WOOD Flash – TBC Bank: 4Q25 results and conference call highlights

TBC published its 4Q25 financial results on Friday (20 February), showing the ongoing strength of its Georgian business, but the temporary struggles of its Uzbek division, with Uzbek loans declining by 3.3% qoq (vs. 7% growth in 3Q25), on the back of the changed regulatory framework, pivoting the business from consumer to SME. We like that the company continues to see significant potential in the Uzbek market and plans to launch new product verticals and scale this business further in 2026E. The group’s net income came in at GEL 387m, almost in line with both our and the consensus estimates (a3% miss vs. our estimate, but a 2% beat vs. the consensus), due mainly to the slightly lower than expected revenues (+15% yoy, 1% and 3% below our and the consensus estimates, respectively), but affected positively by lower-than-expected opex (+10% yoy, 4% and 5% below our and the consensus estimates, respectively) and lower-than-expected provisions (+3% yoy, 5% and 23% below our and the consensus estimates, respectively). The group’s ROE has continued to improve for three consecutive quarters, reaching 24.9% in 4Q25, vs. 24.1% in 4Q24.