August 21, 2017 / 6:30 AM / a year ago

Georgia's TBC Bank second-quarter profit buoyed by strong lending

Aug 21 (Reuters) - TBC Bank Group Plc, Georgia’s largest retail bank, reported a 37.2 percent jump in second-quarter underlying net profit, as economic growth and a stable currency boosted lending.

Net interest margin was 6.8 percent in the quarter, down 1.1 percentage points from a year earlier, reported TBC, which became Georgia’s largest bank by loans and deposits after buying JSC Bank Republic from France’s Societe Generale and the European Bank for Reconstruction and Development.

Underlying net profit increased to 86.3 million laris ($36.19 million) in the quarter ended June, from 62.9 million laris a year earlier.

“Accelerated economic development and a stable currency rate in 2Q 2017 continue to underpin sound growth in the banking sector,” the company said. ($1 = 2.3845 laris) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)

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