TBC Bank - 3Q18: Solid, but Weak on Costs
Georgia's TBC Bank has published 3Q18 IFRS results and will hold a conference call today at 14:00 London time. Overall, it was a solid quarter, with a mild miss on earnings, very strong lari corporate loan growth but weak on costs and capital, and medium-term loan growth guidance has been cut as foreign expansion is being stepped up. We have a HOLD recommendation on the stock, which is trading at a 2018E P/BV of 1.4 and P/E of 7.0.TBC Bank Group is a holding company. Through JSC TBC Bank and its subsidiaries, Co. is engaged in universal banking operations that include corporate, small and medium enterprises, retail and micro operations within Georgia.
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