TBC Bank Group PLC (TBCG.LN) said Thursday that fourth-quarter profit rose strongly amid loan growth, according to MarketWatch.
The London-listed lender, which is Georgia’s largest bank, said its quarterly net profit came to 130.1 million Georgian lari ($48.9 million), up 35% from the year-earlier quarter.
TBC’s gross loans and advances to customers rose 7.8% in the quarter to GEL10.37 billion. The bank’s net interest margin, the difference between the money it earns on loans and pays out on deposits, came to 6.7% for the quarter, down from 6.9% the prior quarter, according to MarketWatch.
For 2018 overall, TBC said its net profit rose to GEL437.4 million from GEL359.9 million in 2017. Its return on equity improved to 22.0% from 20.9%.
TBC reiterated its medium-term targets, including loan book growth of around 10% to 15%, and a return on equity of above 20%.
TBC Bank Group (TBCG) Reaches New 1-Year Low at $1,270.00
TBC Bank Group PLC (LON:TBCG) hit a new 52-week low on Wednesday . The company traded as low as GBX 1,270 ($16.59) and last traded at GBX 1,290 ($16.86), with a volume of 28585 shares changing hands. The stock had previously closed at GBX 1,298 ($16.96).
Separately, Peel Hunt reissued a “buy” rating on shares of TBC Bank Group in a research note on Thursday, November 15th.