WOOD Flash – TBC Bank: 3Q24 results and conference call
TBC has announced net income of GEL 347m for 3Q24 (GEL 340m after the Uzbekistan minorities). The bank’s 3Q24 net income was 18% above our estimate (GEL 295m) and 9% above the consensus (GEL 318m). In 3Q24 and 9M24, TBC grew its bottom line by 14% yoy. The 3Q24 beat was driven by the NII (GEL 18m higher than our estimate and GEL 9m higher than the consensus) and fees (GEL 18m higher than our estimate and GEL 19m higher than the consensus), as well as strong trading income, up nearly 50% yoy. The higher than expected opex (GEL 10m higher than our estimate and GEL 14m higher than the consensus) and tax rate dampened some momentum. Based on the 9M24 outlook, we are comfortable with our GEL 1.2bn 2024E NI estimate. We rate TBC a BUY, with a GBP 38.0/share price target. The bank is trading at 4.7x P/E and 1.1x P/TBV on our 2024E estimates.
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