The FINANCIAL — TBC Bank one of the largest banks in Georgia opened one more branch at Tbilisi Central, biggest trade center in Tbilisi, last week.
Bank reported on May 19 a more than five-fold year-on-year increase in first quarter net profit to 4.4 million lari ($2.5 million), according to Reuters.
Georgia's economy and banking sector are starting to recover after the global financial crisis hit banks across the globe at a time when Georgian banks were particularly vulnerable following the Russia-Georgia war in August 2008.
Reuters said bank did not comment on its quarterly results, which marked a strong improvement on a profit of 0.784 million lari in the same period last year.
The bank released the following results in a statement (in billion lari):
Q1' 10 Q1'09
Total assets 1.803 1.780
Total liabilities 1.485 1.535
Total loans to clients 1.038 1.173
Total shareholders' equity 0.318 0.246
Total operating income 0.051 0.067
Net interest income 0.025 0.037
Net profit (in mln lari) 4.359 0.784
Shareholders of the TBC Bank are JP Morgan, IFC, EBRD, Dutch FMO, Germany's DEG and Georgian citizens.