TBC Bank Uzbekistan demonstrates impressive growth in its first-quarter report, with its loan portfolio surpassing $345mn, more than doubling over the past year. The bank, a subsidiary of TBC Group, reported a surge in registered users, along with increases in customer engagement and revenue.
According to the first-quarter report released by TBC Group, TBC Bank Uzbekistan saw an increase in its customer base, reaching 14.6 mn registered users by the end of March. This represents a growth of 43.1% over the past year, with 4.7 mn users actively engaging with the neobank application monthly, marking a third more than in March 2023.
One of the most striking developments highlighted in the report is the substantial growth in the bank's loan portfolio, which now stands at $345mn. This represents a more than doubling of the loan portfolio over the past year, underscoring the bank's expanding presence in the lending market. TBC UZ now commands a 15.3% share in lending to individuals, a testament to its increasing influence in the financial sector.
Furthermore, TBC Bank Uzbekistan has seen a significant uptick in household deposits within its digital banking platform, recording a 75.6% increase over the past year. As of March, household deposits amounted to $244mn, reflecting growing confidence in the bank's digital offerings.
Despite facing a competitive market, TBC Bank Uzbekistan has demonstrated robust financial performance, with revenue for the first quarter totaling $28mn. This marks a 13.8% increase compared to the previous quarter and follows an impressive growth trajectory, with revenue soaring by approximately 85% compared to the first quarter of 2023.
However, despite the positive financial indicators, the bank's profit for the quarter experienced a slight decrease compared to the end of the previous year, amounting to $6.88mn. Nonetheless, TBC Bank Uzbekistan remains a significant contributor to TBC Bank Group's overall profitability, accounting for 6% of the group's total profit and 12% of its income.
Looking ahead, TBC Bank Uzbekistan has plans to further expand its operations in Uzbekistan, with a particular focus on catering to small and medium-sized businesses. Additionally, the bank is actively exploring opportunities to introduce its own credit cards, signaling its commitment to innovation and enhancing its suite of financial products and services.
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