC, which became Georgia’s largest bank by loans and deposits after buying Bank Republic from SocGen and the European Bank for Reconstruction and Development (EBRD), said net profit jumped 20.7 percent to 359.9 million lari ($147.02 million) in the year ended Dec. 31.

“Profitability was supported by an increased fee and commission income, which helped to offset the effect of an anticipated drop in net interest margin, good performance in operating expenses, and prudent management of cost of risk,” CEO Vakhtang Butskhrikidze said.

($1 = 2.4480 laris)

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair

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