WOOD Flash – TBC Bank: 3Q23 highlights – solid quarter
TBC Bank has announced GEL 300m in net income in 3Q23, implying a 6% beat vs. the GEL 282m market estimate and a 15% beat vs. our GEL 262m forecast, which was included in the company collected consensus. The beat vs. our estimate came from the NII (GEL 20m better than expected) and provisions (GEL 17m lower than expected). The NIM ticked up another 10bpts qoq, with the help of the Uzbekistan expansion, and the COR is still more benign than the 1.0-1.2% run-rate guidance. A normalisation in fee growth (33% in 9M23 and 40% in 6M23) and somewhat higher than expected opex (GEL 218m actual vs. the GEL 212m expected) took away some of the beat. We see the results as positive. TBC is on track to meet our GEL 1,159m full-year net income estimate for 2023E. We rate a TBC BUY, with a price target (PT) of GBP 32.9/share. The bank is trading at 4.0x P/E and 1.0x P/TBV for 2024E, on our estimates.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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