TBC Bank Group recently unveiled its impressive performance for the year 2023 during its annual meeting held on February 16, 2024. The management's presentation at the meeting highlighted the remarkable achievements of TBC Group Uzbekistan, showcasing its significant progress and impact in the country's financial sector, TBC Group's annual report stated.
Key Highlights:
Expanding User Base: TBC Group witnessed a substantial increase in its user base, with the number of users surging to 15.6 mn. Notably, the monthly active users (MAUs) of Payme, one of the largest payment services in the country, soared by 800,000 to reach 3.4 mn, while daily active users (DAUs) increased by 90,000, reaching 473,000. Additionally, the MAU of TBC Bank Uzbekistan surged 2.3 times, reaching 965,000 users.
Rapid Loan Portfolio Growth: The loan portfolio experienced remarkable growth, expanding by over 2.3 times to reach $301.7 mn.
Portfolio of Client Funds: The portfolio of client funds witnessed rapid growth, reaching $219 mn.
Improved Profitability: TBC Group reported a significant increase in net profit, reaching $21.8 mn, with a return on equity (ROE) of 26%.
Break-even Point and Profitability: TBC Bank Uzbekistan achieved a significant milestone by reaching the break-even point in 2023 and closing the year with a net profit of $5.4 mn.
Record Capital Injection: Shareholders demonstrated strong support for the bank's growth trajectory by injecting a record annual capital of $50.5 mn in 2023. The total capital investments over the three years of the bank's existence amounted to $129.9 mn.
Key Appointments: TBC Group welcomed Oliver Hughes, former CEO of the Tinkoff group, as the head of international business. His expertise, combined with the leadership of CEO Nika Kurdiani and the entire team, is expected to elevate TBC Group's business in Uzbekistan to new heights.
A joint-stock commercial bank operating in Uzbekistan, which is a branch of Georgia's TBC Bank Group. The bank was granted a license by the Central Bank of Uzbekistan in April 2020 and commenced its commercial activities in October 2020 utilizing the innovative fintech platform called Space, owned by TBC Group. Space facilitates retail banking services through a mobile application. As of July 2022, the bank's mobile application, TBC UZ, has been downloaded by over 2.4 mn individuals. Presently, the bank operates via ten modern showrooms in nine Uzbek cities and 33 customer activation points spread across the nation.
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